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8/15/2019 Garage Easement Estoppel Cert
1/82
GARAGE
EASEMENT AGREEMENTESTOPPEL
CERTIFICATE
Royal
Palm
Hotel
Property,
LLC
The
Falor
Companies,
Inc.
8 6 0 9
W
rynMawr
Ave.
Suite
209
C h i c a g o ,
Illinois
60631
Re
a r a g e
E a s e m e n t Agreementby
nd
betweenMiami
Beach
R e d e v e l o p m e n t Agency
O wner )
and
RDP
Royal
Pam
Hotel Limited
P a r t n e r s h i p (
Grantee ),a t e d
May28998,
r e c o r d e d
in
O f f i c i a l Records
Book
1 8 1 7 0 ,
Page
1082,
inhe
Public
R e c o r d s
or o w a r d
County,
Forida
as
I l l e n d e d
b y A m e n d m e n t
t o
G a r a g e
E a s e m e n t
A g r e e m e n t , daed
n-
M
li:;
t.(,
gbe
e c o r d e d
in
he
ublic
R e c o r d s
of
Mam-
Dade
C o u n t y ,
Forida(
o l l e c t
vely,
the
a s e m e n t
A g r e e m e n t )
The
n d e r s i g n e d ,
the
duy
elected
and
cting
C h a i r m a no
the
Miam
B e a c h
Redevelopment
A g e n c y ( the
wner ),e r e b y
c e r t i f i e s
the
s t a t e m e n t s
se
forth
b e l o w to
Roya
Palm
Hotel
Property,
LLC
and
its
successors
and assigns (
o l l e c t i v e l y ,
RPHP)
it h
the
u n d e r s t a n d i n g
that
RPHP
is
u t h o r i z e d to
rey
onhe
statements
h e r e i n a f t e r
made
in
onnection
w i t h
the a c q u i s i t i o n
by
RPHP
fromr a n t e e
of
that
certain
reaproperty k n o w nas
heRoyal P a l m
Crown
Paza
and
Shorecrest
Hote
located
a
5 2 5 -
1545
C o l l i n s
Avenue,
Miami,
F l o r i d a ,
more p a r t i c u l a r l y
d e s c r i b e d
in
Exhibit
A
attached h e r e t o
andade
a
art
hereof (
o l l e c t i v e l y , the
r o p e r t y ) .
Any
termot
o t h e r w i s e
defined
h e r e i n
shall
have
the
eaning
a s c r i b e d
touch
termn
thea s e m e n t
A g r e e m e n t .
A c c o r d i n g l y ,
the
n d e r s i g n e d
h e r e b y
certifies
to
RPHP,
o
R P H P '
s
lender,
nd
to
r a n t e e
with
respect
to
the
E a s e m e n t
Agreement
as
f th e
d ate h ere of as
follows:1
he
E a s e m e n t
A g r e e m e n t
is
in
ful
o r c e and
effect
and
has
notbeen
assigned, modified,
s u p p l e m e n t e d
om e n d e d e x c e p t
a s set
forth
above.
2
t t a c h e d
h e r e t o
as
ExhbtB
s
a
rue
nd
orrect
copy
o
he
Garage Management A g r e e m e n t . T he Garage M a n a g e m e n t
A g r e e m e n t
expired
on
e c e m b e r
31,
0 0 2 ,
andwas
extendedon
aonth
tomonth t e r m p u r s u a n t
to
Cty
o
amB e a c h
R e s o l u t i o n
No3 5 - 2002,
attachedheretoas
x h i b i t
C.
he
Garage
Management
Agreement
t e r m i n a t e d
onune
9
002.
h e r e
is
noGaage
Management
A g r e e m e n t
in
o r c e
and
e f f e c t .3
o t w i t h s t a n d i n g
P a r a g r a p h 2
a b o v e , f o l l o w i n g
e x p i r a t i o n
and
e r m i n a t i o n
of
the
arage M a n a g e m e n t
A g r e e m e n t , O w n e r d e s i g n a t e d
the
Cty
f
Miam
Beach
Parking
D e p a r t m e n t as the
Garage
Operator,
and
as
c o n t e m p l a t e d
u n d e r
S e c t i o n
5
a
he
Easement A g r e e m e n t .
As
equired
u n d e r
Section
5(
a
the
a s e m e n t
A g r e e m e n t ,
G r a n t e e
has a p p r o v e d
othe
Garage O p e r a t o r d e s i g n a t e d
by
w n e r ,
and G a r a g e O p e r a t o r
is
o n t i n u i n g
to
anage
an d
operate
the
Garage
-
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Royal
Palm Hotel
Property,
LLC
Page
2
.
w n e r
is
no
in
e f a u l t
under
the
a s e m e n t
A g r e e m e n t ,
an d
to
the
a c t u a l knowledge
buithout
i n d e p e n d e n t
i n q u i r y )
o
he u n d e r s i g n e d , no
even
has occurred
o
c i r c u m s t a n c e
exists w h i c h ,
with
the giving
of n o t i c e
o
he p a s s a g e
oftime,
o
ohr e s e n t l y
c o n s t i t u t e s an
event
of
default
by
w n e r under
the
asement
A g r e e m e n t .
N o t w i t h s t a n d i n g
the
o r e g o i n g , O w n e r
does
not
waiveany
default
or
claim
no
u r r e n t l y known
to
Owner
o
hich
a r i s e s
after
the
date h e r e o f .6
Tohe
actual
knowledge (but
i t h o u t
i n d e p e n d e n t
inqury)
of
the
n d e r s i g n e d , the
G r a n t e e
is
ot
in
e f a u l t
of
any
o
ts
obligations
under
the E a s e m e n t
A g r e e m e n t ,
and
nov e n thasc c u r r e d
oi r c u m s t a n c e e x i s t s
which,
w i t h
the
i v i n g
of
notice
orthe
p a s s a g e o
time,
ooth,
presently c o n s t i t u t e s
an
e v e n t
o
efault
by
Grantee
under
the
a s e m e n t
Agreement.
N o t w i t h s t a n d i n g the
o r e g o i n g , Owner
does
noa i v e
any
e f a u l t
o
laim
not
currently
k n o w n
to
wner
o
h i c h
arises ater
thedaeereof.
The
t a t e m e n t s c o n t a i n e d h e r e i n
are
m a d e
a s
o f
J i R i l l l J 1 l 1 Y
I~
005.
Sincerely
y o u r s ,
A P P R O V E D
ASTO
FORM &
LANGUAGE
FOR E X E C U T I O N A J I M .
O~
IJ ;)-
5
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EXHIBIT
A
Description
of the
Property
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EXHIBT A
DESCRIPTION
OF
THE
LAND
RP LAND
The South
12.65
feet (
e a s u r e d
a l o n g the lot
line) o
L o t s 7
and 14
aloLots
6and
15
nd the
North 10.
0
feet ( m e a s u r e d a l o n g
the lot ne
f Lots
5
nd
16
al
in
l o c k
56,
of
FISHER=
S
FRSTU B D I V I S I O N
OF
ALTON
B E A C H ,
a c c o r d i n g
to
the pa
thereof,
as recorded
in
at
Book
2
t
Page
77,
f
the
P u b l i c
R e c o r d s
o
Dade
o u n t y , F l o r i d a ,
together
wth
that
c e r t a i n
parcel
o
an d
lying East
a n d
a d j a c e n t
tohe
a b o v e d e s c r i b e d
parcel;
sad
parcel
bounded
on
he
o u t h by
the
S o u t h
line
o
the a b o v e
d e s c r i b e d parcel
extended
E a s t e r l y ;
bounded
on
he
o r t h
by
the
N o r t h
line
ohe
bove
d e s c r i b e d
p a r c e l
extended
Easterly;
b o u n d e d
onhe
East
by
h e
E r o s i o n Control
Line
of the
Atlantic
Ocean
and
boundedon
the
West
by
the
East
line of
the
a b o v e
m e n t i o n e d
Block
56
S H O R E C R E S T LAND The
South
40 . 00
feet (
m e a s u r e d a l o n g the
lot
ne
f
Lots
5
nd
16
nd
the
o r t h
one-
half
o
ots
4n d
17al
in
Block
56,
o
F I S H ER=
S
I R S T
S U B D I V I S I O N
OF
LTON
BEACH,
c c o r d i n g
to
the
pa
t h e r e o f ,
as
r e c o r d e d
inlat
Book
2a
Page77
o
he
Public
Records
o
D a d e
County,
F l o r i d a ,
t o g e t h e r wth
that
c e r t a i n
p a r c e l
o
and
lying
Eas
and
adacent to
he
above
d e s c r i b e d
p a r c e l ;
said
p a r c e l b o u n d e d
on
the
Souh
by
the
South
ne
the
above
d e s c r i b e d
p a r c e l
extended
Easterly;
b o u n d e d on
the
Northby
he
Northine
ofthe
a b o v e
d e s c r i b e d
parcel
e x t e n d e d E a s t e r l y ;
b o u n d e d
on
theast
by
the
Erosion
Control
Lne
o
the
A t l a n t i c
O c e a n
and
bounded
on
the
West
by
the
East
l i n eo
he
bove
m e n t i o n e d
Block
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EXHIBIT
B
Garage
Management Agreement
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J..:
B f t :
1 8 1 7 0 r ~
I
082
ARAGE
EASEMENT
A G R E E M E N T
9 8 R 3 1 9 1 8 7
1998
JU
01
13
3
between
M I A M I
B E A C H
R E D E V E L O P M E N T
AGENCY,
Owner
and
RDP
ROYAL
PALM
H O T E L
L I M I T E D
PARTNERSHIP,
G r a n t e e
Daeds
o ~
1 9 9 8
PREPARED
B Y :
Alexander
I.
a c h m e s ,
Esq.
