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Amended and Restated Ground Lease Between the City of Miami, Florida

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Amended and Restated Ground Lease Between the City of Miami, Florida AMENDED AND RESTATED GROUND LEASE BETWEEN THE CITY OF MIAMI, FLORIDA AND FLAGSTONE ISLAND GARDENS, LLC DATED AS OF ____________________,20 ARTICLE I INCORPORATION, EXHIBITS, ATTACHMENTS, AND DEFINITIONS .................. .4 Section 1.1 Incorporation by Reference ........ '" .................... , .................................................. .4 Section 1.2 Exhibits and Attachments " .................................................................................. .4 Section 1.3 Singular, Plural And Gender ....... '" ....................................................................... 6 Section 1.4 Section References ................................................................................................ 6 Section 1.5 Defined Terms ....................................................................................................... 6 Section 1.6 Notice to Third Parties of Composite Attachment 3 ........................ .19 ARTICLE II DEMISE ........................................................................................................................... 20 Section 2.1 Demise ................................................................................................................ 20 Section 2.2 Leasehold Improvements ................................................................................... .20 Section 2.3 Delivery of Title to Lessor ................................................................................. .21 ARTICLE III TERM ....................................................... '" ..................................................................... 21 Section 3.1 Initial Term.......................................................................................................... 21 Section 3.2 Extension Terms .................................................................................................. 22 Section 3.3 Total Tenn ........................................................................ 22 ARTICLE IV DELIVERY OF POSSESSION AND DEVELOPMENT AND OPERATION OF THE PROJECT ........................................ '" ..................................................................... 24 Section 4.1 Delivery of Possession of Property .................................................................... .24 Section 4.2 Memorandun1 ....................................................................................... '" ............ 24 Section 4.3 Development of the Project ................................................................................. 24 Section 4.4 Operating Teatn ................................................................................................... 24 ARTICLE V RENT AND SECURITY DEPOSIT ................................................................................ 26 Section 5.l Application of Composite Attachment 3 to Pre-Paid Construction Rent, Option Payments, and Construction Rent .......................................................... .26 Section 5.2 Application of Composite Attachment 3 to Base Rent ...................................... .28 Section 5.3 Percentage Rent. .................................................................................................. 30 Section 5.4 Security Deposit. ................................................................................................. 32 Section 5.5 Place of Payment ................................................................................................ .35 Section 5.6 Default Interest .................................................................................................... 35 Section 5.7 Late Charge ......................................................................................................... 36 Section 5.8 Rent To Be Without Deduction ........................................................................... 36 ARTICLE VI LEASEHOLD AND SUBLEASEHOLD MORTGAGES ............................................... 36 Section 6.1 Definitions of Terms ........................................................................................... 36 Section 6.2 Prohibited Mortgages ......................................................................................... .47 Ground Lease-Final Page i Section 6.3 Permitted Mortgages .......................................................................................... .47 Section 6.4 Notification of Lessor ........................................................................................ .48 Section 6.5 Foreclosure .......................................................................................................... 49 Section 6.6 New Lease ........................................................................................................... 50 Section 6.7 Subordination, Non-Disturbance and Attornment Agreement. .................... 53 Section 6.8 Major Subleasehold Estates ................................................................................ 53 Section 6.9 Liability of Approved Mortgagee ....................................................................... 53 Section 6.l0 Assignment of Development Plans and Project Approvals ................................. 55 Section 6.11 Mezzanine Financing ................................................ :..... :................................... 56 Section 6.12 Purchase Money Financing ................................................................................. 58 ARTICLE VII USE OF SUBJECT PROPERTY ..................................................................................... 59 Section 7.1 Certain Conditions of Leasing ............................................................................ 59 Section 7.2 Major Subleases and Space Leases ..................................................................... 59 Section 7.3 Permitted Uses; Long-Tem1 Changes ................................................................. 60 Section 7.4 No Discrimination ............................................................................................... 61 Section 7.5 Use of the Property .............................................................................................. 61 Section 7.6 Leasehold Improvements to be Open to Public ................................................... 61 Section 7.7 Safety .................................................................................................................. 62 Section 7.8 Continuous Operation ......................................................................................... 62 Section 7.9 Compliance with Laws ........................................................................................ 63 Section 7.10 Compliance with Insurance Requirements ...................... ,................................... 64 Section 7.11 Prohibited Uses ................................................................................................... 64 Section 7.12 Casino Gambling ................................................................................................. 64 Section 7.13 Signage ................................................................................................................ 67 Section 7.14 Cure of Defaults Under Approved Leasehold Mortgages and Approved Major Subleasehold Mortgages ........................................................................... 68 Section 7.15 Enforceability ...................................................................................................... 69 ARTICLE VIII RESTRICTIONS ON TRANSFERS AND APPROVAL OF INVESTORS ................... 69 Section 8.1 Definition of Terms ............................................................................................. 69 Section 8.2 Bayraktar Interests .............................................................................................. 74 Section 8.3 Leasehold and Major Subleasehold Estates ........................................................ 75 Section 8.4 City Manager Review and Approval Procedures ................................................ 78 Section 8.5 Release from Liability ......................................................................................... 81 Section 8.6 No Consent Required for Affiliate or Related Party Transfer.. ........................... 8l Ground Lease-Final Page ii Section 8.7 Approved Leasehold Mortgages, Leases and Subleases ..................................... 82 Section 8.8 Going Public ........................................................................................................ 83 Section 8.9 Other Transactions for Which No Consent Is Required ...................................... 83 Section 8.1 0 Violation .............................................................................................................. 83 Section 8.11 Acceptance of Rent from Transferee .................................................................. 83 Section 8.12 Lessor's Participation In Proceeds ...................................................................... 84 Section 8.13 Organizational Documents ofLessee .................................................................. 85 Section 8.14 Investors .............................................................................................................. 86 Section 8.15 Transfers of the City's Interest.. .......................................................................... 87 ARTICLE IX EASEMENTS AND LICENSES ..................................................................................... 88
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