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CITYOFSUNNYISLEsig EACH <br /> 1 ti070CoIImsAvenue <br /> oily Is.,c f unny SI*BeochFloridat4.31 5, .t's? <br /> ss <br /> - e r - �„a,zs' O s� <br /> 305 9�4 "t?606_ { �� <br /> ?`r". .r: - <br /> � � � � � www sibfl net% <br /> March 27,2018 • <br /> Page 2 of4 .y '➢�.,LOa'° � <br /> 'ror 'c) <br /> TDRs Buy-Back Option: The City and the Owner acknowledge that Navarro Properly is <br /> subject to a Lease Agreement("Existing Lease"),which expires on <br /> I December 3 I,2021.The parties further acknowledge that Holiday <br /> CVS, LLC ("Existing Tenant")has one(I) Five(5)year option to <br /> renew the Existing•Lease upon its expiration.If the City is notable <br /> to sell all,or part of the Navarro's TDRs by December 3I, 2021, <br /> the City shall pay Owner the Guaranteed Maximum Price per <br /> square feet for the remaining unsold Navarro TDRs in three(3) <br /> equal installations on or before the following dates; January I, <br /> 2022, January 1, 2023 and January I, 2024 provided that the 5 <br /> year option under the Lease is terminated. If the 5 year option is <br /> not terminated,the City shall pay the Guaranteed Maximum Price <br /> per square feet for the remaining unsold TDRs in five (5) equal <br /> installations on or before the following dates; January 1, 2023, <br /> January I,2024,January 1,2025,January 1,2026,and January 1, <br /> 2027. <br /> Due Diligence Period: The City shall have 120 clays from the date Utile execution of this <br /> LOl to investigate all aspects of the Property, including title, <br /> survey,environmental;soils,entitlements,land use considerations, <br /> access, and utilities. <br /> Due Diligence Materials: The Owner shall provide the City with due diligence materials, <br /> which include but are not limited to environmental reports, title <br /> reports and surveys upon request. <br /> Existing Lease: The Properly is currently leased to Holiday CVS, LLC. d/b/a <br /> Navarro Pharmacy owned and operated by CVS Pharmacy <br /> ("Existing Tenant") pursuant to an existing Lease Agreement <br /> between Owner, as landlord, and Existing Tenant,as tenant, (the <br /> "Existing Lease"), The Existing Lease expires December 31,2021 <br /> and Tenant has one remaining option of five(5)years.The Owner <br /> shall use its best efforts to terminate the five (5) year option <br /> remaining under the Existing Lease prior to the closing date. If <br /> Lease is not terminated prior to Closing, the Owner shall assign <br /> the Existing Lease to the City. In the event that the City is unable <br /> to sell all the TDRs prior to December 31,2021 and the Existing <br /> Lease is extending for 5 years, the City shall enter into a lease <br /> agreement with Owner to allow the Owner to sublease the <br /> Property to the Existing Tenant under the same terms and <br /> conditions of the Existing Lease until the City is able to sell all the <br /> TDRs.The Owner shall be able to collect the rental income under <br /> the sublease until all the TDRs discussed herein are sold,and said <br /> sublease shall terminate upon the sale of all the TDRs, <br /> • <br />