Reso 2011-1795 - Laserfiche WebLink

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AGREEMENT OF PURCHASE AND SALE 1- This Agreement made this ~ day of tJO\l~}.\e'ta-;--2011, between THE CITY OF SUNNY ISLES BEACH, whose mailing address is 18070 Collins A venue, Sunny Isles Beach, Florida 33160 ("Seller") and DEZER DEVELOPMENT, LLC, and WEINTRAUB INVESTMENTS, LLC, whose mailing addressees are 18001 Collins Avenue, 31s' Floor, Sunny Isles Beach, FL 33160 and 20900 N.E. 30'h Avenue, Ste. 318, Aventura, FL 33180, respectively, and/or "NewCo", an entity to be formed (collectively referred to as the "Buyers"). NOW, THEREFORE, for and in consideration of the mutual covenants, representations, warranties, and agreements contained herein, and for other good and valuable consideration, Seller agrees to sell to Buyers and Buyers agrees to buy from Seller the following described property upon the terms and conditions hereinafter set forth: I. Description of Propertv and Proiect. Seller has fee simple title to that certain real property located in Miami-Dade County, Florida, which is more particularly described in Exhibit "A" attached hereto and by this reference made a part hereof (the "Property"). The Project consists ofa Class "A" office building with approximately 146,250 square feet, with attached parking garage, and related amenities to be constructed on the Property by Buyers (collectively the "Project"). 2. Deposit: Purchase Price; 2.1 Deposit. Thirty (30) days from the Effective Date of this Agreement, as defined in Section 32 herein, the Buyers shall place One Million Dollars ($1,000,000.00) in escrow as an earnest money deposit (the "Deposit") to be held in escrow by Chicago Title Company ("Escrow Agent"). Buyers agree that a portion of the I of 17 S) lJ Deposit in the amount of Two Hundred Thousand Dollars ($200,000.00) shall be deemed non- refundable upon (i) the expiration of Thirty (30) days from the Effective Date of this Agreement, and (ii)