Reso 2018-2882 - Laserfiche WebLink

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PROMISSORY NOTE FOR NORTH TOWER October /C 2018 FOR VALUE RECEIVED, A3 DEVELOPMENT, LLC, a Florida limited liability corporation ("Maker"), with its principal address at 17780 Collins Avenue, 2nd Floor, Sunny Isles Beach, Florida 33160, unconditionally promises to pay to the order of City of Sunny Isles Beach ("Payee"), a Florida municipal corporation located at 18070 Collins Avenue, Sunny Isles, Beach, FL 33160, the principal amount of Six Million Seven Hundred Eighty One Thousand Nine Hundred Forty Dollars and Eighty Six Cents ($6,781,940.86) (the "Indebtedness"), together with interest on the unpaid principal balance from time to time outstanding under this Promissory Note ("Note"), at the rate of Prime plus a half percent (0.5) per annum. Interest shall be computed for the actual number of days which have elapsed, on the basis of a 360-day year. The Indebtedness together with all accrued and unpaid interest hereunder shall be due and payable no later than Seventy Two (72) months from the date of issuance of the below grade or master building permit for the South Tower of the project commonly known as Estates of Acqualina, which was approved under Resolution Nos. 18-Z-165, 15-Z-153, 14-Z-144 ("North Tower Maturity Date"). Interest under this Note shall begin to accrue upon the issuance of a master building permit for the North Tower or no later than Thirty Six (36) months from the date issuance of the below grade or master building permit for the South Tower, whichever comes first. Maker shall obtain the master building permit for the North Tower no later than Thirty Six __ (36),months from the date of issuance of the below grade or master building permit for the South Tower. If Maker fails to obtain the master building permit for the North Tower as set forth herein, interest on the Indebtedness shall begin to accrue until the principal amount is paid from the date of Thirty Six (36) months from the issuance of the below grade or master building permit for the South Tower. The Maker shall be required to make quarterly interest payments to the Payee thereafter. • In the event that condominium units within the North Tower are sold and title is transferred to a buyer prior to the North Tower Maturity Date, Maker shall pay quarterly principal payments to Payee in the amount of Eighty Thousand Two Hundred Sixteen Dollars and 50 Cents ($80,216.50) ("Unit Charge") per unit based on the actual closing of each unit. Maker shall provide the Payee with monthly reports to confirm the number of units that are sold within the North Tower. The Unit Charge set forth herein shall be reflected as a Settlement Charge paid by Maker in the Closing Statement of each unit. All payments made on this Note shall be applied by Payee to the reduction of the Indebtedness. The Indebtedness and accrued and unpaid interest thereon shall be due and payable on the North Tower Maturity Date. If any payment of interest or principal payment is not received by the Payee within five (5) days after its due date, Maker shall pay Payee a late charge equal to five percent (5.00%) of the overdue payment. If interest or principal payment is not received by the Payee within thirty (30) days from Payee's written notice to Maker that any Promissory Note—A3 Development, LLC 298