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WHEREAS, pursuant to the requirementsof Section 82- 39 o he C o d eo the City,the ity obtained an ndependenta p p r a i s a lo the air market o e n t a lv a l u eo ts

property; nd W H E R E A S , on u n e22, 1999, after a uly noticed publ ichearing

hed pursuan tto e c tio n s 1 4 2-42 1 t h r o u g h142-425 o the o d eo heCty, he P l a n n i n gBoard reviewedthe p r o p o s e dp r i v a t euse o he l n wned by he Cityand onedGU g o v e r n m e n tuse district, and in o n n e c t i o nwth such r e v i e wthe l a n n i n gD e p a r t m e n tpreparedan

analys isus ingthe r i t e r iaset forth in

Sec i on 82- 38 the od e o the ty nd W H E R E A S ,theaforesa idpublic h e a r i n g son he D e v e l o p m e n tA g r e e m e n ta nd the e a s ehave been uly no t i cedand hed ndth eM a y o ra ndCityC o m m i s s i o nhereby finda nd d e t e r m i n et h a t it s n the es n t e r e s to the

Cty t nter into the evelopment A g r e e m e n tand the ease. NOW,

THEREFORE, BE IT ULY R E S O LV E DBY HE MAYOR A N DCTY

COMMISSIONO F THE CTY F MIAMI B E A C H ,F L O R I D A ,as o l l o w s :1 t is ereby d e t e r m i n e dand d e c l a r e dtha he m a t te r sse forth in he recitalsare true and

c o r r e c tand hey are he eby i n c o r p o r a t e das a rt o hs e s o l u t i o n .2The a y o rand ity C o m m i s s i o nhereby approve th eD e v e l o p m e n tA g r e e m e n ton econd r e a d i n ganda p p r o v ethe e a s e A g r e e m e n ts u b s t a n t i a l l yin the orm attached

hereto,and uthorizethe Mayor and ty C l e r kto

execute said documents. 3 his Resolut ionshall

takeeffectimmediately

u p o nitsadopt ion .PASSED and ADOPTED this

7h dayofJuly,1999

n OR AT T E S T :f t b r

A~ CITY CLERK PPROVE AS

10 fORM &

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CTY OF MAM BEACHCITY HALL 170 O N V E N T I O NC E N T E RDRIVE MIAMI BEACH,F L O R I D A3 3 1 3 9 ht tp : \ \ci. miami-b e a c h .

fl.

us

TO

FROM SUBJECT : O M M I S S I O N

M E M O R A N D U MNO 0 3 - 9Mayor e i s e nO K a s d i na n d Members

o he

Cty Cm i s s i o nDATE:

Ju ly7 99 9 Serg ioR o d r i g u e zCty a n a g e rA ESO L I F

THE A Y O RAND CTY C O M M I S S I O N O HE CTY

OF IAMI BEACH LORDA A P P R O V I N GON

S E C O N DR E A D I N G ,THE E V E L O P M E N TA G R E E M E N T ,IN C C O R D A N C EWTH

TH EQUIREMENTS OF THE L O R I D ALOCAL G O V E R N M E N TD E V E L O P M E N T

A G R E E M E N TACT, BETWEEN THE CTY F MIAMI BEACHAN DL I N C O L NPLAZAPARTNERS LLC, FO R D E V E L O P M E N TOF THE TE O C AT E D

A 7TH STREET N DLINCOLN LANE AND E F F E R S O NAND

MCHGAN A E N U E SAND A P P R O V I N GTHE EASE A G R E E M E N TBETWEEN

THE CTY F I A M IBEACH AND L I N C O L NPLA ZA A RT N E R SLLC

TO EASE SAID STE O L L O W I N GA UBLC E A R I N G

HELD IN C C O R D A N C EWITH THE R O V I S I O N SOF E C T I O N82-

3 H R O U G H 8 0

O

THE C O D EOF

T

C I T YAND P R O V I D I N GAN EFFECTIVEDATE. R E C O M M E N D AT I O N :Adopt the R e s o l u t i o n .B A C K G R O U N D :On J a n u a r y

5 9 9 8 ,the Cty o ami B e a c hi s s u e d RFP 20- 97/ 98

seeking proposals fo the e v e l o p m e n to ub l i c -P r i v a t eParking facilities. On April6 1998,proposals fr om f i ve(

