2000-24220 Reso

Embed Size (px)

Citation preview

  • 8/15/2019 2000-24220 Reso

    1/7

  • 8/15/2019 2000-24220 Reso

    2/7

    Transfer ofthe

    Project prior

    tothe

    CO Date [

    i,

    e

    the date

    that

    acertificate

    of

    occupancy

    is

    granted

    for

    the

    Project]

    other

    than as

    pennitted

    by

    the

    provisions

    of

    Section

    10.4nd o t h e r

    han

    a

    o r e c l o s u r e

    T r a n s f e r , (

    a

    copy

    of

    A r t i c l e

    10

    ftheg r e e m e n t

    oease

    is

    attached h e r e t o

    fo

    e f e r e n c e ) ;

    and

    H E R E A S ,

    the

    a s s i g n m e n to

    he existing A g r e e m e n t

     

    Lease

    n d

    D e v e l o p m e n t

    Agreementto

    NR

    J e f f e r s o n

    LLC

    ill

    be

    a c c o m p l i s h e d

    b ythe

    i t y '

    s

    o n s e n t

    to

    ssignment

    a n d

    A s s u m p t io n

    A g r e e m e n t ,a

    o p y

    o

    hich

    ist t a c h e d

    hereto),

    h i c h

    wi l l assign

    al

    o

    incoln P l a z a Partners, L C

    s

    interest

    intheg r e e m e n t

    o

    ease

    n d D e v e l o p m e n t

    Agreement

    to

    NR

    Jefferson

    LLC;

    and

    H E R E A S ,

    the

    o n s e n t

    to

    ssignment

    and

    Assumption

    Agreement

    will

    s p e c i f i c a l l y

    i n d e m n i f y

    and

    hod

    he City h a r m l e s s and

    wll

    ot

    c o n s t i t u t e

    a p p r o v a l of

    any

    o

    he

    d o c u m e n t s

    r e v i e w e d as

    part

    of

    the

    Cty

    s

    due

    diligence;

    n d

    W H E R E A S ,

    pursuant

    to

    sadssignment

    and

    Assumption A g r e e m e n t ,

    LNR

    Jefferson

    L L C wi l l

    a s s u m e

    al

    theb l i g a t i o n s and

    liabilities

    set

    foth

    n d e r

    theg r e e m e n t

    o

    ease

    and

    Development A g r e e m e n t ;

    andHEREAS,the a f o r e m e n t i o n e d

    transaction

    wll

    not

    a d v e r s e l y

    i m p a c t

    the

    i t y

    s

    i n t e r e s t

    in

    the

    Poel. N O W , THEREFORE, BEITESOLVED

    BY

    THE

    MAYOR

    ND

    CITY C O M M I S S I O N

    OF

    THE

    CTY

    OFIAMI

    B E A C H

    F L O R I D A ,

    that:I

    he

    City

    hereby

    w a i v e s

    the

    r o v i s i o n of

    S e c t i o n

    I

     0

    (

    a

    f

    the

    A g r e e m e n t

    o

    e a s e ,

    but

    only

    wth

    e s p e c t

    to

    her o p o s e d

    A s s i g n m e n t

    andssumption

      g r e e m e n t

    by

    nd

    b e t w e e n

    Lincoln

    Pazaa r t n e r s ,

    LLC

    and

    L N R

    J e f f e r s o n

    LLCnd only

    to

    h e extent

    t h a t

    said

    A g r e e m e n t

    is

    xecutedin

    x a c t l y

    theo rm

    a t t a c h e d

    h e r e t o

    as Exhibi t  An d

    ony

    f NR

    Jefferson

    is

    o m p o s e d of

    the

    w n e r s h i p

    interests

    s h o w n

    inxhibit

    B

    e r e t o .

