07) garage easement agreement
TRANSCRIPT
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8/15/2019 07) Garage Easement Agreement
1/74
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8/15/2019 07) Garage Easement Agreement
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It:
tBlmnrm
TABLE
OF
CONTENTS
RECITALS
0
1
EFINITIONS .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2R A N T
O F
E A S E M . . . . . . .. . . . . . .. . . . . . .. . . . . .. . . . . . .
8
3.
T E R M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
4
USE
FEE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
a
cd
e
Use
Fee..............................
9
acil i ty
UsagePaymen ......... . . . . . . . . . . . . . . . . . . . . ..
9
M in im u m
Facility
U s a g e
Payment . . . . . . . . . . . . . . . . . . . . . .1
oss
P a r k i n g
R e v e n u e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 0 P a y m e n t
Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
10
5.
GARAGE
O P E R A T I O N S . . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . .
11
arage
Operator ....................................
1
b)
Garage M a n a g e m e n t
Agre em en t. . . . . . . . . . . . . . . . . . . . . . . .1
ci a b i l i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12d
Ho urs
and
Security. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
12e
t a n d a r d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 2 1B
R e d e v e l o p m e n t ,
Inc
a r a g e
Easemen t
A g r e e m e n t . . . . . .
12
g
Manner
o
Providing P r i o r i t y
Use
o
Parking S p a c e s . . . .. . . ..12
USE
O F G A R A G E . . .. . . . . . . .. . . . . . .. . . . . . . .. . . . . . .. . . . . . .
1 2a
r a n t e e
Ue .............................
2
b
O w n e r
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m:
1 8 1 7 f 1 U O O 4
d
M a i n t e n a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
e)
E qu ipm en t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 4
f)
e p a i r s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
g
S u b s t i t u t e
Parkng. . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
h
R e q u i r e m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
ilterations.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
6
j
e i g h t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
8
INANCIAL
R E P O R T S AND RE CO RD S . . . . . . . . . . . . . . . . . . . . . . .
1 6
a
Books
and
ecords. . . . . . . . . . . . . . . . . . . . . . .
1 6b
Aud
R e s u l t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
c
G r o s s
Parknge v e n u e s S t a t e m e n t s . . . . . . . . . . . . . . . . . . . ..
17 durvival.. . . . . . . . . . . . . .~. . . . . . . . . . . . . . . . . . . . . . . . . . . ..
1 8
9
E F A U L T . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . .
18
a
ran tee
D e f a u l t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
b
T e r m i n a t i o n o
ease. .................................
18c
wner D e f a u l t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18
d
i g h t
to
P e r f o r m
the
O t h e r Party'
s
C o v e n a n t s . . . . . . . . . . . . . .
19
e)
Cross-
D e f a u l t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20
1 0 .
N O T I C E AND
I G H T
TO
CURE
GRANTEE'
S
E F A U L T S . . . .. . . . .
21
aotice.. . . . . . . . . . .
21
b
u re
Rgh. .... . . . . . . . . . . . .
2 1
c
c c e p t a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
d)
P a y m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
e
P r i o r i t y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
22
f)
o
S u r r e n d e r
or
Modification ...........................
211
A C I L I T Y
M O R T G A G E S ; N O T I C E
A N D R I G H T
TO
C U R E S U C C E S S O R
O W N E R 'S
D E F A U L T S . . . . . . . . . . . . . . . . . . . . . . . . .
23
a
i g h t
to
M o r t g a g e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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B f ~ :
I B I 7 0 m
0 8 5
i)
0)
k )
I)
m
r a n t e e '
s
Self-Help
Rghts . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
6
Application
o
Proceeds
f r o m
Insurance
o
C ond emna t i on
A w a r d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26
Appearance
a
o n d e m n a t i o n
P r o c e e d i n g s . . . . . . . . . . . . . . . .
26
Rghts
L i m i t e d
to
a c i l i t y
M ortga ge e s. . . . . . . .. . . . . . .. . . . . .
6
Faclity
Mortgagee
sssgnmen
R i g h t s . . . . . . . . . . . . . . . . . . .27
2.
DAMAGE,
D E S T R U C T I O N
AND
E S T O R A T I O N . . . . . . . . . . . . . . . .
28
a)
Noce
o
Ganee . . . . . . . . . . . . . . . . . . . . . .
8
b) O b l i g a t i o n
to
Restore .................................
8
c
o m m e n c e m e n t
of Construction
Work. . . . . . . . . . . . . . . . . . ..
8
d
f f e c t of
Casualtyon
ths
A g r e e m e n t . . . . . . . . . . . . . . . . . . . . .
2
e
R e s t o r a t i o n
Funds
w i t h respecttoSuccessor
Owner .......
2 9
13
O N D E M N A T I O N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
a
S u b s t a n t i a l
T a k i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30
)
efinitions.. . . . . . . . . . . . . . . . . . . . . . . . . . .. . .1
c) Less
han
a
S u b s t a n t i a l T a k i n g . . . . . . . . . . . . . . . . . . . . . . . . .31
d) Obligationto
Restore
the
G a r a g e . . . . . . . . . . . . . . . . . . . . . . . .
32
e
C o m m e n c e m e n t
o
onstruction
W o r k . . . . . . . . . . . . . . . . . . . .
32
f)
e m p o r a r y
Takng...................................
2
g) Intention
o
Parties ............... . . . . . . . . . . . . . . . .
2
h)estorat ion
F u n d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
14
N S U R A N C E R E Q U I R E M E N T S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34
)
Liability
I n s u r a n c e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
34)roperty
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
3 5
c
t h e r
Insurance .....................................
5
d
C o n s t r u c t i o n Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36
e) G e n e r a l
P r o v i s i o n s
A p p l i c a b l e
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b)
c)
d)
e)
B f ~ :
r S I 7 Q r H 0 6 6
E f f e c t i v e n e s s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
41
References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
41
f f e c t
o
r a n t i n g
o
a i l u r eto
an
p p r o v a l so
Consents ..
41
S t a n d a r d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 1
17 .
L I A B I L I T Y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
42
a)
b
d
)
f)
i m i t a t i o n on
L i a b i l i t y
o
wner
a n dthe
i t y . . . . . . . . .. . . . . .
42
w n e r
E x c u l p a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
42
o
Waiver
o
Limitation
on
L i a b i l i t y . . . . . . . . . . . . . . . . . . . . . .
42
imitation
on
anee
L i a b i l i t y . . . . . . . . . . . . . . . . . . . . . . . . . .
42
r a n t e e
Exculpation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
3
N o
Punitive
D a m a g e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
1 8 .
H A Z A R D O U S
MATERALS.................................
3
a
seo
H a z a r d o u s
Materias . . . . . . . . . . . . . . . . . . . . . . . . . . ..
4 3
b
o m p l i an ce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
c
n d e m n i f i c a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
d
S u r v i v a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
43
9.
I N D E M N I F I C A T I O N
A N D
D E F E N S E
OF
L A I M . . . . .. . . . .. . . . .. .
43
a
Indemnification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
3
b
o n t r a c t u a l
Lia bil i ty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..4
cefense
o
Cam
Ec ......................
5
d
otification
and Payment ................. . . . . . . . . . . . ..
45
e
urvival. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
6
20
I N V A L I D I T Y
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B f ~ :
1 8 1 7 0 r f f
1087
27E R M S DEFINED
IN
ANOTHER
A G R E E M E N T . . . . . .. . . . . . .. . . .
47
2 8 .
R E F E R E N C E S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
7a
C a p t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
47
able
of
Con tents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
c
e f e r e n c e
toPaty.... . . . . . . . . . .
48
d) Agencys
and
Cty
s
Governmental
Capacty ...............
48 e f e r e n c e
to
e r e i n ,
h e r e u n d e r , ec . . . . . . .
8
29
REMEDIES
CUMULATIVE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
48
0.
E R F O R M A N C E AT
EACH
PARTYS
SOLE
COST
AND
EXPENSE . . . . . . . . . . . . . . . . . .~. . . . . . . . . . . . . . . . . . . . . . . . . . . ..
8
31
ORPORATE
O BLIG ATIO NS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
482 .
N O N L l A B I L l T Y
O F
OFFICIALS
AND
E M P L O Y E E S . . . . . . . . . . . . . .9
33O N F L I C T
OF
I N T E R E S T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4934
IM E
P E R IO D S . . . .. . . . .. . . .. . . . .. . . .. . . . .. . . .. . . . .. . . .. .0
35.
N F L A T I O N
A D J U S T M E N T . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50
36.A T E
C H A R G E S . . . . . . . . . .. . . . . .. . . . .. . . . .. . . . . .. . . . .. . . .
