HomeMy WebLinkAboutCRA-R-23-0017 Exhibit APrepared by and Return to:
Lauren M. Hunt, Esq.
Grady Hunt PLLC
2525 Ponce de Leon Blvd.
Suite 300
Coral Gables, FL 33134
AMENDMENT TO BLOCK 55 RESTRICTIVE COVENANT
THIS AMENDMENT TO BLOCK 55 RESTRICTIVE COVENANT (this
"Amendment") is made as of this day of March, 2023 by and among BLOCK 55 OWNER,
LLC, a Florida limited liability company (the "Developer"), BLOCK 55 RESIDENTIAL, LP, a
Florida limited partnership (the "Owner" and together with Developer, collectively, "Block 55"),
and the SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY, a public agency and body corporate created pursuant to Section 163.356, Florida
Statutes (the "CRA").
RECITALS
A. The Developer and the CRA entered into that certain Block 55 Restrictive Covenant
recorded on September 11, 2020 in Official Records Book 32095, Page 3457 of the Public Records
of Miami -Dade County, Florida (the "Covenant").
B. Owner is the current owner of the Property pursuant to that certain Special
Warranty Deed recorded on August 25, 2021 in Official Records Book 32702, Page 22 of the
Public Records of Miami -Dade County, Florida.
C. Developer, Owner and the CRA desire to amend the Covenant as further described
herein.
NOW, THEREFORE, for and in consideration of $10.00 and other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Recitals; Capitalized Terms. The recitals to this Amendment are true and correct
and hereby incorporated by reference and made a part hereof. Capitalized terms used and not
defined in this Amendment have the meanings set forth in the Covenant.
2. Amendments.
(a) The second sentence of Section 4.1 of the Covenant is hereby amended,
restated and replaced in its entirety as follows:
"The Developer shall complete the Project, including Sawyer's Walk, as hereinafter
defined, substantially in accordance with the Plan as evidenced by temporary and
permanent certificates of occupancy for all of the Residential Units included in the
Plans and temporary certificates of completion (or their equivalent) (with cold and
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follows:
dark shells for their interiors) for all other components of the improvements
comprising the Project as reflected on the Plans ("Completion") on or before
March 2"d, 2024 (the "Completion Date")."
(b) Section 4.5 of the Covenant is hereby amended and restated to read as
"4.5. Failure to Complete the Project. If the Developer has not achieved
Completion on or prior to the Completion Date, as automatically extended
one day for each day of Unavoidable Delay, and as same may be extended
in accordance with Section 4.3, the Developer shall pay to the CRA, as
liquidated damages, Ten Thousand and No/100 Dollars ($10,000.00) per
day for each day from Completion Date, as same may be extended until
Completion."
(c) Section 12.2.3 of the Covenant is hereby amended, restated and replaced in
its entirety as follows:
"12.2.3. Reductions of Incentive Payments. If the entire Project is not
Substantially Completed and on the Tax Rolls on or before January 1, 2025
as such date is extended as a result of Unavoidable Delays, the Incentive
Payments shall be reduced by ten percent (10%) for or the Term of this
Covenant. If the entire Project is not Substantially Completed and on the
Tax Rolls by January 1, 2026 as such date is extended as a result of
Unavoidable Delays, the Incentive Payment shall be reduced by twenty
percent (20%) for the Term of this Covenant. If the entire Project is not
Substantially Completed by January 1, 2028 as such date is extended as a
result of Unavoidable Delays, the CRA shall not be obligated to make any
Incentive Payments to the Developer."
3. Unavoidable Delay. Block 55 and the CRA acknowledge and agree that as of the
date of this Amendment no event of Unavoidable Delay has occurred which would extend
Completion under Section 4.1, as amended by this Amendment, or extend Substantially Completed
under Section 12.2.3, as amended by this Amendment.
4. Conflict. In the event of a conflict between the terms and provisions of this
Amendment and the terms and provisions of the Covenant, the terms and provisions of this
Amendment shall control.
5. Ratification. Except as modified by this Amendment, Block 55 and the CRA ratify
and reaffirm all terms and provisions of the Covenant.
6. Counterparts. This Amendment may be executed in counterparts by the parties
hereto and each shall be considered an original as the parties are concerned but together such
counterparts shall comprise only one Amendment.
[Signatures on following page]
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IN WITNESS WHEREOF, Developer has executed this Amendment as of the date and
year first written above.
WITNESSES: DEVELOPER:
BLOCK 55 OWNER, LLC, a Florida limited
liability company
Print Name: By: SG Manager, LLC, a Florida limited
liability company, its manager
Print Name:
STATE OF FLORIDA
) SS:
COUNTY OF MIAMI-DADE
By:
Name:
Title:
The foregoing instrument was acknowledged before me by means of 0 physical presence
or El online notarization, this day of March, 2023, by , as
of SG Manager, LLC, a Florida limited liability company, as manager of
BLOCK 55 OWNER, LLC, a Florida limited liability company, on behalf of said companies. S/he
is personally known to me or has produced as identification.
Notary Public
Print Name:
My commission expires:
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IN WITNESS WHEREOF, Owner has executed this Amendment as of the date and year
first written above.
WITNESSES: OWNER:
Print Name:
Print Name:
STATE OF )
) SS:
COUNTY OF )
BLOCK 55 RESIDENTIAL, LP, a Florida
limited partnership
By: Pacific Southwest Community
Development Corporation, a California
nonprofit public benefit corporation, its
general partner
By:
Name:
Title:
The foregoing instrument was acknowledged before me by means of ❑ physical presence
or ❑ online notarization, this day of March, 2023, by , as
of Pacific Southwest Community Development Corporation, a
California nonprofit public benefit corporation, as general partner of BLOCK 55 RESIDENTIAL,
LP, a Florida limited partnership, on behalf of said corporation and partnership. S/he is personally
known to me or has produced as identification.
Notary Public
Print Name:
My coin nissio❑ expires:
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IN WITNESS WHEREOF, the CRA has executed this Amendment as of the date and year
first written above.
WITNESSES: CRA:
Print Name:
Print Name:
STATE OF FLORIDA
) SS:
COUNTY OF MIAMI-DADE
SOUTHEAST OVERTOWN / PARK WEST
COMMUNITY REDEVELOPMENT
AGENCY
By:
Name:
Title:
The foregoing instrument was acknowledged before me by means of ri physical presence
Or online notarization, this day of March, 2023, by , as
of SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AGENCY, a public agency and body corporate created pursuant to Section
163.356, Florida Statutes, on behalf of the agency. S/he is personally known to me or has produced
as identification.
Notary Public
Print Name:
My commission expires:
4863-9141-7391, v. 2
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