HomeMy WebLinkAboutBack-Up DocumentAMENDMENT NO. 3
TO THE LEASE AGREEMENT BETWEEN
THE CITY OF MIAMI AND OVERTOWN YOUTH CENTER, INC.
FOR USE OF A PORTION OF GIBSON PARK
This Amendment No. 3 to the Lease Agreement ("Amendment") is entered into this
day of , 2019 (Effective Date"), by and between the City of Miami, a
municipal corporation of the State of Florida ("Lessor"), and the Overtown Youth Center, Inc., a
not for profit corporation of the State of Florida ("Lessee") for the purpo - of amending that certain
Lease Agreement between the Lessor and Lessee dated February 28 "Agreement").
WHEREAS, Lessor and Lessee entered into a Lease A
for use of approximately fifty seven thousand three hundre
City's property located at Gibson Park, 380 Northwes
Property") for the exclusive provision of public educ
cost, to the inner City youth and their families resi
WHEREAS, Lessor and Lessee previously e a`erE
dated June 6, 2016 ("Amendment No. 1") and January 9,
collectively extended the term of the A ment through Fe
ent dated February 28, 2001,
xteen ( 16) square feet of the
reet, ' Florida ("Subject
d recreation.. • •ortunities, at no
vertown area;
endments to e Agreement
19 ("Amendment No. 2"), which
28, 2066;
WHEREAS, Lessor and Lessee de her amend the Ament to enable Lessee to
make substantial capital improvements to the Subject Pro !.x rty, which will result in the demolition
of the existing structure on the Subject Proferty, • s _ , permitting, construction and
operation of a new appreximatty 41,000 square -foot, foh story academic, enrichment, and
administration buildin • the Subject Property ("New Facility"), all according to the terms more
particularly set for Amen ` " `ent;
WHEREAS, pursu
this Amend o the
NOW THEREF
such other . luable consi
1.
Amendment bu
Agreement. Exce
ment;
in co
on, the
, the City Manager is authorized to execute
on of the mutual covenants hereinafter set forth and
ties hereby covenant and agree as follows:
italized I s- Controlling Provision. Any terms capitalized in this
define herein shall have the same meaning ascribed to them in the
as spe °'fically provided herein, all of the terms and provisions of the
Agreement shall remain in effect. In the event of conflict between the terms of the Agreement and
the terms of this Amendment, the terms of this Amendment shall control.
2. Subject Property. Exhibit A of the Agreement containing the legal description of
the Subject Property is amended in its entirety and replaced with Exhibit A of this Amendment to
include an additional area of land to be demised under the terms of the Agreement to serve the
needs of the New Facility, including the provision of required parking spaces.
3. New Facility Investment. It shall be Lessee's responsibility to secure sufficient
funds to design and construct the New Facility in such a manner to meet its obligations under the
Agreement. Lessee hereby covenants that Lessee shall initially invest or cause to be invested no
less than Twelve Million and 00/100 Dollars ($12,000,000.00) for the total design and construction
costs of the New Facility. Notwithstanding anything in Section 19.1 of the Agreement to the
contrary, during the term of the Agreement, title to the New Facility shall be vested in Lessee;
provided that title to the Subject Property shall remain fully vested in Lessor. For purposes of the
Agreement and this Amendment, the "New Facility" shall be synonymous with the "Additional
Leasehold Improvements" referenced in Amendment No. 2. Lessor acknowledges and agrees that
Lessee has satisfied the requirements set forth in Section 4 of Amendment No. 2 with respect to
providing evidence of funding necessary to complete the Additional Le ehold Improvements.