    2

    Theit y

    h e r e b y

    consents

    to

    the

    xecution

    ohe

    s s i g n m e n t ands s u m p t i o n

    A g r e e m e n t

    a t t a c h e d

    hereto

    as

    E x h i b i t

    A

    nd

    the

    Mayor

    a n d Ctyl e r k

    are

    e r e b y

    authorized

    to

    executethe

    o n s e n t

    tos s i g n m e n t and

    s s u m p t i o n A g r e e m e n t

    in

    h e

    form

    attached

    hereto

    asExhibi t

    C

     

    h is

    Resolution

    shalake

    efec

    m m e d i a t e l y

    u p o n

    its

    a d o p t i o n ,

    PASSED

    A N D

    ADOPTED

    THIS

    2 0 t h

    d a y

    oecember

    ft

    A Y O R

    2000.

    Atest:

     

    r~

    I T Y C L E R K

    A P P R O V E D AS10

  • 8/15/2019 2000-24220 Reso

    3/7

    CTY

    OF

    MAM

    BEACH

    CTY

    HALL 1700

    O N V E N T I O N

    CENTER

    DRIVE

    MIAMI

    BEACH

    F L O R I D A

    33139htp:\\

    L m i a m i

    b e a c h .

     s O M M I S S I O N

    M E M O R A N D U M

    NO.

    9D...

    0<

    O :

    Mayor

    N e i s e n

     Oa s d i n

    and

    M e m b e r s

     o

    the

    Cty

    C o m m i s s i o n

    DATE

    e c e m b e r

    20

    2000

    FROM:

    J o r g e

    M

    o n z a l e z

    Ctya n a g e r

    6at1(SUBJECT:AE S O L U T I O N

    O

    HE

    MAYOR

    AND

    CITY C O M M I S S I O NOFTHE

    CTYOF

    MAME A C H ,

    FLORIDA,

    W A I V I N G

    T HE

    P R O V I S I O N SO

    E C T I O N

    10 3 

    F

    THEG R E E M E N T

    OF

    LEASEATED ASOFSEPTEMBER

    1999BYAND

    ETWEEN

    THE

    CITY

    AND

    I N C O L N

    PLAZA

    P A R T N E R S ,

    LLC

    M E N D I N G

    E X H I B I T

     10

    TOADGREEMENTOFLEASEND C O N S E N T I N G

    TO

    AN

    ASSIGNMENT

    AND

    S S U M P T I O N

    A G R E E M E N T , ASSIGNING SAID A G R E E M E N T

    OF

    LEASEANDTHEE V E L O P M E N T A G R E E M E N T BY AN D

    BETWEEN

    THE CITYANDI N C O L N PLAZA

    PARTNERS,

    LLC,

    DATED

    AS

    O

    S E P T E M B E R

    1

    1999

    TO

    LNR

    J E F F E R S O N

    LLC

    AND

    P R O V I D I N G

    AN

    E F F E C T I V E

    DATE. R E C O M M E N D A T I O N : A p p r o v e

    the

    ttached

    R e s o l u t i o n .

    A N A L Y S I S :

    On

    a n u a r y5

    998,

    the

    Cty

    of

    Miami

    Beach

    issued

    RFP 20

    97

    8eeking proposals

    forthe

    d e v e l o p m e n t

    oPubc-

    Pivate

    a r k i n g f a c i l i t i e s .

    On

    April

    6

    1998

    roposas

    from

    ive (

    5i f f e r e n t

    d e v e l o p m e n t

    teamswereu b m i t te d

    an d e v a l u a t e d byn

    E v a l u a t i o n

    Committee

    and

    on

    July

    15

    998,

    the

    Cty

    C o m m i s s i o n

    authorized n e g o t i a t i o n s

    wth

    our ( f

    the

    r o p o s e d

    d e v e l o p m e n t

    proects,

    A

    ae s u l t

    o

    a id

    n e g o t i a t i o n s ,on

    uly

    7999,theayor

    and

    Cty

    o m m i s s i o n a d o p t e d

    R e s o l u t i o n

    N

    9-

    23236

    a p p r o v i n g

    the

    greement

    oLease

    and

    he

    e v e l o p m e n t

    A g r e e m e n t

    between

    the

    Cty

    o

    Miami B e a c h

    and

    Lincoln

    Plaza

    P a r t n e r s LLC ,

    fo

    Development

    o

    the

    te

    located

    ai c h i g a n a n d

    Jefferson Avenues

    a n d

    b e t w e e n

    L i n c o l n Lane

    and

    17hreet.