50
E X H I B I T S Exhibit
Ax h i b i t
Bxhibit
1
x h i b i t
2
x h i b i t
5
Exhibit
5
e)
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f r k 1 6 \
m~\
0 B
GARAGE
EASEMENT
AGREEMENT
THIS
GARAGE EASEMENT
AGREEMENT (
the "
Agreement')
is
made
and
entered
into as
of
the ~
day
of
kt '
1 9 9 8
by
ande t w e e n
RDP
Royal
Palm
Hote
Limited
P a r t n e r s h i p ,
a
lorida
Imted
p a r t n e r s h i p ,
its
u c c e s s o r s
a n d /
o
assigns G r a n t e e ) ,andthe
iami
Beach
e d e v e l o p m e n t
A g e n c y (
the
g e n c y ) ,
a
lorida
public body
o r p o r a t e
and
politic, a n d
its
u c c e s s o r s
a n d /
o
assgns.
R E C I T A L S
A
The
g e n c y and
rantee haven t e r e d
intotha
certan
g r e e m e n t
o
L e a s e
the
e a s e )
ovendae
herewith,
u r s u a n tto
which,
m o n g
other
things, r a n t e e
has
g r e e dtown
and
p e r a t e
airstcass
o n v e n t i o n c e n t e r
hotel ( the o t e l )
in
a c c o r d a n c e
with
the
erms t h e r e o f on
the and
e s c r i b e d
t h e r e i n (
he"rantee
Lan d ) ,
n das
more
particularly
d e s c r i b e d
onx h i b i tAt t a c h e d
h e r e t o
and
n c o r p o r a t e d
h e r e i n ;
and
the
g e n c y
has
g r e e d
to
a u s e
theo n s t r u c t i o n of
the
a c i l i t y (
asereinafter
d e f i n e d ) . B
The
g e n c y
an dS.
oritz
Hote l
C o r p . ,a
orida
c o r p o r a t i o n (
S M H C ) ,
haven t e r e d
into
tha
certain Garage
evelopment
A g r e e m e n t (
the
Garage
D e v e l o p m e n t
Agreement ' ) ,
u r s u a n t
to
hich
S M H C
has
g r e e d
to
e v e l o p
on
the
g e n c y 's
e h a l f
a
a c i l i t y (
theacility )
o n t a i n i n g
au n i c i p a l parking
g a r a g e
and
p p u r t e n a n c e s
containing
a p p r o x i m a t e l y
eght
u n d r e d
and
three (
803)
a r k i n g
spaces (
the
Garage")
and
certain
retail
space (
the
etail
S p a c e )
l o c a t e din
an
a r e a
bounded
by a s h i n g t o n
and
o l l i n s
A v e n u e s
in
h e
p r o x i m i t y
o
6th
S t r e e t ,
Cty
o
Mam
B e a c h ,
M e t r o p o l i t a n
Dade
C o u n t y ,
Florida,
as
oe
a r t i c u l a r l y
d e s cr i be d
o n
ExhibitB
t t a c h e d
hereto
andn c o r p o r a t e d herein (
t h e
L a n d ) .
C
no n n e c t i o n
wth
h e
o p e r a t i o nothe
ote,
r a n t e e
r e q u i r e s
th e
use
o
a r k i n g s p a c e s
a
th e
G a r a g e .
D
he
g e n c y
desires
to
rant
Grantee
an
a s e m e n t over
the
Land
and
thea c i l i t y (o t h e r than
the
e t a i l
Space) n
order
to
provide
to
Grantee
such
p a r k i n g spaces
and
c c e s s ,
ingress
a n d
egress
forpedestrian
and
e h i c u l a r
passage
and
traffic
upon
a n d s u b j e c t
to
heterms
and
o n d i t i o n s
c o n t a i n e d herenO W , THEREFORE,
in
c o n s i d e r a t i o n
o
he
p a y m e n t often ($
10
00
o l l a r s ,
the
utua
c o v e n a n t s
and
p a y m e n t s
h e r e i n a f t e r
set
forth,
and
ohe
ood
and
a l u a b l e
consideration,
th e
receipt and
s u f f i c i e n c y
o
h i c h
are
hereby
a c k n o w l e d g e d ,
th e
p a r t i e s
hereto
intending
to
e
legally
bound
g r e e as
follows:
1.
E F I N I T I O N S .
Fo
l
purposeso
h is
A g r e e m e n t ,
theerms
defined
in
ths
Section
1hal l have
the
o l l o w i n g
r n e a n i n g s
and
the
other
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f~:
1 8 1 7 0 r ~
I
089f f i l i a t e
shal m e a n ,
wth
e s p e c t
to
any
P e r s o n ,
any
otherP e r s o n
that,
d i r e c t l y
o
ndirect ly,
th rough on e
ome
n t e r m e d i a r i e s , c o n t r o l s or
is
c o n t r o l l e d
by,
or
is
undecommon
c o n t r o l
with,such P e r s o n . For
the
urposes h e r e o f ,
the
term
control (
i n c l u d i n g
the
terms
o n t r o l l e d
by
andunde
c o m m o n c o n t r o l with )
shal m e a n
the
o s s e s s i o n
of
a
ontrol l ing
Interest.
Bui ld ing Index
has
thee a n i n g
p r o v i d e d
in
Section
14a s u a l t y R e s t o r a t i o n
has
h e
meaning
in
ection
12.
City"
e a n s
the
Cty
of Miami
Beach,
a
Fodau n i c i p a l
c o r p o r a t i o n .
C o m m e n c e m e n t
Datehas
h e
meaning
provded
in
e c t i o n
3
C o n d e m n a t i o n
R e s t o r a t i o n
has
the
ean ing
ine c t i o n
13
o n s t r u c t i o n
P l a n s
has
the
meaning
provided
in
he
arage D e v e l o p m e n t
A g r e e m e n t .
C o n t r o l l i n g
Interest'
m e a n s
th e o w n e r s h i p
o
greater
than
0 % of
theo t i n g o w n e r s h i p
interests
in
a
e r s o n
or the
o w n e r s h i p
o
r e a t e r
than
5 0 %
o
h e votes n e c e s s a r y
toeeca
ajority
ohe
B o a r d
o
Directors
ot h e r
g o v e r n i n g
body
of
such
Person.
D a t e
o
Taking
has the
meaning prov ided
in
Section
1
esignee"
has the
meaning
provided
in S e c t i o n
11
evelopment
Drawings"
hashe m e a n i n g
provided
in
h e
Garage
D e v e l o p m e n t
A g r e e m e n t .
Easement' has
the
e a n i n g
p r o v i d e din
e c t i o n
2
quity
I n t e r e s t '
m e a n s ,
w i t h
respect toany
enity (
)
the
egal (
t h e r than
as
a
o m i n e e )o
b e n e f i c i a l
o w n e r s h i po
o u t s t a n d i n g
v o t i n g or
non-
voting
t o c k osuch
enity
ifu c h
e n t i t y
is
a
b u s i n e s s
c o r p o r a t i o n ,
a
eal
e s t a t e
i n v e s t m e n t
trust
or
a
similar
e n t i t y , (
2
the
ega (
o t h e r
than
as
ao m i n e e )
oeneficial
ownership of a n y
partnership.
m e m b e r s h i p
o
ther
voting
o
on -voting
o w n e r s h i p
i n t e r e s t
in
aa r t n e r s h i p ,
j o in t
v e n t u r e ,
limited
l i a b i l i t y
company
o
s i m i l a r entity, (
3
ae g a l (
o t h e r than
a s
a
n o m i n e e )
or b e n e f i c i a l vot ingo
non-
voting
interest
ina
trust
ifuch
e n t i t y is
a
trust
n d (
4
n y
other
voting
-
8/15/2019 07) Garage Easement Agreement
9/74
1 8 1 7 0 r n ,
090
Excess
Parking
Spaces shal
m e a nthe
u m b e r
o
arking
S p a c e s
in
the
Facil i ty
e q u a l to
the
x c e s s ,
if
n y ,
of (
x)hetoa
u m b e r
o
arking
S p a c e s
in
the
acility
o v e r
y)heu m
of
the
arking
S p a c e s
wth
e s p e c ttoh i c h
MB
e d e v e l o p m e n t , Inc.
and
r a n t e e
aen t i t l e dto
ave
P r i o r i t y
Use
n d e r the
MB
e d e v e l o p m e n t ,
Inc
Garage
Easement
A g r e e m e n t
and
thsgreement,
r e s p e c t i v e l y ,
as
each
g r e e m e n t
m a y
bem e n d e d a n d
to
thex t e n t
each
g r e e m e n t is
in
efect.