5i f f e ren td e v e l o p m e n tt e a m sw e r esubmittedand

evaluatedby an

E v a l u a t i o nCommittee.On Juy15 1998 the CtyC o m m i s s i o na u t h o r i z e dn e g o t i a t i o n sc o m m e n c e

with fou ( 4

o heproposedd e v e l o p m e n t

projects as ol lows: Ste1 unicipal P a r k i n gSys temsSte

2 unicipal P a r k i n g Systems

Ste

3 arkOne

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July 7,J99

C o m m i s s i o n

M e m o r a n d u mPage 2 On S e p t e m b e r10, 1 9 9 8 ,the ity i s s u e d RFP 11197/ 8 to v a l u a t ethe f ou ( ) unicipalsurface parking los r o p o s e dfo

the d e v e l o p m e n to ubic- r i v a t ePak ng aci l i t ies .O e p t e m b e r23 9 9 8 ,the tyC o m m i s s i o n

authorizedthe Administration

to ontract with HNTBto

c o n d u c tsuchan

e v a l u a t i o no fthe roposedd e v e l o p m e n t s .On Fe bua y 3 9 9 9 ,the Cty o m m i s s i o nreferredPhase I f H N T Bs e p o r tand e c o m m e n d a t i o n s ,regarding the r o p o s e dP u b l i c -Private

D e v e l o p m e n tP r o p o s a l s , to the Fnance and i t y w i d eProjects C o m m i t t e e ,which met on ebruary25, 9 9 9 .On a r c h3 9 9 9 ,the Cty o m m i s s i o naccepted the Fnance n d Ci tywideProjectsC o m m i t t e es eportto h a s e the developmento the ro jec t sa nd directed the Administrat ionto b e g i nnegotiationsfo Site Ian ite 4 nd to egn i s c u s s i o n swth the d e v e l o p e rfor Ste 3 o tryt o rk ou he differences a nd a l l o wfo ossiblea g r e e m e n ton e r m sthat coudbe presen tedback to he Committee .To acilitatethe ego t i a t ions ,the ty

A t t o r n e ye n g a g e d the firm o loom &inskerto ssist and draft the attachedGround L e a s eA g r e e m e n tand eve lopmen tA g r e e m e n t .On M ay26, 999 , the Cty Commiss ionhed a ublichearing and approvedthe D e v e l o p m e n t greementon irst

reading for both Ste I and Ste 4. On June 22, 9 9 9 ,theproposedproject was favorablyr e v i e w e dby he City' s l ann ingB o a r d .P u r s u a n tto the provisionsoCityO r d i n a n c e92- 2783 (the h a p i r oOrdinance ),which is odified in S e c t i o n s82- 36 through 82

40 o he odeof theCty, the e a s eo ny City-o w n e dproperty fo a eriodo f i ve ears or mo e n c l u d i n go p t i o nperiods, is ubject to he f o l l o w i n gconditions:

a anning D e p a r t m e n tanalysis a public hea r ingto obtaincitizen input an advertisedpubi cbidding p r o c e s san ndependentappraisal to e te rminethe fair m ar k e t o rental v a l u eo the property

Said Ordinancefurtherp r o v i d e sthat exceptfo he ubl ichearing a n dthe lanningDepartment analysis,the bover e f e r e n c e dc o n d i t i o n smay e w a i v e dby a / 7ths voe o he City C o m m i s s i o nupona mdingtha he pub l i cinerest wou d e served b y w a i v i n gsuch ond i t ions .Apublichearing has een s c h e d u l e don ths dae nd the PlanningD e p a r t m e n tanalysis o the proposedLea se g r e e m e n tis t t a c h e dfo ity C o m m i s s i o nc o n s i d e r a t io n (

se xhbt

I) A r e v i o u s l ys ta ted ,ths ease was negotiated based po n a u b l i c l yadver t isedRFPfo h i c han p p r a i s a lhas een p r o c u r e d ;therefore no aiversae equested at thsti me. e v e l o p m e n tR e g u l a t i o n s :

In a c c o r d a n c ewth he F l o r i d aL o c a lG o v e r n m e n tDevelopmentAgreementAc, he City oM i a m iBeach n d L i n c o l nPaza Par tnersLLC,ae nteringinto a evelopmentA g r e e m e n tto address, among other things: the proposedd e v e l o p m e n ta theste the evelopmentregulations appl icable

