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ASSIGNMENT OF TRANSFER OF DEVELOPMENT RIGHTS <br />KNOW ALL MEN BY THESE PRESENTS, that PMG -S2 Sunny Isles, LLC, a <br />Delaware limited liability company ( "Assignor "), for and in consideration of the sum of Ten and <br />No /100 (510.00) Dollars, and other good and valuable consideration, paid, received from, and on <br />behalf of Sunny Isles Property Venture LLC, a Delaware limited liability company ( "Assignee "), <br />its heirs, successors, or agents, in Miami -Dade County, Florida, State of Florida, the receipt and <br />sufficiency of which is hereby acknowledged and accepted, does hereby grant to Assignee Seven <br />Thousand Two Hundred Thirteen (7,213) square feet of development rights as defined in Section <br />265 -23 of the Land Development Regulations of the City of Sunny Isles Beach, Florida, which <br />represents three (3) residential units ( "TDRs ") held in an account designed for and held for <br />Assignor, with the City of Sunny Isles Beach, Florida. <br />WHEREFORE, Assignor has on deposit in a TDR Bank with the City of Sunny Isles <br />Beach, Florida, the amount of 7,213 square feet of TDRs in an account of which 7,213 square <br />feet of TDRs is for the benefit of Assignor as owner of same; <br />NOW, THEREFORE, in consideration of the mutual promise and exchange between the <br />parties and other good and valuable consideration, the parties agree and stipulate as follows: <br />The above recitals are true and correct and are hereby incorporated by reference <br />herein. <br />2. Assignor upon execution of this Assignment, hereby assigns and transfers 7,213 <br />square feet of TDRs which represents three (3) residential units to Assignee, its <br />heirs, successors, or agents. <br />The parties hereto agree to execute and deliver such other documents as are <br />required by the City of Sunny Isles Beach, to effectuate the transfer of the TDRs <br />contemplated by this Agreement. <br />TO HAVE AND TO HOLD, the same unto the said Assignee, its heirs, legal <br />representatives, successors, administrators and assigns forever. <br />(SIGNATURES ARE ON THE FOLLOWING PAGE) <br />MIADOCS 9799203 1 <br />