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• ' '- _:7' c } ' MA M CIT>__Y OF..':SUNNtmES Bp.K.Es+-- ,° �` _ "' " <br /> � ._�"� ` ' �' �fi -•cL. �Yv s 7� •��-. �t <br /> ' Eby . tea '=rig � `�'� r �.sj 180 GilfnAvenw r <br /> Sunnw sles Beoeh Flanda133 b60 � ° "Y'St ' •�' <br /> • <br /> • �:, c,�.=3a�- 4 � - - --- = ate' ':t305 94706QG, . � "; <br /> 1 R s. 3f�"_.... �-.. -" r __ �,. '[-•Y �+r - 1riV�$IbFI Re -- j1�c�.."�r .i' n <br /> .kw.i u F. tic. {, _ <br /> Match 27,201 S � <br /> • <br /> 1.. R <br /> Page 3of-4 lti. Feoo�e <br /> 4, <br /> C��rOf SUN Ix <br /> Delivery of Unrecorded Upon the creation of a private TDR Bank account by the City <br /> • <br /> Warranty Deed: Commission for the deposit.of the Navarro's'TDRs, the Owner <br /> shall deliver to the Escrow Agent a copy of an original unrecorded <br /> Warranty Deed free and clear.of anyencumbrances rind Release of <br /> Mortgage Lien Documents(``Releases").pur:suant 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 /> filly (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 /> • <br /> date of Closing, using the appropriate period for which each item <br /> • <br /> of expense or income. <br /> Escrow Agent: Harold M. Rifas. Esq. <br /> l-larold 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 after 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 termsdifferent-than,or in <br /> addition.to,diose-mentioned.here:This letter•.does not create ant 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 Propertyin exchange <br /> for TDR"s, and then only to the extent expressly provided in that-agreement. <br /> Thepurpose 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 />