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July7 999

C o m m i s s i o n

M e m o r a n d u mPage3

he Cty Commiss ionhas h e l dthe first o wo ubl ichearings r e q u i r e dto eneino a evelopmentA g r e e m e n t .Ths eso lu t ionwll pprove the D e v e l o p m e n tA g r e e m e n ton econd

and

final public h e a r i n g .The sub jec tCty and is r e sen t lyz o n e d G o v e r n m e n tUse( GU. Theproposed public- private developmentsr e p r e s e n tprivate o on government /p r i v a t euses in he Udistrict. P u r s u a n tto S e c t i o n142- 423 o he Cty Code, a n ysuch use equires r e v i e wby

the lanningB o a r dprior to p p r o v a lby the Cty ommission.On June 22,1999, Lncon Plaza PartnersLLC presented ther proposed deve lopmentproject to the l ann ingB o a r d ,outlining the ses and setting forth the pplicable deve lopmentregulations.ThePanning B o a r dfavorablyreviewed the r o p o s e dproject comment ingon ts f a v o r a b l el o c a t i o n

and d e q u a c yo p a r k i n gfor the public. P u r s u a n tto Sec i on 142- 425 o the

Cty ode,the City Commissionmust conf i rmthe d e v e l o p m e n tr e g u l a t i o n sthat applyas a esult of s u c hp r o p o s e dprivate or jointgovernment/ privateu se to e he average of the r equ i r emen t sin thesurrounding distr ictsas e t e r m i n e dby the l a n n i n gand o n i n gDirec tor.The lanning a ndZ o n i n gDirec to rhas determinedthat the d e v e l o p m e n tr e g u l a t i o n sfo CD 3 wll pp lyto thsste

a a iddev e op men

r e g u l a t i o n sae o n f ir m e din he Development A g r e e m e n t .C O N S U LTA N TS E C O M M E N D AT I O N :H N T Be v a l u a t e dth e proposalsa n d r ecommentha he City s h o u l dnot sell its roperty to the e v e l o p e r sa

a ny o he stes but h o u l dinsteadn e g o t i a t el eases here in : the guaran teedlease p a y m e n t ss h o u l dbe in he e i g h b o r h o o do 0% o the marketv a l u eo theCityo w n e d l a n dbasedon the ltimate z o n i n gof the property. the t e r m o h e land l e a s e sshould be

in he average o f 40 to 5 e a r sin rder to l lowthe developerto c h i e v ea e a s o n a b l eprofit and the Cty etain cont ro lo ts p r o p e r t y.the Cty h o u l dalso obtain additionalmonthlyp a y m e n t sbased o n gross r e v e n u e s (prof i tshar ing)g e n e r a t e dby h eo v e r a l ld e v e l o p m e n t .require the d e v e l o p e ra a chste to a y the Cty a u m psum a m o u n tfor th eestimated o actual

l osses

in parking r e v e n u ed u r i n gthe ime the ste is inoperablefor parking. APPRAISALST heappraisalso the u b lic - P riv ateP a r k i n gprojectswere c o m p l e t e don a r c h19, 999, by J B l h a l e &Associa tesI nc,

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July7999

C o m m i s s i o n

M e m o r a n d u mPage 4 Site 1 chiganSite 2 ite 3 ite 4:

Washington17

S. enox &17 St.

Collins & 10 S. & 16 S. A p p r a i s e dValue: $5 70, 000 $ 280 000 $ 2 00, 000 $ 3 00, 000 Highest &es t

Use @ 315 99 r o p o s e d

Less t han

h i g h e s t

T B DLess ha n h i g h e s t Site has imitationsD e v e l o p m e n t :and bes use nd best u s eaffecting abi l i tyto evelop the i g h e s ta nd best use without addi t ionalland.As reported on pril 281999, t a ffprepared

aprojectedpro jec tc a s h f l o wanalysis

irderto e c o n c i l ethe far marke v a l u eand

the annua ren a y a b l eto he City, based upon the proposed v a l u ein use.ANALYSIS: Based on the c o n s u l t a n trecommendat ionsand based on the p p r a i s a l ss u b m i t t e d ,th dministrat ionhas c o n d u c t e dnego t i a t ionsfo three 3 of the four ( 4

pro jec t sa prioritized by he Ci tyC o m m i s s i o n . (e g o t i a t i o n sfo Ste 2 ll o m m e n c eupon o m p l e t i o no e g o t i a t i o n swith the r o p o s e r son Site 1 it e3 nd Site 4 fso

directed by he Cty C o m m i s s i o n . )The ecommendednegotiated

terms o he proposedproject

ae elineated below. ddi t iona lt enns e g o t i a t e d

snce the firspubl ichearing hed

on May

26 ae in odfo

y o u reasy

r e f e r e n c e .T E R M S :

