Reso 2007-1183 - Laserfiche WebLink

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MEMORANDUM OF LEASE .-tiy/ This Lease is made this ti day of , 2008, by and between, FIVE SEAS INVESTORS, INe. a Florida corporation, (herei after referred to as "Lessor") and CITY OF SUNNY ISLES BEACH, a Florida municipality, (hereinafter referred to as "'Lessee.") for the lease of the Newport Pier located at 16701 Collins A venue, Sunny Isles Beach, Florida, 33160. WITNESSETH: \\THEREAS, the Lessor is the owner of the premises situated In Sunny Isles Beach, Miami-Dade County, Florida, and more particularly described in Exhibit "A" attached hereto; and WHEREAS, the premises includes the Newport Pier located at 16701 Collins Avenue in the City of Sunny Isles Beach, Florida; and WHEREAS, the Lessor and Lessee wish to execute this Lease in order to provide the public with continuous and uninterrupted use of the Newport Pier. NOW, THEREFORE, in consideration of the above recitations the parties do hereby agree as follows: 1. The Lessor, in consideration of the sum of Ten Dollars ($10.00) and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, does hereby lease to Lessee, and Lessee hereby takes and leases from Lessor, the Newport Pier located on the premises, more fully described in the attached Exhibit "A." 2. The initial term of this Lease is for a period of 25 (twenty five) years from the date this Lease is executed by both parties. This lease shall automatically renew for successive 25 (twenty five) year terms in perpetuity unless the pier is no longer operated by the City of Sunny Isles Beach. 3. For other terms and conditions, reference is made to the Sovereignty Submerged Lands Lease entered into on the of , 2008, between the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida and the City of Sunny Isles Beach, Florida, the provisions of which are incorporated herein by reference and ratified by the parties hereto.