A l e x a n d e r
I.
T a c h m e s ,
P
A
77
Arthur
Godfrey
Road
2nd
l o o r
Miami
B e a c h ,
Florida
3 3 1 4 0
R E C O R D
AND
R E T U R N
TO:
Stuart
K
Hoffman,
Esq.
Hol/
and&
K n i
B r i c k e l l
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t:
1 8 1 7 0 r ~
083
A B L EOF
CONTENTS
RECITALS
1
EFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2
R A N T
O F
E A S E M E N T S . . . . .. . . .. . . . .. . . . .. . . . .. . . . .. . . . .
8
3.
TERM. ... ............. ...... .............. .............
4
U S E
FEE . . . . . . . . . . . . . . . . . . . . . . . . .
9
se
F e e . . . . . .. . . . . .. . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
b
aclity
U s a g e
Payment ................ . . . . . . . . . . . . . ..
c
nmum
F a c i l i t y
Usage
Payment ......................
1 0
d
oss
arking
R e v e n u e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
e)
Payment
Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
5
GARAGE
O P E R A T I O N S . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . .
11
)
Garage
Operator ....................................
11
b)
Garage
M a n a g e m e n t
Agreement. . . . . . . . . . . . . . . . . . . . . . ..
1
c
i a b i l i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
d
Hours
and
Security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
12
e
t a n d a r d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 2
1
B
R e d e v e l o p m e n t ,
Inc
a r a g e
E a s e m e n t
A g r e e m e n t . . . .
12
g)
Manner
o
Providing
P r i o r i t y
Use
o
Parking S p a c e s . . . .. . . ..
12
USE
O F
G A R A G E . . . . . . .. . . . .. . . . . .. . . . . .. . . . .. . . . . .. . . . .
1 2
a
r a n t e e
Use .............................
2
b
O w n e r
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R f t :
1 8 1 7 m b
I
0 8 4
d
a i n t e n a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
e)
E q u i p m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 4
f
epairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 4
g
S u b s t it u t e
Pakng ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
14
h
equirements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
i
l t e r a t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
160
eight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 6
8
I N A N C I A L
R E P O R T S
AND
R E C O R D S . . . . . . . . . . . . . . . . . . . . . ..
16
a
B o o k s
and
Records. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
1 6
b
udt
R e s u l t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
)
ross
P a r k i n g
Revenues
S t a t e m e n t s . . . . .. . . . . . . . . . . . . . . .
1 7
d
u r v i v a l . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
9
E F A U L T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
)
Grantee
D e f a u l t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
b
Termination
o
ease. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
c
wner e f a u l t . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . .
1
d)
Right
to
P e r f o r m
the
O t h e r
Party
s
Covenants. . . . . . . . . . . .. .
19
e
C r o s s -
D e f a u l t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
200.
NOTCE
AND
RGHT
TO
URE
GRANTEE'
S
E F A U L T S . . . . . . . . .
21
a
o t i c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
b)
Cure
R i g h t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
c)
A c c e p t a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
d
P a y m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
e
r i o r i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
f)
o
u r r e n d e r
o
o d i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 2
11
F A C I L I T Y
M O R T G A G E S ;
N O T I C E
A N D
RGHT
T O
CURE
S U C C E S S O R
O W N E R '
S
E F A U L T S . . . . . . . . . . . . . . . . . . . . . . . . .
23
a)
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g:
1 8 1 7 G r o
I
i
r a n t e e '
s
Self-
Help
R i g h t s . . . . . . . . . . . . . . . . . . . . . . . . . . .
26
)
Application
o
roceeds
from
Insurance
o
C o n d e m n a t i o n
Awads. .............................
6
k
ppearance
a t
C o n d e m n a t i o n
P r o c e e d i n g s . . . . . . . . . . . . . .6
I)
ghs
L i m i t e d
to
acility
M o r t g a g e e . . . . . .. . . . . .. . . . . .. .
26
Faclity
Morgagee
s
ssgnmen
R i g h t s . . . . . . . . . . . . . . . . . . .
27
2 .
DAMAGE,
D E S T R U C T I O N
AND
E S T O R A T I O N . . . . . . . . .. . . . .
28
a)
Noce
o
Granee . . . . . . . . . . . . . . . . . . . . . .
8
b)
O b l ig a t i o n
to
Restore .................................
8
c
C o m m e n c e m e n t
of
Construction
Work. . . . . . . . . . . . . . . . . . ..
8
d
f f e c t
of
Casualty
on
ths
A g r e e m e n t . . . . . . . . . . . . . . . . . . . . .
28
e
R e s t o r a t i o n
Funds
w i t h
respect
to
Successor
Owner .... . ..
2 9
13
O N D E M N A T I O N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
S u b s t a n t i a l
T a k i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30)
Defintions.. . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
c)
Less
han
au b s t a n t i a l
Taking .........................
3 1
d
b l i g a t i o n
to
esoe
th e
G arage. . . . . . . . . . . . . . . . . . . . . . . .
2
e)
C o m m e n c e m e n t
o
C o n s t r u c t i o n
Work. . . . . . . . . . . . . . . . . . ..
2
f)
Temporary
Takng...................................
32
9
ntention
o
a r t i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
h
R e s t o r a t i o n
F u n d s . . . . . .. . . . . . .. . . . . .. . . . . . .. . . . . . .. .
33
4. N S U R A N C E
R E Q U I R E M E N T S . . . .. . .. . . . . . . . . . . . . . . .. . .. . ..
4
a
L i a b i l i t y
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
b
roperty
I n s u r a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
c )
Oher
I n s u r a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35
d
onstruction
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
3 6
e)
General
P r o v i s i o n s
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8/15/2019 Garage Easement Estoppel Cert
10/82
f:
8 1 7 0 r ~
r 0 8 6
b )
E f f e c t i v e n e s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
c)
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
4 1
d
f f e c t
o
r a n t i n g
oa i l u r e
to
Gran
A p p r o v a l s
o
C o n s e n t s . .
41
e
S t a n d a r d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 1
1 7 .
L I A B I L I T Y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
a)
b
d
)
f)
i m i t a t i o n on
L i a b i l i t y
o
Owner
an d
thei t y . . . . . . . . . . . . . . .
42w n e r
E x c u l p a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42o
Waiver
o
Limitation
on
L i a b i l i t y . . . . . . . . . . . . . . . . . . . . . .42
Limitation
on
ranee
L i a b i l i t y . . . . . . . . . . . . . . . . . . . . . . . . ..
42
r a n t e e
Exculpation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
3
N o
Punitive
D a m a g e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
1 8 .
H A Z A R D O U S
MATERALS. .. ................. . ............
3
a
se
o
H a z a r d o u s
Maerias . . . . . . . . . . . . . . . . . . . . . . . . . . ..
4 3
b
C o m p l i a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 3
cn d e m n i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
d
S u r v i v a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
9
I N D E M N I F I C A T I O N
A N D
D E F E N S E
OF
L A I M . . . . . . . . . .. . . . . ..
43
a
Indemnification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
3
b
o n t r a c t u a l
Liabil i ty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
cefense
o
Cam
Ec ......................
5
d
otification
and
Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
45
e
urvival. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
6
2
I N V A L I D I T Y
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11/82
f b :
1 8 1 7 D r G
I
087
27
E R M S
DEFINED
IN
ANOTHER
A G R E E M E N T . . . . . .. . . . .. . . . . .
47
2 8 .