Lincoln Plaza

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July7 999

C o m m i s s i o n

M e m o r a n d u mPage ease

Term:C o m m e n c e m e n tDae

F e eupon

Execution: o n s t r u c t i o n /P e r m i t t i n g :P r e l i m i n a r yPa ns and

Spees: DRBIHP

Application: Building

Per mt : ons t ruc t ion

C o m p l e t i o n :P o s s e s s i o n

Date: S e c u r i t yDepost :Rent duringPossession Date

thru Const ruc t ionP e r i o d :Base Rent

a elay

Date:Delay

Date: CO Dae

Base Rent A d j u s t m e n t s :50 years

wth 2 0-

year ex tens iono p t i o n sA g r e e m e n te x e c u t i o ndate .50 ,000 ( h isfee re o u p sthe ity' s out o pocket c o s t s and epresents

the up- fron fee whi lethe e v e l o p e ro b t a i n spermitsa n d approvalspri o to o s s e s s i o ndate. ity cont inues

to pera tesurface parking

lots duringths period.) ubject to n a v o i d a b l ed e l a y s .No ater than 24 weeks f romc o m m e n c e m e n tdate. No laterthan8 eeks from approvalo reliminary pans

a nd spees a p p r o v a l s .No ater th n 2

weeks from D R B I H Pappr ova No later than 2 yearsf rom P o s s e s s i o ndate One year from commencementdae r ivateland isdeeded to ity a

this t i me ith a e v e r t e rin he event constructiondoes otc o m m e n c e .Upon p o s s e s s i o n ,one year

o base r en twill be provided as secu r i tydeposi tunil CO dae 75,

O O O /a n n u a 1 l yThis fee represents the i ty 's r o j e c t e dlosso f r e v e n u eon the st e W re requir ingd e v e l o p e r stocompensateCty

for this loss during construction, es t imatedtolast

2 e a r sfrom p o s s e s s i o ndate.) 250, 000 fo ease years

1 ncreasing to$ 0 0 , 000 fo lease years60 a r l i e ro CO a teo

2 e a r sfrom p o s s e s s i o ndate no u b j e c tto unavoidabled e l a y s . (Onthis dae a se Rent commenceswhet her o

no o n s t r u c t i o nis ompleted . )Earlier of date upon w h i c hTCO/ CO is o b t a i n e dor2

y e a r sfrom p o s s e s s i o ndae ubject to navoidabledelays. B a s e

rent will be d j u s t e da he end o the

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July7 99

C o m m i s s i o n

MemorandumPage6 ercentageRen : s a ercentage

o gr oss

r evenues ) :Re p p r a i s a l s :

Real Estate

Taxes

Par ki ng Rates:

Subordination:

Prohibi tedU s e s :C o n d o m i n i u m :At th eearl iero ( i) sale o th e project or (i i ) e g i n n i n gin ear 9 nd every ease Ye a r

thereafter,p e r c e n t a g eren o 2. 5 f gr oss evenueswll

be c a l c u l a t e din additionto ba se ent. Only in LeaseYe a r9 ercentage ren will be ayable ,in qual installmen

over ten ears, in e a s eYears II h r o u g h

Lease Year 20 Beginning in e a s eYe a r10, nd everyy e a rt h e r e a f t e r , p e r c e n t a g er e n twll be uea n d p a y a b l ea the endof e a c hyear, i. . 5%

fgross r e v e n u e s ,p a y a b l ein he

fi rs

s ix ty (60 ays o II. ease Year a n de v e r y

year t h e r e a f t e r.If e v e l o p e rexercises e x t e n s i o noptions, th e land wllbe e- appraised, a s e dupon the erms se forth in

the e a s eA g r e e m e n t ,to d e t e r m i n eth e

new baser e n t

based upon the value inuse n the 49th year and 69th year.The Base

Ren wll never be l ess han th eprioryear s a se

ren. ncluded a nd defined as A d d i t i o n a lRent in he e v e n ttaxesare abated, a ivedo x e m p t e d .If a x e s are e d u c e das aresult o

declinein roperty values in he area, this p r o v i s i o nwill noapply. G a r a g eparking rates sh al no be ess thanth eCty/ gency rates o ore than c o m p a r a b l egarage

parkingrates c h a r g e din iami-D a d eCoun y.