4. Site Plan and Construction Documents. Lessee sha1 prepare and submit a Design
and Site Plan and Construction Documents, as defined in the ement, for the New Facility, all
in accordance with the procedures of Lessor and other gov ng authorities having jurisdiction
over the New Facility. This Section 4 shall govern Les ' itting and construction of the
New Facility in lieu of Sections 4.5(a) and (b) of the eem- t. Except as specifically set forth
in this Amendment to the contrary, Lessor and L e acknowledge and agree that tie design,
permitting, construction and operation of the Ne •ty shal subject to all applicable terms
of the Agreement, including but not limited to Sectio d), ' - 4.5(c) throuh (g), Section
9.1, Section 9.3, Article XXVIII, and Article XXIX. The acility shall be considered a portion
of the Leasehold Improvements under t Agreement.
5. Term of Lease Agreement. Section 2.2 of the Agreement&ntitled "Term of Use and
Conditions Precedent" is amended in its entirety and re ..aced as follows: "The term of this Lease
commences on the possession date and expires � 31, 2075 ("Term") unless sooner
terminated pursuant to Section 22.1 entitled "Ev �` s of De`'. — Lessee," Section 22.3 entitled
"Repeated Defaults" a Section 22.4 entitle., Automati Termination of Lease."
6. Permitted Use. Section 3.2 of the A reement entitled "Purpose of Use and
Occupancy of Subject Property" is amended in itentirety and replaced as follows:
L . -e represents and wa s to Lessor that it shall use the Subject Property exclusively
to pro - educational ecrea .a • 'portunities, at no cost, to inner City youth and their
fam. - s arily residin the Ove . n area; including but not limited to: (a) providing in -
school ca agement and advocaoof for participants; (b) operating or allowing the operation of
a charter or -r public charter school on the Subject Property; (c) providing educational
opportunities, 4 I, counseling, meals and other support services for school -aged children and
their families; (d) .rting program participants after high school through career exposure, job
interview skills class and provision of other resources; (e) exposing participants to a variety of
enrichment activities ittcluding music, dance, sports, technology and science; and (f) serving
families through activities such as counseling, parenting classes, energy assistance, housing
programs and other useful training The Subject Property shall not be used for any other purpose,
provided, however, that with the prior written consent of the City Manager, Lessee may expand
the use of the Subject Property to add other uses to implement projects authorized under the Florida
Community Redevelopment Act of 1969, as amended.
7. Continuous Operations. Notwithstanding anything in Section 3.5 of the Agreement
to the contrary, Lessor acknowledges and agrees that Lessee's obligations to continuously operate
shall be tolled, and Lessee's failure to continuously operate shall not be considered a default,
during any periods of suspended operations due to the demolition of the existing facility,
construction of the New Facility, and moving into the New Facility; provided, however, Lessee
agrees to undertake commercially reasonable efforts to minimize any such periods of suspended
operations.
8. Capital Reserves at End of Term. The third paragraph of Section 8.1 of the
Agreement is deleted in its entirety and replaced by the following: "Upon the expiration or earlier
termination of this Lease Agreement as provided herein, all revenue held in reserve for the
purpose of repairing, replacing or modifying those items specified in,.tital Budget provided
for above ("Capital Reserve"), shall be released to Lessee, unless ssee has failed to deliver the
Subject Property to Lessor in the condition required by the t of this Lease Agreement, in
which case Lessor may utilize the Capital Reserve to restore Subj roperty to the required
condition."
9. Indemnification. Notwithstanding an ng in Section 13.1 of teement to the
contrary, Lessee's indemnification obligations sh pply t• y losses, fines, penalties, costs,
damages, claims, demands, suits, and liabilities of a ,ture -d by Lessor'negligence or
breach of the Agreement or as a result of any enviro con • itions, which conditions are
addressed exclusively in Article XXI of e Agreement.
