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O� y�NNY Sis`s a CITY OF SUNNY ISLES BEACH '• *' PARKING LICENSE AGREEMENT �Mr •Nv FS 0 This Parking License Agreement (this "Agreement") is made as of the 1-5 day of u 2012, by and between the CITY OF SUNNY ISLES BEACH, a municipal corporation (the "City's and ( "Newport") and/or assigns. K oIT y, . L �- REGTTALs WHEREAS, the City purchased the property located at 287 Sunny Isles Boulevard (the "Property'l to help the City meet its public park/open space initiative; and WHEREAS, the City and Newport (collectively referred to as "the Parties") desire to enter into an exclusive agreement whereby visitors of the Newport Beachside Hotel and Resort located at 1b701 - -- - Collins Avenue, Sunny Isles Beach, FL, 33160, may park their vehicles on the Property; and NOW, THEREFORE, in consideration of the execution and delivery of this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Recitals. The foregoing recitals are true and correct and are incorporated herein in their entirety. 2. Use of 287 Sunny Isles Boulevard Paridng Lot. The City hereby licenses to Newport the right to use on an exclusive basis parking spaces located within the Property to accommodate potential overflow parking from patrons of the Newport Beachside Hotel and Resort The parking spaces may be utilized only by patrons of the Newport Beachside Hotel and Resort. No other use of the Property is permitted without the express written permission from the City. 3. License Fee. Newport shall pay a monthly fee of $5,000.00 (Five Thousand Dollars) for exclusive use of the parking spaces located within the Property, commencing on the date of execution of this Agreement (the "Effective Date ") by the City. The first payment shall be due no latex than August 15, 2012, and thereafter no later than the 15'h day of each month. 4. Term. This agreement shall remain in effect from August 1, 2012 and continue until December 31, 2012, unless otherwise cancelled by either Party upon written notice to the other Party. 5. Costs and approval of parldne sis ms. The parties agree to share equally the costs associated with constructing and placing signs stating that the parking spaces on the Property shall only be utilized by patrons of Newport Beachside Hotel and Resort. Newport shall be required to obtain the prior written approval from the City prior to the signs being installed on the Property. 6. Improvements. No strictures or improvements of any kind shall be placed upon the Property without prior written approval of the City. blow