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ITY
HALL
1700
O N V E N T I O N
C E N T E R
DRIVE
MIAMI
BEACH,
3 3 1 3 9
Ittp\\
c.i a m i -
b e a c h .
f.
s
ITY
OF
MAM
BEACH
O M M I S S I O N
M E M O R N U M
N O .
J
O :
Mayor
N e i s e n
O
a s d i n
and
M e m b e r s
o
the
Cty
Commiss i on
DATE:
January
7
998
FROM
S e r g i o
Rodriguez
City
M a n a g e r
SUBJECT:
A
E S O L U
10
F
THE
M A Y O R
AN D
CTY
O M M I S S I O N
OF
THE
ITY
O
MIAMI
B E A C H ,
F L O R I D A ,
E X T E N D I N G
THE
E R M I N A T I O N
D A T E
OF
THE
ESCROW
A G R E E M E N T
DATED
AS
O
CTOBER
21
1997,
B E T W E E N
THE
MIAMI
BEACH
R E D E V E L O P M E N T
AGENCY,
THE
CTY,
RDP
O Y A L
P A L M
HOTEL
L I M I T E D
P A R T N E R S H I P ,
AND
B L O O M &
MINSKER,
O R
A
E R I O D
O
SIXTY
D A Y S ;
AND
PROVIDING
AN
EFFECTIVE
D A T E
R E C O M M E N D A T I O N :
Approve
the
esolu t ion.
B A C K G R O U N D :
O n
O c t o b e r
21,
9 9 7 ,
an
scrow
Agreement
was
entered
i n t o
by
he
City;
the
Mam
Beach
R e d e v e l o p m e n t
Agency (
RDA);
the
developer
o
he
African
American
H o t e l ,
Roya
Palm
Hote l
Limited
Par tnersh ip (
RDP);
nd
Bloom &
insker,
as
scrow
agents.
The
E s c r o w
A g r e e m e n t
p r o v i d e d
that,
u n l e s s
certain
c o n d i t i o n s
were
m
n
o
r i o r
to
a n u a r y
4
1998
the
Escrow
g e n t
was
i n s t r u c te d
to
d e s t r o y
al
s ignatures
on
he
s c r o w e d
doc u m e n t s .
C o n d i t i o n
No
4
n
Exh ib i t
B
to
he
E s c r o w
A g r e e m e n t
required
th e
developer
to
p r e s e n t
to
the
RDA
nd
subsequen t l y
the
D A
to
a p p r o v e ,
a
u a r a n t e e d
m a x i m u m
price (
M P )
c o n s t r u c t i o n
contract.
h a t
c o n t r a c t
was
to
be
n
ull
force
a n d
effect
fo
he
c o n s t r u c t i o n
o
he
h o t e l .
This
c o n d i t i o n
was
ot
m e t
by
a n u a r y
4
1998.
NAL
YSIS:
The
provision
fo
the
GMP
w as
inserted
ou
o
o n c e r n
tha
the
e v e l o p m e n t
budget
was
xtremely
a g g r e s s i v e
and
that
ntil
a
MPa s
presented ,
the
RDA
could
no
have
uf f i c ien t
c o m f o r t
tha
the
eve loper
had
adequate
r e s o u r c e s
to
o m p le t e
the
ho te l
project.
T h i s
r e q u i r e m e n t
became
an
e s c r o w
tem
b e c a u s e
the
e v e l o p e r
did
not
s u b m i t
p l a n s
onim e
to
alow
i s h m a n
H o t e l
Cop,
o n s u l t a n t
on
behalf
o
the
C i t y /
RDA,
to
c ondu c t
a
ful
revew
and
to p r e p a r e
a
e w
b u d g e t
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8/15/2019 98-22634 RESO
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Under
the
Par tnersh ip
Agreement
entered
into
by
RDP
and
Crowne
Plaza, Crowne Plaza had
until
November
1 4 t h
to
agree
to the
Development
B u d g e t
of $
59i l l i o n , and
unle c e m b e r
3r d
to
e s o l v e
a
ispute over
the
u d g e tif
hee
e re
a
i s a p p r o v a l .
C r o \ Vne
Paza
i n i t i a l l y
did
no
a p p r o v e
the
u d g e t ,
bu
R D P
and
r o wn e
Paza
ultimately
r e s o l v e d
their
d i s p u t e
and
n t e r e d into
anm e n d m e n t to
the
artnership
A g r e e m e n t .
The
m e n d m e n t
i n c r e a s e s
thee v e l o p m e n t b u d g e t
by5
i l l i o n
w h i c h
wll
e
p r o v i d e d
byu b o r d i n a t e d
oan
rom
C r o w n e
P l a z a ,
if
he
d e v e l o p e r
does
no
secure
other
financing.
This
amendment
w a s t r a n s m i t t e dto
he
RDA
n
D e c e m b e r
23rd a n d
musbe
a p p r o v e d
by
the
RDAate
more
careful r e v i e w .
Wth
he
a p p r o v a l
o
he
a r t n e r s h i p a m e n d m e n t ,
th e
RDA
s
o n c e r n
o
he
a d e q u a c y
o
th e s o u r c e ofunds
has
e en
a d d r e s s e d ,
andas
reduced
th e
u r g e n c y
o
the
MP
r e q u i r e m e n t .
Since
a GMP
is
used
to
cover
he
c o n s t r u c t i o n r i s k
o
a
roject,
n i n c r e a s e
to
the
verall
d e v e l o p m e n t
budget,which
i n c l u d e s
co s t s
ove
and
above
the
ard
c o n s t r u c t i o n
c o s t s ) ,
r e p r e s e n t sa
r e a t e r
s e c u r i t y
to
he
City.
A
h is
j u n c t u r e ,
itis
in
he i n t e r e s t
o
he project
to
have
ther c h i t e c t
finalize
the
d r a w i n g sto
he
ullest e x t e n t
beoe
the
o n t r a c t o r g o e s
ou
o r p r i c i n g
toet the
bd
The
o re
complete
the
a r c h i t e c t u r a l
plans
u p o n
which
t h e GMP
is
ased,
he
lower the risk
to
her o j e c t .
T h e r e f o r e ,
a
0-
day
extenson
to
h e e s c r o w
a g r e e m e n t
is
in
he
b e s t
i n terest
o
al
p a r t i e s .
CONCLUSION:
The
Ci ty
C o m m i s s i o n
and
the
D A
shoud
p p r o v e
the
e x t e n s i o n
fo
60
days
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RESOLUTION
NO.
2 8 7 -
98
E S O L U T I O N
OHE
CHAIRMANAN D
M E M B E R S
OF
THE BOARD
OF
HE
MAMEACH
R E D E V E LO PM E N T A G E N C Y
EXTENDNG
THE
E R M I N A T I O N
DATE
OFTHE
SCROW
A G R E E M E N T
D A T E D
AS
OFC T O B E R
21
997
BETWEEN
THE
IAMI
BEACH
R E D E V E L O P M E N T
AGENCY,
THE
CTY
RDP
ROY L
ALM
HOTEL
LIMTED
A R T N E R S H I P , A N D
BLOOM &
I N S K E R ,
FOR
A
ERIOD
OI X T Y
DAYSND
PROVIDING
AN
E F F E C T I V E
DATE.