10. Damage and Destruction.
and replaced by the following:
of the Ag - - is deleted in its entirety
If the Subject Prop New Facility d- troyed • . aged in whole or in part by fire
or other casualty of any kin or na re, Lessee s ', ,11 give to - ssor prompt notice thereof. For any
insured casualty (or casualty for which Lessee is required to carry insurance pursuant to the terms
of this Lease Agreeeinent), Lessee shall promptly cause*the Subject Property or New Facility to be
restored and rebuilt to substantially the- condition in which it existed immediately prior to the
damage (and.asw,y also be required by governmental authorities), free of construction or
mechanic'„_ liens compliance with applicable laws, rules, and regulations, and in accordance
with t .ther applicable provisions of th. Lease Agreement (collectively, the "Restoration").
No s ding anything herein to the. ntrary, Lessee shall not be obligated to commence the
Restoratitil receipt of insuranceproceeds by Lessee. Provided that insurance proceeds from
Lessee's in e are sufficient to pay all costs of the Restoration and Lessee is authorized to
apply such pro to the costs of the Restoration pursuant to the loan documents governing its
leasehold mortga . ancing, all insurance money from Lessee' s insurance paid on account of
such damage or des u . - `;;, less the reasonable cost, if any, incurred in connection with adjustment
of the loss and the coll ion of the loss, shall be applied by Lessee to the payment of the costs of
the Restoration. An insurance proceeds remaining after completion of and payment for such
Restoration by Lessee shall be paid over to Lessee, subject to the right of any leasehold mortgagee
to require the application of such insurance proceeds to the indebtedness under its leasehold
mortgage or other loan documents. If (i) the proceeds from Lessee' s insurance are not sufficient
to cover the cost to complete the Restoration, as determined by Lessee and any leasehold
mortgagee, in their reasonable discretion, (ii) the Subject Property or New Facility are damaged or
destroyed and Lessee' s insurance declines a claim for such damage or destruction, or (iii) during
the last five (5) years of the Term, the Subject Property or New Facility are damaged or destroyed,
then, subject to the right of any leasehold mortgagee to require the application of such insurance
proceeds to the indebtedness under its leasehold mortgage or other loan documents, Lessee shall
have the option, to be exercised within 90 days after the date the Subject Property or New Facility
are damaged or destroyed, to: (a) elect to repair or restore as provided above (and provide any
additional funds required for such Restoration) or; (b) apply all of Lessee's right, title and interest
in any insurance proceeds to the indebtedness under any leasehold mortgage(s) until all such
indebtedness (if any) has been paid and satisfied in full, then promptly clear all debris and
surrender possession of the Subject Property to Lessor and assign to Lessor (or, if already received
by Lessee, pay to Lessor) all of its right, title, and interest in any remaining proceeds from Lessee's
insurance applicable to the damage to the New Facility, to the exte t such proceeds are not
allocable to clearing the debris. Upon such assignment or payment to L this Lease Agreement
shall terminate and Lessor and Lessee shall be relieved from further obligations under this Lease
Agreement, except those that survive any such termination. Notwithstanding anything herein to
the contrary, so long as any leasehold mortgage shall remai effect, Lessee may not terminate
this Lease Agreement pursuant to this Article XIV witho herior writtonsent of leasehold
mortgagee.