E x c e s s
Usage
Payment A m o u n t
has
the
eaning
p r o v i d e d
in
Section
4
a c i l i t y
hasthe
e a n i n g p r o v i d e din
the
ecitals.Facility
U s a g e
P a y m e n t
has
the
e a n i n g
provided
in
ection
a c i l i t y
M o r t g a g e
m e a n s
a
o r t g a g e (
i)
t h a t
ished
by
a
e r s o n (
other
h a n
an
Afiliaeo
a
u c c e s s o r
Owner,
except
as
r o v i d e d
b e l o w )
whch
is
a n
I n s t i t u t i o n a l
Lender,
ii)
hich e x p r e s s l y
p r o v i d e s
that
it
isu b j e c t and
subordinate
toh e
E a s e m e n t
and
othe
terms
of
this A g r e e m e n t , (
Iii)
h a t
is
n
r inc ipa l a m o u n t
not more
than
the
hen
F a c i l i t y P e r m i t t e d D e b t
and
v)
h o t o s t a t i c
c o p y
o
h i c h
iso l l o w i n g
the
e x e c u t i o n
and
e l i v e r y
thereof,
d e l i v e r e d
to
r a n t e e ,
together
w i t h
cert if ication
by
w n e r
confirming
that
t h e p h o t o s t a t i c copy
is
rue
copy
o
h e
Mortgage
a n d
a
c e r t i f i c a t i o n
b
the
Facility
M o r t g a g e e t h e r e u n d e r
c o n f i r m i n g
the
address
o
u c h
Facility
Mortgagee
fo
otices.
o t w i t h s t a n d i n g
a n y t h i n g
c o n t a i n e d
herein
tothe
o n t r a r y ,
an
Afiliate
o
a
u c c e s s o r
O w n e r
m a y
be
parto
a
e n d i n g
group const i tu t ing
aa c i l i t y
M o r t g a g e e
for
so
ongs
such A f f il ia t e (
i)oes
not
o w n
more
than
a
oty-
nne (9% )e r c e n t
b e n e f i c i a l
i n t e r e s t
in
the
debt
hed
by
such
F a c i l i t y
Mortgagee
with
r e s p e c t
to
wnero
th e
F a c i l i t y
P r e m i s e s
and (
ii)
is
ot
the
e ad
l e n d e r
o
gent
fo
he
e n d i n g
g r o u p .
G r a n t e e
shall,
within
ten (
1 0 )
days
ater
receipt
of
Faclity
o r t g a g e ,
e x e c u t e
an
i n s t r u m e n t
a c k n o w l e d g i n g
suchreceipt
o
uch Facility M o r t g a g e ;
provided, o w e v e r ,
tha
r a n t e e '
s
alure
to
e x e c u t e
such an
i n s t r u m e n t
s h a l l
no
f f e c t
the
status
o
a l i d i t y
o
the
a c i l i t y
M o r t g a g e
o
the
rights
o
he
a c i l i t y
M o r t g a g e e .
F a c i l i t y
M o r t g a g e e
means
theolder
o
aa c i l i t y
M o r tg a g e ;
provided, o w e v e r ,
that
aa c i l i t y Mortg a g ee
m a yno
be
n
Affiliate
of
O w n e r (
except
ifw n e r
is
an
f f i l i a t e
o
aa c i l i t y
M o r t g a g e e
thaa s c a u s e d
the
a c i l i t y P r e m i s e s
toe
t r a n s f e r r e d
tosuch
Afiliate
n
lieu
othe
o r e c l o s u r eo
the
acility
Mortgage
o
uch
F a c i l i t y
M o r t g a g e e ) .
Facility
P e r m i t t e d
D e b t
has
the
eaning provided
in
e c t i o n
11
a c i l i t y
P r e m i s e s m e a n s ,
c o l l e c t i v e l y ,
the
Facility and
h e
Land
Fiscal
Year
sha
e a n
a
w e l ve (
12)
o n t h
period
-
8/15/2019 07) Garage Easement Agreement
10/74
m :
1 8 1 7 O f G l 0 9 1
Foreclosure Transfer
has
the
meaning p r o v i d e d
in Section
11
oreclosure
T r a n s f e r e e
has
the
e a n i n g
p r o v i d e d
in
Section
11.
a r a g e
has
the
e a n i n g
p r o v i d e d
in
the
Rectas.
Garage
e v e l o p m e n t
A g r e e m e n t
has
the
e a n i n g
p r o v i d e d
in
theRectas.Garage
M a n a g e m e n t A g r e e m e n t
hasthe
e a n i n g
provided
in
ection
5a r a g e
O p e r a to r
has
h e
meaning
p r o v i d e d
in
ect ion5
DP
Implicit
Price
Def la tor
I nd ex
meansthe
m p l i c i t
price
deflator
index
for
gross
o m e s t i c
p r o d u c t
a s
p u b l i s h e d
b
h e
U
S
D e p a r t m e n t
oo m m e r ce (1987 =
100o
anyuccessor ndexh e r e t o , a p p r o p r i a t e l y a d j us ted . G o v e r n m e n t a l
Author i t i es m e a n s
the
n i t e d
States
of
A m e r i c a ,
the
tate
o
l o r i d a ,
the
i t y ,
M e t r o p o l i t a n
Dade
o u n t y ,
the
A g e n c y (
in
ts
o v e m m e n t a l
as
opposed
to
roprietary capaci ty)
and
any
g e n c y ,
d e p a r t m e n t ,
commission,
board, u r e a u ,
i n s t r u m e n t a l i t y
or
political s u b d i v i s i o n (
i n c l u d i n g
a n y
c o u n t y
o
istrict)
o
n y
o
he
f o r e g o i n g ,now
xis t ing
o
e r e a f t e r
created,
h a v i n g
j u r i s d i c t i o n o v e r
Owner
ove r
ounder
the
a c i l i t y
P r e m i s e s
o
ny
portion
h e r e o fo
any
t r e e t ,
road ,
v e n u e
or
i d e w a l k
c o m p r i s i n g apart
o,
o
n
front
o,h e F a c i l i t y
Premises,
or
any
vauin
o
nder
the
Facility
Premises,
o
rspace
over
the
Facility
Premises.
G r a n t e e
I n d e m n i f i e d
Parties
shal
mean
Grantee
and
its
irectors,
of f i cers ,
shareholders,
empoyees
s u c c e s s o r s ,
assigns,
subtenants,
agens,
o n t r a c t o r s ,
subcontractors,
experts,
l i censees,
e s s e e s , m o r t g a g e e s ,
jon
enturers,
e m b e r s ,
par tne rs
of
aar t ne rsh ip
c o n s t i t u t i n g
a
partner
oGrantee,
trustees,
a r t n e r s , p r i n c i p a l s , i n v i t e e s and
f f i l i a t e s .
Grantee'
s
lien
sha
have
the
m e a n i n g
in
ection
9.
r a n t e e
and
has
the
eaning
p r o v i d e d
in
the
ecitals.
G r o s s
Parking
Revenues
has
the
eaning
p r o v i d e d in
Section
4
r o s s
Parking
R e v e n u e s
S t a t e m e n t
has
the
eaning
p r o v i d e d in
ection
8
Hoe
has
hee a n i n g
provided
in
the
Recitals.
Hote D e v e l o p m e n t A g r e e m e n t m e a n s
that
certainHote
D e v e l o p m e n t
A g r e e m e n t
e n t e r e d
ino
on
the
dae
ereo
between
the
Agency
a n d G r a n t e e
r e g a r d i n g
-
8/15/2019 07) Garage Easement Agreement
11/74
fr~:
1 8 1 7 Q r C l 0 9 Z H o t e l
M a n a g e m e n t
Agreement"
means
a
r i t t e n a g r e e m e n t
between
Granteeandotel
M a n a g e r
pursuant
to
h i c h Hotel
M a n a g e r
has
g r e e d
to
a n a g e
and
p e r a t e
the
o t e l
in
c c o r d a n c e wth
he
t e r m s
thereof,
and
ny
r e p l a c e m e n t s , substitutions,
restatements
o
o d i f i c a t i o n s thereo.
Hote
Manager
means
Holiday
H o s p i t a l i t y
Corporation,
a
e l a w a r e
corporation,
engaged
by
r a n t e e
to
a n a g e
and
p e r a t e
the
o t e l ,
on y
s u c c e s s o r ,
substituteos s i g n
t h e r e o f
p e r m i t t e d
by
h e
t e r m so
h e L e a s e .
Hotel
Op eni ng
Date
e a n s the
a te on
h i c h the
o t e l
is
p e n e d
to
he p u b l i c
fo
b u s i n e s sin
c c o r d a n c ewth
he
H o t e l
M a n a g e m e n t
Agreement,bu
ot la ter
than
thea te
that
is
h i r t y (
30)
d a y s
following
the
date
of Substantial
C o m p l e t i o n
of the
Hotel as
thatterm
is defined
in
the
Hotel
Development Agreement.