WHEREAS,
the
i a m i
Beach
R e d e v e l o p m e n t
A g e n c y (
the RDA),
the
Cty
o
M i a m i
Be ach ,
Flor ida (
the
Cty ),
RDP
Roya
Palm
Hotel Limited
Partnership (
R D P ) ,and
B lo o m &
M i n s k e r ,
as
esc row
agent (he s c r o w
Agent ),
entered
into an
escrow
a g r e e m e n t
and
an
d d e n d u m
to
scrow
a greemen t ,
together
wth
e r t a i n
exhibits
thereto (
c o l l e c t i v e l y ,
the
s c r o w
A gr e e me n t ) ,
dated
as
October
21
997
n d
W H E R E A S ,
said
Escrow
Agreement
provided,
in
part,
tha u n l e s s
certain C o n d i ti o n s (
as
such
term
ise f i n e d in
he
E s c r o w
A g r e e m e n t ) ,
w h e r e
met
on
pr i o r
to
a
ate
s e v e n t y -
five(
75)
days
from
O ct ober
21
9 9 7 (
that
is,
January
4
9 9 8 ) ,
the
scrowg e n t was i n s t r u c t e d to destroy
all s i g n a t u r e s
on
the
s c r o w e d
Documents (
as
uc h
te rm
is
e f i n e d
in
the
Escrow
Agreement);
and
WHEREAS,
Cond i t ion
No
4
on
x h i b i t
B
to
he
E s c r o w A g r e e m e n t ,
w h i c h
Condition
r e q u i r e d
RDP
to
p r e s e n t
to
he
DA
and
heD A to a p p r o v eau a r a n t e e d
m a x i m u m price
c o n s t r u c t i o n
c o n t r a c t ,
whch
o n t r a c t
w as
to
be
n full
foce
andffect
for
the
construction
o
he
Hotel c o n t e m p l a t e d in
the
r o u n d
L e a s e
and
the
o te l
Development
A g r e e m e n t (
asuch
te rms
are
d e f i n e d
in
he
Escrowg r e e m e n t ) ;
and
W H E R E A S ,
s u c h
c o n d i t i o n
was
noet
by
anuary
4
9 9 8 ; and
W H E R E A S ,
the
Cty
nd
he
RDA
r e c e n t l y
r e c e i v e d
a
r o p o s e d
a m e n d m e n t
to
he
R D P
l i m i t e d p a r t n e r s h i p
agreement
w h i c h
the
taff
o
he
Ctyn d
R D A
have
ot
yead an
o p p o r t u n i t y to
eview
a n d a n a l y z e ;
and
W H E R E A S , itis
n e c e s s a r y
and
e s i r a b l e
andn
he
best i n te r e s t
o fthe
it y and
its
citizens
tox t e n d
the
e r m i n a t i o n
D a t e (
as
such
tem
s
e f i n e d
in
he
s c r o w
A g r e e m e n t ) ,
fo
a
perodo
sixty (
60
ays. NOW,
T H E R E F O R E ,
BE
IT
ULY
R E S O L V E D
BY
THE CHAIRMAN
A N D
MEMBERS
OF
THE
BOARD
OF
THEI A M I
BEACH
R E D E V E L O P M E N T
A G E NCY ,
as
folows:1
The
h a i r m a n
and
S e c r e t a r y
ae
e r e b y
author ized and
drected
to
x e c u t e and
d e l i v e r
s u c h
do c um en t s
and
n s t r u m e n t s
a s
may
be
n e c e s s a r y
to
xtend
the
-
8/15/2019 98-22634 RESO
6/27
2l
action
e r e t o f o r e
t a k e n
bythe
xecutive D i r e c t o r ands t a f f
o
the
D A
in
o r d e r
to
x t e n d
the
e r m i n a t io n Date u n d e rthe
Escrow
A g r e e m e n t
is
ereby ratified
o n f i r m e d
and
a p p r o v e d .3
he
Execut ive
D i r e c t o r ,
Secreta ry ,
and
e n e r a l
C o u n s e l
and
ther
e s p e c t i v e des ignees andu t s i d e
c ou ns e l
ae
e r e b y a u t h o r i z e d
to
akeu ch
a c t i o n s
as
my
e
necessary to
effectuate
the
p u r p o s e so
this Resolution
4
his R e s o l u t i o n
shal
ake
e f f e c t
i m m e d i a t e l y
uponits
dopon
A S S E D
A N D
A D O P T E D
this
7h
d a y
o
January,
1998.
A
H A I R M A N
A T T E S T :
APPROVED
AS
TO
F O R M
A N G U A G E
f O R
EXECUTION
F e
b e t
V M ~
S E R E T R Y
t.
-
8/15/2019 98-22634 RESO
7/27
Mami
Beach
Redevelopment
Agency
1700onven t ion Center
Drive
Miami
Beach.
Florida
3 3 1 3 9
Teephone (
305
673
29 5
Fax
305)
673
772
R E D E V E L O P M E N T A G E N C Y M E M O R A N D U M
NO
98-
1
anuary
7
998
TO
hairman
and
Members
o
the
oard
o
h e
Mam
e a c h
Redev
opmnA g en c y
FROMe r g i o
R o d r i g u e z Executive
D i r e c t o r .
S U B J E C T :
A
E S O L U T I O N
O
HE
CHARMAN
AND
MEMBERS
OT H E
BOARD OF
THE
AM
B E A C H
R E D E V E L O P M E N T
AGENCY
EXTENDING
THE T E R M I N A T I O N
DATE
O
THE
S C R O W
A G R E E M E N T
D A T E D
ASOF
CTOBER 21
1997ETWEEN
THE
MAM
BEACH
E D E V E L O P M E N T AGENCY,
THE
ITY O F
MAM B E A C H ,
FLORIDA,
RDP
R O Y A L
PALMO T E L
LMTEDA R T N E R S H I P ,
AND
BLOOM &
I N S K E R ,
FOR
A
P E R I O D
OF
SIXTY
DAYS
AND
R O V I D I N G
AN
F F E C T I V E
D A T E .
R E C O M M E N D A T I O N :
A p p r o v e
theR e s o l u t i o n .
B A C K G R O U N D :
October
21
1997,
an
s c r o w
A g r e e m e n t
was
nteed
ino
by
heCty;
the
Mam
B e a c h
R e d e v e l o p m e n t
Agency (
RDA;he
deveope
o
he
Arican
American
Hoe,
oyal Pm
HoeLmted
a r t ne r sh ip
RDP); and
B l o o m &
M i n s k e r ,
as e s c r o w
agens
The
Escrow
A g r e e m e n t
p r ov ided
ha,
n l e s s
cetan
c o n d i t i o n s
wee
et on
o
p~
r
o J a n u a r y
4
9 9 8 , the
Escrow
Agen
was
nstructed
to
destroy
al
signatures
on the
e s c r o w e d d o c u m e n t s .
Condtion
No4
n
Exhbt
B
to
he
Escrow
A g r e e m e n t
requred
the
developer
to resent to
the
RDA,
and
s u b s e q u e n t l y the
RDA
to
p p r o v e ,
u a r a n t e e d m a x i m u m
pice(
GMP) construcLion
contract. That
cont ract
w a s
to
b e
in
u ll
f o r c e a n d
e f f e c t
fo
he
o n s t r u c t i o n
o
h e
h o t e l .
T h i s
c o n d i t i o n
was
no
m
by
anuary 4
1998.
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8/15/2019 98-22634 RESO
8/27
ANALYSIS:
The
povson
fo
the
GMP
was
inseted
ou
o
concern
that
the
development
budget
was
extremely
aggressive
and
that
unl
a
GMP
was
presented,
the
RDA
coud
no
have
suficient
comot
that
the
Developer
had
adequate
resources
to
complete
the
hoe
project.
Ths
requirement
became
an
escrowitem
because
the
Developer
dd
no
submt
plans
on
tme
to
alow
Tishman
Hoe
Corp.,
consutan
on
beha
o
the
City/
RDA,
to
conduct a
ful
revew
and
to
pepare
a
new
budget
esmate
pio
to
the
escrow
closing
in
Octobe.
Under
the
Partnership
Agreement
enteed
into
by
RDP
and
Crowne
Paza,
Crowne
Paza
had
unl
November 14th
to
agee
to
the
Development
Budget
o $
59
i l l i on ,
and
un
D e c e m b e r
3rd
toe s o l v e
a
ispute
over
the
u d g e t
if
hee
w e r e
a
isapproval.
Crowne
Paza
nitially
dd
no
p p r o v e
the
budget,
bu
RDP
and
rowne
Paza
ultimately
resolved
ther
ispute
and
n t e r e d
into
an
m e n d m e n t
to
the
artnership
A g r e e m e n t .
The
mendment
i n c r e a s e s
the
e v e l o p m e n t
b u d g e t
by
illion
w h i c h
wll
e
p r o v i d e d
by
u b o r d i n a t e d
oan
from
C r o w n e
Plaza,
if
he
e v e l o p e r
does
no
secure
other
financing
Ths
amendmen
was
t r a n s m i tt e d
to
the
RDA
n
D e c e m b e r
23rd
an d
mst
be
a p p r o v e d
by
the
RDA
ate
moe
careful
review.
Wth
he
a p p r o v a l
o
he
a r t n e r s h i p
a m e n d m e n t ,
th e
RDA
s
o n c e r n
o
he
a d e q u a c y
o
he
source
o
funds
has
een
a d d r e s s e d ,
and
as
reduced
the
u r g e n c y
o
the
MP
r e q u i r e m e n t .
Since
a
GMP
is
used
to
cove
he
o n s t r u c t i o n
r i s k
o
a
roj
ec,
n
i n c r e a s e
to
the
verall
development
budge, (
whch
includes
costs
over
and
above
the
ard
construction
c o s t s ) ,
represents
a
r e a t e r
s e c u r i t y
to
he
Cty
A
h is
j u n c t u r e ,
it
is
in
he
interest
o
he
project
to
have
the
r c h i t e c t
finaize
the
d r a w i n g s
to
he
fules
exten t
beoe
the
o n t r a c t o r
goes
ou
or
pr ic ing
to
se
the
bd
The
ore
comee
the
r c h i t e c t u r a l
pans
upon
which
the
GMP
is
ased,
the
lower
the
risk
to
he
r o j e c t .
T h e r e f o r e ,
a
GO
day
e x t e n s i o n
to
the
s c r o w
a g r e e m e n t
is
in
he
es t
i n t e r e s t
o
al
parties'. .
C O N C L U S I O N :
The
ity
C o m m i s s i o n
and
the
RDA
hould
approve
the
e x t e n s i o n
for
60
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8/15/2019 98-22634 RESO
9/27
ESCROW
AGREEMENT
THIS.
ESCROW
AGREEMENT (
the
Agreement ),
dated as
of the _
d ay
of
1997etween
MIAMI
BEACH
E D E V E L O P M E N T
A G E N C Y ,
a
public
body
o r p o r a t e
and
p o l i t i c (
the
g e n c y ) ;
theIT Y
OF
IAMI
B E A C H ,
a
municipal
c o r p o r a t i o n othe
t a t e
o
l o r id a (
the
City );
RDP
ROYAL
PALM HOTEL
LMTED
A R T N E R S H I P ,
a
lorida
limited
p a r t n e r s h i p (
RDP ) ;
and
BLOOM &I N S K E R (
the
Escrow
Agen ).