11. Eminent Domain. Article XVII
replaced by the following:
t is deleted in tirety and
If a condemning authority takes (or purchases under the threat of condemnation) all of the
Subject Property or a portion to render the S ect Property, in the reasonable opinion of Lessee,
unsuitable for Lessee' s use ("Taking"), a - gives written of its intent to terminate
this Lease Agreement, then this Lease s j 11 terminate as of t i • ate the title vests in the
condemning authority. Lessee shall be entitl: to the portion .f . award payable for the value
of the New Facility, moving expouses, prepaid rent and business dislocation expenses and Lessor
shall be entitled to recei hat poton of the award which has been paid on account of the taking
of the Subject Prop- considered as unimproved, including lost rent (collectively, the "Net
Proceeds"). If a T. , n_ he Prem ses or any par • reof shall occur but Lessee does not give
notice of its intention to te -. s ate this Lease Agree r • nt as provided in this Article XVII, then this
Lease Agreemaat shall continue in full force an'. - ffect. Any Net Proceeds payable with respect
to such T. ng shall be allocated be een Less. and Lessee in accordance with this Article XVII,
except : t any portion of the roc eds allocable to any period after the expiration or
te • of the Term shall be pai essor. To the extent of the Net Proceeds received by
Lessee, t to the terms of the oan documents governing Lessee's leasehold mortgage
financing, - shall promptly repair and restore the Subject Property to the same condition (as
nearly as prac e) as existed immediately before the Taking. In the event of any temporary
requisition, this L. greet@ ent shall remain in full effect and Lessee shall be entitled to receive
the Net Proceeds al . o such temporary requisition. If Lessee gives notice of its election to
terminate this Lease p ant to this Article XVII, and if at the time of such notice, the interest of
Lessee under this Le. e Agreement is encumbered by a leasehold mortgage, the holder of such
leasehold mortgage must consent in writing to the giving of such notice. In the event of a Taking
resulting in the termination of this Lease, Lessor and Lessee agree to negotiate in good faith to
agree upon commercially reasonable terms which would allow the Net Proceeds to be utilized to
enable Lessee to continue to fulfill its purpose as set forth in Section 3.2 of this Lease Agreement
upon other real property owned by Lessee.
12. Gibson Charter School License. Notwithstanding anything in Section 3.2 or Article
XVIII of the Agreement to the contrary, Lessor acknowledges that Lessee has entered into an
Education Facilities License Agreement dated [ ] granting Theodore R. and Thelma A.
Gibson Charter School, Inc., a Florida not for profit corporation ("Gibson Charter") the right to
operate a public charter school at the New Facility, and Lessor hereby approves the Education
Facilities License Agreement and Gibson Charter's operation thereunder.
13. Affiliate Transfer. Notwithstanding anything in Article XVIII of the Agreement to
the contrary, Lessor acknowledges and agrees that, for the purposes of Lessee's leasehold
financing structure, Lessee shall have the right to assign its interest in this Agreement or sublease
the Subject Property to Lessee' s affiliate, OYC Property Holdings, Inc., of for profit corporation
of the State of Florida ("OYC Property"), and that OYC Property ve the right to assign
its interest in this Agreement or sublease the Subject Property bac. . Lessee.
14. Leasehold Financing. The following is her inse , s Section 18.3 of the
Agreement:
18.3 Leasehold Financing. Notwithstanding anything, in Section 18.of this Agreement
to the contrary, Lessor acknowledges and agrees that essee s 1 have the right to mortgage its
leasehold interest in the Subject Property pursuant to th. ` e- in accordancwvith the terms
and conditions of this Section 18.3. Any leasehold mort•,:P an express third party beneficiary
of this Section 18.3 and shall be entitled enforce the provi• s hereof against Lessor and Lessee
and their respective successors and assig
(a) When delivering an oti demand, electi or other communication to
Lessee with respect to this Agreement or an " exercise of any right to terminate this Agreement,
Lessor will also deliver a copy of any such no ; ` regist` or certified mail to any leasehold
mortgagee. Lessor acknowledges at it has not. - of the in' ial leasehold mortgagee and that its
addresses for notices et forth ow:
FCNMF [], LL
c/o Florida Commun
50 orth Mag lia A
ando, Florida 32801-
ntion: Ignacio;
With ' .y to:
Suite 10
TNT- Fund, LLC
c/o The Northern Trust Company
50 S. LaSalle S$reet, M-24
Chicago, Illinois 60603
Attention: Deborah L. Kasemeyer
David King & Ewa Juszczyk
Any notice or other communication which Lessor shall desire or is required to give to or
serve upon a leasehold mortgagee shall be in writing and shall be served by registered or certified
mail, addressed to a leasehold mortgagee at its address as referenced in this Section 18.3(a), or at
such other address as shall be designated from time to time by the leasehold mortgagee by notice
in writing given to Lessor by registered or certified mail. Any notice or other communication which
a leasehold mortgagee shall desire or is required to give to or serve upon Lessor shall be deemed
to have been given or served if sent by registered or certified mail addressed to Lessor at Lessor' s
address as set forth in this Agreement, or at such other address as shall be designated from time to
time by Lessor by notice in writing given to such leasehold mortgagee by registered or certified
mail. Any such notice or communication shall be effective on the date such notice or
communication is delivered to the party to whom it is given.
