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<br />OPTION AGREEMENT FOR
<br />PURCHASE AND SALE OF REAL PROPERTY
<br />
<br />This Option Agreement for Purchase and Sale of Real Propel1y (hereinafter the
<br />"Agreement"), is made and entered into as of this I \~ day of April, 2006, by and between the
<br />City of Sunny Isles Beach, a Florida municipal corporation and/or its assigns (the "Buyer") and
<br />Crescent Heights XLIV, Inc. a Florida corporation (the "Seller").
<br />
<br />In consideration of the mutual agreements set forth below, the parties agree as follows:
<br />
<br />I. Definitions. The following terms when used in this Agreement shall have the
<br />following meaning:
<br />
<br />1. I Buyer. City of Sunny Isles Beach. Buyer's mailing address IS 18070
<br />Collins Avenue, Sunny Isles Beach, Florida 33 I 60.
<br />
<br />1.2 Closing. The delivery of the Deed to Buyer concurrently with the delivery
<br />of the Purchase Price to Seller.
<br />
<br />1.3 Closing Date. The date of the Closing as determined in accordance with
<br />Paragraph 11 below.
<br />
<br />to Buyer.
<br />
<br />1.4 Deed. A Special Warranty Deed which conveys the Property from Seller
<br />
<br />to sign it.
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<br />1.5 Effective Date. The date that this Agreement is executed by the last party
<br />
<br />1.6 Governmental Authority. Any federal, state, county, municipal, or other
<br />governmental department, entity, authority, commission, board, bureau, court, agency or any
<br />instrumentality of any of them which has jurisdiction over the Property.
<br />
<br />1.7 Governmental Requirement. Any law, enactment, statute, code,
<br />ordinance, rule, regulation, judgment, decree, writ, injunction, franchise, permit, certificate,
<br />license, authorization, agreement, or other direction or requirement of any Governmental
<br />Authority now existing or hereafter enacted, adopted, promulgated, entered, or issued applicable
<br />to the Property, or to any appm1enances, structure, use or facility, on or adjacent to, the Property.
<br />
<br />1.8 Lessee. Aventura Beach Club Condominium Association, Inc. and its
<br />successors or assigns under the Parking Lease Agreement.
<br />
<br />1.9 Option Acceptance Date. The date upon which the Buyer notifies Seller
<br />that Buyer has exercised the option granted by this Agreement in accordance with Paragraph 2.3
<br />below.
<br />
<br />1.10 Option Expiration Date. One hundred twenty (120) days after Effective
<br />Date, or sooner as descri bed hereinafter.
<br />
<br />Crescent Heights, XLIV
<br />
<br />SIB
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