R E C I T A L S :
A
In
e b r u a r y
1993,
the
ty
C e n t e r l H i s t o r i c Convention
V i l l a g e
Redevelopment and
e v i t a l i z a t i o n
Aea
was
o f f i c i a l l y
e s t a b l i s h e d
by
he
a d o p t i o n
o
he
R e d e v e l o p m e n t
Pan,e s u l t i n g
from
heo m b i n e d e f f o r t s
o
the
Cty,
the
gency,
M e t r o p o l it a n
D a de
C o u n t y
and
the .
Sae
o
Florida.
h e
p u r p o s e s
o
he
e d e v e l o p m e n t
Pan
are
a m o n g
o t h e r
thngs,
to
liminate
bigh,
s t a b l i s h
r e d e v e l o p m e n t ,
foste
the
development
o
o n v e n t i o n
quality
hoes,
n c i l l a r y
i m p r o v e m e n t s
and
facilities,and
e c e s s a r y l i n k a g e sto
he
MamBeach
C o n v e n t i o n
Center.Bu r s u a n t
to
he
e d e v e l o p m e n t
Plan,
the
g e n c y
acquired
the
property
c o m m o n l y
k n o w n
as
he
Royal
Palm
H o t e l ,
having
a
t r e e t
address
o545
Collins
Avenue,
Miami
B e a c h ,
F l o r i d a ,
which
it
bas
agreed
toa k e available
fo
the
Hotel.
The
o y a l
P a l m
Hote l
isa
art
of
the
Land
Cn
furtherance
othe
R e d e v e l o p m e n t
Pan.
h e
A g e n c y
p u b l i s h e d
a
e q u e s t
fo
P r o p o s a l s (
he
FP )
dated
e c e m b e r
27
1995
and
amended
onanuary
2
1996.
J a n u a r y
3
9 9 6
an d
March
5
1996
e e k i n g , a m o n g
oher
hings,
prop.
o s a l s
forthe
e v e l o p m e n t
and
o p e r a t i o n
o
a
c o n v e n t i o n
c e n t e r
hotel to b e
owned
a
east
51 %
by
f r i c a n -
A m e r i c a n s .
D
By
v i r t u e
o
a
e s o l u t i o n
a d o p t e d
on
u n e5996,
after
a
ublic review
process,
the
Agency
selected
RDP
s
p r e d e c e s s o r s
in
nterest,
R D P
Roya
Palm
Hotel
L i m i te d
C o m p a n y
and
RDP
S h o re c re s t
Hoe
L i m i t e d C o m p a n y (
c o l l e c t i v e l y , RDP
s
Predecessor ),
ro m
a m o n g
the
r o u p s
which
s u b m i t t e d
proposals
pursuant
tohe
F Pand
i r e c t e d
r e p r e s e n t a t i v e so
he
Agency
to
e g o t i a t e
the
terms
u n d e r
which
R D P 's
r e d e c e s s o r
o
h e i r
a f f i l i a t e s
w o u l d
d e v e l o p ,
c o n s t r U c t ,
own
nd
operate
th e Hoe
in
c c o r d a n c e
w i t h r e q u i r e m e n t s of
theF P .
EThe
A g e n c y
and
RDP'
s
r e d e c e s s o r
e n t e r e d into
a
e t t e ron t e n t (as
hesame
may
have
e e n
a m e n d e d
f rom
time
to
ime,
the
Letter
o
I n t e n t ) ,
dated
Mrch
5
996,
and
p p r o v e d
by
the
C i t y ,
whch
m o n g
other
things,
r o v i d e s
for
the
d e v e l o p m e n t , c o n s t r u c t i o n ,
f u r n i s h i n g and
q u i p p i n go
th e
Hoe.F
R e p r e s e n t a t i v e s
o
the
Agency, th e City,andRDPith
the
advice
a n d
ass i s tance
-
8/15/2019 98-22634 RESO
10/27
-
8/15/2019 98-22634 RESO
11/27
q
fourteen (
14
ays after
the
date
h e r e o f ; (
ii
o n d i t i o n
No.
n
Exhibit
OB
t t a c h e d
hereto
no
e i n g
s a t i s f i e d
on
before
the
d a t e
that
is
e v e n t y
five(
5)
days
after
the
d a t e
hereof; (
ii)
a
hange
in
i r c u m s t a n C e s
such
hat
any
o n d i t i o n s
se
f o r t h
in
xhibit
B
hich
may
a v e
been
satisfied
by
RDP
d u r i n g
the
tem
o
this
Es c r o w
ae
o
l o n g e r
effective
o
in
force;
o (
iv
ne
1
ear
from
the
ate
hereof;
p r o v i d e d ,
h o w e v e r ,
R D P
s h a l l
have
he
rgh
to
erminate
ths
s c r o w
upon
wri t ten
n o t i c e
to
s c r o w
A g e n t ,
the
A g e n c y , an d
the
ity
in
the
vent
that
the
ua ran teed
m a x i m u m
price
c o n t r a c t
d e s c r i b e d
in
tem
4
f
the
C o n d i t i o n s
expres
u e
to
he
genea
c o n t r a c t o r '
s
n a b i l i t y
o
nw i l l i ngness
to
o ld
sad
u a r a n t e e d
m a x i m u m
p r i c e (
the
Termination
Date ).
If
y
he
T e r m i n a t io n
Date,
Escrow
A g e n t
has
o t
b e e n
notified
in
r i t i n g
by
the
Parties
tha
al
o
he
Condi t ions
h a v e
been
satisfied
or
waved
by
he
Parties
in
a c c o r d a n c e
wth
he
p r o v i s i o n s
o
ths
g r e e m e n t
o
tha
the
e r m i n a t i o n
D a t e
has
been
x t e n d e d
o
in
he
event
D P
has
e r m i n a te d
this
Agreement
in
ccordance
with
the
m m e d i a t e ly
p r e c e d i n g
sentence,
h e n
Escrow
A g e n t
is
n s t r u c t e d
to
destroy
al
ignatures
on
the
s c r o w e d
D o c u m e n t s .
P r o v i d e d
the
e r m i n a t io n
Date
has
n o t
passed ,
u p o n
Escrow
Agent'
s
e c e i p t
o
r i t t e n
n o t i c e
f r o m
the
Parties
that
al
o
he
Condi t ions
h a v e
been
a t i s f i e d
o
waived
in
a c c o r d a n c e
wth
the
r o v i s i o n s
o f
ths
g r e e m e n t ,
Escrow
A g e n t
is
nstructed
to
d e l i v e r
the
s c r o w e d
D o c u m e n t s
to
he
Parties
a
he
p l a c e
and
im e
d e s i g n a t e d
by
th e
Parties
in
h e i r
no t i ce
to
s c r o w
Agent
o
uch
a t i s f a c t i o n
o
waiver
w h e r e u p o n .
provided
delivery
was
p r o p e r ,
the
scrow
A g e n t
shal
be
eleased
f rom
any
f u r t h e r
obl igat ions
h e r e u n d e r .
Any
P a r t y
or
Es c ro w
Agent
m a y ,
a
its
ption.
e m a n d
a
eceipt
a c k n o w l e d g i n g
delivery
o
any
scrowed
D o c u m e n t s .
6
f f e c t i v e
Date:
Additional
Simatures.
U p o n
reease
o
he
E s c r o w e d
D o c u m e n t s
in
accordance
w i t h
the
provisions
heeo,
he
c o n s u m m a t i o n
o
he
t r a n S a c t i o n s
c o n t e m p l a t e d
by
he
Leter
o
n t e n t
s h a l l
o c c u r .
In
ccordance
therewith.
as
o
th e E s c r o w e d
Documents
n u m b e r e d
1
hrough
S (
)
the
f f i c e r s
fo
he
a r t i e s
shall (
i)
ke
n y
necessary
r e v i s i o n s
to
the
E s c r o w e d
D o c u m e n t s
as
u m a l l y
a g r e e d
to
bythe
Parties
each
in
its
o le
and
bsolute
d i s c r e t i o n
a n d (
ii)
ate
the
E s c r o w e d
D o c u m e n t s
as
o
the
d a t e
o
such
e l e a s e ,
which
d a t e
shal
be
the
f f e c t i v e
date
thereof, (
b
e c a u s e
the
Parties
to
he
E s c r o w e d
D o c u m e n t s
have
executed
one
1
riginal
of
e a c h
o
he
E s c r o w e d
Documents,
upon
r e l e a s e
o
he
s c r o w e d
D o c u m e n t s
in
c c o r d a n c e wth
the
r o v i s i o n s
heeo,
the
arties
to
h e E s c r o w e d
D o c u m e n t s
shall
e x e c u t e
a d d i t i o n a l
or ig inals
t h e r e o f ,
in
der
t h a t
e a c h
Party
have
r i g i n a l
f u l l y
e x e c u t e d
c o u n t e r p a r t s
o
the
E s c r o w e d
D o c u m e n t s
a n d (
c)
he
a r t i e s
shal
take
o
cause
to
be
a k e n
such
u r t h e r
a c t i o n s
and
x e c u t e
and
eliver
o
ause
to
e
e x e c u t e d
an d
delivered
such
t h e r
a n c i l l a r y
i n s t r u m e n t s
as
a y
be
e a s o n a b l y
requesed
by
the
her
a r t i e s
inode
to
o n s u m m a t e
the
ransac t i ons
c o n t e m p l a t e d
by
th e
E s c r o w e d
Documents (
ncluding,
without
l i m i t a t i o n ,
the
l o s i n g
o
th e
c o n s t r U C t i o n
f i n a n c i n g
described
on
E x h i b i t
.
