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TERMINATION OF LEASE AGREEMENT
THIS TERMINATION OF LEASE AGREEMENT is made and entered into by and
between RIVER VILLAGE DEVELOPMENT LLC, as successor in interest to
Orielli Troina, ("Trustee") as Trustee under Revocable Trust Agreement dated
May 25, 1995, as transferred to ("Lessor") and the CITY OF MIAMI, a municipal
corporation of the State of Florida ("Lessee").
RECITALS:
A. Trustee and Lessee entered into a Lease Agreement dated August
25, 2000 (the "Lease") for the property located at 779 West Flagler
Street, Miami, Florida ("Property").
B. By Statutory Warranty Deed .dated June 6, 2003, recorded in
Official Records Book 21512, Page 3195, of the Public Records of
Miami -Dade County, Florida, Trustee conveyed the Property to
Lessor,
C. The Lease contains a scrivener's error in the legal description of
the Property by referring to Plat Book B at Page 4, of the Public
Records of Dade County, Florida, instead of Plat Book B at Page
41, of the Public Records of Dade County, Florida, which is the
correct Plat Book and Page that describes the Property.
D. The term of the Lease, including all options, expires on August 24,
2008.
D. Lessor and Lessee have agreed to early termination of the Lease
subject to the terms and conditions hereinafter set forth.,
NOW, THEREFORE, in the agreed interest of the parties and for valuable
consideration each unto the other paid the parties agree as follows:
1. The above recitals are true and correct and are made a part of this
Agreement.
2. Lessor and Lessee agree that the Lease shall be terminated and the
Property surrendered on August 1, 2006.
3. For and in consideration of the early termination of the Lease, Lessor
agrees to pay to Lessee the sum of Forty Thousand ($40,000) and
00/100 Dollars ("Termination Payment") as follows:
ors:Document 6.06-06 Olga rev 40685 (3)
REVISED
a) The sum of Twenty Thousand ($20,000) and 00/100
Dollars simultaneous with execution of this Termination
Agreement; and
b) The sum of Twenty Thousand ($20,000) and 00/100
Dollars simultaneous with Lessee vacating and
surrendering the Property of Lessor.
4. If Lessee fails to vacate and surrender the Property to Lessor on
August 1, 2006, for reasons other than Lessor's failure to pay to
Lessee the Termination Payment, it shall so remain as a holdover
tenant and Rent shall be paid in an amount equal to 2 times the agreed
upon monthly Rent amount. If Lessor fails to pay to the Lessee all or a
portion of the Termination Payment, when due, Lessee shall have the
option, in its sole discretion, to (i) to continue to occupy the Property,
without paying Rent, until the Termination Payment is paid in full, or (2)
Lessor shall be obligated to pay to Lessee the sum of $141.15 per day
for each day after August 1, 2006 that the Termination Payment
remains unpaid..
5. This Termination of Lease Agreement is binding upon and inures to the
benefit of the heirs, successors and assigns of the parties hereto.
6. The representative of Lessor and Lessee executing this Agreement
represent that each is duly authorized to bind the represented party.
7. Upon the termination of the Lease under this Agreement the parties
shall release each other from and against any and all actions, claims,
suits, judgments and demands whatsoever, in law or in equity, relating
in any manner to the Property or the Lease.
SIGNED and DATED BY Lessor this day of , 2006.
RIVER VILLAGE DEVELOPMENT LLC
BY:
Printed name:
Title:
ors:Document 6-06-06 Olga rev 40685 (3)
REVISED
SIGNED and DATED by Lessee this day of , 2006.
ATTEST:
CITY OF MIAMI,
a Municipal Corporation of the
State of Florida
By: By:
Priscilla A. Thompson Joe Arriola
City Clerk City Manager
APPROVED AS TO INSURANCE APPROVED AS TO FORM AND
REQUIREMENTS: CORRECTNESS:
By:
LeeAnn Brehm, Acting Director
Risk Management
ors:Document 6-06-06 Olga rev 40685 (3)
By
Jorge L. Fernandez
City Attorney