Institutional
Lender
means
a Person
which, at
the
time it becomes an
Institutional
Lender,
is
a
state
or
federally
chartered
savings
bank,
s a v i n g s
and
loan
association,
credit
union,
commercial
bank
ortrust
company
or
a
f or e ig n b a n kin g
institution
in each case
whether
acting
individually
or
in
a
fiduciary
or
representative (
such asan
agency)
capacity);
an
insurance
company organ ized
and
existing
under the laws
of
the
United
Statesor
any
state
thereof
or
a
foreign
insurance
company (
in each casewhether
acting
individually
or in a
fiduciary
or
representative (
such as an
agency) capacity);
an
institutional investor
such
as
a
publicly
held
real estate
investment
trust,
an
entity
that
qua l i f i es
asa REMIC"
under the
Code
or
other
publ ic
or
pr ivate
investment
entity (
in each
case
whether
a c t ing
as
pr inc ipal
or
agent);
a
brokerage
orinvestment
b a n k i n g
organization
in
each
case
whether
ac t i n g
individually
or
in a
fiduciary
or
representative (
such
asan
agency)
capacity)
as
principal
or
agent);
an
employees'
welfare, benefit,
pension
or
retirement fund;
an institutional
leasing
company;
a
financing
subsidiary
ordivision of
a
New York
Stock
E x c h a n g e
listed
company;
any govemmental agency
or
entity
insured
by
a
govemmental
agency
or
any
combination
of
Institutional
Lenders;
provided
that each
of
the above
entities
shall
qualify
asan
Institutional
Lender
only
if (atthe time it becomesan
Institutional Lender)
it
shall (
y)
have assets
of not
less
than $
100
0 0 ,
000d j u s t e d
fo r
i n f l a t i o n
and (z
noe
an
Affiliate
o
the
Agency
o
n y
S u c c e s s o r
Owner (
it
e in g further
a g r e e d that none
of
the
t a n d a r d s
set
foth
inh is
definition
s h a l l
be
p p l i c a b l e toa r t i c i p a n t s
or
co-
I e n d e r sin
o a n
secured
by
M o r t g a g e
w h i c h
is
hed
by
an
I n s t i t u t i o n a l
Lender (
h e t h e r a c t i n g
i n d i v i d u a l l y
o
n
a
i d u c i a r y
or r e p r e s e n t a t i v e (
such
as
n
gency)
capacty).
The
erm "nst i tu t ional L e n d e r ason c l u d e s an
Afiliate
o
n
Institutional
L e n d e r
as
described
in
his
p a r a g r a p h .
Land
shal
have
h e m e a n i n g
provided
in
the
e c i t a l s .
Late
Charge
Rateh a l l
m e a n i n t e r e s t
a
ate
equal to
th e
lesser
o (
i)
ou
e r c e n t (4%
er
annum
in
x c e s s
ofthe
prime
rate
ine f f ec t f r o m tme
to
im e
aCitibank,
NA(
he
C h a s e M a n h a t t a n
B a n k , N A ,
if
i t i b a n k ,NAsha
-
8/15/2019 07) Garage Easement Agreement
12/74
t~:
1 8 1 7 Q r c
I
0 9 3
a
r ime ra te ;or
the
r ime
r a t e
o
any
major
banking
i n s t i t u t i o n
dong
u s i n e s sin
ew
York
C i ty ,as
s e l e c t e d
by
w n e r ,ifo n e of
thef o r e m e n t i o n e d
b a n k s
s h a l l be
inx i s t e n c e
ohave
s t a b l i s h e d
a
r ime
rate), n d (
)he
a x i m u m
i n t e r e s t
rae
e r m i t t e d
by
law
e a s e
has
the
e a n i n g
p r o v i d e d
in
the
R e c i t a l s .
MB
e d e v e l o p m e n t ,
Inc"
e a n s
MB
e d e v e l o p m e n t ,
I n c . ,
a
orida
c o r p o r a t i o n ,
its
u c c e s s o r s a n d /
o
a s s i g n s .
MB
e d e v e l o p m e n t ,
Inc
arage
Easement
Agreement" means
tha
certain
Garage
Easement
A g r e e m e n t ,as
s a m e
m a ybe
m e n d e d , d a t e d
as
o
S e p t e m b e r
201996by
and
e t w e e n
the
Agency
nd
MB
e d e v e l o p m e n t ,
Inc.,
re la t ing
to
the
acility
P r e m i s e s . Mortgage"
e a n s
any
m o r t g a g e
o
e e d
of
trus,
and
al
extensons spreaders,
spitters,
onsolidations,
r e s t a t e m e n t s ,
replacements,
m o d i f i c a t i o n s
and
amendments t h e r e o f ,
that
c o n s t i t u t e s
a
ien o n
al
r
a
portion
ohe
F a c i l i t y
P r e m i s e s
and
n y s e c u r i t y
interest
in
or s s i g n m e n t
ohe
rents,
ssues
o
p r o f i t s
reated
thereto.
Net I n s u r a n c e
Proc eeds
a s
the
m e a n i n gine c t i o n12e w
T e n a n t '
s
ocuments
h a s
the
m e a n i n g
p r o v i d e d
n
the
Lease.N o t i c : ;
e
hal
h a v ethe
meaning
p r o v i d e d
in
ection
16.
Not ice
oa c i l i t y
Failure
to
u r e
has
the
e a n i n g
provided
in Sect ion
11
ot ice of
Failure
toCure
shalhavehe
m e a n i n g
in
e c t i o n
10.
O w n e r
m e a n s
the
g e n c y (
or
the
i t y ,
or
any
i n s t r u m e n t a l i t y
of
the
A g e n c y
o
the
Cy
fheit y or
anyu c h i n s t r u m e n t a l i t y
sha
succeed
to
h e i n t e r e s t
o
he
g e n c y
h e r e u n d e r ) ,
actingin
ts
p r o p r i e t a r y
capacity,
or
any
S u c c e s s o r
O w n e r , and
any
a s s i g n e e
o
the
gency (
o
he City,
or
a n y
i n s t r u m e n t a l i t y
ofthe
A g e n c y
o
the
Cty
fhe
it y
orany
u c h
i n s t r u m e n t a l i t y
shall
succeed
to
the
ineresto
he
A g e n c y h e r e u n d e r )
or
any
S u c c e s s o r
Ownerots
interest
in
he
Facility
P r e m i s e s
and
t h i s
A g r e e m e n t ,
from
nd
ater
the
a t eohe
s s i g n m e n to
transfer
p u r s u a n t
toh i c h
such
interests
w e r e
assigned
o
ransferred
to
uch a s s i g n e e
o
r a n s f e r e e .
Owner
I n d e m n i f i e d
P a r t i e s shall
meano l l e c t i v e l y ,
the A g e n c y ,
the
ty
ny
S u c c e s s o r
Owner
and
her
respective
e l e c t e d
and
p p o i n t e d officials (
n c l u d i n g ,
without
l im i t a t i o n ,
the
A g e n c y '
s
C h a i r m a n
and
M e r n b e r s
and
he
Ctys
ayoand
Cty
o m m i s s i o n e r s ) ,
drecos,
officials, of f i cers ,
shareholders,
members,
artners,
employees,
successors,
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8/15/2019 07) Garage Easement Agreement
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S I 7 0 p n
1 0 9 4
mortgagees,
trustees,
joint
venturers,
partners,
partners
of a
partnership
constituting
a
partner
of
theowner
ofthe
Facility,
trustees,
principals,
invitees
and Affiliates.
Owner
Indemnified
Party"
shall
mean
any
ofthe
foregoing.
Parking
Space"
has
the
meaning p r o v i d e d
in Section
2
artial
T a k i n g has
the
e a n i n gin
Secton
13
e r m i t t e d U s e r s
has
the
e a n i n g
provided
in
ection2
erson
means
an
n d i v i d u a l ,
corporation, p a r t n e r s h i p ,
joint
venture,
limited
liability
company,
limited
liability
partnership,
estae
rust, u n i n c o r p o r a t e d
a s s o c i a t i o n o
other
entity;
any
e d e r a l ,
statecouny
or
m u n i c i p a l
t I o v e r n m e n t
o
any
bureau
e p a r t m e n t ,
political
subdivision
o
a g e n c y thereof;
and
a n y f i d u c i a r y
acting
in
such
c a p a c i t y
on
e h a l f
of
any
o
he
f o r e g o i n g . P r i o r i t y
Use" efers
to
h e sole use
o
one
o
o r e
P a r k i n g
S p a c e s
in
h e G a r a g e , subject
to
the
terms
o
ths
A g r e e m e n t
or,
h e r e
applicable
to
MB.
e d e v e l o p m e n t ,
Inc.,
sUbject
to
the
t e r m s
o
he
MB
edevelopment ,
nc
Garage
Easement
Agreement.
Project
A g r e e m e n t s
means
those
c e r t a i n
a g r e e m e n t s ,
d a t e d
as
othe
ae
e r e o f ,
b e t w e e n
G r a n t e e
and
the A g e n c y
and/
othety,
and
h i c h ae
listed
on E x h i b i t1hich
is
a ~
ched
heretoand
n c o r p o r a t e d
heren R e c o g n i z e d
A c c o u n t i n g
Frmmeans
Ernst &Young/
K e n n e t h
Leventhal;
Coopers &
LybrandArthur
A n d e r s e n ;
Price
W a t e r h o u s e ;
Deloitte &
ouche;
K P M G Peat
M a r w i c k ;
P a n n e l l ,
Ker&
Foster;
or
any
s u c c e s s o r e n t i t y
o
ny
o
theoregoingo
ny
ohe
ational certified
p u b l i c a c c o u n t a n t s m u t u a l ly acceptable
towner
and
G r a n t e e .
R e c o g n i z e d
M o r t g a g e
a s
the
m e a n i n g
provided
in
he L e a s e .