7
i s o u t e s .
a
n
he
even
o
ny
d i s a g r e e m e n t
between
the
a r t i e s
resulting
in
onf l ic t ing
i n s t r u c t i o n s
to
o
d v e r s e
c l a i m s
o
e m a n d s
u p o n
Escrow
Agen
wth
espect
to
he
e l e a s e
o
he
s c r o w e d
D o c u m e n t s ,
Escrow
Agent
shall
refuse
to
c o m p l y
with
any
such
n s t r u C t i o n .
clam
o
d e m a n d
so
long
as
uch
d i s a g r e e m e n t
shall
continue,
and
in
so
efusing
Esc row
A g en t
sha l l
n o t
r e l e a s e
the
-
8/15/2019 98-22634 RESO
12/27
liable
in
any
way
to
any
of
the
Parties
for
its
failure
o
refusal
to
comply
with
any
S U c h
on f l i c t i ng
instructions
o
adverse
claims
o
demands,
and
it
shall
be
entitled
to
continue
so
to
efrain
from
act ing
until
such
conflicting
o
adverse
demands
shall
have (
i)
been
settled
by
greement
and
Escrow
Agent
receives
written
notice
thereof
by
all
the
Panies
o (
i)
fInally
been
etermined
by
a
court
of
competent
jurisdiction.
b)
If
any
of
the
Panies
o
Escrow
Agent
shall
be
in
d i s a g r e e m e n t
about
the
in terpretat ion
of
this
A g r e e m e n t ,
o
about
their
r espec t i v e
r ights
and
ob l i g a t i o n s ,
o
about
the
propriety
of
any
action
c o n t e m p la te d
by
Escrow
Agem,
o
if
Escrow
Agent
receives
o
becomes
ware
of
conf l i c t i ng
demands
o
claims
with
respect
to
this
escrow
o
the
r ights
of
any
of
the
anies
hereto
o
documents
d e p o s i t e d
herein
o
affected
hereby,
Escrow
Agent
may,
but
shall
ot
be
r equ i r ed
to,
file
an
action
in
i n te rp leader
to
resolve
the
d i s a g r e e m e n t
o
d i spu te
and,
upon
iling
such
action,
Escrow
Agent
shall
be
released
from
all
o b l i g a t i o n s
under
this
Agreement.
f
any
action
ar is ing
out
of
this
Agreement
is
commenced
by
any
of
the
Panies,
Escrow
Agent
ay
d e p o s i t
the
Escrowed
Documents.
with
the
clerk
of
the
cout
in
which
such
action
is
ommenced
o
p e n d i n g
and,
upon
de pos i t i ng
the
Escrowed
Documents,
Escrow
Agent
shall
beeleased
from
all
ob l i ga t i ons under
this
Agreement.
8
I n d e m n i t v .
a
a c h
o
the
Part ies
hereby
j o i n t l y
and
e v e r a l l y
a g r e e
to
save
a rm Ie s s ,
i n d e m n i f y
and
d e f e n d (
wth
ounsel
c h o s e n
by
Escrow
Agent)
Escrow
A g e n t
fo,
ro m
and
g a i n s t
any
loss,
amage,
liability,
u d g m e n t ,
cost
andxpense
w h a t s o e v e r ,
including
t t o r n e y s '
fees (
e i t h e r
p a i d
to
retained
a t t o r n e y s
o
the
far
v a l u e
o
ervices
r e n d e r e d
to
tself)
h r o u g h
al
p p l i c a b l e
l e v e l s
and
post-
udgment
p r o c e e d i n g s ,
s u f f e r e d
o
i n c u r r e d
b y
it,
by
e a s o n
o,
on
c c o u n t
o,
any
i s r e p r e s e n t a t i o n
m a d e
to
it
r
its
t a t u s
o
c t i v i t i e s
as
Escrow
Agent
n d e r
ths
A g r e e m e n t ,
e x c e p t
for
any
loss,
amage,
liability,
u d g m e n t ,
cos t
o
xpe ns e
r e s u l t i n g
rom
goss
e g l i g e n c e
o
wllfu
i s c o n d u c t
on
the
p a n
o
Escrow
A g e n t .
b
Escrow
A g e n t
shall
n o t
be
e q u i r e d
to
d e f e n d
any
ega
r o c e e d i n g
which
m a y
be
i n s t i t u t e d
a g a i n s t
it
in
e s p e c t
o
the
ubject
m a t t e r
o
ths
g r e e m e n t
unless
e q u e s t e d
to
do
s o
by
all
the
a r t i e s
and
n d e m n i f i e d
to
Escrow
A g e n t
s
s a t i s f a c t i o n
a g a i n s t
the
ost
and
x p e n s e
o
such
d e f e n s e .
If
any
s u c h
ega
r o c e e d i n g
is
instituted
a g a i n s t
it,
Escrow
gent
agrees
p r o m p t l y
to
ve
o t i c e
o
such
r o c e e d i n g
to
the
Parties.
Escrow
A g e n t
shall
n o t
be
e q u i r e d
to
i n s t i t u t e
ega
r o c e e d i n g s
o
any
knd
9
i a b i l i t v .
Dues
n d
R e s o o n s i b i l i t v
o
E s c r o w
Allent.
ascrow
g e n t
u n d e r t a k e s
to
e r f o r m
ony
u c h
duties
as
re
x p r e s s l y
s e t
forth
in
hs
A g r e e m e n t .
E s c r o w
A ge n t
s h a l l
no
be
d e e m e d
to
ave
any
m p l ie d
duies
o
b l i g a t i o n s
under
or
r e l a t e d
to
t h i s
Agreement.
b
s c r o w
g e n t
may (
i)
c
in
e l i a n c e
upon
any
witing
o
i n s t r u m e n t
o
i g n a t t I r e
w h i c h
it,
n
ood
a i t h ,
b e l i e v e s
to
e
genuine; (
ii)
a s s u m e
the
validity
-
8/15/2019 98-22634 RESO
13/27
of
any
statement
o
assertion
contained
in
such
a
writing
o
insaument;
and (
ill)
assume
that
any
person
purpor t i ng
to
g ive
any
writing,
notice,
advice
o
instructions
in
connection
with
the
p r o v i s i o n s
of
this
Agreement
bas
been
duly
authorized
to
do
so.
Escrow
Agent
sball
not
be
liable
in
any
manner
for
the
sufficiency
of
o
corrections
to
form,
manner
of
execution,
o
validity
of
any
instrument
depos i ted
in
escrow,
no
as
to
the
identity,
authority,
o
right
of
any
person
execu t i ng
any
instrument.
c)
It
is
a c k n o w l e d g e d
that
Escrow
Agent
is
counsel
for
the
Agency
and the
City.
It
is
agreed
that Escrow
Agent
shall
not
be
disabled
o
d isqual i f ied
from
represent ing
the
Agency
and
the
City,
its
officers,
directors,
e m p l o y e e s
o
agents
in
connection
with
any
d i spu te
o
litigation
which
may
arise
out
of
o
in
connection
with
this
Agreement
o
the
transaCtions
con temp la ted
by
the
Escrowed
Documents
as
a
result
of
Escrow
Agent
acting
as
Escrow
Agent
under
this
Agreement .
and
RDP
waives
any
claim
of
o
right
to
assert
a
conflict
of
interest
arising
out
of
o
in
connection
with
the
foregoing.
10
oices
h e n e v e r
it
is
r ov ided
h e r e i n
that
notice,
d e m a n d ,
request,
c o n s e n t ,
a p p r o v a l
o
ohe
o m m u n i c a t i o n
s h a l l
o
a y
be
i v e n
to
o
e r v e d
upo~
n y
o
the
P a r t i e s ,
o
h e n e v e r
a n y
o
the
arties
d e s i r e s
to
ive
o
serve
u p o n
the
ther
any
notice,
d e m a n d ,
request,
consent,
p p r o v a l
o
ohe
o m m u n i c a t i o n
wth
espect
hereto,
each
such
notice,
d e m a n d ,
request,
consent,
p p r o v a l
o
ohe
o m m u n i c a t i o n
s h a l l
be
in
r i t i n g
and
s h a l l
be
f f e c t i v e
foany
u r p o s e
o n l y
if
i v e n
o
e r v e d
b y (
a
e r t i f i e d
o
e g i s t e r e d
U .
S
al,
postage
prepaid,
return
receipt
r e q u e s t e d , (
b
e r s o n a l
d e l i v e r y
w i t h
a
igned
r e c e i p t
or (
c)
a
recogn i zed
national
courier
service,
d d r e s s e d
as
f o l l o w s :
If
to
RDP:
RDP
Royal
Palm
Hoe
Limited
Partnership
701
Brickel l
Avenue
S u i t e
2040
i a m i ,
FL
3131
A t t e n t i o n :
R.
