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Home My WebLink AboutExhibit IThis Instrument Prepared By and Return To: Kirk R. Menendez, Esq. City of Miami City Attorney's Office 444 S.W. 2ND Avenue Miami, Florida 33130-1910 Exhibit1 DECLARATION OF RESTRICTIVE COVENANTS This Declaration of Restrictive Covenants (the "Covenant") made this day of , 2007 by One Art, Inc., a Florida not- for -profit corporation (hereinafter referred to as "One Art, Inc."), is in favor of the City of Miami, a municipal corporation of the State of Florida (hereinafter referred to as the '`City"). RECITALS WHEREAS, One Art, Inc. holds title to certain property located in the City of Miami, Florida, as legally described on Exhibit "A" (the "Property"); and WHEREAS, One Art, Inc. plans to renovate the "Property", turning it into a community visual and performing arts center (the "Project"); and WHEREAS, the City and One Art, Inc. have, heretofore, entered into an agreement ("Agreement"), which set forth the terms and conditions pursuant to which the City provided One Art, Inc. the sum of One Hundred Thousand Dollars ($100,000.00) in Community Development Block Grant funds ("CDBG Funds") to carry out Public Facilities and Improvements activities as authorized by the City Commission through Resolution No. 06-0371 on June 8, 2006 and WHEREAS, One Art, Inc. desires to make a binding commitment to assure that the Property shall be improved in accordance with the provisions of this Covenant; NOW THEREFORE, One Art, Inc. voluntarily covenants and agrees that the Property shall be subject to the following restrictions that are intended and shall be deemed to he covenants running with the land and binding upon One Art, Inc., and its heirs, successors and assigns as follows: Section 1. The recitals and findings set forth in the preamble of this Covenant are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Use of Property: The Project shall be developed on the Property. The Property, which is in a low -moderate income census tract area (22012), shall be restricted for use primarily as a community center for the development of talented youths, in areas such as dance, drama, art and music, for a period of five (5) years commencing on the date of issuance of all certificates of occupancy or such longer period of time as may be prescribed by the CDBG Requirements, the Community Development Block Grant Public Facilities and Improvement Agreement, as amended, of even date herewith between One Art, Inc. and the City relating to the CDBG Funds allocated by the City for the Project (the "Agreement") and/or the City. Section 3. Term of Covenant: This Covenant shall remain in full force and effect and shall be binding upon One Art, Inc., its successors and assigns for a period of five (5) years commencing on the date of issuance of all certificates of occupancy or such longer period of time as may be prescribed by the CDBG Requirements, the Agreement and/or the City ("Covenant Period"). Section 4. One Art, Inc. is required to (i) reimburse the City of Miami completely (100%) if the Property is encumbered or the use of the Property changes during the Covenant Period without the written consent of the City, and/or, (ii) reimburse the City of Miami completely (100%) and also pay the City of Miami an amount equal to the current market value of the Property, less any portion of the value attributable to expenditures of non-CDBG funds for the acquisition of, or improvement to the Property, if the Property is sold during the Covenant Period without the prior written consent of the City. If the Property is sold after the Covenant Period, there will be no requirement for reimbursement of funds or payment to the City pertaining to the provisions of this Covenant. Section 5. Except as provided in the Agreement, One Art, Inc. covenants and agrees not to encumber or convey any interest in the Project during the Covenant Period without the prior written consent of the City of Miami. For the purposes of this Covenant, any change in the ownership or control of One Art, Inc. shall be deemed a conveyance of an interest in the Project. Section 6. One Art, Inc. covenants and agrees that in the event of (i) an encumbrance or the conveyance of any interest in the Project during the Covenant Period without the City's prior written consent, or, (ii) that One Art, Inc. ceases to exist as an organization, One Art, Inc. shall be required to reimburse the City completely. Section 7. One Art, Inc. covenants and agrees that any deed conveying the Property to a buyer shall contain the following restrictive covenant: "This property, in accordance with the Declaration of Restrictive Covenant executed in favor of the City of Miami, is subject to the following restrictions and requirements for a period of five (5) years from the date of final inspections.": (i) the property owner is required to reimburse the City of Miami completely (100%) if the Property is sold during the Covenant Period or if the use changes during the Covenant Period; (ii) the property owner is required to pay the City of Miami an amount equal to the current market value of the Property, less any portion of the value attributable to expenditures of non-CDBG funds for the acquition of, or improvement to the Property, if the Property is sold during the Covenant Period; and (iii) that any purchaser or other prospective owner of the property during the Covenant Period must receive prior written approval of the City of Miami." Section S. Inspection and Enforcement: It is understood and agreed that any official inspector of the City shall have the right any time during normal working hours to enter and investigate the use of the Project to determine whether the conditions of this Covenant are being complied with. Section 9. Amendment and Modification: This Covenant may be modified, amended or released as to any portion of the Project by a written instrument executed on behalf of the City and by the then owner of the fee simple title to the land to be affected by such modification, amendment or release. Should this instrument be modified, amended or released, the City Manager shall execute a written instrument in recordable form to be recorded in the Public Records of Miami -Dade County, Florida, effectuating and acknowledging such modification, amendment, or release. Section 10. Severability: Invalidation of one of the provisions of this Covenant by judgment of Court shall not affect any of the other provisions of the Covenant, which shall remain in full force and effect. Section 11. Recordation: This Covenant shall be filed of record among the Public Records of Miami -Dade County, Florida, at the sole cost and expense of One Art, Inc. Section 12. This Covenant is a covenant running with the land. This Covenant shall lapse and be of no further force and effect upon the expiration of the Covenant Period. Section 13. All capitalized terms not defined herein shall have the meanings provided in the Agreement. IN WITNESS WHEREOF, One Art, Inc. has caused this Declaration of Restrictive Covenants to be executed by its duly authorized officers and the corporate seal to be affixed hereto on the day and year first above -written. ATTEST: One Art, Inc. 4111 N. Miami Ave Miami, FL ZIP 33127 a Florida not -for -profit corporation ACKNOWLEDGMENTS STATE OF FLORIDA ) ) SS: COUNTY OF MIAMI-DADE ) THE F. REGOING INSTRUMENT was acknowledged before me on this 2007 by ----. 0) i 4 i ram' v c J`7i-07t,tt of . i._c 4 i 0 , on behalf of a..' - 4 who is personally known to me or who produced i- t_ '.' .„.) as identification and did/did not take an oath. , ,`-�,�_ ., t 7 day of as Signatureof N-6tar}+'Public, State of Florida l 11 Printed Name of Notary Public -4- EXHIBIT A Legal Description of the Property Physical Address: 4111 N. Miami Avenue Miami, Florida 33127 Legal Description: 24 53 41 BILTMORE SUB PB 6-67 LOT 13 BLK 8 LOT SIZE 52.000 X 107 OR 18608-4845 0599 1, FOLIO 01-3124-024-1270 -5-