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RESOLUTION NO. 2014 - 230 I <br />A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF <br />SUNNY ISLES BEACH, FLORIDA, TERMINATING A <br />RESTRICTIVE COVENANT FOR THE GOLDEN STRAND <br />OCEAN VILLA AND RESORT RELATING TO TIME -SHARE <br />SUBJECT TO CERTAIN CONDITIONS, ATTACHED HERETO <br />AS EXHIBIT "A"; PROVIDING THE CITY MANAGER AND THE <br />CITY ATTORNEY WITH THE AUTHORITY TO DO ALL <br />THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; <br />PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, the property located at 17901 Collins Avenue commonly known as the <br />Golden Strand Ocean Villa & Resort ( "Golden Strand "), has been operating as a time -share <br />condominium pursuant to a Restrictive Covenant; and <br />WHEREAS, Golden Strand and its contract purchaser, GSF Acquisition, LLC are <br />requesting a release of the time -share Restrictive Covenant; and <br />WHEREAS, the release of the time -share Restrictive Covenant will not negatively <br />impact the proposed project to be constructed at the Golden Strand site; and <br />WHEREAS, the City Commission wishes to approve the termination of the Restrictive <br />Covenant running with the land subject to certain conditions. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Termination and Release of Restrictive Covenant. The time -share Restrictive <br />Covenant attached hereto as Exhibit "A" is hereby terminated subject to the sale of the Golden <br />Strand property to GSF Acquisition, LLC. If the sale does not occur, this Resolution shall be null <br />and void. <br />Section 2. Authorization of City Manager and City Attorney. The City Manager and the City <br />Attorney are hereby authorized to do all things necessary to effectuate this Resolution. <br />Section 3. Effective Date. This Resolution shall become effective upon adoption. <br />'Germinating Restrictive Covenant Running with the Land 1 of 2 <br />