Loading...
HomeMy WebLinkAboutFlagstone Liens and State Waiver ModificationExhibit Regarding Outstanding Liens. Judgments. and Garnishments: Section 9.2 of the Amended and Restated Agreement to Enter Into Ground Lease: With respect to the liens, judgments, and garnishments listed on Exhibit 9.2.1 attached hereto as of the Effective Date of this Agreement (collectively, the "Existing Liens, Garnishments, and Judgments"), Flagstone shall have up to one hundred and twenty (120) days from the date of City Commission approval of the Amended and Restated Agreement to Enter Into Ground Lease (the "City Commission Approval Date") to clear and discharge as many Existing Liens, Garnishments, and Judgments as possible, prior to making a deposit with the Miami -Dade. County Clerk of Courts Registry for all remaining outstanding Existing Liens, Garnishments, and Judgments at the end of that one hundred and twenty (120) day period. Upon the one hundred and twenty first (121") day after the City Commission Approval Date, Flagstone shall deliver to the Miami -Dade County Clerk of Courts Registry to be held in an escrow account, an amount not less than the total remaining outstanding balance of all Existing Liens, Garnishments, and Judgments not previously discharged during the one hundred and twenty (120) day period from the City Commission Approval Date (and update such deposit amount as and if necessary from time to time and at the time of execution of the this Agreement (and shall update such deposit amount as and if necessary at time of execution of the Amended and Restated Ground Lease). If Flagstone does not provide the foregoing, then the City shall not enter into this Agreement, terminate all easements with Flagstone, and the City shall not enter into the contemplated new Amended and Restated Ground Lease, as applicable at such time. Flagstone shall provide satisfactory evidence of such discharges to the City prior to this Agreement being executed. The escrow amount shall remain until all existing and additional liens, garnishments, and judgments have been discharged. Section 14.18 of the Amended and Restated Ground Lease: With respect to the liens, judgments, and garnishments listed on Exhibit 14.18 attached hereto as of the Effective Date of the Amended and Restated Agreement to Enter Into Ground Lease (collectively, the "Existing Liens, Garnishments, and Judgments"), Flagstone shall have up to one hundred and twenty (120) days from the date of City Commission approval of the Amended and Restated Agreement to Enter Into Ground Lease (the "City Commission Approval Date") to clear and discharge as many Existing Liens, Garnishments, and Judgments as possible, prior to making a deposit with the Miami -Dade County Clerk of Courts Registry for all remaining outstanding Existing Liens, Garnishments, and Judgments at the end of that one hundred and twenty (120) day period. Upon the one hundred and twenty first (121") day after the City Commission Approval Date, Flagstone shall deliver to the Miami -Dade County Clerk of Courts Registry to be held in an escrow account, an amount not less than the total remaining outstanding balance of all Existing Liens, Garnishments, and Judgments not previously discharged during the one hundred and twenty (120) day period from the City Commission Approval Date (and update such deposit amount as and if necessary from time to time and at the time of execution of the Amended and Restated Agreement to Enter Into Ground Lease (and shall update such deposit amount as and if necessary at time of execution of this Amended and Restated Ground Lease). If Flagstone does not provide the foregoing, then the City shall not enter into the Amended and Restated Agreement to Enter, this Amended and Restated Ground Lease, and shall terminate all easements with Flagstone, as applicable at such time. Flagstone shall provide satisfactory evidence of such discharges to the City prior to the Amended and Restated Agreement to Enter Into Ground Lease being executed. The escrow amount shall remain until all existing and additional liens, garnishments, and judgments have been discharged.