R E F E R E N C E S . . . .. . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
a
C a p t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47)
Table
o f
Contents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
7
c
R e f e r e n c e
to
Paty . . . . . . . . . . .
48
d)
Agencys
andCty
s
Governmental
Capacity...............
48
e f e r e n c e
toe r e i n ,
h e r e u n d e r ,
ec . . . . . . .
8
29
REMEDIES
CUMULATIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
48
0.
PERFORMANCE
AT
EACH
PARTY
S
SOLE
COST
AND
EXPENSE . . . . . . . . . . . . . . . . . .~. . . . . . . . . . . . . . . . . . . . . . . . . . . ..
8
31.
O R PO R A T E
OB LIGATION S .. . . . .. . . . ' . . . . . .. . . . . .. . . . . .
48
2.
N O N L l A B I L l T Y
O F
O F F I C I A L S
AND
E M P L O Y E E S . . . . . . . . . . . . . .9
33
O N F L I C T
OF
N T E R E S T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
34
IM E
PE RIODS . . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . .
0
35.
NFL A T ION
A D J U S T M E N T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
36A T E
C H A R G E S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
E X H I B I T S
Exhibit
A
x h i b i t
B
xhibit
1
x h i b i t
2
x h i b i t
5
)
Exhibit
5
e
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t~: \
8 \
7G~
008
ARAGE
E A S E M E N T
AGREEMENT
THS
GARAGE
A S E M E N T
AGREEMEN T (
t h e
A g r e e m e n t )
is
made
and
e n t e r e d
i n t o
as
of
the ~
day
of
k~,
998
by
nd
b e t w e e n RDP
Royal
Pam
o t e l
limted
P a r t n e r s h i p ,
a
l o r i d a
med
a r t n e r s h i p , Its
successors
and
o
s s i g n s
Grantee ),and
the
iam
B e a c h
R e d e v e l o p m e n t
A g e n c y (
the
Agency ),
a
lorida
p u b l i c
body
c o r p o r a t e
a n d
potc
nd
its
s u c c e s s o r s
and
or
a s s i g n s .
R E C I T A L S
A
The
gency
and
r a n t e e
have
entered
ino
h a t certain
A g r e e m e n t
o
e a s e
the
ease )
o
even
a te
herewith,
pursuant
to
which,
among
other
things,
r a n t e e
has
a g r e e d
to
w n and
operatea
irsclass
c o n v e n t i o n
center
h o t e l ( he
Hotel )
in
c c o r d a n c e
wth
he
t e r m s
t h e r e o fon
he
an d
described
therein
the
r a n t e e Land ),
and
as
ore
particularly
d e s c r i b e don
xhibit
A
ttached
hereto
and i n c o r p o r a t e d
herein;
and
the
g e n c y
hasg r e e d
to
a u s e
the
c o n s t r u c t i o n
of
the
acility (
as
e r e i n a f t e r
d e f i n e d ) .8
TheAgency
and
St .
Moritz
Hoe
Corp,
a
Florida
c o r p o r a t i o n (
S M H C ) ,have
entered
ino
ha
e r t a i n
Garage
Development
Agreement (
the
a r a g e D e v e l o p m e n t A g r e e m e n t ) ,
u r s u a n t
to
h i c h
SMHC
has a g r e e d
to
e v e l o pon
h e
Agency'
s
ehalf
a
a c i l i t y (
the"
acility )
ontaining
a
muncpa
parking
garage
and
a p p u r t e n a n c e s
c o n t a i n i n g a p p r o x i m a t e l y
eight
hundred
and
three (
803)
parking
spaces (
the
a r a g e )
and
certain
retal
s p a c e (
the Retail
Space )
l o c a t e d
in
n
aea
bounded
by W a s h i n g t o n
and
o l l i n s
A v e n u e sin
the
p r o x i m i t yo
6h
Sree,
Cty
o
Miam
B e a c h , M e t r o p o l i t a n
Dade
Couny
l o r i d a ,
as
o re particularly
described
on
Exhbt
B
t t a c h e d
hereto
a n d
i n c o r p o r a t e d herein(
he
and ).
C
n
c o n n e c t i o n
withthe
peration
of
the
H o t e l ,
Grantee
requires
the use
o
p a r k i n g s p a c e s
a
hea r a g e .
D
he
g e n c y desres
to
rant
G r a n t e e
an
a s e m e n t
over
theLand
and
the
Fac ility (
o t h e r
than
the
Retail
S p a c e )
in
rder
to
rovide
to
rantee
such
p a r k i n g
spaces
an d
access,
n g r e s s
and
gress
forp e d e s t r i a n
and
v e h i c u l a r
passage
a n d t r a f f i c
upon
and
subect
to
he
terms
and
o n d i t i o n s
conaned
e r e i n . N O W ,
T H E R E F O R E ,
in
c o n s i d e r a t i o n
o
he
payment
o
en ($
10
00
o l l a r s ,
the
m u t u a l c o v e n a n ts
and
p a y m e n t s
hereinafter
se
orth,
and
ther
good
n d
valuable
c o n s i d e r a t i o n ,
the
ecep
and
s u f f i c i e n c y
o
whch
re
h e r e b y
a c k n o w l e d g e d ,
the
parties
h e r e t o
intending
to e
e g a l l y
bound
g r e e as
follows:
1
E F I N I T I O N S .
Fo
all
p u r p o s e s
o
hs
g r e e m e n t ,
the
terms
defined
in
his
Sect ion
1
h a l l
have
the
f o l l o w i n g
m e a n i n g s
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t~:
1 8 1 7 o r ~ I
089
ffiliate
shal
mean,
wth
e s p e c t
to
any
P e r s o n ,
any
other
P e r s o n
tha,
d i r e c t l y
o
ndirectly,
through
on e
o
me
n t e r m e d i a r ie s ,
c o n t r o l s
or
is
c o n t r o l l e d
by,
or
is
unde
c ommon
c o n t r o l
with,
such
P e r s o n .
For
the
urposes
h e r e o f ,
the
term
control (
i n c l u d i n g
the
tems
c o n t r o l l e d
by
and
unde
common
c o n t r o l
with )
shal
m e a n
the
o s s e s s i o n
of
a
ontrolling
Interest.
Building
Index
has
theeaning
p r o v i d e d
in
Section
14
a s u a l t y
R e s t o r a t i o n
has
h e
meaning
in
ection
12.
Cty
e a n s
the
Cty
of
Miam
Beach,
a
Foda
u n i c i p a l
c o r p o r a t i o n .
C o m m e n c e m e n t
Daehas
h e
meaning
povded
in
e c t i o n
3
C o n d e m n a t i o n
R e s t o r a t i o n
has
the
eaning
in
e c t i o n
13
o n s t r u c t i o n
P l a n s
has
the
meaning
provided
in
he
arage
D e v e l o p m e n t
Agreement.
C o n t r o l l i n g
Interest
means
the
o w n e r s h i p
o
greater
than
0%
of
the
o t i n g
o w n e r s h i p
interests
in
a
e r s o n
or
the
o w n e r s h i p
o
r e a t e r
than
50%
o
he
v o t e s
n e c e s s a r y
to
eeca
ajority
o
he
B o a r d
o
Directors
o
t h e r
g o v e r n i n g
body
of
suchPerson.
D a t e
o
Taking
has
the
meaning provided
in
Section
13
esignee
has
the
meaning
provided
in
S e c t i o n
11.
evelopment
Drawings
has
he
m e a n i n g
provided
in
h e
Garage
D e v e l o p m e n t
Agreement.
Easement
has
the
e a n i n g
p r o v i d e d
in
e c t i o n
2
quity
Interest
m e a n s ,
w i t h
respect
to
any
enity (
)
the
egal (
t h e r
than
as
a
o m i n e e )
o
b e n e f i c i a l
o w n e r s h i p
o
o u t s t a n d i n g
v o t i n g
or
non
voting
t o c k
o
such
enity
ifu c h
e n t i t y
is
a
b u s i n e s s
c o r p o r a t i o n ,
a
eal
e s t a t e
i n v e s t m e n t
trus
or
a
similar
e n t i ty , (
2
he
ega (
o t h e r
than
as
a
o m i n e e )
o
eneficial
ownership of
a n y
partnership,
m e m b e r s h i p
o
ther
voting
o
on -
voting
o w n e r s h i p
i n t e r e s t
in
a
a r t n e r s h i p ,
joint v e n t u r e ,
limited
l i a b i l i t y
company
o
s i m i la r
entity, (
3
a
e g a l (
o t h e r
thana s
a
n o m i n e e )
or
b e n e f i c i a l
voting
o
non-
voting
interest
in
a
trust
if
uch e n t i t y
is
a
trus
n d (
4
n y
other
voting
-
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t~:
1 8 1 7 0 r n
I
090
Excess
Parking
Spaces
shal
m e a n
the
u m b e r
oarking
S p a c e s
in
the
Facility
e q u a l
to
thex c e s s ,
if
n y , of (
x
hetoa
u m b e r
oarking
S p a c e s
in
the
acility
o v e r
y)
heu m
of
thearking
S p a c e s
wth
e s p e c t
to
h i c h
MB
e d e v e l o p m e n t ,
Inc.
and
r a n t e e are
n t i t l e d
to
ave
P r i o r i t y
Useu n d e r
the
MB
e d e v e l o p m e n t ,
Inc
Gaage
Easement
A g r e e m e n t and
ths
greement,
r e s p e c t i v e l y ,
as
each
g r e e m e n t
m a y
be
m e n d e d
a n d
to
the
xtent
each
g r e e m e n t
isin
effect.