S t a n d a r drates will app y during pecial e v e n t sand may

no e i n c r e a s e d .Cty g r e e sto u b o r d i n a t ep e r c e n t a g er en t todeb ervice paymentson firs mortgage, u tnot baser en. If a oreclosure occurs ,to he e x t e n tc a s h f t o wis no vailable,

percentage rent wll e a s e until t r a n s f e r e ehas iv eyears tostabilize o p e r a t i o n s .unlawful/ illegal b u s i n e s s e so ny

use whichis ublic n u i s a n c etat oo arlors,psych ics ,palm and taro cad eaders ody p ie rc ingshops o gambling cas ino

fo ny use nvolvingowner sh p t ructures u c has im eshare, cooperative,etc . D e v e l o p e rmay create a c o n d o m i n i u mwith a

maximumo 3 ni t s ,c o n s i s t i n go n office unit, a e t a i lunit and ar age unit, subject to the Cty's r e v i e wand approval o he Condomin iu mD e c l a r a t i o n

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July 7,J99

C o m m i s s i o n

emor ndumP a g e7 ale/ Ref inanc ing :D e v e l o p e rh a s the right to ell project,subject to certaincriteria (

i. urchaserms a v e a

min imumo $ 0 illion in equity, rack r e co r d ,no

l i t igationwi thCty, ec), Rgh o First R e f u s a l :CitylDeveloperhas the i g h tofi rst efusalto urchaseo t h e r 's

i nees in the remises.E n v i r o n m e n t a lM a t t e r s :Propertyis leased s is nddeveloper

i esponsible fo r r emed ia t ionF i n a n c i a l

R e t u r nto he i ty:T he f i n a n c i a lreturn to the Cty cons i s t so ent ( as e r en, e r c e n t a g erentand d d i t i o n a lrent),rea s ta tetaxes ( he property is urrently tax x e m p t )and add i t iona lprivate l andthat

wll r e v e r tto the it yat the termination o the ease.Addi t iona l ly,the ro jec twll provide a p p r o x i m a t e l y4 4 9net new a r k i n gs p a c e sin he rea a n d wll provide new Class A fficespace ,fo hich there is a emand, h a t wll a t t rac tprivate corporat ionsto nchor andrevitalize the ity center.Such i n v e s t m e n tserves s a atalyst and erpetuatesa strong

e c o n o m i ci m p a c tfo u community.n 1 ;The n e g o t i a t e dterms r e p r e s e n ta far arket r e t u r non the appraisedv a l u eo heland in he fom o a s eren n d percen tage rent.In ddition, o the $ 50 00fee upon execut ion o the Agreement and the r e n to $ 1 5, 000/ year du r ingcons t ruc t ionbase ren in the m o u n to 50, 000/ year wll e due a n dp a y a b l etwo y e a r safter

possession.The base ren escalates to $ 300, 000/ year a the end o the 5th l easeyear, hereaf te r,e s c a l a t i o n sto ase ren occur every

5e a r s .T he toa b a s er e n tp a y m e n t so v e rthe

fi rst 25 years, otal $8 4 million.P e r c e n t a g eR e n tcommencesat the earlier o a sale o

the project o uringthe th l e a s eyear and is s t i m a t e dto t oa $ . 6 i l l ionover the25 ea r term.T h eterms p r o v i d ea e t u r nto the it ythat wou d enable the Developertos t a b i l i z ethe projecta nd allow the Cty o eg into art icipatein e r c e n t a g e (2 %o gross r evenues ,during the th Lease Year.Based upon a 5 year op e ra t i n gproforma fo he project,the ggregateCty eturn over the first 25 ea r period totals $11

4 illion. The e v e l o p e r 's g g r e g a t er e t u r nduring his same p e r i o d ,totals $50 illion. (Note:T h i sr e tu rnis calculated over 25 y e a r sand n o tover the 90 year l ease erm.) The e a s eA g r e e m e n tfurther p r o v i d e sth ny a b a t e m e n tor waiver o rea esta tetaxes wll be aid as" d d i t i o n a lRent tothe C i t yin he even h a t tax e x e m p t i o n sare granted fo he land and mprovements.Thel and is u r r e n t l ytax x e m p tbut non- pubi c uses on m u n i c i p a lland are subject to d valoremtaxes p u r s u a n tt tate