D o n a h u e
P e e b l e s
with
a
opy
to
DPRoya
Palm
Hoe
L i m i t e d
P a r t n e r s h i p
2600
Virginia
A v e n u e ,
N
W
u i t e
6 0 6
Washinf[
on
C
20037
Atn
S
e w e l l ,
Execut ive
Vce
r e s i d e n t
Holland &
Knight
ll.
0 1
Brickell
A v e n u e ,
-
8/15/2019 98-22634 RESO
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If
to
the
Agency
o
the
City:
Miami
Beach
R e d e v e l o p m e n t
Agency
Executive Director
1100
o n v e n t i o n
Center
Drive
Miami
Beach,
F l o r i d a 3 3 1 3 9
with
a
copyto
Mam
Beach
R e d e v e l o p m e n t
Agency
Genea
C o u n s e l
1700
C o n v e n t i o n Center
Dive
M i a m i
B e a c h ,
F l o r i d a
3 3 1 3 9
and
to
City
o
Mam
Beach
Cty
Manager
1700
Convent ion
C e n t e r
D r i v e
M i a m i
B e a c h ,
F l o r i d a
3 3 1 3 9
wth
a
copy
to
Ctyo
iami
Beach
CtyAttorney
1700
C o n v e n t i o n
C e n t e r
Drive
M i a m i
Beach,
Florida
33139
and
with
a
opy
to
l oom
i n s k e r
800r i c k e l l
A v e n u e ,
S u i t e
1 1 0 0
Miami,
Flo r i da
33131
Ann
loe
N
i n s k e r ,
P
A
If
to
s c r o w A g e n t :
Bloom
i n s k e r
8 0 0
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8/15/2019 98-22634 RESO
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Any
such
notice
may
be
given,
in
the
manne
provided
in
this Section,
on
any
Party'
s behalf
by
its
attorneys
des i g n a ted
by
such
Party by
notice
hereunder.
Every
notice
given
hereunder
shall
be
effective on
the
date
actually
received, as
indicated
onthe
receipt
therefor,
oon
the
date
delivery
thereof is
refused
by
the
intended
recipient
thereof.
Any
Par ty
hereto
may,
by
notice
delivered
to
Escrow
Agent
and
the other Parties,
c hange
its
address for
purposes
of
this
Agreement.
11
o d i f i c a t i o n .
No
covenant,
a g r e e m e n t ,
t e r m
o
o n d i t i o n
o
ths
g r e e m e n t
s h a l l
be
hanged,
modified,
altered,
a i v e d
o
t e r m i n a t e d e x c e p t
b y
a
itten
n s t r u m e n t
o
change
m o d i f ic a t io n ,
alterat ion,
w a i v e r
o
ermination
e x e c u t e d
by
al
Parties.
Escrow
A g e n t
shall
n o tbe
b o u n d
by
any
o d i f i c a t i o n
o
ths
g r e e m e n t ,
u n l e s s
t h e r eis
e l i v e r e dto
Escrow
A g e n t
a
rtten
m o d i fi c a t io n
s i g n e d
by
al
the
a r t i e s .
No
such
o d i f i c a t i o n shal,
i t h o u t
the
witten
c o n s e n t
o
Esc row
Agent,
m o d i f y
the
r o v i s i o n s
o
the
g r e e m e n t
r e l a t i n g
to
the
dues,
b l i g a t i o n s
o
i g h t s
o
Esc row
Agent.
12.
S u c c e s s o r s .
This
A g r e e m e n t
shall
be
i n d i n g upon a n d i n u r e
to
he b e n e f i t
o
he
arties,
ther
eirs ,
x e c u t o r s
a n d
adm;
n~
os;r o v i d e d ,
however, hat
neither
ths
A g r e e m e n t
n o r
an y
o
the
i g h t s ,
interests
o
o b l i g a t i o n s h e r e u n d e r
may
e
a s s i g n e d
by
any
o
the
arties
h e r e t o
w i t h o u t
the
pro
r i t t e n c o n s e n to
the
oher
P a r t i e s .
13
o n s t r u c t i o n . T h i s
A gr e e m e n t
s h a l l
be
governed by
and
c o n s t r u e d
in
c c o r d a n c e
w i t h the
laws
of
the
State
o
l o r i d a ,
without
r e g a r d
tor i n c i p l e so
conlict
o
laws.
14. M i s c e l l a n e o u s .
The
i t l e s
tohe p a r a g r a p h s
o
e c t i o n s
o
his
A g r e e m e n t
ae
o l e l y for
theo n v e n i e n c eo
the
a r t i e s
and E s c r o w A g e n t and s h a l l
no
be
sed
to
x p l a i n ,
m o d i f y , s i m p l if y
o
id
in
the
n t e r p r e t a t i o no
the
r o v i s i o n s
o
t h i s
A g r e e m e n t .
Al
e f e r e n c e s
in
ths
A g r e e m e n t
tohe
terms
e r e i n ,
hereunder
and
o r d s
o
i m i l a r
i m p o r t
shal
e f e r
to
hs
g r e e m e n t ,
as
i s t i n g u i s h e d
from
the
a r a g r a p h
o
ec t i on
w i t h i n
which
such
term
s
o c a t e d . Ths
g r e e m e n t
may
be
x e c u t e d
in
o u n t e r p a r t s ,
e a c ho
h i c h
shall
be
d e e m e d
an
o r i g i n a l
bu
al
o
hich
together
s h a l l
r e p r e s e n t
one
n s t r u m e n t .
If
any
r o v i s i o n o
ths
greement or
the
a p p l i c a t i o n
t h e r e o f
to
n y p e r s o n
o
i r c u m s t a n c e s
is
to
a n y
e x t e n t ,
finally
d e t e r m i n e d .
by
a
o u n of
c o m p e t e n t
j u r i s d i c t i o n
to
e
invaid
an d
u n e n f o r c e a b l e ,
the
e m a i n d e r
o
ths
g r e e m e I t t ,
and
the
p p l i c a t i o n
o
uc h povson
to
e r s o n s
oi r c u m s t a n c e s o t h e r
than
t h o s e
a s to
hich
it
is
eld i n v a l i d
a n d
u n e n f o r c e a b l e ,
shall
not
be
affected t h e r e b y
and
a c h te rm
and
r o v i s i o n
of
ths
g r e e m e n t
shall
be
valid and
nforceable
toh e
f u l l e s t
extent p e r m i t t e d
by
aw.
15e t t e ro
n t e n t .
The
Leter
o
n t e n t
is
hereby
t e r m i n a t e d
except
that
ther o v i s i o n s
oa r a g r a p h
15
13
hal
survive
sad
e r m i n a t i o n
and
ae
i n c o r p o r a t e d
herein.
16
e s i m
Develo{>
m e n t
E x p e n s e
R e i m b u r s e m e n t .
The
Parties
a c k n o w l e d g e
t h a t
RDP
wll,
o
necessity,
ncu
s i g n i f i c a n t
ou-
-
o c k e t
costs
fo
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8/15/2019 98-22634 RESO
16/27
and
services
in
cannectian
with
the
d e s i g n ,
canstruction and
pe rm i tt ing
ofthe Hotel (
the
Des ign ,
Costs )
prior
to
the
cansummation
af
the
transactians
cantem pla ted
by
the
Escrowed
D o c u m e n t s .
In
cansideratian
af
the
fa rego ing ,
and
in
order
to.
insure
the
timely
consummation
of
the
transactians
c o n t e m p la te d
by
the
Escrowed
Documents,
RDP
and
the
Agency
have
a g r e e d
that
RDP' s
D e s i g n
Costs (
which
D e s i g n
Casts
incurred
by
RDP
through
the
Termination
Date
are
hereinafter
referred
to.
as
the
Tatal
D e s i g n
Casts ),
will
be
s u b j e c t
to
reimbursement,
as
follows:
If
the
Conditians
are
nat
satisfied
o
waived
by
all
Parties
by
the
Terminatian
Date
and
the
Parties
fail
to.
consummate
the
transactians
c o n t e m p la te d
by
this
Escrow
Agreement
and
the
Escrowed
Dacuments,
fer
any
reasen
ether
than
the
A g e n c y
fa i l ing
to.
acqu i re
fee
title
to.
he
Sherecrest
I m p r e v e m e n t s
Land (
i n c l u d i ng
the
ex is t i ng
leaseheld
interest
therein),
RDP
shall
bear
ene-
half (
1
2)
o
the
etal D e s i g n
C o s t s
and
the
A g e n c y
s h a l l
payto
DP
o n e -
half (
1
2
he
T e t a l
D e s i g n
Cests. (
bu
in
no
e v e n t
more
than $
300,
000),
o
later
t h a n
f i f t e e n
15)
days
fter
the
l a t e r
e(
i)
he
e r m i n a t i e n
D a t e
and (
i)
u b m i s s i o n
by
RDP
to
he
ge ncy
o
ritten
d o c u m e n t a t i a n
v e r i f y i n g
that
such
Total
De s i gn
C a s t s
have
been
i n c u r r e d .
Toa
D es i g n
C o s t s
shall
net
i nc lude
a n y
menes
s pen t
by
RDP
er
RDP'
s
r e d e c e s s e r
pr ier
to .