Excess
Usage
Payment
A m o u n t has
theeaning
p r o v i d e din
Section
4a c i l i t y
has
the
e a n i n g
p r o v i d e d
in
the
ecitals.
Facility
U s a g e P a y m e n t
has
the
e a n i n g
provided
in
ection
a c i l i t y
Mortgage
m e n sao r t g a g e (
i)
t h a t
is
held
by
ae r s o n (
other
h a n
an
Afiliae
o
a
u c c e s s o r
Owner,
except
as
r o v i d e d
b e l o w )
whch
is
a n I n s t i t u t i o n a l
Lender,
ii)
hich
e x p r e s s l y p r o v i d e s
tha
itis
u b j e c t
and subordinate
to
he E a s e m e n t
ando
the
terms
of this A g r e e m e n t , ( iii)
h a t
is
nrincipal
amount
not more
than
thehen
F a c i l i t y
P e r m i t t e d D e b t
and(
v)
h o t o s t a t i c
c o p y
o
h i c h
iso l l o w i n g
the
execut ion and
e l i v e r y
thereof,
delivered
to
r a n t e e , together
w i t h
a
certif ication
byw n e r
confirming
that
th e p h o t o s t a t i c
copy
is
rue
copy
o
h e
Mortgage
a n d
a
c e r t i f i c a t i o n
by
the
Facility
M o r t g a g e e
thereunder
c o n f i r m i n g
the
address
o
u c h
Facility
Mortgagee
fo
otices. o t w i t h s t a n d i n g
a n y t h i n g c o n t a i n e d
herein
tothe
o n t r a r y , a n
Afiliae
o
a
u c c e s s o r
O w n e r
m a y
be
part
oa
e n d i n g
group
constituting
aa c i l i t y
M o r t g a g e e
for
so
ong
s
such A f f il ia t e (
i)
oesnot
o w n
more
than
a
oty-
nne(9% )
e r c e n t b e n e f i c i a l i n t e r e s t
in
the
debt
hed
y
such
a c i l i t y
Mortgagee
with
r e s p e c t
to
wner
o
th e
F a c i l i t y
P r e m i s e s
and (
ii)
is
ot
the
ead l e n d e r
ogent
fo
he
lending
g r o u p .
G r a n t e e
shall,
within
ten (
1 0 )
days
ater
receipt
of
a
acility
o r t g a g e ,
execute
an
i n s t r u m e n t
a c k n o w l e d g i n g
such
receipt
ouch
Facility M o r t g a g e ; provided,
o w e v e r ,tha
r a n t e e 's
alure
to
e x e c u t e
such an i n s t r u m e n t
s h a l l
no
f f e c t
the
status
o
a l i d i t y
o
the
a c i l i t y
M o r t g a g e
o
the
rights
o
he
a c i l i t y
M o r t g a g e e .
F a c i l i t y M o r t g a g e e
means
theolder
o
a
a c i l i t y
M o r t g a g e ; provided,
o w e v e r ,
that
a
a c i l i t y
Mortgagee
m a y no
be
n
Affiliate
of O w n e r ( except
ifw n e r
isan
f f i l i a t e
oa
a c i l i t y
M o r t g a g e e
thaa s
c a u s e d
the
a c i l i t y P r e m i s e s
to
e
t r a n s f e r r e d
tosuch
Afiliaein
lieu
o
the
o r e c l o s u r e
o
theacility
Mortgage
o
uch
F a c i l i t y
M o r t g a g e e ) .
Facility
Permitted
D e b t
has
the
eaning
provided
in
e c t i o n
11.
a c i l i t y
P r e m i s e s
means,
c o l l e c t i v e l y , the
Facility
andh e
Land
Fiscal
Year
sha
mean
a
welve (
12)
o n t h
period
-
8/15/2019 Garage Easement Estoppel Cert
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m:
1 8 1 7 0 f b
I
0 9
I
oreclosure T r a n s f e r has
the
eaning
p r o v i d e d
in
Secon
11
o r e c l o s u r e
T r a n s f e r e e
hasthe
e a n i n g
provided
in
e c t i o n 11.
Garage
has
h e m e a n i n g
provided
in
heecitals.
G a r a g e D e v e l o p m e n t
Agreement
has
h e m e a n i n g
provided
in
he
ecitals.
G a r a g e
M a n a g e m e n t
Agreement has
h e
meaning
provided
in
e c t i o n
5
Garage
Operator
a sthe
m e a n i n g
provided
in
ection
5
DP
m p l i c i t
Price
D e f l a t o r
Index eans
the
implicit
price
deflator
i n d e x
fo
r o s s
d o m e s t i c p r o d u c t
a s
published
by
the
U
S~
epartment
o
ommerce (
1987=
00),
o
ny
uccessor
i n d e x thereto, a p p r o p r i a t e l y
a d j u s t e d . G o v e r n m e n t a l
A u t h o r i t i e s
means t h e
Unted
S t a t e s
ofAmerica,
the
State
of
Florida,
th e
C i t y ,
Metropolitan
D a d e
County,
the
Agency (in
ts
g o v e r n m e n t a l
as
pposed
to
r o p r i e t a r y
capacity)
and
ny
agency,
department,
c o m m i s s i o n ,
board,
bureau,
i n s t r u m e n t a l i t yo
o l i t i c a l
s u b d i v i s i o n (
i n c l u d i n g
any
county
o
district)
of
any
o
the
foregoing,
now
existing
or
hereafter c r e a t e d ,
having j u r i s d i c t i o n
over
Owne
or
overo
nder the
F a c i l i t y
Premises
o
any
o r t i o n
thereof
o
n y
s t r e e t ,
r o a d , a v e n u e or
s i d e w a l k
c o m p r i s i n g
a
pat
o,
r
in
ront of,
he
Facility P r e m i s e s ,
o
any
a u l t
in
n d e r
the
aclity
Premises,
o
irspace
over
the
acility P r e m i s e s .
G r a n t e e
Indemnif ied
Parties
sha
mean
Ganee
and
its
directors,
officers,
shareholders,
e m p l o y e e s ,
successors,
assigns,
subtenants,
a g e n t s ,
contractors,
subcontractors,
experts,
i c e n s e e s ,
l e s s e e s ,
mortgagees,
jon
e n t u r e r s ,
members,
p a r t n e r so
a
partnership
constituting
aa r t n e r
o
Grantee,
r u s t e e s ,
p a r t n e r s ,
p r i n c i p a l s ,
invitees
and
Affiliates.
G r a n t e e ' s
Lenhall
have the
meaningin
e c t i o n9
rantee
Land
has
the
e a n i n g
p r o v i d e d
in
he
e c i t a l s .
Gross
Parking
Revenues
has
the
e a n i n g p r o v i d e d
in
ection
4.
Gross
Parking
R e v e n u e s
S t a t e m e n f '
has
the
e a n i n g p r o v i d e din
Sect ion
8
oe
has
he
meaning
p r o v i d e d
in
the
ecitals.