R e c o g n i z e d Mortgagee
a s the m e an i n g
provided
in
he
e a s e .
R e c o g n i z e d
Mortgagee
D e s i g n e e
h a s
the
m e a n i n g
provided
to the term
Designee
in
he
ease.e c o g n i z e d M o r t g a g e e
F o r e c l o s u r e
Transferee
h a s
the
m e a n i n g
povded
to
h e t e r m
F o r e c l o s u r e
Transferee
in
he
L e a s e .
R e p l a c e m e n t
Value
a s
the
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8/15/2019 07) Garage Easement Agreement
14/74
f~ :
1 8 1 7 (
J ~
I
95
m e n t
m e a n s : (
i)n y
and
al
aws,
rues
r e g u l a t i o n s ,
constitutions,
orders
rd inances ,
char te rs ,
statutes,
codes, x e c u t i v e
orders
n d
r e q u i r e m e n t s
o
al
o v e r n m e n t a l Authorities
having
j u r i s d i c t i o n
over
O w n e r
and/
o
hea c i l i t y
P r e m i s e s
o
ny
stree,o a d ,
avenue
o
i d e w a l k
c o m p r i s i n g
a
a rt
o,
r
lying
in
f ront
o,
the
a c i l i t y
P r e m i s e s
o
n y
v a u l t
in
r
under
the
acility
Premises (
including,
w i t h o u t
l i m i t a t i o n ,
any
o
he
o r e g o i n g
reaing
to
a n d i c a p p e d
access
or
parking,
theu i l d i n g Code
of
the City
and
the
aws,
ules,
regulations,
orders,
o r d i n a n c e s ,
s t a t u t e s ,
codes
n d
r e q u i r e m e n t so
ny
a p p l i c a b l e
Fre
a t i n g B u r e a u
o
other
bodyexercising
s i m i l a r
f u n c t i o n s ) ; (
ii)
he t e m p o r a r y
and
o
e r m a n e n t
certificate
or
certificates
oc c u p a n c y
i s s u e d
fo
the
a c i l i t y P r e m i s e s
a s then in
o r c e ;
and (
iii)
n y
and
al
provisons
a n d
r e q u i r e m e n t so
any
r o p e r t y , casualty
o
other
insurance
p o l i c y
r e q u i r e dto
be
carried
by
w n e r
under
ths
A g r e e m e n t .
Retai l S p a c e
hasthe
e a n i n g p r o v i d e din
thee c i t a l s .
S M H C
has
the
e a n i n g p r o v i d e d
in
the
Recitals.
S u b s t i t u t e
S p a c e s
has
the
e a n i n g provided
in
ection
7
uccessor
O w n e r
shal
m e a n
an
owner
ohe F a c i l i t y
P r e m i s e s
that
is
ot
the
A g e n c y ,
the
Cty
r any
i n s t r u m e n t a l it y
o
the
A g e n c y
o
heCity.
Term'
has
h e
meaning
provided
in
e c t i o n3
ota
T a k i n g has
the
ea n i ng
in
e c t i o n
13
U n a v o i d a b l e
D e l a y s
has
thee f i n i t i o n
provided
in
he
Lease,
but
substitut ing
A g r e e m e n t
fo "e a s e and Grantee
for ''
e n a n t ' '
in
u c h
de f i n i t ion .Use
e e has
the
m e a n i n g provded
in
e c t i o n4
Use
Fee
o m m e n c e m e n t Date
has
he m e a n i n g
p r o v i d e d
in
e c t i o n4
Vehicles"
has
the
e a n i n g
provided
ine c t i o n
2
2
R A N T OF E A S E M E N T S .
The
A g e n c y ,
as
the
ee
w n e ro
he
Land
and
h e Facility,
h e r e b y
g r a n t sand
creates
fo
the
enefit
o
rantee,
and
ts
customers,
contractors,
a g e n t s , servants,
m p l o y e e s ,
g u e s t s ,
i n v i t e e s ,
e n a n t s
and
i c e n s e e s collectively,
the
P e r m i t t e d U s e r s )
a
o n -
exclusive
e a s e m e n t (
the
Easement')
s o l e l y
fo
heu r p o s e oa r k i n g
up
to
74 Vehicles (
as
e r e i n a f t e r
d e f i n e d )
in
and
ona r k i n g
Spaces (
as
e r e i n a f t e r
defined)
e x i s t i n g
in
he
Garage,
and
or
access,
n g r e s s ,
and
e g r e s s
for
p e d e s t r i a n
and
e h i c u l a r
passage
and
traffic
over
and
p o n the
F a c i l i t y Premises
ino n n e c t i o n
wth
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1 8 1 7 0 r ~
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096
The
floor
pans
at tached
h e r e t o
and
n c o r p o r a t e d
h e r e i n
as
E xh i b i t
2
d e p i c t (
i
hep p r o x i m a t e l o c a t i o n
o
the
i gh t hundred
and
three (
803)
n d i v i d u a l
P a r k i n g
Spaces
to
be
provided
in
the
Garage , (
ii)
he
R e t a i l
S p a c e
and(
iii)
here a
oveh i c h
the
asement
is
r a n t e d
hereunder.
The
er m
Parking
S p a c e
as
used
in
hsg r e e m e n t
shall
mean
a
p a c e
designed
fo r
the
arking
o
a u t o m o b i l e s ,
vans,
trucks,
o t o r c y c l e s
and oher
i m i l a r
vehicles (''
e h i c l e s ' ' )
and
complying
wth
the
e q u i r e m e n t s .
3
T E R M .
S u b j e c t
to
nd
upon
he
t e r m s and
o n d i t i o n s
set o r t h h e r e i n ,
the
e rm
o
hsg r e e m e n t (the
e r m ' ?
h a l l
take
effect
as
o
h e
e a r l i e r
to
occur
o
heUse F e e C o m m e n c e m e n t
Dae
and the
Hoep e n i n g
D a t e (
the
o m m e n c e m e n t
Date")
nd shall
t e r m i n a t e upon
h e
l a t e s t
to
occur
of (x)
he
x p i r a t i o n
of
the
T e r m
othee a s e , (yhe
dae
n
w h i c hthem p r o v e m e n t s
on
he
Grantee
and
re
no
o n g e r
o p e r a t e d
o
n t e n d e d to
bep e r a t e d
as aotel
and (
zhe
dae
on
hich
the
Ganee
andndhe
m p r o v e m e n t s c o n s t r u c t e d t h e r e o n from t i m e
foime
re
no
onger
subject
to
parkng
r e q u i r e m e n t s
u n d e r
th e R e q u i r e m e n t s .4
SE
FEE
a)
se
Fee.
Grantee
a g r e e s to
pay O w n e r ,
c o m m e n c i n g
on
th e la ter
to
ccur
o (
i)
he
H o t e l
Opening
D a t e , which,
fo
h e
p u r p o s e s
ofth is s u b s e c t i o n4
a,
hall
no
be
ater
than
twenty-o u r (
24
o n t h sate
the
a t e G r a n t e eis
o b l i g a t e d
tocommence
c o n s t r u c t i o n
o
he
H o t e l (
subectton a v o i d a b l e
D e l a y s )
unde
and
nc c o r d a n c e
with theo t e l
D e v e l o p m e n t
A g r e e m e n t
and(
i)he
dae
o n
whch (
x
o n s t r u c t i o nohe G a r a g eis u b s t a n t i a l l y
c o m p l e t e d
in
accordance
with
t h e
C o n s t r u c t i o n
Plans
ande v e l o p m e n t
D r a w i n g s
and(y
he G a r a g e
c o n t a i n sa
least
174
Parking S p a c e so
which
the
P e r m i t t e d
Users
ae
n t i t l e d
to
have
P r i o r i t y Ue
s
p r o v i d e d
herein and
is
p e n e d
forbusnessto
he
general
public (
the Use
Fee
C o m m e n c e m e n t
D a t e ) ,
an
annual u s e fee (he"
se
Fee )inhe
amounto
One
u n d r e d Fifty-Sxh o u s a n d
Sxundred
D o l l a r s ( $156
0 0 ) ,
which
Uee e sha l l
beayable p u r s u a n ttou b s e c t i o n
4
), s u b j e c t ,
h o w e v e r , to
he
e r m s
c o n t a i n e d
in
u b s e c t i o n s
4
b
nd
4
).The
Use
Fee
shall
be
ind d i t i o n
to
he
p a r k i n g
charges
d e s c r i b e d
ine c t i o n6
e l o w .
TheUse
F e e
shall
be
rorated
fo r
any
e r i o d
oe s s
than
oneul
Fiscal
Y e a r .
b
a c i l i t y
Usaqe
P a v m e n t .
