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<br />,," <br /> <br />THE BEHAR LAW FIRM <br />A PROFESSIONAL ASSOCIATION <br /> <br />17501 Biscayne Boulevard, Suite 460, :\ ventura, Florida 33160 <br />Telephone: 786.735.3300 Facsimile: 786.735.3307 <br /> <br />Howard R. Behar, Esq. <br />Nary l'L .-\.costa, Esq. <br />.-\.lfonso l\L Icochea, Esq. <br /> <br />E-mail: HRB{ii1beharlegal.com <br />E-mail: Nl\L\@bcharlcg-al.com <br />E-mail: .-\.l\ll@beharlegal.com <br /> <br />May 6, 2009 <br /> <br />Hans Ottinot <br />City Attorney <br />City of Sunny Isles Beach <br />18070 Collins Avenue, 4th FL <br />Sunny Isles Beach, FL 33160 <br /> <br />Via Regular Mail <br /> <br />~" '''-0 <br />r-. F' ".....q ~ n . <br />!-{ tc-. i .- . ;'1 C <br />1"~L..Ub~'IJ .. <br /> <br />RE: Regions Bank v. 488 Sunny Isles, Inc. <br />CASE NO.: 08-67064 CA 10 <br /> <br />, .. "'-09 <br />' '. i f', ~ L'!' I. <br />I ,,'\1 \j _, U <br /> <br />Dear Mr. Ottinot: <br /> <br />. ...... ("I.' ,,: .I'{ ';'; rr- ""~~(""1~j <br />CI i"'! j.f . \ : Y 'JI. J ~ L. ,\"; 1 <br />~ 'j ~~ '.oj :::;'~d :,;".." ~\ -;1 ~\lJ:Y <br />n~:~,i'r .'F .1'-I~C'lY.-JIC1.l,- <br />Ulll\..i.... V ..... I <br /> <br />The purpose of this nonbinding Letter of Intent is to express the general terms and <br />conditions upon which Regions Bank (the "Bank" or "Seller") or its affiliates and or assignees <br />would consider selling the real property known as 488 Sunny Isles (the "Property") to the City of <br />Sunny Isles Beach (the "Buyer") conditioned upon the Bank being successful in taking title at the <br />forthcoming foreclosure sale via a certificate of title to be issued by the Clerk of Court. <br /> <br />Per our discussions, the Bank was awarded its Final Judgment of Foreclosure. We are <br />awaiting the Clerk to set the sale date which is typically ninety (90) days subsequent to the <br />execution of the Final Judgment. <br /> <br />During this ninety day period, the Defendant owner/borrower has the chance to redeem <br />the Final Judgment by paying off the Judgment amount either through a refinancing or a sale of <br />the Property. Nevertheless, the Bank is agreeable to either assign its Final Judgment to the City <br />or to transfer title - if and only if - no other party outbids the Bank's Judgment credit at the public <br />foreclosure sale. Typically, it can take two weeks subsequent to the sale for the Clerk to issue a <br />formal certificate of title to the Bank. <br /> <br />Accordingly, should the Bank be issued the certificate of title, or the Defendant/Borrower <br />agrees to issue a deed in lieu of foreclosure, the Bank will agree to sell the subject Property to the <br />City. The terms are as follows: <br /> <br />I. Property: 488 Sunny Isles Blvd, Sunny Isles Beach, FL <br /> <br />2. Purchase Price: ONE MILLION THREE HUNDRED THOUSAND DOLLARS <br />($1,300,000.00). <br /> <br />Exhibit "A" <br />