    n a c c o r d a n c e

    wth

    rticle

    10

    o

    he Lease,

    S a l e

    of

    the

    Project,

    Transfer

    and Subletting, L i n c o l n

    Plaza

    Partners,

    LLC

    s

    equesting

    approval

    to

    s s i g n

    the

    e a s e

    a n d

    D e v e l o p m e n t

    A g r e e m e n t

    to

    NR

    Jefferson

    LLC

    h i c h w i l l

    be

    owned (

    i

    0%y

    LNR

    e f f e r s o n

    Holdings,

    Inc (

    LNRJ )(a

    holly

    o w n e d

    subsidiaryof

    Leisure

    Colony

    M a n a g e m e n tCoph i c h

    is

    a

    holly

    o w n e d

    s u b s i d i a r y

    ofLNR

  • 8/15/2019 2000-24220 Reso

    4/7

    December

    20

    000

    C o m m i s s i o n

    M e m o r a n d u m

    Lincoln

    Plaza

    P a r t n e r s

    LL C Page2Ase f l e c t e d

    in

    Exhibit

    10.

    4

    o

    heAgreement

    oe a s e ,

    Lincoln

    Plaza

    P a r t n e r s

    LLC

    isurrently

    owned

    49%

    by

    S R C

    Lincoln Plaza

    LLC (

    Scott

    R o b i n s ) ,

    49%y

    DP

    L i n c o l n

    Paza

    LLC(R

    o n o h u e P e e b l e s ) ,

    and

    2%

    y

    i c h a e l

    M i lb e r g ,

    Approval

    of

    the

    Assignment

    will

    result

    in

    nm e n d m e n t

    of

    Exhibit

    10

    ,

    eflecting

    the

    n e w o w n e r s h i p

    i n t e r e s tinhe Lessee,

    h i c h is

    attached

    h e r e t o ,In

    order

    toffectuate t h i s

    t r a n s a c t i o n ,it

    is

    e c e s s a r y thatthe

    Cty

    aive Sect ion 103(aohe A g r e e m e n t

    o

    e a s e

    whch

    r o v i d e s

    that,

    There shall

    be no

    Sale

    o

    h e

    P r o j e c t orT r a n s f e r

    ohe

    Poectp r i o r

    to

    h e

    CO

    a t e [

    i,

    e,

    thedate

    that

    a

    e r t i f i c a t e

    of

    occupancy

    is

    granted

    for

    the

    r o j e c t ]

    o t h e r

    han

    as

    p e r m i t t e d

    by

    he provisions

    of

    S e c t i o n

    10

    andt h e r

    thana

    o r e c l o s u r e

    Transfer.

    A

    copy

    of

    A r t i c l e

    10

    o

    he A g r e e m e n t o

    Lease

    is

    t t a c h e d hereto

    fo

    r e f e r e n c e ,

    The

    a s s i g n m e n t

    ohe

    e x i s t i n g

    A g r e e m e n t

    o f Lease

    a n d

    Development

    A g r e e m e n t

    to

    NR

    e f f e r s o n

    LLC

    wi l lbec c o m p l i s h e d

    by

    he

    City'

    s

    onsent

    to

    s s i g n m e n t

    and

    A s s u m p t i o n

    A g r e e m e n t acopyo

    whchis

    t t a c h e dto

    h e

    R e s o l u t i o n

    appended

    h e r e t o ) ,

    which will

    assgn

    al

    f

    Lincoln

    Paza

    P a r t n e r s ,

    LLC'

    sn t e r e s t

    in

    he

    Agreement

    o

    ease

    ande v e l o p m e n t

    A g r e e m e n t to

    LNR

    J e f f e r s o n

    LLChe C o n s e n t

    to

    ssignment

    and

    s s u m p t i o n

    A g r e e m e n t

    wi l l s p e c i f i c a l l y indemnifYando ld

    the

    C i t y

    h a n n l e s s

    and

    w i l l

    not

    constitute

    approval

    of

    any

    o

    he

    documents

    reviewed

    as

    par

    o

    the

    Ctys

    u e

    d i l i g e n c e ,

    Pursuant

    tosads s i g n m e n t and A s s u m p t i o n A g r e e m e n t ,

    LNR

    e f f e r s o n LLCwill

    assumeal

    of

    the

    o b l i g a t i o n s

    and

    liablities

    et

    forth

    under

    t h e

    Agreement

    of

    Lease

    and

    e v e l o p m e n t

    Agreement.