June
6,
996
an d
shall
n e t
include
any
menies
spent
by
RD P
a
D P '
s
r ed eces s e r s
tewards
depes i ts
r e l a t i n gtohe
p u r c h a s e
a
he
S h e r e c I e S t
Hee.
7.
Entire
A2'
e m e n t .
Ths
A g r e e m e n t
and
he
A d d e n d u m
to
scrow
A g r e e m e n t
of
e v e n
date
between
the
parties
h e r e t o
centains
al
e
the
r a m i s e s ,
a g r e e m e n t s ,
c o n d i t i o n s ,
i n d u c e m e n t s
and
u n d e r s t a n d i n g s
between
the
Parties
and
here
re
no
ther
p r e m i s e s ,
a g r e e m e n t s ,
cond i t iens,
u n d e r s t a n d i n g s ,
i n d u c e m e n t s ,
warnm t i e s
er
r e p r e s e n t a t i e n s ,
a r a l
e
witten,
x p r e s s e
implied,
between
hem
r e l a t i n g
to
he
s c r e w
a
the
s c r e w e d
D o c u m e n t s .
E X E C U T I O N
IN
I T N E S S
W H E R E O F ,
the
Parties,
n t e n d i n g
to.
be
l e g a l l y
b e u n d ,
have
e x e c u t e d
ths
c o r e e m e n t
as
a
he
da
and
y e a r
first
above
witten
W I T N E S S E S :
MAM
E A C H
R E D E V E L O P M E N T
AGENCY
By
Seymour
Gelber
C h a i r m a n
ate
A P P R O V E D
AS
10F O R M &A N G U A G e
F O R
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8/15/2019 98-22634 RESO
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WITNESSES:
A P P R O V E D
AS
TO
fORM &
L A N G U A G E
FOR
E X E C u n O N
4t,'
fiiL
I~~
f)
WITNESSES:
A
1lEST:
By:
Roben
Parcher
Secretary
Date:
CITY
OF
MIAMI
BEACH,
FLORIDA
By:
S e y m o u r
Gelber
Mayor
Date:
SEAL)
ATTEST:
B y:
Robert
Parcher
Ci~
Clerk
Date:
RDP
ROYAL
PALM
HOTEL
LIMITED
PARTNERSHIP,
a
Florida
limited
par tDerSh ip
By.:
P
ADC
Hosp i ta l i t y
Corporation
I,
Florida
corporation,
General
Partner
By:
Name:
R.
Donahue
Peebles
Title:
PresideDl
Date:
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8/15/2019 98-22634 RESO
18/27
BLOOM &
MINSKER
The
u n d e r s i g n e d
agrees
to
act
as Escrow
A g e n t
under
the
terms
and conditions
of
th is
o.
A g r e e m e n t
and is
execut ing
this
Agreement
so le ly
for
such
purpose.
By:
Ioel N.
Minsker,
P.
A.
By:
Name:
loel
N.
Mnsker
Title:
President
Date:
10
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8/15/2019 98-22634 RESO
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Exhibit
A
List
ofEscrowed Documents
1
g r e e m e n toease
e t w e e n
the
g e n c y ,
as
w n e r ,
and
R D P ,
as
e n a n t (
the
r o u n d
Lease ).
2
oe
Development
A g r e e m e n t
between
the
Agency,
as
O w n e r ,
an d
RDP,
s
D e v e l o p e r (
the
HDA )
3
arage
E a s e m e n t
A g r e e m e n t
b e t w e e n
the
g e n c y ,
asG r a n t o r ,
and
DP,
as
Ganee(
the
GEA )
4
o n v e n t i o n
C e n t e r
A g r e e m e n t b e t w een
the City, as
Owner,
and
R D P ,
as
oe
O w n e r .
s.
o mp le t i o n
Guarantee
f r o m R
o n a h u e
P e e b l e s ,
as
G u a r a n t o r ,
to
the
Agency
and
heCi ty .
6
peca
Warranty
D e e d
fo
x i s t i n g
i m p r o v e m e n t S ,
b e t w e e n the
g e n c y ,
as
Gano,n d
RDP
s
Gamee
7
e c l a r a t i o n
of o v e n a n t s
an d
R e s t r i c t io n s
byh e
Agem;
y
s
w n e r .
8
C C -
l
Financing
Statement
between
RDP
and
the
gency.
9
g e n c y .
C O D S t t U c t a
A g r e e m e n t
b e t w e e n
RDP
efferson
Paza,
Ltd,he
Cty
and
the
10anagement
Agreement
b e t w e e n RDP,
as
Hoe
w n e r ,
and
Holiday
H o s p i t a l i t y
C o r p O r a t i o n ,
as
Hotel
M a n a g e r .
11
t t o r n m e n t
A~
nt
b e t w e e n
the
-
8/15/2019 98-22634 RESO
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Exhibit
B
Conditions
1
he
ttlea t t e r s as tothee a s e
and
the
Garage
Easement
A g r e e m e n t
shall
n o t
be
varied
o d i f i e d
o
d d e d
to
in
any
manne
whatsoever.
T o w a r d
that end,
the
g e n c y
and
the
City
will
no
e r m i t
o
suffer
any
encumbrance,
m o r t g a g e ,
p l e d g e
o
y p o t h e c a t i o n
of
its
n t e r e s t
in
he
ands
wh i c h
are
the
u b j e c tohose
two
documents.
o t w i t h s t a n d i n g
the
o r e g o i n g ,
wth
e s p e c t
to
the
GEA,
the
g e n c y and
the
City
s h a l l
be
e r m i t t e d
to
m o r t g a g e ,
p l e d g e
o
y p o t h e c a t e
ther
i n t e r e s t
inhelandh i c h
is
the
u b j e c t othe
E A
an d
to
gran
a s e m e n t s
and
eases
thereon
p r o v i d e dsad
n s t r u m e n t s
do
no
d v e r s e l y
a f f e c t
the
a s e m e n t
andrights
g r a n t e d
to
RDP
u r s u a n t to
the
E A
and
r o v i de d f u r t h e r
that
any
such
o r t g a g e ,
p l e d g e
o
y p o t h e c a t i o n
is
u b o r d i n a t e to
the
r i g h t s
o
DPu n d e r
the
GEA.
2DP
shal a v e
executed
ao m m i a n e n t
fo
a
lIStm o r t g a g e
c o n s o :
uction
loan
from
C a p i t a l B a n k
and
c o m m i a n e n t
fo
e r m ane n t
m o r t g a g e
f i na nc i ng . f rom
GMAC,
on
term
and
o n d i t i o n s s a t i s f a c t o r y
to
DP; r o v i d e d
that
said
term
nd c o n d i t i o n s
ae
no
a t e r i a l l y
different
thanh o s e
c o n t a i n e d
in
hose
ertain c o m m i a n e n t
letters
from
Capi tal
Bank
dated
O c t o b e r
2
997
and
f rom
GMAC
dated O c t o b e r
15,
1997nd
p r o v i d e d
f u r t h e r
that said
c o m m i t m e n t s
are in
ful
orce an d
efec
and
ae
o n s i s t e n t
with
the
e v e l o p m e n t
B u d g e t c o n t a i n e d
in
he
DA.Each
o
the
c o m m i t m e n t s
s h a l l
not
contain
any
c o n d i t i o n s
r e l a t i n g
to
he respective
l e n d e r s
a p p r o v i n g
theom
and
content
o
he
E s c r o w e d
Documen ts .
3he
s c r o w e d
D o c u m e n t s
and
the
i m i t ed
Partnership
A g r e e m e n t
fo
RDP Royal Palm Hotel
Limited P a r t n e r s h i p
daedc t o b e r _ ,
1 9 9 7
shal
no
a v e
b e e n r e v i s e d
without ther i o r
w r i t t e n
a g r e e m e n t
oal
the
Parties,
each
in
ts sole
and
absolute
d i s c r e t i o n .4
RDP
h a l l
present
to
and
the
g e n c y
s h a l l
have
pproved
au a r a n t e e d
m a x i m u m
price
c o n t a i n e d
ina
o n s t r u c t i o n
conract
t h a t is
in
ful
o r c e
an d
effect
fo
o n s t r u c t i o n
o
theHotel
c o n t e m p l a t e d
bythe
G r o u n d
Lease
and
he
HDA,
h i c h
a p p r o v a l
shall
n o tbe
n r e a s o n a b l y w i t h h e l d
o.elayed
if
a id
p r i c e
is
o n s i s t e n t
wi th
the
D e v e l o p m e n t B u d g e t contained in the
HDA
If
he price
e x c e e d s
the
a m o u n t
in
the
e v e l o p m e n t
B u d g e t
an d
RD P
does not
provide
a d d i t i o n a l
equity
toa k e
up
the
x c e s s , the
A g e n c y
s
pproval
shall
be
a
Agency'
s
o le
and
absolute d i s c r e t i o n .5
RDP
h a l l
deliver
u p o n
b r e a k i n g o
ths
s c r o w
the
-
8/15/2019 98-22634 RESO
21/27
ADDENDUM
TO
ESCROW
AGREEMENT
This
Addendum
to
Escrow
A g re e m e n t (
the
Addendum )
is
dated
as of .