(b) Should Lessee be in default in respect o any of the provisions of
this Agreement, a leasehold mortgagee shall have the right, but not igation, to cure such
default, and Lessor shall accept performance by or on behalf of the leasehold mortgagee as though,
and with the same effect as if, it had been done or performed b essee. For such purpose, Lessor
and Lessee hereby authorize leasehold mortgagees to ente on the Subject Property and to
exercise any of Lessee's rights and powers under this Agr- , and subject to the provisions of
this Agreement, under the applicable leasehold mortg. . •n compliance with the foregoing,
any notice of Lessor advising of any such default s i be deemed rescinded is Agreement
shall continue in full force and effect.
(c) If Lessor shall notify Les - riling that a default has occurred
under this Agreement (hereinafter referred to as a "Default - "), a copy of such Default Notice
shall be sent by Lessor to each leasehold mortgage of which L has been provided notice, and
notwithstanding anything in Article XXIrof this `l reement to t , Lessor shall take no
action with respect to such default (but a between Lessor and ssee only, Lessor shall be
permitted to exercise all other remedies permed under this Agreement other than termination of
this Agreement):
(i) leasehold mortgagee r,., edies Lessee' s default within sixty (60) days
after the re ip such Default Notice, o ' • he case of default that, although curable,
cannot through the exercise of good faith eP . s be remedied by such leasehold mortgagee
withi_-riod of sixty (60) days su easehold mortgagee remedies Lessee's default
w' rch additional period as reasonably may be necessary to remedy such default with
exercise of good faith efforts; o
) if (A such delt can only be remedied by a leasehold mortgagee upon
obta •ossession of the Subject Property and access to the Subject Property, (B) the
leaseho •rtgagee "'.t-rcises good faith efforts to obtain possession through a receiver or
otherwise, (C) leasehold mortgagee remedies such default within sixty (60) days
after obtaini possession, or, in the case of a default that, although curable, cannot
through the ex: se of good faith efforts be remedied by the leasehold mortgagee within
such period o sixty (60) days, such leasehold mortgagee remedies Lessee's default within
such additional period as reasonably may be necessary to remedy such default with the
exercise of good faith efforts; or
(iii) if such default (excluding defaults which may be cured by the payment of
money) is of such a nature that is personal to the Lessee or is otherwise impossible for a
leasehold mortgagee to remedy even with the exercise of good faith efforts and regardless
of the amount of time provided for such purpose, it being agreed that any such default shall
be deemed waived by Lessor solely for the benefit of each leasehold mortgagee; or
(iv) if a leasehold mortgagee is proceeding in a commercially reasonable
manner to foreclose the lien of its leasehold mortgage or otherwise obtain title to the
leasehold interest in the Subject Property.
(d) Lessor' s consent shall not be required for a leasehold mortgagee or any
nominee, assignee or other party designated by a leasehold mortgagee to become the owner of the
leasehold interest upon the exercise of any remedy provided for in a leasehold mortgage (or upon
the assignment of the leasehold interest in lieu of the exercise of any such remedy), and no
conveyance of Lessee' s leasehold interest to a leasehold mortgagee or ny nominee, assignee or
other party designated by a leasehold mortgagee shall constitute a def der Section 22.1(c) of
this Agreement or cause an automatic termination under Section 3.1 or Section 22.4 of this
Agreement; provided that before any sale of the leasehold inter whether under power of sale or
foreclosure, the leasehold mortgagee shall give to Lessor noti f the same character and duration
as is required to be given to Lessee pursuant to a leasehold age. If a leasehold mortgagee or
any party designated by a leasehold mortgagee shall er
interest upon the exercise of any remedy provided f r in a leas
notwithstanding anything in Section 18.1 to the ar the le
or other entity (x) shall have the right to assign the le
Lessor' s consent at any time thereafter, provided such as
of Lessee hereunder, and (y) shall have
without Lessor's consent, in each case fo
Agreement.
