Reso 2007-1102 - Laserfiche WebLink

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SETTLEMENT AGREEMENT This Settlement Agreement ("Agreement") is made as of May ~, 2007, by and between MARINA BAY CLUB ASSOCIATE, LTD. ("Marina Bay") and the CITY OF SUNNY ISLES BEACH, FLORIDA (the "City"). WHEREAS, the zoning history of the Marina Bay Condominium-Hotel reflects that the development project was approved for 100 residential units with one of the units being designated on the site plan as the Manager's apartment; and WHEREAS, the City of Sunny Isles Beach issued two (2) warning notices to Marina Bay Condominium Association requesting compliance with the five percent (5%) occupancy restriction rule imposed on apartment-hotels; and WHEREAS, Marina Bay has made an offer to the City to settle all disputes relating to occupancy restriction for the 100 units for a total lump sum of Two Hundred Thousand Dollars, ($200,000.00) and has proffered a commitment to comply with the City's occupancy restriction rule; and WHEREAS, Marina Bay furthcr agrees to donate to the non-profit school committee a voluntary contribution of $25,000.00 for school purposes; and WHEREAS, the City has agreed to accept the settlement offer of $200,000.00, and the $25,000.00 voluntary contribution subject to certain terms and conditions. NOW, THEREFORE, THE PARTIES HEREBY AGREE: 1. Marina Bay shall tender to the City a total lump sum of $200,000.00 to be used for Arts-In-Public place projects. Marina Bay shall also tender $25,000.00 to the non- profit school committee to be used for school purposes. These funds shall be received by the City no later than ten (IO) days from the date of approval of this Settlement Agreement by the City Commission. 2. Marina Bay agrees to indemnify, defend and hold harmless the City, its elected officers, and officials from any and against any claim, loss, damage, liability, cost or expense, including attorneys' fees arising out the sale of the Manager's apartment, more specifically Unit 304 owned by Mr. and Mrs. Nobre. 3. Marina Bay agrees to comply with all requirements set forth in Resolution No.98-Z-20, adopted on September 17, 1998, and Resolution No. 98-Z-25, adopted on November 12, 1998. Notwithstanding, the City will consistently enforce its code in the event that Marina Bay fails to comply with the terms of this settlement.