    As

    art

    o

    he

    A d m i n i s tr a t io n ' s

    due

    i l i g e n c e

    inevaluatingthe

    proposed

    a s s i g n m e n t ,

    the

    o l l o w i n g

    information

    w a s

    requested

    a n d

    reviewed,A

    ummary

    ohe

    financial

    t r a n s a c t i o n

    amongst

    the

    p a r t i e s

    is

    utlinedint t a c h m e n t A

    1

    i n c o l n

    Plaza P a r t n e r s LLC

    has

    g r e e d

    toe i m b u r s e

    theCty

    or

    costs i n c u r r e d

    in

    he

    ity'

    s

    e v i e w

    othse q u e s t for

    a s s i g n m e n t ,

    n a m e l y

    outside c o u n s e l

    fees,2

    LNRJ,

    the

    anaging

    p a r t n e r

    and90%w n e r

    o

    NR

    J e f f e r s o n

    LLC,

    has

    r o v i d e d

    an

    Officer'

    s

    e r t i f i c a t e

    o f L N R Property

    Corporation,

    e r t i f Y i n g

    that

    LNRJ and

    its

    f f i l i a t e s (

    the

    NR

    G r o u p )

    comply

    with the

    r o v i s i o n s

    o

    O

    3c

    ofthe

    g r e e m e n toe a s e ,whch

    e ts forth

    the

    arameters

    fora

    uaifier

    Buyer ,

    A d d i t i o n a l l y ,

    a

    e v i s e d

    E x h i b i t

    10.

    4

    has

    een

    p r o v i d e d

    tha

    n c l u d e s

    ful

    disc losure

    o

    he

    o w n e r s h i p

    interests

    of

    LNR J e f f e r s o n

    L L C .

    h e latest

    lO

    Ko

    NR

    Gouphasee n

    provided

    an d

    r e v i e w e d

    e v i d e n c i n g c o m p l i a n c e

    wth

    he

    provisions

    of

    Section

    10

    4

    he

    A g r e e m e n t

    o

    Lease,

    A ll

    proposed

    a g r e e m e n t s

    and

    ontracts

    b e t w e e n

    o

    mong

    he

    parties

    have

    been

    provided

    as

    follows:

    a

    p e r a t i n g

  • 8/15/2019 2000-24220 Reso

    5/7

    December

    20

    000

    C o m m i s s i o n

    M e m o r a n d u m Lincoln

    Plaza

    P a r t n e r s

    L L C

    Page

    3

     

    e v e l o p m e n t

    M a n a g e m e n t

    A g r e e m e n t ;

    f.

    ledge

    and

    S e c u r i t y

    Agreement;and

    g, G u a r a n t y

    Agreement.

    a

    h e O p e r a t i n g

    Agreemento

    LNR

    J e f f e r s o n

    LLCN R J LLC)

    outlines

    the

    LLC

    formation,

    captal

    c o n t r i b u t i o n s

    requred

    l l o c a t i o n s

    and

    d i s t r i b u t i o n s

    o

    poits

    nd cashflow,

    a n a g e m e n t

    and

    r a n s f e r s

    of

    i n t e r e s t

    in

    theLLC

    The

    o p e r a t i n g a g r e e m e n t sets

    foth

    he

    L L C

    formation

    and

    h e

    p a r t n e r s '

    i n t e r e s t

    in

    heLLC

    Aticle

    VIf t h i s

    A g r e e m e n t

    oulines th e

    capital c o n t r i b u t i o n s o f LNRJ

    as (

    i

    nitial

    Capital

    C o n t r i b u t i o n swhche p r e s e n t s a

    r e i m b u r s e m e n t

    o

    al

    p r o j e c t r e l a t e d

    costspaidbyincoln P l a z a P a r t n e r s L L C

    to

    date (

    ii)