Hotel D e v e l o p m e n t
A g r e e m e n t means
that
certain Hotel
D e v e l o p m e n t
A g r e e m e n t
entered
ino
on
the
ae
hereof
b e t w e e n
the
g e n c y
and
Grantee
-
8/15/2019 Garage Easement Estoppel Cert
16/82
m : 1 8 1 7 D r b l 0 9 Z
H o t e l
M a n a g e m e n t
Agreemenf'
means
a
r i t t e n
a g r e e m e n t
between
Grantee
and
otel
M a n a g e r
pursuant
to
h i c h
Hotel
Manager
has
g r e e d
to
a n a g e
and
p e r a t e
the
o t e l
in
c c o r d a n c e
wth
he
t e r m s
thereof, andny
r e p l a c e m e n t s ,
substitutions,
restatements
o
o d i f i c a t i o n s
theeo
Hotel
Manager
means
Holiday
H o s p i t a l i t y Corporation,
a
e l a w a r e
corporation,
engaged
byr a n t e e
to
a n a g e
and
p e r a t e
the
o t e l ,
ony
s u c c e s s o r ,
substitue
os s i g n
thereof
permtted
by
h e
t e r m sohe L e a s e . Hotel
Opening
Dae
eans
the
ate
on
h i c h
theotel
isp e n e d
to
h e p u b l ic
fo
b u s i n e s sin
c c o r d a n c e
wth
he
Hotel
M a n a g e m e n t
Agreement,bu
ot later
than the
date
that
is
h i r t y (
30)
days following
thedateof
Substantial
Complet ion
of the
Hotel
as
that
term is defined in
the
Hotel
Development
Agreement.
Institutional
lender
means a
Person
which,
at
the
time
it
becomes
an
Institutional Lender,
is
a
state
or
federally
chartered
savings
bank,
savings
and
loan
association,
credit
union,
commercial
bank
or
trust
company
ora
foreign
bank ing
institution
in
each
case
whether
acting
individually
or in a
fiduciary
or
representative (
such
as
an
agency)
capacity);
an
insurance
company
organized
and
existing
under
the
laws
of the
United
States
or
any
state
thereof
or
a
foreign
insurance
company (
in
each
casewhether
acting
individually
or in
a
fiduciary
or
representative (
such as
an
agency)
capacity);
an
institutional
investor
such as
a
publicly
held real estate
investment trust, an
entity
that
quali f ies
as
a
REMIC
under the
Code
orother
public
or
private
investment
entity
in
each
case
whether
acting
as
principal
or
agent);
a
brokerage
or
investment
banking organization
in
each casewhether
act ing
individually
or
in
a
fiduciary
or
representative (
such
asan
agency)
capacity)
as
principal
or
agent);
an
employees'
welfare,
benefit,
pension
or
retirement
fund;
an
institutional
leasing
company;
a
financing
subsidiary
or
division of a
New
York Stock
Exchange
listed
company; any
governmental
agency
or
entity
insured
by
a
governmental
agency
or
any
combination
of Institutional
Lenders;
provided
that each
of
the aboveentities
shall
qualify
asan
Institutional Lender
only
if (
at
the time
it
becomes
an
Institutional Lender)
it
shall (
y)
have
assets
of
not less than $
100,
00,
000d j u s t e d
fo r
i n f l a t i o n
a n d (z
no
e
an
Affiliate
of
the
Agency
o
n y
S u c c e s s o r
Owner (
it
eing
further a g r e e d
that
noneo
the
s t a n d a r d s
set
foth
inhis
definition
s h a l l
be
p p l i c a b l e
top a r t i c i p a n t s
or
co -
l e n d e r s
in
a
o a n
secured
by
M o r t g a g e
w h i c h
is
hed
by
an
I n s t i t u t i o n a l
Lender (
h e t h e r a c t i n g i n d i v i d u a l l y
o
n
a
i d u c i a r y
or r e p r e s e n t a t iv e (
such
as
n
gency)
capacty).
The
erm
nstitutional
L e n d e r
aso
n c l u d e s
an
Afiliae
on Institutional
L e n d e r
as
described
in
his
p a r a g r a p h .
land
shalhave
h e m e a n i n g
provided
in
the
e c i t a l s .
lae
Charge
Rae
h a l l
m e a n
i n t e r e s t
a
ate
equal to
lesser
o (
i)
our
e r c e n t (
4 %
er
a n n u m
in
x c e s s of
the
rime
rate
in
effect
f r o m time
toime
atCtibank,
NA(
h e C h a s e
Manhattan B a n k ,
N.
A,
f C i t i b a n k ,
NA
sha
-
8/15/2019 Garage Easement Estoppel Cert
17/82
ft:
1 8 1 7 o r ~ I
0 9 3
a
rime
rate;
or
the
rime r a t e
o
anymajor
banking
i n s t i t u t i o n
dong
u s i n e s sin
ew
York
Cty,
as
s e l e c t e d
by
w n e r ,if
o n e
o
the
f o r e m e n t i o n e d
banks s h a l l
be
inx i s t e n c e
o
have
s t a b l i s h e d
a
rime
rate),
n d (ii)
he
aximum i n t e r e s t
rate
e r m i t t e d
by
law
e a s e
has
the
eaning
p r o v i d e d
in
the
R e c i t a l s .
MB
e d e v e l o p m e n t ,
nc"
e a n s
MB
e d e v e l o p m e n t ,
I n c . ,
a
Forida
c o r p o r a t i o n ,its
u c c e s s o r s and /
o
a s s i g n s .
MB
e d e v e l o p m e n t ,
Inc
Gaage
Easement
Agreement means that
certain
Gaage
Easement
A g r e e m e n t ,as
same
m a ybe
m e n d e d ,
d a t e d
as
o
S e p t e m b e r
201996
y
and
e t w e e n the
Agency
nd
MB
e d e v e l o p m e n t ,
Inc.,
relating
to
the
acility
P r e m i s e s .
Mortgage
e a n s
any
o r t g a g e
o
ee d
of
trus,
and
al
extensons,
speaders,
spitters,
consolidations, r e s t a t e m e n t s ,
replacements,
m o d i f i c a t i o n s
andamendments
t h e r e o f ,
that c o n s t i t u t e s aien
on
al
ra
portion
ohe
F a c i l i t y Premises
and
n y s e c u r i t y
interest
in
or
a s s i g n m e n t
ohe
rents,
ssues
o
p r o f i t s
relaed
thereto.Net I n s u r a n c e
Proceeds
a sthe
m e a n i n g
in
e c t i o n
12ew T e n a n t '
socuments
h a s
the meaning
provided
in
he
e a s e .
Noticeshal
h a v e
the
meaning
p r o v i d e d
in
ection
16.
Notice
oa c i l i t y
Failureto
u r e
has
the
e a n i n g
provided in
Section
11
otice of
Failure
to
Cure
shalhave
he
meaning
in
e c t i o n
10.
O w n e r
m e a n s
the
g e n c y (
or
the
ity,or
any
i n s t r u m e n t a l i t y
of
the
A g e n c y
o
the
Cy
f
he
it y
or
anyu c h
i n s t r u m e n t a l i t y
shal
succeed
to
h e
i n t e r e s t
o
he
g e n c y
h e r e u n d e r ) ,
acng
in
ts
p r o p r i e t a r y capacity,
or
any
S u c c e s s o r
O w n e r ,
and
any
a s s i g n e e
othe
g e n c y (or
the
ity,
or
any
i n s t r u m e n t a l i t y
of
the
A g e n c y
o
the
Cy
f
he
it y
orany
u c h
i n s t r u m e n t a l i t y
shal
succeedto
the
inerest
ohe A g e n c y
hereunder) or
any
S u c c e s s o r
Owner
o
its
interest
in
heFacility
P r e m i s e s
and
t h i s A g r e e m e n t ,
from
nd
ater
the
a te
o
he
assignment
o
transfer
p u r s u a n t
to
h i c h
such
interests
w e r e
assigned
o
ransferred
to
uch assignee
o
r a n s f e r e e .
Owner
I n d e m n i f i e d
P a r t i e s shall
meanollectively, the
A g e n c y ,
the
Ctyny
Successor
Owner
and
her
respective
e l e c t e d
and
p p o i n t e d
officials (
n c l u d i n g ,
wthou
l im i ta t i o n ,
the
A g e n c y '
s
C h a i r m a n
and
M e m b e r s
and
he
Cty
ayo
and
Cty
o m m is s io n e r s ) ,
drecos
officials,
officers,
shareholders,
members,
partners,
employees,
successors,
-
8/15/2019 Garage Easement Estoppel Cert
18/82
tt:
B
1 7 0 r D
I
094
ortgagees,
t r u s t e e s ,
jon
venturers,
partners,
a r t n e r s
of
a
artnership
c o n s t i t u t i n g
a
a r t n e r
of
the
w n e r
of
the
acility,
trustees,
principals,
n v i t e e s
and
Affiliates.
