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Reso 2018-2840
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Reso 2018-2840
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Last modified
1/30/2020 11:36:13 AM
Creation date
6/27/2018 3:25:50 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2018-2840
Date (mm/dd/yyyy)
06/21/2018
Description
Ratify Land Donation & TDR Agmnt Btwn Sunny Isles Beach and NDPRE #14, LLC for 18500 Collins
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• (c) An Assignment and Assumption of Lease and any documentation necessary to transfer <br /> and assign the Existing Lease to the City; and <br /> (d) Such other documents as may be reasonable necessary to effectuate the terms and <br /> conditions of this Agreement. <br /> 11. City's Documentation and Delivery of Instrument. <br /> Prior to Closing or otherwise, in the time periods specifically set forth herein, the following <br /> documents and instruments will be executed and delivered by the City to Escrow Agent to be held by <br /> Escrow Agent pursuant to the terms of the Escrow Agreement: <br /> (a) The Assignment and Assumption of Lease described in Section 10(c); and <br /> • <br /> (b) Documentation establishing private TDR account for the Navarro's TDRs; and <br /> (c) Such other documents as may be reasonable necessary to effectuate the terms and <br /> conditions of this Agreement. <br /> 12. Real Estate Taxes and Fees. <br /> All items of expense (including ad valorem real estate taxes and assessments)and income for periods <br /> that bridge the closing shall be pro-rated between parties, on a per diem basis as of the date of Closing, using <br /> the appropriate period for which each item of expense or income. The City shall be responsible.for the cost <br /> of recording the Deed. <br /> 13. Closing. <br /> Closing shall occur on or before the earlier of(i) the date that is sixty(60) days from the date of <br /> the closing of the sale of fifty(50%)percent of the Navarro's TDRs; or(ii)December 31,2021,provided <br /> that, in the event that the Existing Lease has not been terminated, Escrow Agent shall deliver to the City <br /> the original executed Assignment and Assumption of Lease described in Sections 10(c) and 11(a) above <br /> (the "Closing"). All obligations and responsibilities of the City contained herein, including, without <br /> limitation, the City's obligation to pay for unsold TDRs set forth in Paragraph 6 hereof and any other <br /> obligation that cannot be satisfied at the time of Closing shall survive Closing and continue in full force <br /> and effect until full satisfaction of same. <br /> 14. Attorneys' Fees and Costs. <br /> 5 of 8 <br />
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