    he

    eal P r o p e r t y

    P u r c h a s e

    Price

    forthe

    parcel

    o

    a n d

    b e i n g

    c o n t r i b u t e d

    to

    h e

    project

    and (

    iii)

    ther

    p r o j e c t

    related

    coss

    hat

    may

    i n a d v e r t e n t l y

    not b e e n

    p r o v i d e d ,

    LNR

    s

    also obligated

    to

    maked d i t i o n a l

    capital

    c o n t r i b u t i o n s

    to

    und

    the

    r o j e c t ,

    not

    limited

    to

    the

    q u i t y

    c o n t r i b u t i o n

    r e q u i r e d

    to

    complete

    the

    c o n s t r u c t i o n

    financing,

    O n c e

    Cty

    p p r o v a l

    is

    r a n t e dthe

    g r e e m e n t

    oease

    and

    D e v e l o p m e n t

    A g r e e m e n t

    wi l l

    bes s i g n e d

    to

    NRJand

    i n c o l n

    wlle c e i v e a

    credit

    to

    its

    c a p i t a l a c c o u n t

    e q u a l

    to0%

    o

    the

    LNRJ

    intia

    capta

    c o n t r i b u t i o n ,

    The

    O p e r a t i n g

    A g r e e m e n t

    a l s o

    ses

    o r t h

    LNRJ'

    s

    responsibility

    to

    b t a i n th e

    c o n s t r u c t i o n loan

    fo

    75%

    o

    he

    Tota

    Project

    Costs,

    A d d i t i o n a l l y ,

    a

    on

    o m p e t e

    c l a u s e

    hasbeen

    i n c l u d e d

    in

    the

    O p e r a t i n g

    A g r e e m e n t

    tha

    limits

    any

    o

    the

    artners, w i t h

    exception

    o f R .

    Donohue Peeb les,

    toe v e l o pa

     w

    ixed-

    use

    eal

    estate d e v e l o p m e n t

    project

    c o n t a i n i n g realspace, p a r k i n g

    garage

    a n d

    more

    than

    50 ,

    000s

    assAffice

    s p a c e

    inthe

    S o u t h

    B e a c h

    area,

    souh

    o

    23rd

    Sreet,

      bhe

    r o p e r t y M a n a g e m e n t and

    Lease

    g r e e m e n t

    b e t w e e n LNRJ

    LLCn d

    Lincoln

    M a n a g e m e n t

    L L C ,theatter

    w h i c h

    iswned

    50%

    50%

    y

    R

    onohue

    Peebles

    and S c o t t

    Robns,

    w as r e v i e w e d

    an d

    oulinesLincoln

    M a n a g e m e n t

    LLC

    s

    e s p o n s i b i l i t i e s

    as

    othea n a g e m e n t ,

    o p e r a t i o n

    and

    a i n t e n a n c e ofther o p e r t y

    in

    c c o r d a n c e

    wth

    a

    udget

    to

    e s u b m i t t e d

    and

    pproved

    by

    NRJ

    180

    days

    b e f o r e

    c o m p l e ti o n

    of

    the

    P r o p e r t y , L i n c o l n

    M a n a g e m e n t

    L L C

    w i l l

    r e c e i v e

    1)

    a

    o n t h l y

    fee

    equal

    to

    he

    greater

    o (

    a) $

    10

    000

    o

    4% o

    al

    ross

    rents

    from

    the

    r o p e r t y ,

    and2

    a

    xed

    onstruction

    m a n a g e m e n t fee

    o $

    289,

    288,and

    3

    g r e e m e n t

    tha

    Scott

    R o b i n s C o n s t r u c t i o n , Inc,shall

    be

    heo n s t r u c t i o n

    m a n a g e r

    fo

    he

    Property.

    T h e

    P r o p e r t y

    M a n a g e m e n t

    and

    L e a s e Agreement

    asosetsfoth

    h a t L i n c o l n M a n a g e m e n t

    LLC

    wll

    aso

    o o r d i n a t e

    the

    Leasng

    otheroperty

    wththe

    exclusive

    L e a s i n g

    Agent

    d e s i g n a t e d in the

    Ofice

    B u i l d i n g

    Leasing

    A g r e e m e n t . Th e

    Leasing

    C o m m i s s i o n s

    are

    t a n d a r d

    m a r k e t

    r a t e s

    and

    u t l i n e d in

    E x h i b i t

    E

    o

    the

    A g r e e m e n t .