Statute.Ths g r e e m e n t

provides that any c h a n g ein aw wouldrequire the e v e l o p e rto ay an m o u n te q u a lto he Cityand Countyt a x e sin he formo Additional Rent. Real Estate Taxes Additionally, the Cty wllbenefitfrom the pro jec t eda n n u a l reale s t a t etaxes that wll e paid o the ity. It

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July7 999

C o m m i s s i o n

M e m o r a n d u m Page 8 nd $112, 1 3 wll represent the o u n t ys annua n c r e m e n tpayable to th eR e d e v e l o p m e n tT r u s tF u n d ,as resut of the p r o p e r t y 's l ocat ion in he CityC e n t e rRedeve lopmen tDistr ict .In FY 2023 the ity wll no o n g e rb e n e f i tfrom the o u n t yi n c r e m e n tdue to the

expiration o he tem f the RedevelopmentDistrict. T ax p a y m e n t sto he Cty ove he first25 ea er iodare e s t i m a t e dto

total 7i l l ion ,inclusive of the County increment. L a n dContributionThe e v e l o p e ris also contributing

a p p r o x i m a t e l y14, 000 s of additionall a n dto the agg rega t eproject. This land will be d e e d e dto theCty po n p o s s e s s i o nda t ea nd will become pat f the premises tha e v e r tto

the Cty pon terminationo the Lea se g r e e m e n t . (See Exhib i t 2 ale. ss ignment .T ransfer &ublettingT he Lease A g r e e m e n tprovidesthat Ctyconsent will be equ i redin the event of asae s s i g n m e n t ,t r a n s f e ro u b l e a s eto a

Pe rmi t t edBuyer , if h ePermittedBuyerdoes no meet certainc r i t e r i a .The e r m i tt e dB u y e ris eal e s t a t einves tor,pension f und o evelopera nd the

criteriase fo th in he e a s e A g r e e m e n tconsists o he following:M u s tm e e tm i n i m u mequt yr e q u i r e m e n to$ 20 illionMust no be o w n e dby a fo r e ign i n s t r u m e n t a l i t yHas ot been in l i t igat ionwth he City over the as t 7 years Canno beowned

by an n d i v i d u a lwhohas een c o n v i c t e dor isunder i n d i c t m e n tfo rfelonies H a s no filed fob a n k r u p t c ydu r ingth e past 7 ears Must h a v e a m i n i m u mo 5 years o p e r a t i n ghistoryM u s tno e an dvocate o a v e as ts stated purpose:r e s i s t a n c eaga ins t the U S overnment; o genocide, v i o l e n c e ,

har ed

o nimosi tyt o w a r dp e r s o n sbased on ace e l i g i o n ,creed, sexual o r i e n t a t i o no a t iona lorigin.

R E C O M M E N D AT I O N :Please note tha the t tachedD e v e l o p m e n tA g r e e m e n ta n d

Lease h a v eb e e nr ed I i nedto howc h a n g e sf r o mthe o c u m e n t spresented a he a y26h meet ingo f the Cty o m m i s s i o nin rder to expeditey o u rreview. Deleted mater ia lis i nd i ca t edby a srike h r o u g h ,and inserted t e x tis i n d i c a t e dby o u b l eunderlining.A l e a ncopy o he d o c u m e n t shas

b e e nprovidedt he City Clerk fo inc lus ionin he f f i c i a lrecods o heCty. I s r e c o m m e n d e dthat the ayor and

City C o m m i s s i o napprovethe e v e l o p m e n t Agreemen ta nd L e a s e A g r e e m e n tand

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SCHEDULE TO FINANCINGSTATEMENT

1 uilding Equipment d e s c r i b e das

f o l l o w s :alnstallations

incorporatedin o c a t e dat o t tachedto nd u s e d

o sab lein the perat iono, r in O I U l e c t i o nwith,the r e m i s e sand shal i n c l u d e ,bu shall no t be i m i t e dto achinery,apparatus,devices, motors, engines, dyna mos ompres so r s ,pumps, oilersand burners,heating,lighting, plumbing, entilating,ar ool ingan dar onditioninge q u i p m e n t ;chutes, ducts,pipes, tanks, fittings,c o n d u i t sand wring; ncineratingequipment; elevators, s c a l a t o r sandhos s a s h r o o mtoiletand avatory plumbing equipment;windowwashing h o i s t sand q u i p m e n t ;and al ddi t ionso e p l a c e m e n t sthereof, excluding, h o w e v e r ,any roperty whichis o w n e dbysubtenants , l icensees oncessionaires o contrac tors (x c e p tto the e x t e n ta n yo the o r e g o i n gae ffiliateso eb to r )and xcludingfurniture, f ixturesand q u i p m e n tu s e din the peration, a n a g e m e n tand aintenanceo the

