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City Commission Norman S. Edelcup Mayor Lewis J. Thaler Vice Mayor Isaac Aelion Commissioner Jeanette Gatto Commissioner George "Bud" Scholl Commissioner August 1, 2012 Via E -Mail Jules Trump Acqualina Ocean Residences & Resort 17780 Collins Ave. 2nd Floor Sunny Isles Beach, FL 33160 CITY OFF WA Re: Extension of Payments for Transfer of Development Rights and Bonus Payments Dear Mr. Trump: Fred Maas This letter shall confirm the agreement between the City of Sunny Isles Beach ( "City") and Acting City Manager LPLA Partners, LP "LPLA Partners") )pursuant to Ordinance No. 2012 -389, adopted on Hans Ottinot July 19, 2012, regarding the extension of time to make required payments for development City Attorney rights purchased under Transfer of Development Rights ( "TDRs ") and Bonus programs in city ci . Hines accordance with Zoning Resolution No. 11 -Z -124, adopted on December 22, 2011. These payments are due upon the issuance of a building permit. The City and LPLA Partners agree to the following terms, subject to the approval of the Finance Director and the City Commission: The City has agreed to provide LPLA Partners with a Thirty Three (33) month ( "Term ") extension for TDRs and bonus payments in the amount of Six Million Seven Hundred Four Thousand One Hundred Dollars ($6,704,100.00). The term of extension shall commence upon the issuance of a building permit for the project commonly known as Mansions of Acqualina, approved under Zoning Resolution No. l l -Z -124. The phrase "building permit" includes foundation building permit. LPLA Partners agrees to pay pursuant to a promissory note approved by the City Commission the amount of $6,704,100.00 under the following terms: (i) principal in the amount in the $6,704,100.00 unless reduced by payments shall be due at the end of the Term; (ii) the principal amount shall be subject to an annual interest rate of Five Percent (5 %); (iii) interest payments shall be made to the City on a quarterly basis; and (iv) principal payment of $150,000 shall be made to the City upon the closing of any condominium unit notwithstanding if the term has not expired. It is understand that LPLA Partners shall receive an automatic Ninety (90) days ("Penalty Period ") extension of the Term subject to a Twelve Percent (12 %) annual interest rate during the penalty period until the principal balance is paid in full. The City shall have the right to revoke any building permits issued to the Mansions of Acqualina pursuant to Zoning Resolution No. 11 -Z -124 if LPLA Partners or its assignees fail to make the required payments under this Agreement and any promissory note that is required by this Agreement. EXHIBIT "A"