  • 8/15/2019 2000-24220 Reso

    6/7

    December

    20000

    C o m m i s s i o n

    M e m o r a n d u m

    Lincoln Plaza

    P a r t n e r s

    LLC

    Page

    4

    he

    Leasing

    A g e n t

    wll

    perform

    the

    i n i t i a l l e a s e -

    up

    o

    the

    buldng

    h e r e a f t e r ,

    L i n c o l n Management L L C

    wll

    oordinate

    all

    leasing

    activities,

    cfice

    u i l d i n g

    L e a s i n g A g r e e m e n t

    sets

    f o r t h

    LNRJ

    LLC'

    s

    intent

    10

    ire

    an

    exclusive

    l e a s i n g

    agentto

    p e r f o r m

    the i n i t i a l

    lease-

    up

    f

    the

    proect.

    h e r e a f t e r ,

    the

    Property M a n a g e m e n t

    an d Lease

    Agreement

    p r o v i d e s

    for

    Lncona n a g e m e n t

    LLC

    toc o o r d i n a t e

    the

    l e a s i n g ofthe

    project.

    d

    nx c l u s i v e

    L i s t i n g Agreement,

    between

    LNRJ

    and

    Lincoln

    M a n a g e m e n t LLC

    was

    r o v i d e d

    fo

    ur

    r e v i e w

    tha

    p r o v i d e s

    fo

    n

    exclusive

    listing

    r r a n g e m e n t

    wth L i n c o l n M a n a g e m e n t

    L L C

    an d sets

    f o r t h ,

    at the t i m e

    of

    a

    al e

    of

    th e

    p r o j e c t ,aee

    o

    1h e

    s a l e

    price,

    unless

    t h e r e

    isa

    o -

    broker

    in

    w h i c h

    case

    it

    hal

    be1

    5%

     

    e v e l o p m e n t

    Management

    A g r e e m e n t

    between

    LNRJ

    LLC

    n d

    Lncoln

    a n a g e m e n t

    LLC

    outlines

    Lncon M a n a g e m e n t '

     s

    e s p o n s i b i l i t y

    to

    o o r d i n a t e ,

    m a n a g e ,

    a d m i n is t e r

    and

    evaluate,

    he d e v e l o p m e n t

    of

    h e

    project.

    i n c o l n M a n a g e m e n t

    wll

    be

    aida

    D e v e l o p e r

    fee

    o

    2 1 ,

    130,

    amortized

    over

    an

    18

    month

    eriod,5e r t i f i e d

    copies

    o

    the

    o r g a n i z a t i o n a l

    documents

    fo

    N R

    Jefferson

    L L C

    h a v e b e e n

    provided

    a n d reviewed,6

    he

    c e r t i f i c a t i o n

    required

    by

    Section 27.

    1(

     

    o

    h e

    A g r e e m e n t

    o

    e a s e haseen

    provided,

    a t t e s t i n g

    thaherehaveeenno

    h a n g e s

    in

    the

    w n e r s h i p

    o

    incoln

    P l a z a

    P a r t n e r s ,

    TheR e s o l u t i o n futhera u t h o r i z e s

    an

    amendmenttox h i b i t

    10.

    4

    u t l i n i n g

    the

    o w n e r s h i p

    i n t e r e s tinh e L e s s e e ,

    as

    d e s c r i b e d

    a b o v e ,

    Thef o r e m e n t i o n e d a m e n d m e n t s

    do

    ot

    a d v e r s e l y

    mpac

    the

    City' s

    nterestin

    the

    Project.

    It

    ise c o m m e n d e d

    that

    thea y o r

    and

    Cty

      o m m i s s i o n a d o p t

    the

    a t t a c h e d

    Resolution,nd

    t h e r e b y e n a b l i n g

    the

    proect

  • 8/15/2019 2000-24220 Reso

    7/7

    Attachment

    A

    ODerat ing

    Aereement - Sets

    up

    the

    partnership

    interests

    for

    new

    entity

    called

    LNR

    Jefferson LLC

    1

    NR

    wll

    r o v i d e

    al

    a p i t a l ande c u r e

    al

    inancing

    r e q u i r e d

    fop

    the

    o n s t r u c t i o n

    of

    the

    project.

