Reso 2011-1752 - Laserfiche WebLink

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) ~) This instrument prepared by: Office of the City Attorney City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 ASSIGNMENT OF TRANSFER DEVELOPMENT RIGHTS KNOW ALL MEN BY THESE PRESENTS, that the CITY OF SUNNY ISLES BEACH, ("City")) for and in consideration of the sum of Ten and no/100 ($10.00) Dollars of lawful money of the United States and other good and valuable considerations, paid, received from, and on behalf of Plaza Isle, LLC, a Florida limited liability company ("Plaza Isles") heirs, successors, or agents, at or before ensealing and delivery of the presents, in Miami-Dade County, State of Florida, the receipt and sufficiency of which is hereby acknowledged and accepted, does hereby grant, to Plaza Isles, those certain Transfer of Development Rights ("TDRs") with the corresponding number of Wlits in an account designed for Plaza Isles, in connection with the purchase of real property located at 16200 Collins Avenue, Sunny Isles Beach, Florida 33160 and further described as: See Exhibit "A" attached hereto and incorporated by reference herein. WHEREFORE, the City shall deposit in a IDR Bank the amount of 40,000 square feet of TDRs with the corresponding number of units in an account designating Plaza Isles as owner of same. The aforementioned TDRs will have a life span of fifteen (15) years from August 20, 2009. WHEREFORE, Plaza Isles shall have the absolute right during the fifteen (15) year period, to sell, use, transfer or assign, in whole or in part, the IDRs, to any property located within the City of Sunny Isles Beach, without the consent of the City. NOW THEREFORE, in consideration of mutual promise and exchange between the parties and other good and valuable consideration, the parties agree and stipulate as follows: herein. 1. The above recitals are true and correct and are hereby incorporated by reference 2. That the City, upon execution of this Assignment, hereby assigns and transfers 40, 000 square feet ofTDRs to Plaza Isles LLC, heirs, successors, or agent. 3. That the TDRs will have a life span of fifteen (15) years from August 20,2009 and Plaza Isles may assign or transfer such TDRs without limitation except that Plaza Isle shall proyide notice to the City upon a sale in accordance with the City Code in existence at the time of said transfer. 4. That Plaza Isles may sell, use transfer or assign in whole or in part the TDRs to any receiving site or property located within the City of Sunny Isles Beach, Florida, without the consent Attachment "A"