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<br />Hans all/not <br />May 31, 2007 <br />Page 2 <br /> <br />= <br /> <br />= <br /> <br />l <br /> <br />under a separate document. Finally, Regalia, LLC shall provide a corporate guarantee for the <br />payment of the remaining TORs, <br /> <br />It is understood that this agreement is subject to approval of the City Commission. It is <br />also understood that the City has the right to revoke any permit or zoning approval for failure to <br />comply with this agreement. <br /> <br />l <br /> <br />Should the following accurately represent the terms of your understanding of this <br />agreement, kindly execute the below where indicated and return a copy of this letter to me so <br />that we may draft the requisite instruments, <br /> <br />Thank you for your attention to the foregoing. <br /> <br />SincerelY, <br /> <br />~ <br /> <br />~ <br /> <br />Attorneys for Regalia, LLC <br /> <br />BSAlka <br /> <br />The above sets forth the terms of the understanding between Regalia, LLC and the City of <br />Sunny Isles Be ch, 'da, subject to approval by the City Commission of the City of Sunny <br />Isles B c. <br /> <br /> <br />cc: Jerry Kaufman <br /> <br />- <br /> <br />MIAMI 1338841.77442013896 <br /> <br />t::..~ BILZIN SUMBERG BAENA PRICE & AXELROO LLP <br />