Owne
I n d e m n i f i e d
Party
shal
mean
a n y
o
the
foregoing. Parking
S p a c e
has
the
eaning
p r o v i d e d
in
Section
2
a r t i a l
T a k i n g
has
h e
meaning
in
ection
13
e r m i t t e d
Users
has
h e
meaning
provided
in
e c t i o n
2
Person
means
an
ndividual,
c o r p o r a t i o n ,
p a r t n e r s h i p ,
jon
venture,
l imited
liablity
company,
limited
liablity
artnership,
s t a t e ,
trust,
u n i n c o r p o r a t e d
a s s o c i a t i o n
o
ther
entity;
ny
Federal,
sate
o u n t y
o
municipal
tJovernment
o
any
u r e a u ,
department,
political
s u b d i v i s i o n
or
agency
thereof;
a n d
any
fiduciary
a c t i n g
in
s u c h
c a p a c i t y
on
b e h a l f
o
any
o
the
o r e g o i n g .
P r i o r i t y
Use
efers
to
the
sole
use
o
ne
r
m o r e
Park ing
Spa c es
in
the
Garage,
s u b j e c t
to
the
e r m s
o
ths
g r e e m e n t
or,
whee
p p l i c a b l e
to
B R e d e v e l o p m e n t ,
Inc,u b j e c t
to
the
tems
of
the
MB
R e d e v e l o p m e n t ,
Inc
Gaage
Easement
A g r e e m e n t .
Project
Agreements
means
t h o s e
c e r t a i n
a g r e e m e n t s ,
dated
as
o
he
ate
h e r e o f ,
between
G r a n t e e
an d
the
A g e n c y
and/
o
he
Cty
nd
which
are
i s t e d
on
xhibit
1
whch
is
attached
hereto
and
incorporated
herein.
R e c o g n i z e d
Accounting
Frm
means
Ernst &
oung/
Kenneth
L e v e n t h a l ;
Coopers &
ybrand;
Arthur
Andersen;
Price
Waterhouse;
Deloitte &
o u c h e ;
KPMG
Peat
M a r w i c k ;
Pannell,
Kerr &
o s t e r ;
o
n y
s u c c e s s o r
enity
of
any
o
the
oregoing
o
any
other
national
c e r t i f i e d
public
a c c o u n t a n t s
mutually
acceptable
to
w n e r
and
Grantee.
Recognized
M o r t g a g e
has
the
meaning
provided
in
he
Lease.
Recognized
M o r t g a g e e
has
the
meaning
provided
in
he
L e a s e .
R e c o g n i z e d
Mortgagee
D e s i g n e e
has
the
meaning
p r o v i d e d
to
the
tem
esignee
in
he
e a s e .
R e c o g n i z e d
Mortgagee
F o r e c l o s u r e
T r a n s f e r e e
has
the
meaning
provided
to
the
term
Foreclosure
T r a n s f e r e e
in
he
Lease.
R e p l a c e m e n t
V a l u e
has
-
8/15/2019 Garage Easement Estoppel Cert
19/82
m:
1 8 1 7 0 r b
I
095
equirements
m e a n s :
i)
ny a n d al laws,
rues
egulations,
c o n s t i t u t i o n s ,
odes
rdinances,
charters,
statutes, codes,
xecutive
o r d e r s
and
e q u i r e m e n t s of
al
overnmental
A u t h o r i t i e s
havng
u r i s d i c t i o n overO w n e r and/
or
the
aclity
r e m i s e s
o
anytreet,
road
v e n u e
o
sidewalk
c o m p r i s i n g
a
a rt
of,
o
y i n g
inr o n t
of,
the
Faclityr e m i s e s
o
any
a u l t
inon d e r
the
aclity
Premises (
including,
without
l im i t a t io n ,
a n y
of
the
oregoing
r e l a t i n g
to
andicapped
a c c e s s
o
a r k i n g ,
the
uilding
C o d e
of
the
City
and
the
laws,
rues
e g u l a t i o n s ,
odes
rdinances,
statutes, codes
and
e q u i r e m e n t s
o
any
p p l i c a b l e
Fire
Rating
B u r e a uo
ther body
xercising
smla
f u n c t i o n s ) ; (
ii)
the
e m p o r a r y
and/
o
ermanent
c e r t i f i c a t eo
e r t i f i c a t e s
o
c c u p a n c y i s s u e d
for
the
Faclity
r e m i s e s
ash e n
in
orce; a n d (
iii)
ny a n d
al
r o v i s i o n s
and
e q u i r e m e n t s
o
any
property,
c a s u a l t yo
ohe
i n s u r a n c e policy
r e q u i r e d
tobe
c a r r i e d
by
wner
under
ths
A g r e e m e n t .
Retail
S p a c e has
the
eaning
p r o v i d e d
inthe
Recitals.
S M H C
has
the
eaning
p r o v i d e d
in
the
Rectas.
Substitute
S p a c e s
has
the
eaning
p r o v i d e d
in
Section
7
u c c e s s o r
Owner
shall
mean
an
o w n e r
o
the
a c i l i t y
P r e m i s e s
thatis
no
he
A g e n c y ,
the
City
o
n y
i n s t r u m e n t a l i t y
o
he A g e n c y
or
the
ity.
Term
hasthe
e a n i n g provided
in
Sect ion
3
otal
Taking
a s
the
meanng
in
e c t i o n
13.Unavoidable
Delays
a s
the
definition
p r o v i d e d
in
the
e a s e ,
but
u b s t i t u t i n g
Agreement
for Lease n d
G r a n t e e
fo
T e n a n t inuc h
d e f i n i t i o n .
Use
Fee
a s
the
m e a n i n g p r o v i d e d
in
ection
4
se
Fee
o m m e n c e m e n t
D a t e
has
thee a n i n g
p r o v i d e d
in
ection
4.
Vehicles
has
he
meanng
p r o v i d e d
in
e c t i o n
2
2
RANT
OF
E A S E M E N T S . The
A g e n c y ,
as
theee
wner
o
thea n d
and
the
a c i l i t y ,
hereby
g r a n t s
a n d
creaes
fo
the
benefit
o
rantee,
and
itsu s t o m e r s ,
contractors,
agents,
e r v a n t s ,
employees,
guests,
i n v i t e e s , tenants
and
icensees
c o l l e c t i v e l y ,
he"
e r m i t t e d
U s e r s )
a
non
x c l u s i v e
easement (the
a s e m e n t )
solely
for
the
urpose
of
p a r k i n g up
to
174
e h i c l e s (
as
ereinafter
defined)
n and
on
a r k i n g
S p a c e s (
as
h e r e i n a f t e r
d e f i n e d )
existing
in
the
a r a g e ,
and
fo
c c e s s ,
ingress,
and
g r e s s
fo
e d e s t r i a n
and
vehicular
p a s s a g e
and
raffic
over
and
upon
th e
F a c i l i t y
P r e m i s e s
in
o n n e c t i o n
with
such
-
8/15/2019 Garage Easement Estoppel Cert
20/82
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096
The
floor
pansattached
h e r e t o
and
n c o r p o r a t e d
h e r e i n
as
Exhibi t
2
d e p i c t (
i
he
p p r o x i m a t e
l o c a t i o n
o
the
ight
hundred and
three (
803)
n d i v i d u a l
P a r k i n g
Spaces
to
be
provided
in
the Garage, (
ii)
he
R e t a i l
S p a c e
and(
iii)
he
reaove
h i c h
the
asement
isranted
hereunder.The
term Parking
S p a c e
as
used
in
hs
g r e e m e n t
shal
mean
a
p a c e
designed
fo r
the
arking
o
automobiles,
vans, trucks,
m o t o r c y c l e s
and
ohe
i m i l a r
vehicles (''
e h i c l e s ' ' )
and
complying
wth
the
e q u i r e m e n t s .
3
TERM.
S u b j e c t
to
nd
upon
he
terms and
o n d i t i o n s
set
f o r t h h e r e i n ,
the
erm
ohs g r e e m e n t (
the
e r m ) s h a l l
take
effect as
ohe
e a r l i e r to
occur
o
he
Use
F ee
C o m m e n c e m e n t
Dae
and the
He
p e n i n g
Date (
the o m m e n c e m e n t
Date )
nd
shall
t e r m i n a t e
uponhe
l a t e s t to
occur
of (
xhe
x p i r a t i o n
ofthe
T e r m
othe
e a s e , (
y
he
dae
n
w h i c h
the
m p r o v e m e n t s
on
he
Grantee Land
re
noo n g e r
o p e r a t e d
o
n t e n d e d
to
bep e r a t e d
a s
aotel
and (
z
he
dateonhich
the
Granee
Land
ndhem p r o v e m e n t s
c o n s t r u c t e d
t h e r e o n from time
fa
ime
are
no
onge
subject
to
parkng
r e q u i r e m e n t s under
th e
R e q u i r e m e n t s .
