Reso 2012-1898 - Laserfiche WebLink

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PROMISSORY NOTE ,2012 FOR VALUE RECEIVED, the undersigned, Chateau Beaeh, LLC, a Florida limited liability cornpany ("Maker"), promises to pay to the order of the City of Sunny Isles Beach, a political subdivision of the State of Florida ("Payee" or the "City"), at 18070 Collins A venue, 4th Floor, Sunny Isles, Beach, FL 33160 or at such other office as Payee may from time to time designate, the principal sum of One Million Four Hundred Eighty-Four Thousand Nine Hundred Forty and 001100 Dollars ($1,484,940.00) (the "Indebtedness") regarding the release of a use restriction for 98,996 square feet of Transfer Development Rights ("TDRs") and fifty (50) units that will be assigned to the Maker. A copy of the Letter Agreement for Release of Use Restrictions on Development Rights is attached hereto as Exhibit "A" and incorporated herein by reference. The Indebtedness thereon shall be due and payable on the Maturity Date (as hereinafter defined). As consideration for deleting the use restriction for 98,996 square feet of TDRs that will be assigned to Maker, Maker agrees to pay the City the sum of $1 ,484,940.00. The released price is fifteen ($15) dollars per square feet. Maker agrees to pay the $1,484,940.00 in three (3) installment payments within a two (2) year period. Within three (3) days of approval of the release of the use restriction by the City Commission, Maker agrees to make an initial payment of $484,940.00 to the City. Within one (I) year of the aforementioned initial payment, Maker shall make a payment of $500,000.00 (hereinafter referred as the "Second Payment") to the City. The final payment of $500,000.00 shall be due within one (I) year of the Second Payment. All payments shall be made to Finance Department of the City of Sunny Isles Beach. If this Note is not paid promptly on the Maturity Date in accordance with its terms and is placed in the hands of an attorney for collection, Maker agrees to pay all reasonable attorney's fees and the costs and expenses of collection of this Note incun'ed by Payee. Additionally, if Maker fails to pay the Indebtedness on the Maturity Date in accordance with the terms of this Promissory Note, the Payee shall have the right to prevent the Maker from using any TDRs that have not been fully paid for. Maker covenants and agrees that time is of the essence for payments due under this Note. All agreements between Maker and Payee, whether now existing or subsequently arising and whether written or oral, are expressly limited so that, in no contingency whatsoever, whether by reason of acceleration of the maturity of this Note or otherwise, shall the amount paid or agreed to be paid to Payee pursuant to the terms of this Note or otherwise or for the payment or performance of any covenant or obligation contained in this Note or in any other document evidencing, securing or pertaining to the indebtedness evidenced by this Note exceed the maximum amount permissible under applicable law. If, from any circumstance whatsoever, fulfillment of any provision of this Note or other document, at the time performance of such provision shall be due, shall involve exceeding the maximum amount permissible by law, then, Promissory Note -Chateau Beach, LLC EXHIBIT "A"