1997
a n d
is
by
and
e t w e e n
the
iami
Beach
e d e v e l o p m e n t
A g e n c y ,
a
ublic
body
o r p o r a t e
and
p o l i t i c (
he
g e n c y ) ,
the
C i t y
o
Miami
B e a c h ,
a
Florida
municipal
c o r p o r a t i o n (
the
City ),
RDP
Royal
Palm
Hotel
Limited
P a r t n e r s h i p ,
a
lorida
limited
p a r t n e r s h i p (
RDP ) ,
and
Bloom &
i n s k e r ,
as
escrow
a g e n t (
the
E s c r o w
Agen ).
RECITALS
W H E R E A S ,
the
a n i e s
to
ths
d d e n d u m
are
a r t i e s
to
hat
certain
Escrow
A g r e e m e n t ,
a t e d
aso
the
date
hereof:
e r t a i n i n g
to
g r e e m e n t s
r e l a t i n g
to
the
wnership,
e v e l o p m e n t
and
p e r a t i o n
.
the
oyal
Pam
r owne
Paza
R e s o r t (
the
o t e l )
to
be
o c a t e d
in
the
i c i n i t y
of
15th
S t r e e t
nd
o l l i n s
A
enue,
Mami
Beach,
l o r i d a ;
and
H E R E A s ,
the
arties
w o u l d l i ke
to
u p p l e m e n t
the
e r m s
o
the
Escrow
A g r e e m e n t
with
hs
A d d e n d u m .
NOW
l I E R E F O B E ,
in
x c h a n g e
for
the
mutual
promises
c o n t a i n e d
h e r e i n ,
and
other
o o d
and
valuable
c o n s i d e r a t i o n ,
the
e c e i p t
and
d e q u a c y
o
hich
are
hereby
conclusively
c k n o w l e d g e d ,
the
ar t i es
a g r e e
as
folows:
1
E C I T A L S .
The
bove
recitals
are
true
nd
c o r r e c t
and
re
i n c o r p o r a t e d
as
a
art
ths
d d e n d u m .
2
R A T I F I C A T I O N .
T h e
Escrow
A g r e e m e n t
is
hereby
r a t i f i e d
and
x c e p t
as
o d i f i e d
o
s u p p l e m e n t e d
by
ths
Addendum,
remains
u n c h a n g e d .
3
E E I N E D
TERMS.
A n y
dened
e r m s ,
d e n o t e d
by
api tal izat ion,
used
in
hs
A d d e n d u m
and
not
defined
herein,
a v e
the
def i n i t i o ns
gven
in
the
s c r o w
Agreement.
4.
I N C O R P O R A T I O N :
C O N F L I C t : .
This
Addendum
is
n c o r p o r a t e d
nto
the
s c r o w
A g r e e m e n t .
In
he
v e n t
o
a
o n f l i c t
b e t w e e n
the
s c r o w
Agreement
and
ths
d d e n d u m ,
ths
d d e n d u m
g o v e r n s .
5
E L E A S E .
RDP
a c k n o w l e d g e s ,
and
shal
cause
R D P
oyal
Pam
otel
Limited
C o m p a n y
and
D P
S h o r e c r e s t
H o t e l
Limited
C o m p a n y
c o l l e c t i v e l y ,
the
Affil iates )
o
a c J m o w l e d g e , (
i)
hatthe
A g e n c y
is
a t tem p t ing
to
btain
title
to
the
p r o p e r t y
c o m m o n l y
k n o w n
as
he
h o r e c r e s t
Hotel,
having
a
street
a d d r e s s
o
5 3 5
C o l l i n s
Avenue,
i a m i
e a c h ,
Florida,
n c l u d i n g
but
not
limited
to
h e
ground
lessor
an d
the
ground
lessee'
s
n t e r e s t s
pertaining
to
h e
S h o r e c r e s t
H o t e l (
c o l l e c t i v e l y ,
the
h o r e c r e s r ) ,
and(
)
tha
h e
Agency
has
iled
eminent
d o m a i n
p r o c e e d i n g s
in
o n n e c t i o n
therewith.
D P
agrees,
and
shal
ca us e
the
f f i l i a t e s
to
agree ,
that
neither
R D P
nor
the
ff i l iates
have
any
object ion
to
he
Agency
a c q u i r i n g
the
h o r e c r e s t
t h r o u g h
eminent
domain
p ro c e e d i n g s .
a
e t t l e m e n t
o
uch
e m i n e n t
domain
proceedings
a
urchase
and
s a l e
contract,
o t w i t h s t a n d i n g
that
the
f f i l i a t e s
may
be
parties
to
certain
c o n t r a c t s
to
cquire
the
Sho recres t
R D P
agrees,
an d
shal
c a u s e
the
f f i l i a t e s
to
a g r e e ,
to
r e l e a s e
the
A g e n c y
and
-
8/15/2019 98-22634 RESO
22/27
i n c l u d i ng
but
not
limited
to
as a
result
of
tortious
interference
claims,
incurred
in
connection
with
he
A g e n c y '
s
o
the
City
s
attempts
to
acqu i r e
the
Shorecrest
through
eminent
domain
proceedings,
settlement
of
such
eminent
domain
p r oc e e d i ng s
o
a
pu r c hase
and
sale
contract.
6
O N D m O N
OF
S C R O W .
Tbe
art ies
agree
that
the
c q u i s i ti o n (
the"
c q u i s i t i o n )
by
he
g e n c y
o
fee
i m p l e
title
to
the
h o r e c r e s t ,
free
and
c l e a r
of
al
e n c u m b r a n c e s (
except
hose
matters
d e s c r i b e d
in
the
r o u n d
Lease
b e t w e e n
the
g e n c y
and
RDP
e l a t i n g
to
the
o t e l )
is
n e
the
o n d i t i o n s .
In
the
vent
that
the
c q u i s i t i o n
has
no
ccurred
within
s e v e n t y -
five (
75)
ays
o
he
date
o
the
scrow
A g r e e m e n t , RDP
may,
pon
w r i tt e n
noice(
he
e r m i n a t i o n
N o t i c e )
o
he
A g e n c y ,
Cty
and
E s c r o w
Agent
as
p r o v i d e d
in
the
scrow
Agreemen t
w i t h i n
s e v e n (
7
ays
o
the
e r m i n a t i o n
Date
terminate
the
s c r o w
A g r e e m e n t .
U p o n
the
gvng
o
he
Termination
Not ice,
the
e r m i n a t i o n
Date
h a l l
be
deemed
to
ave
o c c u r r e d .
U p o n
recep
o
uch
T e r m i n a t io n
N o t i c e ,
Escrow
A g e m
is
n s t r u c t e d
to
e s t r o y
all
s i gna tu r e s
on
he
E s c r o w e d
o c u m e n t s .
The
g e n c y
s h a l l ,
w i t h i n
f i ft e e n (
IS)
ays
of
the
a t e r
o
receipt
by
the
Agency
o
he
e r m i n a t i o n
N o t i c e
a n d
the
receipt
by
the
g e n c y
from
RDP
o
r i t t e n
d o c u m e n t a t i o n
v e r i f y i n g
that
uch
Total
D e s i g n
Costs
have
b e e n
i n c u r r e d ,
pay
to
D P
one-
half
o
he
o t a l
D e s i g n
Coss
in
n
mount
no
to
e x c e e d
Seven
H u n d r e d
F i f t y
T h o u s a n d
D o l la r s ( $
5 0 ,
000).
If
RDP
als
to
gve
the
e r m i n a t i o n
N o t i c e
as
r o v i d e d
above
and
he
T e r m i n a t i o n
Date
s u b s e q u e n t l y
o c c u r s
as
a
esult
o
the
ailure
to
s a t i s f y
the
o n d i t i o n
d e s c r i b e d
in
this
S e c t i o n
6
he
g e n c y
s h a l l
pay
o
RDP
one-
half (
1
2
o
he
otal
D e s i g n
Costs (
but
in
o
vent
m o r e
than
Seven
H u n d r e d
Fifty
T h o u s a n d
D o l la r s ( $
50 ,
0 0 0
no
later
han
f i ft e e n (
1 5 )
days
a f t e r
the
a t e r
o (
i
he
T e r m i n a t i o n
Dte
and (
ii)
u b m i s s i o n
by
RDP
to
he
A g e n c y
o
wrtten
o c u m e n t a t i o n
v e r i f y i n g
that
s u c h
T o t a l
D e s i g n
C o s t s
have
b e e n
incurred.
7
C O u l S m O N .
In
he
e v e n t
hat
the
pice
tocquire
the
S h o r e c r e s t
e x c e e d s
the
a m o u n t
o
Four
Mil l ion
x
H u n d r e d
Ninety
T h o u s a n d
D o l la r s ( $
4
690,
00),
RDP
will
pay
o
the
Agency,
u p o n
s e v e n (
7
ays
ritten
notice
from
th e
A g e n c y
to
RDP,
he
a m o u n t
o
hex c e s s
up
to
One
i l l i o n Dol lars ($
1
00 ,
000).
f R D P
t a i l s
to
pay
such
m o n e y s
to
he
A g e n c y
w i t h i n
that
t ime,
the
A g e n c y
w i l l
end
N o t i c e
o
that &
t
to
the
s c r o w
Agen,
D P
and
he
Cty
and
p o n
he
Escrow
A g e n t '
s
e c e i p t
o
u c h
Notice,
the
E s c r o w
A g e n t
is
nstructed
to
d e s t r o y
he
s c r o w e d
D o c u m e n t s ,
the
E s c r o w
A g r e e m e n t
will
t e r m ina te
and
RD P
wll
o t
be
n t i t l e d
to
any
e i m b u r s e m e n t
o
otal
Design
C o s t s
from
the
A g e n c y .