4
SE
FEE
a)
Use
Fee.
Grantee
a g r e e s
topayO w n e r ,
commencing on
th e
later
to
occur
o (i)he Hotel
Opening
D a t e ,
which,
fo
h e
p u r p o s e s
ohis
s u b s e c t i o n4
a
hall
nobe
ater
than twenty-
o u r (
24
o n t h s
ate
the
a te
G r a n t e e
is
obligated
to
commence
c o n s t r u c t i o n
o
he H o t e l (
subjectto
n a v o i d a b l e
Delays)
unde
and
nc c o r d a n c e
with the
H o t e l
D e v e l o p m e n t A g r e e m e n t
andi)
he
dae
o n
whch(x
o n s t r u c t i o n
o
heG a r a g e
is
u b s t a n t i a l l y
c o m p l e t e d
in
accordance
with
th e
C o n s t r u c t i o n
Plans
and
e v e l o p m e n t D r a w i n g s
and(y
he
Garage
c o n t a i n s
a
least
174
Parking
S p a c e s
o
which
the
P e r m i t t e d
Users
are
n t i t l e d
to
have
P r i o r i t y
Uses
p r o v i d e d
herein and
is
p e n e d for
busness
to
he
general public (the Use
Fee
C o m m e n c e m e n t D a t e ) ,
anannual u s e
fee (
the"
Use
Fee )inhe
amount
o
One
H u n d r e d Fifty-Sx
h o u s a n d
Sx
undred
D o l l a r s ( $
156
0 0 ) ,
which
Usee e shall
be
ayable
p u r s u a n t
tou b s e c t i o n
4),
s u b j e c t ,
h o w e v e r ,
to
he
e r m s
c o n t a i n e d
in
u b s e c t i o n s
4
b
nd
4
).
The
Use Fee
shall
be
ind d i t i o n
to
he
p a r k i n g
charges
d e s c r i b e d ine c t i o n
6
e l o w .
TheUse
F e e
shall
be
rorated
for
any
e r i o d
o
e s s
than
one
ul
Fiscal
Y e a r .
b)
a c i l i t y
Usage
P a y m e n t .In
o n s i d e r a t i o n of
G r a n t e e '
s
bligaions
h e r e u n d e r ,
Owner
a g r e e s
to
a y
to
Grantee,
r o m
and
ater
the
Use
Fee
C o m m e n c e m e n t
Date
u r s u a n t
to
u b s e c t i o n
4
,
a
e r c e n t a g e
o
th e
annual
Gross
P a r k i n g
R e v e n u e s ,
whche r c e n t a g e
sha
be
s f o l lo w s (
the
F a c i l i t y U s a g e
Payment ):
i)
wner
sha
pay
to
Grantee
an
a m o u n t
e q u a lto
3.
05%
o
he
f i r s t $
1
200,000
o
nnua
Gross
Parking
R e v e n u e s ;
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rovided,
o w e v e r ,
the f i r s t $
156,
600
othe
a c i l i t y
Usage
Payment
fo
each
F i s c a l
Year
shall
b e
applied
as
a
redit a g a i n s t the
Use
Fee
fo
t h a t
Fsca
Year.c)
inmum
F a c i l i t y U s a g e
P a v m e n t .
If
any
time
or
from
time
to
time
d u r i n g
the
tem
f
ths
g r e e m e n t
the
amount (
the"
xcess
U s a g e
P a y m e n t A m o u n t ) ,
if
n y ,
by
whch(
i)
he c u m u l a t i v e
a g g r e g a t e
U s e
Feespaid
by r a n t e e
from
and
after
the
se Fee
o m m e n c e m e n t
Date
exceed(
)
heu m u l a t i v e
aggregate
Facility
U s a g e
Payments r e c e i v e d
by
G r a n t e e
from and
after
the
se
F e e
C o m m e n c e m e n t
Date
is
greater
than $
313
200
he
a c i l i t y
Usage
P a y m e n t t h e r e a f t e r
shall
be
a y a b l e at
a
a te
e q u a l
to
the
greater
o (
) $5 6 ,
600
fo
each
Fiscal
Yea
or (
b
he
Facity
s a g e Payment c a l c u l a t e d
in
ccordance
with
subsection
4
above,
uni
th e
Excess
Usage
Payment
A m o u n t
no
onger
exceeds $
313
200dross
P a r k i n g
Revenues. ~
o r
p u r p o s e s
hereof,Gross
P a r k i n g
R e v e n u e s s h a l l
mean,
wth
respect
to
any
F i s c a l Year,
any
and
lg r o s s
rens,
e c e i p t s
or
fees
o
other
parking
revenues f r o mthe
p e r a t i o n
o
the
Gaage.
T h e
following
shall, h o w e v e r ,
be
xcluded
from
Gross
Parking
R e v e n u e s :
i)
ederal,
satend
municipal
excse
ales,
r e s o r t ,
use,
n d
o t h e r
taxes
c o l l e c t e d
from
Garage
c u s t o m e r s
as
a
at
of
o
based
uponthe
sales
price
o
any
o o d s
o
services,
including without
limitation,
goss
r e c e i p t s ,
paknggarage,o
simlar
t a x e s
collected f r o m
Garage
c u s t o m e r s ;
)
l l o w a n c e s ,
rebaes
and
refunds
no
ncluded
in
G r o s s
P a r k i n g
Revenues
in
a c c o r d a n c e
wth
e n e r a l l y
accepted
a c c o u n t i n g p r i n c i p l e s ; iii)
The
p r o c e e d s
of
any
f i n a n c i n g
o
r e f i n a n c i n g
o
al
r
any
pat
f
the
Faclityremises;
iv)
The
r o c e e d s
of
any i n s u r a n c e or
an y
c o n d e m n a t i o n
award;
v)
r o c e e d s
from
the
ale
of
al
o
ny
portion
o
he
F a c i l i t y
P r e m i s e s ;
and
v)
ents,
receipts
or
other
e v e n u e s
o
ny
knd
rom
the
etail
S p a c e .
e
ayment
Date.
Owner or
G r a n t e e ,
as
a p p l i c a b l e ,
sha
pay
he
amount
s e t
foth
n
the
G r o s s
Parking
R e v e n u e s
S t a t e m e n t (
as
e f i n e d
inu b s e c t i o n
8
c
elow).
As
applicable,
in
each
month, (
i)
wner
s h a l l
pay
any
required
amoun
simultaneously
wth
the
e l i v e r y
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u b s e c t i o n
8
e r e o f
fo
he
r e c e d i n g
m o n t h
o (
i)
G r a n t e e
shallpay
anyequired a m o u n t
within
ten(
0)
days
f o l l o w i n g
the
e c e i p t byGrantee
o
the
oss
Parking Revenues
S t a t e m e n t
requred
p u r s u a n t
to
u b s e c t i o n
8
c
hereof
fo
the
p r e c e d i n g
month.
5A R A G E
O P E R A T I O N S .
a
arage
Ooerator. T h e
G a r a g e
Operator
shamean (
i
ationally r e c o g n i z e d
parking
garage
o p e r a t o r
d e s i g n a t e d by Owner
from
thelist
ofsuch
o p e r a t o r s
se
orthon
Exhbt
5
t t a c h e d
h e r e t o
and
i n c o r p o r a t e d
herein
o (
ii)
n y
other
p a r k i n g
garage o p e r a t o r
designated
by
Owner
and
pproved
by
Grantee.
b
arage M a n a g e m e n t
A a r e e m e n t .
i)
w n e r
shal
cause
the
Garage
to
be
operated and
a n a g e d
exclusively
by
he
Garage
O p e r a t o r
in
c c o r d a n c e
with
the
erm
n d
c o n d i t i o n s
o
ths
greement,
pursuant
to
a
written
garage
m a n a g e m e n t
a g r e e m e n t (
anyu c h
agreement,
together
with
any
m e n d m e n t s
or m o d i f i c a t i o n s
t h e r e t o ,
being
hereinafter
referred
to
s
the"
a r a g e
M a n a g e m e n t
A g r e e m e n t ) r o v i d i n g
fo
services,
and
ontaining
t e r m s
and
o n d i t i o n s (
includng w i t h o u t
l im i t a t io n
th e
terms
ou b s e c t i o n s
5
nd
6
)e r e o f ) ,
reasonable
a n d
customary
forthe
operation of
a
a r a g e
in
c c o r d a n c e
with
the
e r m s
o
and
on c o n s i s t e n t
wth
the
r e q u i r e m e n t s
o
ths
Agreement.