    2

    ntia

    p e r c e n t a g e

    i n t e r e s t

    shal

    be0%

    LNR

    10%i n c o l n Plaza

    3

    ash

    flow

    nd ne t p r o c e e d s

    from

    project shalbeas

    ol lows:90%

    N R

    10%

    Lincoln Plazauntil

    LNR

    a c h i e v e s a0% lRR

    75%

    LNR25%i n c o l n

    Plazaunil

    NR

    a c h i e v e s

    a

    25%RR

    65%NR

    35%

    i n c o l n

    Plaza

    until

    LNR

    c h i e v e s

    a0%RR

    0 %

    LNR

    40%

    i n c o l n

    P l a z a

    unil

    NR

    a c h i e v e s

    a

    5%

    R R

    55%

    LNR

    45%

    i n c o l n P l a z a

    until

    LNR

    a c h i e v e s

    a

    5%RR4

    NR

    to

    be

    anager

    a n d

    have

    tota

    c o n t r o l

    o

    ala j o r

    aspects

    o

    theroject.

    5NR

    wll

    repay

    L inco ln Paza

    al

    uo

    o c k e t

    e x p e n s e stoate approx $\.2M

    D e v e l o p m e n t

    M a n a g e m e n t

    Ap

    e m e n t -

    LNR

    J e f f e r s o n LLC

    toire

    new

    c o m p a n y

    called

    i n c o l n M a n a g e m e n t LLC

    owned

    y S c o t t

    R o b i n s

    and

    Dn

    eebles

    50%

    each

    to

    e v e l o p ther o j e c t .

      1

    LNRJefferson LLC

    will

    pay

    a

    e v e l o p m e n t

    fee

    o

    Lncoln

    Management

    of$2 1 ,

    130in

    8

    equa

    monthly

    i n s t a l l m e n t s

    subject

    to

    r o p e r

    p e r fo r m a n c e

    ouies

    as

    outlined,

    2

    NR

    Jeffersonwllalso

    pay

    Scott

    Robns

    C o n s t r u c t i o n

    a

    o n s t r u c t i o n m a n a g e m e n tfeeof

    289,

    88

    pad

    onthly duing

    o n s t r u c t i o n

    subject

    to

    r o p e r

    p e r f o r m a n c e as

    u t l i n e d .

    P r o p e r t Y

    M a n a g e m e n t

    and

    e a s i n e A g r e e m e n t -

    LNR

    Jefferson

    L L C

    will

    hre

    Lncoln

    a n a g e m e n t

    o w n e d

    by P e e b l e s

    and

    Robins)

    to

    a n a g e

    the

    buildingupon

    o m p l e t i o n

    and

    serve

    as

    theeasng

    g e n t

    fo

    hee t a i l

    portion

    n o t

    the

    o f f i c e portion

    o

    he

    u i l d i n g .

    1

    a n a g e m e n t

    fee

    toe4o

    gross

    o l l e c t e d

    r e n t so

    10000

    pe

    month

    h i c h e v e r

    is

    greater

    subjectto

    roper

    p e r f o r m a n c e

    o

    a n a g e m e n t

    duties

    as

    statedingreement. 2Anx c l u s i v e l e a s i n g agent

    wll

    beired until stabilization

    ater

    h i c h

    L i n c o l n

    M a n a g e m e n t shal

    be

    ffice-

    e a s i n g

    c o m p a n y .

    3

    L i n c o l n

    M a n a g e m e n t

    s h a l l b e

    r e t a i l -

    leasing

    c o m p a n y

    subjectto

    n d u s t r y

    s t a n d a r d

    l e a s i n g

    fees.x c l u s i v e Listine A e r e e m e n t -

    At

    time

    of

    sae,

    LNR

    effersonLLCshal

    hreincoln M a n a g e m e n tto

    be

    he

    exclusive

    listing

    agent

    fo

    he

    p r o p e r t y ,

    1

    e e to

    be