In
the
vent
that
he
excess
is
more
than
ne
i l l i o n
D o l l a r s ,
the
anies,
e a c h
in
heir
soe
n d
absolute
d i s c r e t i o n ,
wll
a t t e m p t
to
e g o t i a t e
u t u a l l y
acceptable
s o l u t i o n
fo r
the
u n d i n g
shortfall.
If
o
such
o l u t i o n
is
e a c h e d
w i t h i n
tweny (
0)
ays
after
the
pice
is
e t e r m i n e d
b y
a
c o u n
o
o m p e t e n t
j u r i s d i c t i o n
in
o n n e c t i o n
w i t h
l i t i g a t i o n
o
e t t l e m e n t
o
he
p e n d i n g
e m i n e n t
do m a i n
l i t i g a t i o n ,
the
f
e n c y
wll
s e n d
Not ice
o
hat
file
to
h e
scrow
A g e m ,
RDP
and
the
Cty
nd,
upon
the
s c r o w
Agen
s
e c e i p t
f
such
ot ice,
the
s c r o w
Agem
is
n s t r u c t e d
to
e s t r o y
the
s c r o w e d
D o c u m e n t s ,
the
E s c r o w
A g r e e m e n t
wll
t e r m i n a t e
n d
the
T
e n n i n a t i o n
Date
shall
be
d e e m e d
to
ave
c c u r r e d .
The
Agency
sha l l
hen
pay
o
RDP
one-
haf
112)
o
he
Total
D e s i g n
C o s t s
but
in
o
vent
m o r ehan
S e v e n
H u n d r e d
F i f t y
T h o u s a n d
Do l la r s
7 5 0 ,
000))
no
late
han
f ifteen (
15
days
after
he
ater
o (
)
that
e r m i n a t i o n
Dte
n d (
ii)
s u b m i s s i o n
by
RDP
to
the
A g e n c y
o
written d o c u m e n t a t i o n
v e r i f y i n g
hat
s u c h
Total
D e s i g n
C O s t s
have
been
i n c u r r e d .
In
a l c u l a t i n g
the
a m o u n t
to
be
paid
byD P
tohe
g e n c y
as
i s c u s s e d
in
ths
ec t i on
7
ny
deposits
given
by
D P
o
he
f f i l i a t e s
which
-
8/15/2019 98-22634 RESO
23/27
8
E A D I N G S .
The
e a d i n g s
in
thsd d e n d u m
are
i n s e r t e d
on ly
fo
o n v e n i e n c e
and
shall
Do f f e c t
the
e a n i n g
o
n t e r p r e t a t i o n
o
anye rm
o
ths
d d e n d u m
or
o
the
Esaow
A g r e e m e n t .
IN
ITNESS
W H E R E O F .
the
arties
have
x e c u t e d
ths
d d e n d u m as
o
the
date
first
se
forth
above.
MIAMI
BEACH
E D E V E L O P M E N T
AGENCY:
W I T N E S S E S :
By .
ey m o u r
Gelber.
Chairman
A T T E S T :
By
obert
Parcher.
S e c r e t a x y
C I T Y
O
MIAMI
BEACH
W I T N E S S E S :
By
eympur
Gelber.
Mayo
A T T E S T :
By
obert
P a r c h e r .
City
Cek
P P R O V E D
AS
10
FORM &
l A N G U A G E
fORX E C u T I O N
A P P R O V E D
AS
TO
F O R M &
ANGUAGE
F O R
E X E C u n O N
i i i 4 b
I~?
~,
-
8/15/2019 98-22634 RESO
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RDP
ROYAL
PALM
HOTEL
LIMITED
P A R T N E R S H I P ,
By:
PADC
H O S P I T A L I T Y
C O R P O R A T I O N
I,
its General
Partner
W I T N E S S E S :
By:
R.
Donahue
Peeble~
President
The
u n d e r s i g n e d
is
execu t i ng
this
Addendum
s o le l y
in
its
capac i ty
as
Escrow
A g e n t .
BLOOM &.
MNSKER,
as
Escrow
Agent
By:
Joel
N.
Minsker,
P.
A
By:
Joel
N.
Minster,
P r e s i d e n t
-
8/15/2019 98-22634 RESO
25/27
FIRS-T AMENDMENT
TO ESCROW
AGREEMENT
This
FIRST
AMENDMENT TO
ESCROW
AGREEMENT
dated
as
of
the
4th
d ay
of
January,
1998,
etween MIAMI
BEACH
E D E V E L O P M E N T
A G E N C Y ,
a
ublic
body
o r p o r a t e
and
o l i t i c (
the
g e n c y ) ;
the
IT Y
OF
IAMI
B E A C H ,
aunicipal
c o r p o r a t i o n
othe
t a t eo
l o r i d a (
the
City );
RDP
ROYAL PALM
HOTEL
LMTED
A R T N E R S H I P ,
a
lorida
limted
p a r t n e r s h i p ( RDP ) ;and
LOOM &I N S K E R (
the"
E s c r o w
Agent ).
E C l T
A L S :
A
The
a r t i e s
to
his
Frs
m e n d m e n t
to
Escrow
Agreement
e x e c u t e d that
certain
Escrow
A g r e e m e n t ( the
Escrow
A g r e e m e n t )
d a t e d aso
October
21,
1997,
pursuant
to
which
c e r t a i n
d o c u m e n t s
r e l a t i n g
to
hch
he
leasing,
e v e l o p m e n t
an d
operation
o
a
o n v e n t i o n c e n t e r
hoe
o
be
const ruc ted
on
her o p e r t y c o m m o n l y
known
as
535
and
1545
Collins
Avenue,
Miami Beach,
Foida
were
s c r o w e d .
The
s c r o w A gre e m e n t
contains
an
d d e n d u m to Escrow
A g r e e m e n t
daed
as
o
c t o b e r 21,1997.he
Escrow Agreement ,
t o g e t h e r with
the
Addendum,
a r e
h e r e i n
referred
to
s
theg r e e m e n t .
B.
he
parties
w i s h
to
amend
c e r t a i n
of
the
provis ionso
the
A g r e e m e n t .
Cy
R e s o l u t i o n
a d o p t e d
January
7998,he
Agency
and
h e City
have
u t h o r i z e d and
d i r e c t e d
th e
a p p r o p r i a t e
o f f i c e r s
o
he
Agencyand
the
Cty
to
m e n d
the
g r e e m e n t as
h e r e i n a f t e r
se
oth
OW, H E R E F O R E ,in
e x c h a n g e
for
the
mua
p r o m i s e s
c o n t a i n e d
h e r e i n ,
and
t h e r
good
and
valuable
cons ide ra t i on ,the
e c e i p t
and
d e q u a c y o
whch
are
e r e b y
c o n c l u s i v e l y
a c k n o w l e d g e d , the
parties
o
his
A g r e e m e n t
a g r e eas
o l l o w s :
1
Recitals.
The
foregoing
R e c i t a l s
aeru e and
correct
and
re
n c o r p o r a t e d
h e r e i n .
2
A m e n d m e n t
to
Section
5
o
he
Escrow
A g r e e m e n t .
S e c t i o n5
o
h e
E s c r o w Agreement
is
m e n d e d
to
h a n g e the
seventy
fve(
5)day
period
c o n t a i n e d
in
the
s e c o n d lne
on
age
3othe
s c r o w
A g r e e m e n t
ton e hundred
thrty
ive (
135
ays.
3o
f u r t h e r
m o d i f i c a t i o n s .
Except
as
se
-
8/15/2019 98-22634 RESO
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IN
WITNESS
WHEREOF,
the
parties
have
executed
this
Addendum
as of
the
date
first
set
forth
above.
WITN
E S S E S :
MIAMI
BEAC~
r E L O P M E N T
AGENCY
By. .
W l l q
Neisen
Kasdin,
Chairman
0 V h d ;
vv ~ , ',[
9~
i' '
1 1
;
p-
U O l ~ . .
i~~
L
A P P R O V E D
AS
TO
FORM &
LANGUAGE
FOR
e x e U T I O N
A T T E S T :
J 4 ~
JA-
t/
1/
9?
Date
By ~
CU(
b
o b e r t
Parcher,
S e c r e t a r y
D a t e : ~
J t . / ; ,
u w ~
9
6
I if(
t:
TY
O /
JJ
I;
B E A C H ,
F L O R I D A
N e i s e n
K a s d i n ,
Mayor
ATTEST:
By: ~
r
PCU(
k
o b e r t
P a r c h e r ,
C i t y
C l e r k
Date:
d~
u
M
1,
5;/
l
b
W I T N
ESSES:
R D P
R O Y A L
P A L M H O T E L L I M I T
P A R T N E R S H I P B y :
P A D
C
H
S
P
I
TA L
-
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