Premises. 2 eserve A c c o u n tdescribed

as follows: tha specific a c c o u n tdes igna tedas he e s e r v eAccountas moe ul lydesc r ibedin tha e r t a i nA g r e e m e n toLea se

d e s c r i b e dhereinbelow.3 Al roduc t sand P r o c e e d s

from i tems 1 nd 2 ny e f e r e n c eto he r e m i s e smeans th e Land e s c r i b e don xhibitAa t t a c h e dhereto and m a d ea at ereof and he I m p r o v e m e n t sthereonwhich includea Garage,off icebuildingand etailspaceto e constructed on he Land in ccordancewth tha e r t a inA g r e e mof Lease between the ity o iami Beach, loridaand LincolnPlaza Partners LLC ndan u i ld ings (i nc lud ingfooi ngs and oundat ionsand other improvements ,a p p u r t e n a n c e so every kindand e s c r i p t i o nnow x i s t i ngo e r e a f t e re r e c te d , c o n s t r u c t e d ,o placed u p o nthe and (w h e t h e rt e m p o r a r yor permanent), nd any nd al lterationsand replacements thereof,

additions theretoan dsubstitutionst h e r e f o r.F\ M I N S K E R \C. M. B i ch ipn- U t I C l )ln aza\Sehtduleto

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13/16

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14/16

8/15/2019 99-23236 RESO

15/16

SCHEDULE TO FINANCING STATEMENT

1 uilding Equipment d e s c r i b e das

f o l l o w s :alnstallations

incorporatedin o c a t e dat o t t achedto nd u s e d

o sab lein the perat iono, r in o n n e c t i o nwith,the r e m i s e sand shal i n c l u d e ,bu shall no t be i m i t e dto achinery,apparatus, devices, motors, engines, dyna mos ompresso r s ,pwnps, oilersand burners,heating, lighting, plwnbing, ent i la t ing,ar oolingandar onditioninge q u i p m e n t ;chutes, ducts,pipes, tanks, fittings,c o n d u i t sand wring; ncineratingequipment; elevators, s c a l a t o r sandhos s a s h r o o m ,toiletand avatory plwnbing equipment;windowwashing h o i s t sand q u i p m e n t ;a n d al d d i t i o n so e p l a c e m e n t sthereof, excluding, h o w e v e r ,any roperty whichis o w n e dbysubtenants , l i censees oncess ionai res o contrac tors (x c e p tto the e x t e n ta n yo the o r e g o i n gae ffiliateso eb to r )and xcludingfurniture, f ix turesand q u i p m e n tu s e din the peration, a n a g e m e n tand a in tenanceo the

Premises.2. Resen c c o u n tdescribed

as follows: tha specific a c c o u n tdes igna t edas he e s e r v eAccount

as mor e ul lyd e s c r i b e din tha e r t a i nA g r e e m e n toLea se

d e s c r i b e dhereinbelow.3 Al roduc t sand P r o c e e d s

fromi tems 1 a nd 2 ny e f e r e n c eto the r e m i s e smeans th e Land escribed on xhibitAa t t a c h edhereto and m a d ea at ereof and h eI m p r o v e m e n t sthereonwhich i n c ludea Garage,off icebu i ld ingand etail spaceto e constructed on he Land in ccordancewth tha e r t a i nA g r e e mof Lease between the ity o iami Beach, loridaand LincolnPlaza Partners LLC ndan u i ld ings (i n c l u d i n gfooi ngs and oundat ionsand ther improvemen t s ,a p p u r t e n a n c e so every kindand escription now xis t ingo e r e a f t e re r e c t e d ,c o n s t r u c t e d ,o placed u p o nthe and (w h e t h e rt e m p o r a r yor permanent), nd any nd al lterationsand replacements thereof,

additions theretoan dsubstitutionstherefor.F\ M I N S K E R \ C M B ich iSIn .Linoolll Paza\ c l l e d u l e

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