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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 Property (hereinafter the
<br />"Agreement"), is made and entered into as of this ~day of HQ.I?d ,2008, by and
<br />between the City of Sunny Isles Beach, a Florida municipal corporation and/or its assigns (the
<br />"Buyer") and St. Tropez TII LLC (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 />1.1 Buver. City of Sunny Isles Beach. Buyer's mailing address IS 18070
<br />Collins Avenue, Sunny Isles Beach, Florida 33160.
<br />
<br />1.2 Closing, The delivelY 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 detennined in accordance with
<br />Paragraph II below.
<br />
<br />1.4 Deed. A Warranty or Quit Claim Deed which conveys the Property from
<br />Seller to Buyer.
<br />
<br />1.5 Effective Date. The date that this Agreement is executed by the last party
<br />
<br />to sign it.
<br />
<br />1,6 Govemmental Authoritv. Any federal, state, county, municipal, or other
<br />govemmental department, entity, authority, commission, board, bureau, court, agency or any
<br />instrumental ity of any of them which has jurisdiction over the Property.
<br />
<br />1.7 Govemmental Requirement. Any law, enactment, statute, code,
<br />ordinance, rule, regulation, judgment, decree, writ, injunction, franchise, permit, cel1ificate,
<br />license, authorization, agreement, or other direction or requirement of any Govemmental
<br />Authority now existing or hereafter enacted, adopted, promulgated, entered, or issued applicable
<br />to the Propel1y, or to any app1ll1enances, structure, use or facility, on or adjacent to, the Property.
<br />
<br />1.8 Leasehold Interests. Any existing tenancies attached to this property as
<br />set forth by the parties in Section 7.2 below.
<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 />I. 10 Option Expiration Date.
<br />described hereinafter.
<br />
<br />Sixty (60) days aller El1cctive A sooner as
<br />
<br />Option Agreement for Milton Property on Sunny Islcs Blvd.
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