HomeMy WebLinkAboutConsent to PledgeRWIr, Aeli¢Y vv ii&)
SESENT TO PLEJ2G O,F EASE DLO INTEREST
WITNESSETH:
WHEREAS, on July 8, 1977, the City of Miami ("CITY") as
Lessor and Marina Biscayne, Inc., as Lessee, entered into a Lease
Agreement, as amended by that certain Memorandum of Understanding
between said parties, dated July 8, 1977, hereinafter
collectively referred to as the "Lease"; and
WHEREAS, the CITY approved the assignment of the Lease by
Marina Biscayne, Inc. to Michael D. Brandon as Trustee for Marina
Biscayne, Ltd. on January 5, 1983 (the "1983 Assignment"); and
WHEREAS, the CITY, on June 25, 1986 approved the assignment
of the Lease by Michael D. Brandon, as Trustee, to Rickenbacker
Marina, Inc. (the "1986 Assignment"); and
WHEREAS, the 1983 Assignment contemplated the execution of a
leasehold mortgage which was issued by Rickenbacker Marina, Inc
as a consequence of the 1986 Assignment; and
WHEREAS, Rickenbacker Marina, Inc. now wishes to pay off the
existing mortgage and execute a new mortgage with Key Biscayne
Bank and Trust, Co. in the amount of $1,250,000; and
WHEREAS, Rickenbacker Marina, Inc., pursuant to Paragraph 8
of the Lease is required to obtain the consent of the CITY to
pledge any leasehold interest in the Lease;
NOW, THEREFORE, for value received the parties hereto agree
as follows:
1. RECIT ,S
All of the above recitals are true and correct in all
respects.
2. CONSENT TO PLEDGE
The CITY hereby gives its consent and. grants its
authorization to Rickenbacker Marina, Inc. to pledge its
leasehold interest in the Lease to Key Biscayne Bank and Trust,
Co. for a term not to exceed the Lease term and in an amount not
to exceed $1,250,000.
IN WITNESS WHEREOF, the undersigned have executed this
Consent on this / day of 0.1e,,J,.ecY, 1991.
CITY OF MIAMI, a municipal
corporation,gf the State of
Florida
ATTEST:
f T7
A MATTY RAI t-
C, City Clerk
APPROVED AS TO FORM AND
CORRECTNESS:
ROD/pb/M246
2/04/91 9:56 AM
By:
CESAR H. ODIO
City Manager