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, , , iw OF2SUNRY ISLES BEACH ix , ...: .b A , s <br /> a m e > q sN .� } <br /> �,Y}'"a 3s. �' Y� - x .z Sunn Isles Beach Florida_33g1i60 ' x JN !S< ..s.=.P' <br /> aC"" i a 'i x s '_F'.i - P¢,s? C` 1-;,,tr`,,i1 .Y z�"r;31;-, ,2 S.i:T ; . ,.. - O� <br /> .�-'- �� ����'"�'�� "� `�'� "' ,��30Jr�947�0606,, x ;+, � <br /> Sthll=net u - 3 x <br /> March 27,2013 • `x ° <br /> Page 3 oft . '',.• <br /> 'cos'Jt >�v <br /> tiF > <br /> %of sat •°c) <br /> Delivery of Unrecorded Upon the creation of a private TDR Bank account by the City <br /> Warranty Deed: Commission for the depositof the Navarro's TDRs, the Owner <br /> shall deliver to the Escrow Agent a copy ofan original unrecorded <br /> Warranty Deed free and clear of any encumbrances and Release of <br /> 1 Mortgage Lien Documents("Releases")pursuant to which Owner <br /> conveys its fee simple interest in the Property to the City and any <br /> related closing documents. <br /> Closing: Closing shall occur within sixty(60)days from the date of sale of <br /> fifty (50%) percent of the Navarro's TDRs or on December 31, <br /> 2021,whichever comes first provided assumption of the Existing <br /> Lease. All Closing documents shall be delivered to the City's <br /> Escrow Agent prior to Closing. <br /> Pro-rations: All items of expense (including ad valorem real estate taxes and <br /> assessments) and income for periods which bridge the closing <br /> shall be pro-rated between parties, on a per diem basis as of the <br /> date of Closing, using the appropriate period for which each item <br /> of expense or income. <br /> Escrow Agent: Harold M. Rifas, Esq. <br /> Harold M. Rifas, P.A. <br /> 7900 Red Road, Suite 10 <br /> South Miami, Florida 33143 <br /> Phone: 305-662-8814 <br /> Fax: 305-662-8825 <br /> Email: haroldrifas tr att.net <br /> Agreement: City,and Owner will use good faith efforts to negotiate and execute <br /> the Agreement within sixty(60) days atter the full execution of <br /> this Letter of Intent. The initial draft of the Agreement shall be <br /> prepared by the City. <br /> This is a non-binding letter of intent intended to serve only as a basis for negotiating a final written <br /> agreement for the donation of the Property,which may contain material terms different than,or in <br /> addition to,thosementioned here.This letter does not create an exclusive right to negotiate or an <br /> obligation to continue negotiations. Either party may terminate negotiations at any time in its sole <br /> discretion. Partial performance by either party of the terms of this letter, or the efforts by either <br /> party to perform due diligence or carry- out other acts in contemplation of consummating the <br /> transaction,shall not be an indication of intent by either party to be bound by the terms of this letter. <br /> The parties will not be bound in any way unless and until each party reviews, approves,executes <br /> and delivers to the other a definitive written agreement for the donation of the Property in exchange <br /> for TDRs, and then only to the extent expressly provided in that agreement. <br /> The purpose of this letter is to set forth the present mutual intent of the City and Owner for the <br /> donation of the Property.This Letter of Intent is subject to the approval of the City Commission.If <br />