right to sublet a
onsistent with
come the ow, of the leasehold
hold mortgage herwise, then,
hold mortgage ch person
to any other erson without
expressly assumes the obligations
portion of the Subject Property,
rmitted use provisions of this
(e) If this Agreement shal rminate for any . son including, but not limited
to, a default under this A a t, or be rej ec , : . or disaffi pursuant to any bankruptcy law
or any other law affect cree ' rights, any leasehold ortgagee or its nominee or assignee
shall have the right Lessor corresponding obligation, exercisable by written notice to
Lessor within sixty (60 . ays after such leasehold mortgagee receives notice of the effective date
of such termination, to enter into a new lease of the Subject Property with Lessor subject, however,
to the rights of subte is under any applicable on -disturbance agreements. The term of said new
lease shall, begin o ate of the termination of this Agreement and shall continue for the
remainder of the full to is Agreement. Such new lease executed by the leasehold mortgagee
or its no - e or assignee otherw contain the same terms and conditions as those set forth
herein, ex or requirements that hive already expired or been performed, and except for prior
obligations o ee which are not curable as provided herein and which remain unperformed or
unsatisfied; pro' ', howev , the new Lessee thereunder shall cure within the applicable cure
periods set forth a iYe in Section 18.3 any existing defaults, or defaults which existed as of
the termination of this Agreement with Lessee, which are capable of being cured. It is the intention
of the parties hereto that, to the fullest extent permitted by applicable law, such new lease shall
have the same priority relative to other rights or interests to or in the fee estate in the land covered
by the new lease as this Agreement. The provisions of this Section 18.3(e) shall survive the
termination (but not the expiration) of this Agreement and shall continue in full force and effect
thereunder to the same extent as if this Section 18.3(e) were a separate and independent contract
among Lessor, Lessee and leasehold mortgagee. From the date on which any leasehold mortgagee
shall serve upon Lessor the aforesaid notice of the exercise of its right to a new lease, and subject
to the obligation to cure defaults as provided above, a new lease shall be deemed to have been
entered into effective as of the date of termination of this Agreement and such leasehold mortgagee
upon
�eS
or any nomi
lely to such i
and to the profits
nder, and shal
expiration o rm of this
Property or part thereof,
of any leasehold mortgagee.
nominee, as applica further lia
with this Agreemen or • ' " ubj ec roperty.
any lease
Sectio ►
mo
the conse
force or effe
or its nominee or assignee may use and enjoy the Subject Property as permitted under this
Agreement without hindrance or interference by Lessor. At Lessor' s or the leasehold mortgagee' s
request, the parties shall enter into an additional agreement with Lessor confirmatory of the
provisions of this Section 18.3(e).
(f) Lessor shall not, in the event of any action, whether voluntary or otherwise,
pending against Lessee or Lessor under the bankruptcy laws of the United States or any state
thereof, (x) surrender its estate, or any portion thereof, nor terminate, cancel or acquiesce in the
rejection of this Agreement; or (y) modify, change, supplement, alter or end this Agreement in
any respect, either orally or in writing. Notwithstanding the foregoin or agrees that in the
event of the rejection of this Agreement by Lessor's trustee in bankruptcy or otherwise pursuant
to the Federal Bankruptcy Code or other similar laws, Lessee's' right to remain in possession of
the Subject Property pursuant to Section 365 of the Federal Bankruptcy Code (or similar provisions
of such other similar laws) shall be fully transferable uai t to the ra s of any leasehold
mortgage.
