Reso 2018-2840 - Laserfiche WebLink

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• - ASSIGNMENT OF RENTS&INDEMNIFICATION AGREEMENT THIS AGREEMENT, effective Ju 4 A- Zd-i ( , 2018, by and between, CITY OF SUNNY ISLES BEACH, a Florida municipal corporation ("Assignor",or-"City") and NDPRE#14,LLC, a Florida Limited Liability corporation("Assignee"). WHEREAS, the City.and Assignee intend to enter into a certain Land Donation and Transfer of Development_Rights Agreement with regard to certain real property located at 18500 Collins Avenue, Sunny Isles Beach, Florida, 33160 in Miami-Dade County, Florida ("Property"); and WHEREAS,the Property is subject to a Lease Agreement("Existing Lease"), entered into and between the Assignee and Holiday CVS, LLC ("Existing Tenant"); and WHEREAS, the City agrees to assume the Existing Lease if the Existing Lease is not terminated on or before December 31,2021; and WHEREAS, if the Existing Lease is assumed by the City,the City agrees to assign its right to collect rents pursuant to the Existing Lease to the Assignee; and NOW,THEREFORE, in consideration of the mutual promise and exchange between the parties and other good and valuable consideration, the parties agree and stipulate as follows: 1. The above recitals are true and correct and are hereby incorporated by reference herein. 2. Assignor agrees to transfer rent payments collected pursuant to the Existing Lease to Assignee,its heirs,successors,or agents.Assignor shall provide rent payments to Assignee no. later than fifteen(15)days after receipt of payment from Existing Tenant.If Existing Tenant fails to provide rent payments pursuant to the Existing Lease, Assignor shall not be obligated to provide rent payments under this Agreement. Assignee agrees that the Assignor's assignment is without recourse,representation or warranty, express or implicit. 3. Assignee hereby agrees to indemnify and hold harmless the Assignorand its officers, employees and agents from any costs, penalties, fines, damages, claims, expenses (including attorney's fees) or liabilities arising out of, in connection with, or as a result of the Existing Lease or anything which is in any way connected with the Existing Lease. 4. This Agreement shall be governed by, and construed under, the laws of the State of Florida, without regard to the conflict of law principles thereof. 5. The parties hereto agree to execute and deliver such other documents as are required to effectuate the transfer of the Assignment of Rents contemplated by this Assignment.