Reso 2026-3990 - Laserfiche WebLink

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PROMISSORY NOTE FOR FLOOR AREA RATIO (FAR) BONUS PAYMENT _, 202 FOR VALUE RECEIVED, MB RE Investments, LLC, a Florida limited liability corporation, with its principal address at 2850 Tigertrail Avenue, Suite 800, Miami, Florida 33133 ("Maker" or "MBC Developer"), unconditionally promises to pay to the order of the City of Sunny Isles Beach ("Payee" or "City"), a Florida municipal corporation located at 18070 Collins Avenue, Sunny Isles Beach, Florida 33160, the principal amount of Thirteen Million Forty Thousand Four Hundred Seventy Nine Dollars and Thirty Four Cents ($13,040,479.34) ("Principal Amount"), together with interest on the unpaid principal balance from the date of this Promissory Note ("Note"), at the rate of Prime plus one-half percent (0.5) per annum (the "Indebtedness"). As used herein "Prime" refers to the rate published in the Wall Street Journal as the prime rate. Interest on this Note will change with each change in the prime rate so published. Interest shall be computed for the actual number of days which have elapsed, on the basis of a 365-day year. The Principal Amount and accrued interest shall be due and payable no later than ninety (90) days following the issuance of a Temporary Certificate of Occupancy ("TCO") for any unit or area within the proposed project located at 19051 Collins Avenue ("Project"), approved by City Resolution No. 26-Z- , with Floor Area Ratio and/or Density Bonuses in accordance with Section 265-35 of the City of Sunny Isles Beach Code ("Maturity Date"). Maker shall pay Payee annual interest payments on the Principal Amount. Interest under this Note shall begin to accrue upon the issuance of the below grade or master building permit, whichever occurs first. After the below grade or master building permit is issued, Maker shall pay annual interest payments to Payee for the balance of the Principal Amount to the Payee until this Note is paid in full. All payments made on this Note shall be applied by Payee to the reduction of the Indebtedness. The Indebtedness, which is inclusive of accrued and unpaid interest thereon, shall be due and payable on the Maturity Date. If any payment of interest or principal payment is not received by the Payee within five (5) days after its due date, Maker shall pay Payee a late charge equal to five percent (5.00%) of the overdue payment. If interest or principal payment is not received by the Payee within thirty (30) days from Payee's written notice to Maker that any such payment of interest or principal payment is due and payable, the entire balance of principal payment and accrued interest shall be due to Payee. If this Note is not paid promptly on the Maturity Date in accordance with its terms and is placed in the hands of any attorney for collection, Maker agrees to pay all reasonable attorney's fees and the costs and expenses of collection of this Note incurred by Payee. Maker covenants and agrees that time is of the essence for payments due under this Note. All agreements between Maker and Payee, whether now existing or subsequently arising and whether written or oral, are expressly limited so that, in no contingency whatsoever, whether by reason of acceleration of the Maturity Date of this Note or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the terms of this Note or otherwise, or for the payment or performance of any covenant or obligation contained in this Note or in any other document evidencing, securing, or pertaining to the indebtedness evidenced by this Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision of this Note or other document, at the time performance of such provision shall be due, shall involve exceeding the maximum amount permissible by law, then, 65