(g) No surrender (except a s
Agreement) by Lessee to Lessor of this Agreement, o
or of any interest therein, may occur except as with the c
(h) If a leasehold mo
interest in this Agreement, Lessor agrees
the improvements upon the Subject Prop
performance of the obligations of Lessee he
thereof succeeds to Lessee's
n this Agreement and to
d proceeds thereof for the
er seek to recover against any
other assets of the leasehold mortgagee or such nominee, and folowing the leasehold mortgagee's
or nominee' s assignment of any interest in thi Agreement the leasehold mortgagee (or such
jty to Lessor or any other party in connection
Lesso ,. .' not tnodifend or, except upon default (after affording
agee the notice of and opportunity to cure such default as provided in this
3), cancel, surrender or n this Agreement without the consent of any leasehold
Any such modification, dment, cancellation, surrender, or termination without
y leasehold mortgag (if such consent shall be required) shall be void and of no
(j) ithi en (10) days after a request by Lessee or any leasehold mortgagee,
Lessor shall deliver essee and such leasehold mortgagee a statement executed by Lessor, in
form reasonably satisf ' tory to Lessee (i) confirming the documents, including all amendments,
comprising this Agreement, (ii) confirming the effectiveness of this Agreement, as amended, (iii)
stating whether or not Lessee is in default under this Agreement, and, if Lessee is in default, setting
forth the specific nature of all such defaults, (iv) stating whether or not Lessor is in default under
this Agreement, and, if Lessor is in default, setting forth the specific nature of all such defaults,
(v) stating the amount of the security deposit, if any, held under this Agreement, (vi) stating
whether there are any fee mortgages affecting the Subject Property, and identifying any such
mortgage with particularity, (vii) stating whether Lessor has approved Lessee's Design and Site
Plan and Construction Documents for the New Facility, (viii) confirming Lessor's approval of
matters for which Lessor's approval has been granted under this Agreement, and (ix) responding
to any other matters reasonably requested by a leasehold mortgagee or Lessee.
(k) In any case in which there shall be more than one leasehold mortgage, each
leasehold mortgagee shall be entitled to the benefit of the provisions of this Section 18.3; provided,
that (a) any actions or elections permitted to be taken or made hereunder shall be determined and
exercised by the leasehold mortgagee whose leasehold mortgage is most senior in priority (unless
otherwise directed in writing by such senior leasehold mortgagee), and (b) the time periods in this
Section 18.3 for any action or response by a leasehold mortgagee shajkrun concurrently for all
leasehold mortgagees.
(1) If a leasehold mortgagee or any party de by a leasehold mortgagee
shall either become the owner of the leasehold interest upon t exercise of any remedy provided
for in a leasehold mortgage or otherwise, then Section 5.5 of this4Agreem hall be of no
further force or effect.
15. Memorandum of Agreement. Sec i 26.12 of the Agreement he s amended
to provide that either Lessor or Lessee may require recordation of a memo r .d dum of this
agreement.
[REMAINDER OF PA ENTIONALL FT BLANK.
SIGNATURE PAGE SOWS_]
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day
and year first above written.
ATTEST:
LESSOR:
CITY OF MIAMI, a municipal corporation
of the State of Florida
By: By:
Todd B. Hannon Emilio T. Gonzale
City Clerk City Manager
APPROVED AS TO FORM
AND CORRECTNESS
APPROVED
REQUI
By: By:
Victoria Mendez Anne " . `T' arp
City Attorney Risk Man.. ent Director
NCE
ATTEST: 0 ' TOWN OUTH CENTER, INC.,
a no 'ro t corporation of the State of Florida
Signatur- Signature
Print Nam Title Print Name and Title
Signature
Print Name and Title
#66616555 v7
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