Reso 2016-2534 - Laserfiche WebLink

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5.„,i7 ff(f TRIPLE NET LEASEBACK.AGREEMENT Of so �� A ,,•_,.•' THIS TRIPLE NET LEASEBACK AGREEMENT is entered into and effective as of this j .--7,-.)-- ;; day of W-4" = 2016, by and between THE CITY OF SUNNY ISLES BEACH, FLORIDA, a bod corporate and politic organized under the laws of the State of Florida, hereinafter referred to as the "LANDLORD", and CORNER HOUSE, I.,LC, hereinafter referred to as the "TENANT". WHEREAS, the Landlord is the owner of that certain parcel of property located at 15800 Collins Avenue, Sunny Isles Beach, FL, and of Which the legal description is set forth in Exhibit "A" attached hereto and made a part hereof("Realty") in fee simple, together with• the following property and rights (the Realty and such property and rights are referred to herein collectively as the `Property"); and WHEREAS, the Tenant desires to rent and lease the Property from the Landlord, and the Landlord has agreed to lease the same to the Tenant upon the following terms and conditions. NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, and in consideration of the rents and covenants of the Tenant to be paid and kept as herein contained, the Landlord has agreed to lease unto the Tenant, and by these presents does hereby lease the Property unto the Tenant, and the Tenant hereby leases the Property from the Landlord, and the parties do covenant and agree as follows: 1. Term. This Lease shall be for three years in duration, commencing April 18., 2018, (the "Commencement Date")and ending on October 16,2019, (the"Termination Date"),unless terminated earlier based upon mutual agreement by the Parties. Notwithstanding the above., Tenant shall have the right to terminate this Lease upon sixty (60) days written notice to Landlord. I-Iowever,the Landlord may terminate this Lease for breach of the conditions set forth herein or upon the sale by the original developer of all the condominium units in the development project commonly known as Ritz-Carlton Residences in Sunny Isles Beach. Upon the issuance of the written notice by either party of its intent to cancel the Lease in accordance with this Section 1, the Lease will terminate sixty (60) days after providing such notice and neither party hereto shall have any further rights, duties or obligations one to the other hereunder. 2. Premises. a, Lease of Premises. Landlord leases to the Tenant, and Tenant leases from Landlord the Property upon the terms specified in this Lease. b. Acceptance of Premises. Except as specified elsewhere in this Lease, Out. . 4