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This document prepared by and after <br /> recording return to: <br /> Phillip S. Sosnow, Esq. <br /> Bilzin Sumberg Baena Price & Axelrod LLP <br /> 1450 Brickell Avenue, Suite 2300 <br /> Miami, Florida 33131 <br /> (Above Space for Recorder's Use Only) <br /> ASSIGNMENT OF TRANSFER OF DEVELOPMENT RIGHTS <br /> KNOW ALL MEN BY THESE PRESENTS, that Regalia Beach Developers, LLC, a Florida <br /> limited liability company ( "Assignor"), for and in consideration of the sum of Ten and No/100 ($10.00) <br /> Dollars, and other good and valuable consideration; paid, received from, and on behalf of A3 <br /> Development, LLC, a Delaware limited liability company("Assignee"), its heirs, successors, or agents, at <br /> or before ensealing and delivery of the presents, in Miami -Dade County, State of Florida,the receipt and <br /> sufficiency of which is hereby acknowledged and accepted, does hereby grant to Assignee 15,538 square <br /> feet of Transfer of Development Rights representing eight (8) corresponding dwelling units ("TDRs") <br /> held in an account designed for and held for Assignor,with the City of Sunny Isles Beach, Florida. <br /> WHEREAS, Assignor has on deposit in a TDR Bank with City of Sunny Isles Beach, Florida, the <br /> TDRs in an account for the benefit of Assignor as owner of same; and <br /> WHEREAS, Assignor and Assignee entered into that certain Contract For Purchase And Sale Of <br /> Transferable Development Rights dated as of September 21, 2017, 2017 (the "Purchase Agreement") <br /> whereby Assignor agreed to sell and Assignee agreed to purchase the TDRs. <br /> NOW, THEREFORE, in consideration of the mutual promise and exchange between the parties and <br /> other good and valuable consideration, the parties agree and stipulate as follows: <br /> 1. The above recitals are true and correct and are hereby incorporated by reference herein. <br /> 2. Assignor upon execution of this Assignment, hereby assigns and transfers the TDRs to <br /> Assignee, its heirs, successors, or agents. Assignee agrees that the Assignor's assignment <br /> of the TDRs is without recourse, representation or warranty, express or implicit, except as <br /> otherwise specifically set forth in the Purchase Agreement. <br /> 3. The parties hereto agree to execute and deliver such other documents as are required by <br /> City of Sunny Isles Beach, Florida, to effectuate the transfer of the TDRs contemplated <br /> by this Assignment. <br /> TO HAVE AND TO HOLD, the same unto the said Assignee, its heirs, legal representatives, <br /> successors,administrators and assigns forever. <br /> (See Separate Signature Pages) <br /> MIAMI 5603617.1 73190/10719 <br />