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Amending and Restating Agreement to Enter Into Ground Lease

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Amending and Restating Agreement to Enter Into Ground Lease AMENDED AND RESTATED AGREEMENT TO ENTER INTO GROUND LEASE DATED AS OF FEBRUARY 1, 2010 (AMENDING AND RESTATING AGREEMENT TO ENTER INTO GROUND LEASE BETWEEN THE CITY OF MIAMI, FLORIDA AND FLAGSTONE ISLAND GARDENS, LLC DATED AS OF JANUARY 1, 2003) ARTICLE 1 DEFINITIONS; INCORPORATION OF RECITALS, EXHIBITS AND ATTACHMENTS; AND EFFECTIVE DATE ..................................... 6 ARTICLE 2 NATURE OF THIS AGREEMENT; GROUND LEASE ATIACHED; NEW CONSTRUCTION SCHEDULE, OPTIONS TO EXTEND, NEW PAYMENTS SCHEDULE,_RELATED DEFAULTS AND NOTES REGARDING CONDITIONS RELATED THERETO ........... 6 2.1 Nature of this Agreement; Term .......................................................................... 6 2.2 Ground Lease(s) .................................................................................................. 7 2.3 New Construction Schedule, New Payments Schedule, Options to Extend, Related Defaults, and Notes Regarding Conditions Related Thereto... .. .. .. 7 ARTICLE 3 INSPECTION PERIOD ................................................................... 8 3.1 Termination of Access and Indemnification Agreement... '" ..................... , .... 8 3.2 Inspections .......................................................................................................... 8 3.3 Environmental Inspections .................................................................................. 9 3.4 Indemnification ................................................................................................... 9 3.5 Insurance .......................................................................................................... 10 ARTICLE 4 AGREEMENT CONDITIONS AND DELIVERIES ................................... 10 4.1 Flagstone's Acknowledgments and Deliveries ................................................... 10 4.2 Other Conditions and Deliveries ....................................................................... .12 4.3 Outside Date ..................................................................................................... 14 ARTICLE 5 SECURITY DEPOSITS .............................................................................. 15 5.1 Security for the Easements ................................................................................ 15 5.2 Security Deposit for the Construction Rent/Base Rent ...................................... 15 5.3 Deposits; Letters of Credit ................................................................................ 16 5.4 Security for Hold Harmless and Indemnification and Security Provisions ......... 16 ARTICLE 6 EXECUTION AND DELIVERY OF GROUND LEASE(S) ....................... 17 6.1 Conditions Precedent to Execution and Delivery of Each of the Ground Leases 17 6.2 Special Additional Conditions Precedent with Respect to Component by Component Development. ..... '" . .. ... .. .. 23 6.3 Outside Dates ............................................................................. 24 ARTICLE 7 DEVELOPMENT OF PROJECT ........................................................... 24 7.1 Development Plans .......................................................................................... 24 7.2 Use and Ownership of Development Plans and Permits and Approvals in the event of Termination ......................................................................................... 24 7.3 Platting and Other Development Matters ........................................................... 25 7.4 License( s )lEasements for Pre-Development Work............................................. 25 7.5 Indemnification and Waiver .................. '" .................. '" ................... 26 7.6 Issuance to Flagstone of Marine OperatingPermit for Existing Marina ............. 27 7.7 Marina Approvals ............................................................................................. 28 7.8 Water and Sewer Agreement ......................................... , .................. 31 ARTICLE 8 COORDINATION WITH CITY; APPROVAL PROCEDURES ................. 31 8.1 Coordination with City ...................................................................................... 31 8.2 City Manager Approval Procedures ................................................................... 32 8.3 ·City Manager Approvals; Disclaimer ................................................................ 33 ARTICLE 9 DISCHARGE OF LIENS, JUDGMENTS, AND GARNISHMENTS ......... .34 9.1 No Liens Judgments and Garnishments ............................................................. 34 9.2 Discharging Liens Judgment and Garnishments ................................................ 34 9.3 Hold Harmless and Indemnification Agreement ........................... '" ....... 35 ARTICLE 10 CONDEMNATION .................................................................................... 35 10.1 Material Taking .................................................................................................. 35 10.2 Less than a Material Taking ............................................................................. .35 10.3 Award ............................................................................................................... 36 ARTICLE 11 DEFAULT AND REMEDIES; TERMINATIONS ..................................... .36 11.1 Events of Flagstone's Default ............................................................................ 36 11.2 Remedies for Flagstone's Default ..................................................................... .37 11.3 City's Default ................................................................................................... 37 11.4 Terminations ............... '" ......... '" ................. , '" ................... '" ....... 38 ARTICLE 12 REPRESENTATIONS BY FLAGSTONE AND CITY; DEFENSE AND RELEASE ......................................................................................... 38 12.1 Flagstone's Representations .............................................................................. 38 12.2 City's Representations ...................................................................................... 39 12.3 Disclaimer of Representations by Flagstone ...................................................... 39 ARTICLE 13 MISCELLANEOUS .................................................................................... 40 13.1 Assignment ....................................................................................................... 40 13.2 Notices .............................................................................................................. 41 13.3 Applicable Law ................................................................................................. 41 13.4 Severability ....................................................................................................... 41 13.5 Waiver/Deferral ................................................................................................ 41 13.6 No Third-Party Beneficiary .............................................................................. .41 13.7 Enforcement Costs ............................................................................................ 41 13.8 Entire Agreement .............................................................................................. 42 13.9 Headings ........................................................................................................... 42 13.10 References ........................................................................................................ 42 13.11 Brokers ............................................................................................................. 42 13.12 No Partnership or Joint Venture ........................................................................ 42 13.13 Counterparts ...................................................................................................... 4 3 13.14. Jurisdiction and Venue ................................................................... 43 13.15 Waiver of Jury Trial ..................................................................... .43 13.16 No Conflicts of Interest. ........ '" .............................. '" ...................... 43 AMENDED AND RESTATED AGREEMENT TO ENTER INTO GROUND LEASE DATED AS OF FEBRUARY 1, 2010 OF (AMENDING AND RESTATING AGREEMENT TO ENTER INTO GROUND LEASE DATED AS OF JANUARY 1, 2003) The CITY OF MIAMI, FLORIDA, a municipal corporation of the State of Florida ("City"), and FLAGSTONE ISLAND GARDENS, LLC, a Delaware limited liability company, which is successor by merger to Flagstone Properties, LLC, a Florida limited liability company ("Flagstone"), hereby enter into this Amended and Restated Agreement to Enter Into Ground Lease as of February 1, 2010 (the "Effective Date") of the Agreement to Enter Into Ground Lease (the "Original Agreement to Enter"), dated as of January 1, 2003 (the "Original Effective Date") as amended by the subsequent First Amendment, Second Amendment and Third Amendment each as defmed below (the Original Agreement to Enter, the First Amendment, Second Amendment, Third Amendment and this Amended and Restated Agreement to Enter Into Ground Lease and all of the exhibits, attachments, and riders to all of the foregoing being collectively amended, restated and superseded by and referred to hereinafter as this "Agreement"), as follows: RECITALS: WHEREAS, City owns that certain real property consisting of approximately 10.8 acres of upland (the "Upland Parcel") and 13.4 acres
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