Reso 2007-1183 - Laserfiche WebLink

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PROMISSORY NOTE ~'" d 'J t ,2008 FOR VALUE RECEIVED, the undersigned, Dr. Robert M. Comfeld ("Maker"), promises to pay to the order of the City of Sunny Isles Beach, a folitical subdivision of the State of Florida ("Payee" or the "City"), at 18070 Collins A venue, 4t Floor, Sunny Isles, Beach, FL 33160 or at such other office as Payee may from time to time designate, the principal sum of One Million Five Hundred Thousand Dollars ($1,500,000.00) (the "Indebtedness"), to be applied for the removal, design and replacement of the Sunny Isles BeachlNewport Fishing Pier. This Note is further secured by the Maker's nontransferable trust account with Lehman Brothers entitled "JEFFREY CORNFELD TTEE NEWPORT OPERATING CORP 2003 IRREV TRUST DTD 01101/2003 pledged collateral account FBO CITY OF SUNNY ISLES BEACH", ("Pledged Account"), which listed the Payee as an authorized signatory/beneficiary on the account, and authorized the Payee to hold a security interest in the pledged account pursuant to a pledge collateral agreement. All payments made on this Note shall be made by Maker on an installment payment basis, based on invoices submitted by Payee to Maker. The Maker agrees that the installment payments shall be applied to the reduction oflndebtedness. Upon the Maker's satisfaction of the final Indebtedness, this Note shall be deemed null and void. Maker covenants and agrees that the Payee may collect the Indebtedness from the Pledged Account if Maker fails to pay the Inde btedness. All agreements between Maker and Payee, whether now existing or subsequently arising and whether written or oral, are expressly limited so that, in no contingency whatsoever, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the terms of this Note or otherwise or for the payment or performance of any covenant or obligation contained in this Note or in any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision of this Note or other document, at the time performance of such provision shall be due, shall involve exceeding the maximum amount permissible by law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit validly allowed by law. The terms and provisions of this paragraph shall control and supersede every other provision of all agreements between Maker and Payee. The Indebtedness may be reduced by mutual agreement of the Maker and the Payee. This Note shall be prepayable, in whole or in part, at any time and from time to time without premium or penalty at the sole option of the Maker. No invalid provisions of this Note shall affect or impair any other provision. Maker and each endorser, surety and guarantor acknowledge receipt of a completed copy of this Note. Promissory Note - Dr. Robert M. Cornfeld