Owner
and
Grantee
agree
that the
Garage
M a n a g e m e n t
A g r e e m e n t
shall
f u r t h e r
provide
that
the
Garage
Operator
shall
p r o v i d e
to
G r a n t e e
andhe
Permitted
Users
P r i o r i t y Use
o
hat
u m b e r
oa r k i n g
Spaces
as
the
a n a g e r
e n g a g e d by
G r a n t e e
to
a n a g e
and
perate
the
Hotel,
o
any
s u c c e s s o r
o
a s s i g n
t h e r e o f ,
shall
r e q u e s t
from
time
to
ime
byot
less
thanwenty-
four
24
o u r s
a d v a n c e
notice to
the
a r a g e
O p e r a t o r ,
suche q u e s t
to
e
ade
n
w r i t i n g
o
in
c c o r d a n c e
with
procedures
mutually
acceptable
to
he
Garage O p e r a t o r ,
Owner
and
r a n t e e ; p r o v i d e d ,
however,tha
such
number
o
P a r k i n g
Spaces
shall
no t
exceed
on e
hundred
s e v e n t y -
four (
174)
ii)w n e r
shal (
w
erform
or
cause
to
e
e r f o r m e d
O w n e r '
s
a t e r i a l
obligations
u n d e r
the
Garage
M a n a g e m e n t
A g r e e m e n t a n d (x)
n f o r c e
the
performance
by
he
Garage
Operator
o
a ll
o
ts
material
o b l i g a t i o n s
under th e
Garage
M a n a g e m e n t
A g r e e m e n t .
iii)
w n e r
shal
promptly g i v e
Grantee
a
o p y
o
ny n o t i c e
o
d e f a u l t ,
event
o
d e f a u l t ,
t e r m i n a t i o n
o
ancellation
s e n t
o
e c e i v e d
b y
Owner
r e g a r d i n g
the
a r a g e
M a n a g e m e n t
A g r e e m e n t .
v)
O w n e r
s h a l l (y)
eliver
to
Grantee,
at
least fifteen (
15)
days
prio
o
the
execution t h e r e o f ,
copes
o
ny
p r o p o s e d
Garage
M a n a g e m e n t A g r e e m e n t
oany
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o p i e s of
the
Gaage
Management
A g r e e m e n t
and
anym e n d m e n t
o
o d i f i c a t i o n
of
the
Gaage
Management
A g r e e m e n t .
c)
iability.
r a n t e e
shall
not
incur
any
i a b i l i t y
to
arage
Operator
u n d e r
theGaage
Management
A g r e e m e n t .
d
ours
and
e c u r i t y .
The
a r a g e s h a l l
be
pen
twenty-
four (
2 4 )
h o u r s
a
d a y
365 (
o,
f
a p p l i c a b l e ,
366)
days
a
year,
and
Owner
shaeep
the
Garage
appropriately
lighed
and
s h a l l
maintain
a p p r o p r i a t e
security.
e
t a n d a r d s .
The
a r a g e
sha
be
p e r a t e d
inc c o r d a n c e
wth
he
standards
o
u a l i t y
and
p e r a t i o n
described
on
x h i b i t
5
a t t a c h e d
h e r e t o
and
n c o r p o r a t e d
herein.
f)
B
Redevelopment.
Inc
a r a g e
E a s e m e n t
Agreement.
N o t w i t h s t a n d i n g
a n y t h i n g
in
h is
A g r e e m e n t
to
he
c o n t r a r y ,
in
th e
event
tha,
due
to
a
a s u a l t y ,
Partial
Takingo
t h e r w i s e ,
the
Garage
c o n t a i n s
less
than
the
um
o
h e
Park ing
S p a c e s
wth
e s p e c t
to
whch
MB
e d e v e l o p m e n t ,
Inc.
and
Grantee
are
entitled
to
have
Pioity
se
under
the
MB
e d e v e l o p m e n t ,
Inc.
Garage
Easement
A g r e e m e n t
and
ths
g r e e m e n t ,
r e s p e c t i v e l y (
as
ach
a g r e e m e n t
may
bem e n d e d
and
o
th e
extent
each
agreement
is
in
ffect),
h e
n u m b e r
o
a r k i n g
Spaces
inh e
Garage of which
Grantee
is
nitled
toa v e
Priority
U s e
h e r e u n d e r
sha
b e
equal
to
e x c e s s ,
ifn y ,
o (
i)
h e
n u m b e r
o
arking
S p a c e s
in
the
a r a g e
over (ii)
he
number
o
Parkng
S p a c e s
of
which
M B R e d e v e l o p m e n t ,
Inc
is
entitled
to
have
P r i o r i t y
Ue
u r s u a n t
to
he
MB
e d e v e l o p m e n t ,
nc
a r a g e
E a s e m e n t
Agreement;
p r o v i d e d ,
however,
tha
the
numbero
a r k i n g
Spaces
of
which
Owner
is
e q u i r e d
to
rovide
P r i o r i t y
Use
o
Grantee
under
t h i s
A g r e e m e n t
wll
reman
u n c h a n g e d
by
n y
such
a l c u l a t i o n .
g
a n n e r
oroviding
P r i o r i t y
Use
o
arking
S p a c e s .
The
a r a g e M a n a g e m e n t
Agreement
s h a l l
provide
tha
the
a n n e r
in
hich
G a r a g e
O p e r a t o r
shall
provide
P r i o r i t y
Use
o
a r k i n g
Spaces
to
r a n t e e
and
the
Permtted
Users
shall
no
e
n c o n s i s t e n t
w i t h
ths
greement
a n d
shal
be
e a s o n a b l y
acceptable
to
Grantee.
6
SE
OF
A R A G E .
a
r a n t e e
Use.
The
e r m i t t e d
U s e r s
may
use
he
Garage
solely
or
the
purposeo
a r k i n g
Vehicles
o
the
P e r m i t t e d
Users.
T h e
G a r a g e
may
nobe
used
by
the
ermitted
U s e r s
for
any
other u r p o s e
without
th e
pior
w r i t t e n
consent
o
Owner.b)
wner
Use.
Owner m a y
use
and
l l o w
the
use
f
the
Garage
for
the
u r p o s e
of
thearking
o
ehicles
o
he
genera
pubic
including,
without
limitation,
the
ustomers,
c o n t r a c t o r s ,
agens,
servants,
m p l o y e e s ,
guests,
nvitees
and
l i c e n s e e s
c o l l e c t i v e l y , the
Loews
Hotel
U s e r s )
o
the
otel
-
8/15/2019 Garage Easement Estoppel Cert
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1 8 1 l 0 P G I I
00
Beach
Hotel,
which
has
a
street
address
of
1601
Collins
Avenue,
Miami
Beach,
F l o r i d a
the
oews
Hotel ).
Owner
may
also
use
the
a r a g e
for
any
other
purpose;
r o v i d e d
t h a t
i)
ny
such
other
u r p o s e
is
no
n c o m p a t i b l e
with
the
p e r a t i o n
of
a
irst
cass
c o n v e n t i o n
center h o t e l , (
ii)
uch
other
p u r p o s e
does
no
e g a t i v e l y
a f f e c t
in
any
material
r e s p e c t
the
a s e m e n t and
the
other
rights
g r a n t e d
to
Grantee
p u r s u a n t
to
ths
g r e e m e n t
a n d (
iii)
wner
c o n s u l t s
wth
G r a n t e e
p r i o r
to
sing
the
a r a g e
for
any
such
other
p u r p o s e .
c
h a r g e s
fo
G a r a g e .
The
parking
c h a r g e s
fo
e r m i tt e d
Users
s h a l l
be
e s t a b l i s h e d
by
the
arage
Operator,
s u b j e c t
to
the
p p r o v a l
o
Owner;
provided,
h o w e v e r ,
t h a t (
i)
h a r g e s
tor a n t e e
fo
Hotel
valet
parking
shall
no
e x c e e d
fifty
p e r c e n t
50%)o
the
self-
park
r a t e ;
and(
ii)
charges
for
p a r k i n g
fo
he
employees
of
G r a n t e e
o
the
otel
M a n a g e r
t h a t
work
a
he
Hotel
shal
not
exceed
the
l o w e s t of (
x
he
m o n t h l y
p a r k i n g
rate, (
y
i f t y
p e r c e n t (
50%
o
the
self-
p a r k
rate
o (
z
he
c o n t r a c t
parking
rae.
he
P e r m i t t e d
U s e r s
wll
in
no
vent
beh a r g e d
more
t h a n
the
lower
o (
m
he
sef-
a r k
rate
charged
to
he
g e n e r a l
p u b l i c
o (
n
he
rate
charged
to
he