In
o n s i d e r a t i o n
of G r a n t e e 's
bigations
h e r e u n d e r ,
Owner
a g r e e s
to
a y
to
Grantee,
r o m
and
ater
the
Use
Fee
C o r n m e n c e m e n t
Dae
u r s u a n t
to
u b s e c t i o n
4
,
a
e r c e n t a g e
o
th e annual Gross
P a r k i n g
R e v e n u e s , whche r c e n t a g e sha
be
s
f o l lo w s (
the
F a c i l i t y U s a g e
Payment"):
i)
wner
shal
pay
t o
Granteean
a m o u n t
e q u a l
to3.
05%
o
he
f i r s t $
1
200
000
o
nnua
Gross
Parking R e v e n u e s ;
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1 8 1 7 0 r ~
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097
rovided, o w e v e r , the
f i r s t $
156,
600ohe
a c i l i t y
U s a g e Pa yment
fo
each F i s c a l
Year
shal l be
appl ied
as
a
r e d i t a g a i n s t the Use Fee
fo
t h a t Fsca
Year.
c
nmum F a c i l i t y U s a a e
P a v m e n t .
If
any timeor from
time
to
ime
d u r i n g
the
term
f
ths
g r e e m e n t the
a m o u n t (
he"
xcess
U s a g e
P a y m e n t
A m o u n f ' ) ,
if
n y ,
by
whch (
i)
he
c u m u l a t i v e
a g g r e g a t e
U s e
Fees
paidby r a n t e e from
and after
the
se
Fee
o m m e n c e m e n t D a t e exceed(
ii)he
u m u l a t i v e
aggregate
Facility
U s a g e
P a y m e n t s
r e c e i v e d byG r a n t e e
from
and
after
these F e e
C o m m e n c e m e n t
Date
is
g r e a t e r
than $
313
200
he
a c i l i t y
Usage
P a y m e n t
t h e r e a f t e r
shall
be
a y a b l e at
a
a te
e q u a l
to
thegreatero (
$
5 6 ,
600
fo
ach
Fiscal
Yea
or (
b
he
Faclity
U s a g e P a y m e n t c a l c u l a t e d in
ccordance
with subsection
4
above,
un
th e
Excess
Usage
Payment
A m o u n t
no
onger
e x c e e d s $
313
200dross P a r k i n g
Revenues. -
o r
p u r p o s e s
hereof, "
ross
P a r k i n g
R e v e n u e s
s h a l l
mean,
with
respect
toany
F i s c a l
Year,
any
and
l r o s s
rens,
e c e i p t s
or
fees
o
other
parking
revenues
f r o m
the
p e r a t i o n
o
the
Garage.
following shall, h o w e v e r ,
be
x c l u d e d
from
Gross P a r k i n g
R e v e n u e s :
i)
edera l ,stae
nd
m u n i c i p a l
excsea l e s ,
r e s o r t ,
use,
n d
o t h e r
taxes
c o l l e c t e d
from Garage
c u s t o m e r s
as
aart
o
o
ased
upon
the
sales
price
o
any
o o d s
o
serv ices ,
including
without
l imi tat ion,
goss
r e c e i p t s ,
parkng
arage,o
smilar
t a x e s
collected f r o m
Garage
c u s t o m e r s ;
ii)
l l o w a n c e s ,
rebates
and
refunds
no
ncluded
in
G r o s s P a r k i n g
R e v e n u e s
in
a c c o r d a n c e wth
e n e r a l l y
accepted
a c c o u n t i n g
p r i n c i p l e s ; Iii)
The p r o c e e d s
of
any
f i n a n c i n g
o
r e f i n a n c i n g o
al
r
any
pat
the
Faclty
remises;
iv) Ther o c e e d s of
any i n s u r a n c e
or
an y
c o n d e m n a t i o n
award;
v)r o c e e d s
from
theale
of al
o
n y
portion
h e
F a c i l i t y
P r e m i s e s ;
and
v)
ents,
receipts
or
other
e v e n u e s
o
n yknd
ro m
the
etail
S p a c e .
eayment
Date. O w n e r orG r a n t e e ,as
p p l i c a b l e ,
shal
payhe
amount
s e t
fothn
the
G r o s s
Parking
R e v e n u e s
S t a t e m e n t (
as
e f i n e d
in
u b s e c t i o n
8
celow).
A
applicable,
in
each
month, (
i)wner s h a l l pay
any
equ i red
amounsimul taneously
wth
the
e l i v e r y
to
G r a n t e e
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m :
1 8 1 7 0 r ~
I 0 9 8
subsection
8(c
e r e o f
for
the
reced ing
m o n t h
o r (
ii)
r a n t e e
s ha l l pay
any
required
a m o u n t
w i t h i n
ten (
10
ays
following
t h e
receipt
by
G r a n t e e
o
he
Goss
Parkng
R e v e n u e s
S t a t e m e n t
r e q u i r e d
pursuan
to s u b s e c t i o n
8(c
hereof
fo
the
ecedng
m o n t h .
5
ARAGE
O P E R A T I O N S .
a
araae
O o e r a t o r . Thea r a g e O p e r a t o r
shal
mean(
i)
at iona l l y
r e c o g n i z e d
p a r k i n g
garage o p e r a t o r d e s i g n a t e d
by
O w n e r
from
the
list
o
uc h
operators
s e t
foth
on
x h i b i t
5
t t a c h e d h e r e t o
and
i n c o r p o r a t e d
herein
o (
ii)
ny
t h e r
parking
g a r a g e
operator
d e s i g n a t e d
b
O w n e r
and
approved
by
G r a n t e e .
b
a r a g e
M a n a Q e m e n t
A a r e e m e n t .
i)
w n e r s h a l l
cause
the
Garage
toe
o p e r a t e d
and
a n a g e d
e x c l u s i v e l y
by
he
G a r a g e
Operator
inccordance
w i t h the
terms
and
o n d i t i o n s ofths
A g r e e m e n t ,
pursuant
to
ritten
garage
m a n a g e m e n t
a g r e e m e n t (
any
such
g r e e m e n t ,
together
wth
any
amendments
o
o d i f i c a t i o n s
t h e r e t o ,
b e i n g
h e r e i n a f t e r
reerred
to
s
he "
Garage
M a n a g e m e n t
Agreemenf1
providing
for
services,
and
onta in ing
terms
and
c o n d i t io n s (
i n c l u d i n g wthou
l i m i t a t i o n the
t e r m s
o
subsections
5
c
n d6
c
e r e o f ) ,
r e a s o n a b l e
and
u s t o m a r y
fo
hep e r a t i o no
g a r a g e
inccordance
withthe
terms
f
and
no
n c o n s i s t e n t withthe
e q u i r e m e n t s
o
his
A g r e e m e n t .
Owner
and
r a n t e e agree
that
the G a r a g e
M a n a g e m e n t Agr eemen t
shall
further
p r o v i d e
tha
he
G a r a g e
Operator
shall
provide
to
r a n t e e andthe
e r m i t t e d
Users
Priority
U se of
tha
umber
of
Parking
S p a c e s
as
he
m a n a g e r
e n g a g e d
byr a n t e e
to
manage
n d
operate
the
otel,
o
ny
s u c c e s s o r
or assign
t h e r e o f ,
shal l
r e q u e s t
from
tme
to
time
b
o
e s s
t h a n
twenty-
fou
24
hours
a d v a n c e n o t i c eto
h e
G a r a ge
O p e r a t o r ,
s u c h request
to
be
ade
in
r i t i n g
or
inc c o r d a n c e
wth
r o c e d u r e s
mutually
acceptable
to
he G a r a g e
Operator,
w n e r
and
r a n t e e ;
p r o v i d e d , h o w e v e r ,
tha
such
number
o
a r k i n g
S p a c e s
sha
not
e x c e e d
one
u n d r e d seventy- f o u r (
174) .
ii)
wner
h a l l (
w
erform
o
a u s e
to
be
erformed
O w n e r ' s material
o b l i g a t i o n s
unde
h e
G a r a g e
M a n a g e m e n t
A g reem en t
a n d (
x)
n f o r c e
th e
performance
b
he
a r a g e
Operator
o
al
of
its
a t e r i a l
obligations
u n d e r
the
a r a g e
M a n a g e m e n t
A g r e e m e n t .
iii)
wner
s h a l l
promptly
gve
r a n t e e
a
opy
any
otice o
default,
v e n t
o
default,
t e r m i n a t i o n
o
ancellation
sen
or
received
by
O w n e r
regard ing
th e
Garage
M a n a g e m e n t
A g r e e m e n t .iv
w n e r
shall (
y)
e l i v e r
to
rantee,
a
e a s t
f i f te e n (
15
ays
poto
he
e x e c u t i o n
thereof,
o p i e so
ny
r o p o s e d
G a r a g e
M a n a g e m e n t
Agreement or
any
m e n d m e n t
-
8/15/2019 07) Garage Easement Agreement
18/74
8 r ~ : 1 8 1 7 0 r e
1099
c o p i e s
of
the
Garage
a n a g e m e n t
A g r e e r n e n t
and
any
m e n d m e n t
oo d i f i c a t i o n of
theGarage
a n a g e m e n t
A g r e e m e n t .
c
iability.
r a n t e e sha l l
not
n c u r
any
i a b i l i t y
to
arage
Operator
u n d e r
the
Garage
a n a g e m e n t
A g r e e m e n t .
dours
ande c u r i t Y .
