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PROMISSORY NOTE FOR NORTH TOWER (FAR Bonus Payment) 202 FOR VALUE RECEIVED, LA PLAYA 2, LLC, a Delaware limited liability company ("Maker"), with its principal address at 1300 Brickell Avenue, Miami, Florida, 33131, unconditionally promises to pay to the order of CITY OF SUNNY ISLES BEACH, a Florida municipal corporation ("Payee" or the "City"), located at 18070 Collins Avenue, Sunny Isles, Beach, FL 33160, the principal amount of Five Million Nine Hundred Forty -Nine Thousand Five Hundred Seventy -Nine and 00/100 Dollars ($5,949,579.00) in lawful money of the United States of America, (the "Principal Amount"), together with interest on the unpaid principal balance from the date of this Promissory Note ("Note"), at the rate of Prime plus a half percent (0.5%) per annum. 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, together with all accrued and unpaid interest hereunder shall be due and payable no later than ninety (90) days after the date of issuance of a Temporary Certificate of Occupancy for any unit or area within the North Tower (hereinafter defined). (the "North Tower Maturity Date"). Subject to the last sentence of this paragraph, interest under this Note shall begin to accrue upon the issuance of the below grade or master building permit; whichever occurs first, for the North Tower (the "Building Permit") for the phased project commonly known as "La Playa Beach" approved under City Resolution Nos. 22-Z-189, 16-Z-158, and 15-Z-156 with Transfer of Development Rights and consisting of the North Condominium Tower Phase (the "North Tower") and the South Condominium Tower Phase. Thereafter, Maker shall pay quarterly interest payments to Payee for the balance of the Principal Amount until this Note is paid in full. Notwithstanding anything to the contrary contained in this Note, if the Principal Amount, together with all accrued and unpaid interest thereon, is paid in full on before that date that is ninety (90) days after the date of issuance of the Building Permit, then Payee shall waive the payment of any interest due hereunder and no interest shall be due and payble under this Note. Attached hereto as Schedule I is the schedule of payments to be paid by Maker to the City for the FAR bonuses (the "Balance Due") with respect to the development of North Tower. The Principal Amount and all accrued and unpaid interest thereon shall be due and payable on the North Tower 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 Promissory Note — La Playa Associates, LLC (North Tower) 104