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1 11 MI 1 1111 1111 111 11 11111 11111 11111 1111111 <br /> F-7. VF -,,b n 4 R®__@ S.. 5 9_¢ <br /> .fFZ I,Fi 2`"!f4 F'`•ii.'. ?.{ <br /> RECORDED 1/2 <br /> ' 6 2l 09::27 <br /> This Instrument Prepared by HARVEY RUVIN CLEO.. OF COURT <br /> and Return to: rT �r.T BADE COUNTY COUNTY FLORIDA <br /> Hans Ottinot, City Attorney <br /> do City Clerk's Office <br /> City of Sunny Isles Beach <br /> 18070 Collins Avenue <br /> Sunny Isles Beach, FL 33160 <br /> RESTRICTIVE COVENANT <br /> THIS RESTRICTIVE COVENANT is made and entered into as of the day of November, <br /> 2014, by R.K. ASSOCIATES, INC., its successors, assigns, heirs, ("Donor"), and the CITY OF <br /> SUNNY ISLES BEACH, Florida, a municipal corporation ("City" or "Owner"), the owner of the <br /> Pelican Community Park and Community Center located at 18115 North Bay Road (the <br /> "Property") in Sunny Isles Beach, Florida. <br /> RECITALS <br /> WHEREAS, in 2009 the City received a philanthropic offer from Raanan Katz, company <br /> founder and principal owner of Donor,to name the gymnasium located at the Property the"Raanan <br /> and Phyllis Katz Sports Center"; and <br /> WHEREAS, Donor and the City subsequently entered into an Agreement for Gymnasium <br /> Naming Rights, wherein Donor agreed to pay the sum of$525,000.00(Five Hundred Twenty Five <br /> Thousand Dollars) to the City over a seven year period, with yearly payments of $75,000.00 <br /> (Seventy Five Thousand Dollars); and <br /> WHEREAS, the Property is legally described in the attached Exhibit "A"; and <br /> WHEREAS, on November 20, 2014,the City Commission via Resolution No. 2014-2346, <br /> accepted the final payment of$75,000.00 from Donor for naming the Gymnasium located at the <br /> Property the "Raanan and Phyllis Katz Sports Center" in perpetuity; and <br /> WHEREAS, in order to reflect the approval of Resolution No. 2014-2346 and conditions <br /> of the naming right, the City agreed to file a Restrictive Covenant. <br /> NOW,THEREFORE, in consideration of the foregoing premises, and in exchange for <br /> the transfer of development rights as described above, the Owner hereby agrees as follows: <br /> 1. Recitals. The foregoing recitals are true and correct and incorporated into this <br /> Restrictive Covenant by reference. <br /> 2. Restrictive Covenant. The City hereby agrees to name the Gymnasium located at the <br /> Property the "Raanan and Phyllis Katz Sports Center" in perpetuity as consideration for Donor's <br /> payment of $525,000.00 (Five Hundred Twenty Five Thousand Dollars) to the City. This <br /> 1 <br />