The
a r a g e s h a l l
bepen
twenty- four (
2 4 )
h o u r s
aa y
365(
o,
f
a p p l i c a b l e ,
366) daysa
year,
and
Owner
shalkeep
the
Garage
appropriately
lighted
and
s h a l l maintain
a p p r o p r i a t e
s e c u r i t y .
e
t a n d a r d s .
The
a r a g e
shabe
p e r a t e d
in
c c o r d a n c e
with
the
s t a n d a r d s
o
u a l i t y
and
o p e r a t i o n describedonx h i b i t
5
a t t a c h e d
h e r e t oand
n c o r p o r a t e d
herein.
f)
B
Redevelocment.
Inc
a r a Q e
E a s e m e n t
Agreement.
N o t w i t h s t a n d i n g
a n y t h i n g
in
h is
A g r e e m e n t
to
he c o n t r a r y ,
in
th e
event
that,
due
to
a
a s u a l t y ,
Partial
Takingo
t h e r w i s e ,
the
G a r a g e c o n t a i n s
less
than
the
um
o
h e P a r k ing
S p a c e s
wth
e s p e c t towhch
MB
e d e v e l o p m e n t ,
Inc.
and
Gra n tee
are entitled
to
ave
Pioity
se
under
the
MB
e d e v e l o p m e n t ,
Inc.
Garage Easement
A g r e e m e n t
and
ths
g r e e m e n t ,
r e s p e c t i v e l y (as
a c h
a g r e e m e n t m a ybem e n d e d
and
o
th e
extent each
a g r e e m e n t is
in
ffect),
h e n u m b e r
o
a r k i n g
S p a c e s
in
h e
Garage
of which
Grantee
is
ntitled
to
a v e
P r i o r i t y
U s e h e r e u n d e r sha
b e
equal
to th e
e x c e s s ,
if
n y ,
o (
i)
h e n u m b e r
o
arking
S p a c e s
in
thea r a g e
over (ii)
h e n u m b e r
of
Parkng
S p a c e s of which
M B
R e d e v e l o p m e n t ,
Inc
is
entitled
to ha ve P r i o r i t y
Ue
u r s u a n t
to
he
MB
e d e v e l o p m e n t ,
nca r a g e E a s e m e n t A g r e e m e n t ;
p r o v i d e d ,
however ,
that
h e
n u m b e r
o
a r k i n g
Spaces
of
which
Owner
ise q u i r e dtorovide
P r i o r i t y
Use
o
Grantee
under
h i s A g r e e m e n t
wll
reman
u n c h a n g e d
b
n y
such
a l c u l a t i o n .
g
a n n e r
o
roviding
P r i o r i t y
Use
oarkinQ
S c a c e s .
The
a r a g e M a n a g e m e n t
Agreement
s h a l l prov ide
that
the
a n n e r
in
hich
G a r a g e O p e r a t o r
sha provide
P r i o r i t y
Ueo
a r k i n g Spacesto
r a n t e e
and
th e
Permitted
Users
s ha l l
no
e
n c o n s i s t e n t
with
ths
greement
a n d
sha
bee a s o n a b l y
acceptable
to
Grantee.
6
SE
OF
A R A G E .
a
r a n t e e
Use.
Thee r m i t t e d
U s e r s
m a y
use
h e
Garage
soey
or the
purpose
o
a r k i n g
Veh ic l es
o
he
P e r m i t t e d
Users.
T h e
G a r a g e
may
nobe
u s e d
by
the
ermitted
U s e r s
for
any
other
u r p o s e without
th e
pior
w r i tt e n
consent
o
wner.
bw n e r
U s e . O w n e r m a y use
and
l l o w
the
use
f the
G a r a g e
fo r
the
u r p o s e
of
the
arking
o
ehiclesohe
genera
pubc
including,
without
limitation,
the
u s t om e r s , c o n t r a c t o r s ,
agens
servants,
m p l o y e e s ,
guests, nv i t ees and
l i c e n s e e s c o l l e c t i v e l y ,
the
oews
Hotel
U s e r s )
otheotel
c o m m o n l y
-
8/15/2019 07) Garage Easement Agreement
19/74
m :
1 8 1 7 0 p r r
1100
Beach
Hotel,which
h a s
a
treet
d d r e s s
o601
Collins
Avenue,
Miami
B e a c h , Florida
the Loews
Hotel").
W n e r
may
also
use
he
G a r a g e
fo
any
other
u r p o s e ;
p r o v i d e d
that
i)
ny
such
t h e r
p u r p o s e
is
ot
i n c o m p a t i b l e
wth
h e o p e r a t i o n
o
a
rs
class
c o n v e n t i o n
c e n t e r
hotel, (ii)
uch
other
p u r p o s e
does
not
e g a t i v e l y
affect
in
any
a t e r i a l
respect
the
E a s e m e n t and
the
other
r i g h t s
granted
to
r a n t e e
p u r s u a n t
to
his
A g r e e m e n t
and(H)
w n e r
consults
with
G r a n t e e
prior
to
using
the
G a r a g e
foany
such
o t h e r
purpose.
c
C h a r g e s
for
Garage.
The
a r k i n g
chargesfo
e r m i tt e d
U s e r ssha
be
e s t a b l i s h e d
by
he
a r a g e
O p e r a t o r ,
S U b j e c t
to
h e approval
o
OWner;
r o v i d e d , h o w e v e r ,
tha (
i)harges
to
Granteefo
Hotel
valet
p a r k i n g
shal
not
exceed
f i f t y
p e r c e n t
50%
o
he
self-
p a r k
rate;
n d (
ii)
h a r g e s
for
parking
fo r
them p l o y e e s
of
G r a n t e e
o
he
Hotel
M a n a g e r
that
work
a
he
Hote
shal l
no
x c e e d
th e
l o w e s t
o (
x
the
m o n t h l y p a r k i n g
rate, (
y)
ifty
p e r c e n t (
50%
o
he s e l f -
park rae
o(
z)he
contract
park ing r a t e . T h e P e r m i t t e d Users will
in
o
vent
be
charged
m o r e
t h a n
the
lower
o (
m
the
e l f -
park
rate
h a r g e d
to
th e
g e n e r a l
public
o(
he
rae
harged
to
he
a p p l i c a b l e LoewsHote
Users.
dr e f e r e n c e . G r a n t e e agrees
to
tilize
a ll
a v a i l a b l e
park ing
s p a c e s
in
the
arage
prior
to
t i l i z i n g
other
a r k i n g
f a c i l i t i e sno
ocated onhe
Grantee
Land and to e n c o u r a g e
the
s e
of
the
Garage
by
th e
oher
ermitted
U s e r s .
e
n t e n t i o n a l l y
O m i t t e d .
f)
l l o c a t i o n
of
P a r k i n g
S p a c e s .
If,
anyim e
d u r i n g
the
erm
f
ths
g r e e m e n t , r a n t e eis
actua l l y
unable
to u t i l i z e
174
Parking
S p a c e s
a
ll times
because
the
p a c e s
in
u c h
parking
area
ae
c c u p i e db
veh ic les
no
e l o n g i n g
to
ermi t ted
U s e r s ,
Grantee
shall
notify
O W n e r
in
r i t i ng
andOWner
s h a l l
c a u s e
th e G a r a g e
O p e r a t o r
to
ake
al
u c h steps
as
are
necessary
tonsure
that
the
e r m i t t e d
Users
ar e
given
a p p r o p r i a t e
P r i o r i t y
Ue
74
Parking
S p a c e sin
a c c o r d a n c e
w i t h ths
g r e e m e n t .
If
uchnabilityto
se
its7 4
s p a c e s
occurs
more
than
three (3
imesin
n y
three (
3)
e e k
period
then
w n e r shall e f f e c t
ae m e d y of
the
ituation p u r s u a n tto
n e
o
ore
o
the
emed ies d e s c r i b e d on
Exhbt6
f)
t t a c h e d
h e r e t o
and
ncorpora ted
h e r e i n (
andu c h
r e m e d i e s ,
without
limitation,
wll
e
e x p r e s s l y
a c c o r d e d
to
w n e r
inh e G a r a g e
M a n a g e m e n t
A g r e e m e n t )
or
any
t h e r
remedy
that
e s u l t s
in
ernedy
o
he
situation.
T h e
actual
remedyo
e m e d i e s
so
sed
sha
be
e l e c t e d
by
wn e r
acng
r e a s o n a b l y
after
consult ing
with G r a n t e e .
7
WNER
S
C O V E N A N T S
A N D
O B L I G A T I O N S .a.
R
W n e r
may
g r a n t
other
e a s e m e n t s
o
rights
ino
over
the
Land
a n d /o
acility
and
a y
use
the
a n d
and/
o
acility,
in
a c h case
s u b j e c t
to
he
E a s e m e n t ,
fo
any
u r p o s e
t t e d
h e r e i n
inthe
ole
d i s c r e t i o n o
wner;
p r o v i d e d , h o w e v e r ,
ha
i)ny
such
a s e m e n t ,
r i g h t
oruse
shalno
be
n c o r n p a t i b l e
with
the
operation
o
a
irst
class
-
8/15/2019 07) Garage Easement Agreement
20/74
t~:
1 8 1 7 0 P ~
II
0
I
no
e g a t i v e l y
a f f e c t
in
any
a te r i a l
r e s p e c tthe
a s e m e n t
andthe
other rights
g r a n t e d
to
Grantee
p u r s u a n t to
ths
g r e e m e n t , (
iii)
nysuch
a s e m e n t ,
r igh touse
shall
provide
p a r k i n g
r i g h t s
only
wth
e s p e c t
to
the
xcess P ar k i n g
S p a c e s
a n d (
iv
wner shal
c o n s u l t
wth
r a n t e e
p r i o r
to
r a n t i n g
o
e r m i t t i n g
any
suchoher
e a s e m e n t ,
r i g h t o
u s e .
b
o n s t r u c t i o n .
Owner
s h a l l ,
at
its
xpense,
a u s e
the
o n s t r u c t i o n
on
the
a n d
o
the
Garage
u b s t a n t i a l l y
in
c c o r d a n c e withthe
o n s t r u c t i o n
Pl a ns
ande v e l o p m e n t
D r a w i n g s .
c
o m o a t i b i l i t v
to
otel.
w n e r , at
its
x p e n s e ,
sha
operate,
m a i n t a i n
and
a n a g e (o
a u s e
the
peraion
a i n t e n a n c e
anda n a g e m e n t
of)
the
Faclity
P r e m is e s (
n c l u d i n g
the
Retail
S p a c e )
in
a
manner
c o m p a t i b l e
w i t h
a
irstcass
convention center
h o t e l .d
a i n t e n a n c e .
O w n e r ,
at
its
x p e n s e ,
shall
take
good
c a r e
o,
and
k e e p
anda i n t a i n ,
the
Faclity
r e m i s e s
in
oo d and
safe o r d e r
and
o n d i t i o n and
shall
m a k e
al
epairs t h e r e i n
and
thereon
e c e s s a r y
to
e e p
the
Faclityr e m i s e s
in
oo d
and
safe order and
ondition,
o w e v e r
the
e c e s s i t y
o
esirabil i ty
t h e r e f o r
may arise.
O w n e r s h a l l ,
at
its
x p e n s e ,
keep
clean
and free from drt,
mud
ta nd i ng
water,
rubbsh,
b s t r u c t i o n s
and
physca
n c u m b r a n c e s
al
r e a s of
the
Faclity
P r e m i s e s .
e
quipment.
O w n e r
shaa i n t a i n
al
the
e c e s s a r y
b u i l d i n g
and
perating
e q u i p m e n t and
ixtures
l o c a t e d
a
os e din
o n n e c t i o n
with
the
p e r a t i o n of
the
G a r a g e .
f)
e p a i r s .
Al
epairs
m a d e
by
w n e r
s h a l l
be
u b s t a n t i a l l y
e q u a l
in
u a l i t y
to
the
r ig ina l
q u a l i t y of
the
items
being
r e p a i r e d
and
s h a l l
bea d e
in
c o m p l i a n c e
with
the
R e q u i r e m e n t s .
g
S u b s t i t u t e
P a r k i n g .
Iffor
any
eason
whatsoever,
including,
without
limtaion
U n a v o i d a b l e
Delay,
e f a u l t
by
MHC
u n d e r
the
Garage
D e v e l o p m e n t
A g r e e m e n t ,a
otal
T a k i n g ,a
artial
T a k i n g or
e m p o r a r y
takingunde
s u b s e c t i o n
13
f)
a m a g e ,
d e s t r u c t i o n
or a s u a l t y ,
o
h e a p p l i c a t i o n
o
h e
provisions
o f
s u b s e c t i o n
5
)(ii)w n e r is
unable
to
o
o e s
not
provide
to
the
e r m i tt e d U s e r s
Priority
Use
of
174
Parking
S p a c e sa
he
G a r a g e
in
c c o r d a n c e
with
ths
g r e e m e n t , forany
p e r i o d
o
im e
from
and
fter
the
Hoe
Opening
D a t e t h e n ,
n o t w i t h s t a n d i n g
a n y t h i n g to
the
o n t r a r y
in
thsAgreement
o
ny
Project
Agreement,
Owner
s h a l l
povde
u b s t i t u t e
p a r k i n g
in
ccordance
w i t h
the following
r e q u i r e m e n t s :
i)
he
number
o
substitute
parking
spaces (
h e
S u b s t i t u t e
Spaces")
e q u i r e d
to
be
r o v i d e d s h a l l be
e q u a l
to( x
7 4
mnus (
y
he
u m b e r of
avai lable
P a r k i n g
S p a c e s
in
hearageas
to
hich
P e r m i t t e d
Uersave
P r i o r i t y
Ue
-
8/15/2019 07) Garage Easement Agreement
21/74
if~:
1 8 1 7 o r ~
l l 0 2
ii)
No
less
than
80%o
the
S u b s t i t u t e
S p a c e so
such
greater
n u m b e r
as
a y
be
e q u i r e d
by
the
e q u i r e m e n t s
a p p l i c a b l e
tothe
Hotel
s h a l l
be
located,
from
the
man
n t r a n c e tothe
Hotel,
i t h i n the
e s s e r
o f ( I)2 0 0 f e e t or (II)
the
i s t a n c e
r e q u i r e d
by
h e
R e q u i r e m e n t s
in
rder
foh e H o t e l
to
be
no m p l i a n c e
wthhee q u i r e m e n t s
c o n c e m i n g
parking;iii)
wner shall
take
uc h
actions
asrantee
r e a s o n a b l y requests
tonsure
that
P e r m i t t e d
Users
a v e
a c c e s sto
he
u b s t i t u t e P a r k i n gin
c o n v e n i e n t , sae
and
s e c u r e manner;
iv)
r a n t e e shal be
ent i t l ed
tor i o r i t y Useo
the
u b s t i t u t e
S p a c e s
to
hea m e
e x t e n t asit
s
ent i t led
to
a v e
P r i o r i t y
Use
of
p a r k i n g
a
the
a r a g e
under
t h i s A g r e e m e n t ;v
wner
shall,
within
thrty (
30
ays
following
d e m a n d ,
r e i m b u r s e
G r a n t e e fo r
al
ou-
o-
ocket
c o s t s r e a s o n a b l y
incurred
as
a
esut
of
the
tilization
ou b s t i t u t e
P a r k i n g ,
which
costsmay
ncude
wi t hout
l im i ta t i o n , a d d i t i o n a l
payroll
costs
of
providing
t r a n s p o r t a t i o n
fo r
P e r m i t t e d
U s e r s to
and
r o m theocation
a
h i c h
Subst i tu te
S p a c e s is
r o v i d e d
a n d
the
ost
of a d d i t i o n a l
s e c u r i t y ;
v)he
U se
Fee
hal
be
p r o p o r t i o n a t e l y
reduced
in
he s a m e
proportion
as
the
umber
o
u b s t i t u t e
S p a c e s b e a r s
to
74
fo
so
ong
as
u b s t i t u t e S p a c e s
ae
equired
to
be
rovided h e r e u n d e r ;
vi)
e r m i tt e d Users
shall pay parkng
c h a r g e s
fo r
th e
S u b s t i t u t e
S p a c e s
ata
rate
hat
is
no
r e a t e r
t h a n
the
lowero (
x
he
rate
that
o u l d have
been
charged
f o r
such
parking spaces
if
uch
parking
s p a c e s had
been
p r o v i d e da
he
a r a g e ,
in
c c o r d a n c e
wth
h e
p r o v i s i o n so
subsection
6
c)
of
this
A g r e e m e n t ,
a n d (
y)
the
ate
c h a r g e d
to
he
e n e r a l
public
at
th e
facility
or
parkng
lo
inhich
the
S u b s t i t u t e
Spaces
a r e
l o c a t e d ;
and
i i i )
N o t h i n g inhsu b s e c t i o n
7
g)shal limit
Owner'
s
obligation
to
r e s t o r e
the
Garage
as
r o v i d e d
in
this
A g r e e m e n t .
Owner
c k n o w l e d g e s
that (
i)
he
bove
c o v e n a n t
to p r o v i d e
the
u b s t i t u t e
S p a c e s
pursuant
to
h is
A g r e e m e n t
isaa t e r i a l i n d u c e m e n ttor a n t e e
to
ener
nto
th e
L e a s e
a n d
the
A g r e e m e n t
a n d (
ii)
tha
n
the
even
o
a
b r e a c h o
such
o v e n a n t ,
monetary
darnages
will
be
i n a d e q u a t e
too m p e n s a t e Grantee
for
harm
e s u l t i n g
from
such
r e ac h ,
and
G r a n t e e
s h a l l
have,
m m e d i a t e l y
upon
such
f a i l u r e
to