04) Completion Guarantee

8/15/2019 04) Completion Guarantee

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irrevocably,

continuously

and

unconditionally, guarantees

to

the

Agency

and

the

City

the

performance

of

the

obligations

of

Developer

to

Finally

Complete

the

Project (

as hereinafter defined

in this

Section

2)

y

the

ompletion

Deadine.

o t w i t h s t a n d i n g

a n y t h i n g

to

the

ontrary

c o n t a i n e d in

ths

u a r a n t e eor

the

HoteDevelopment

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the

roject s h a l lbe

deemed

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for

the

u r p o s e

oths

u a r a n t e e ifi

the

roject

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fmaly

o m p l e t e d

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and

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by

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r c h i t e c t ,

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ii

ll

o

the

m p r o v e m e n t s

in

the

r o j e c t shall

havebeen

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the

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Lease);

rovided,

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x t e n ttheeason

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the

Garage

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pplicable

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c e r t i f i c a t e

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Owner

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arking

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uch termsare

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e

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3

f

h e C o m p l e t i o n

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u p o n

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othe

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otel

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ereof

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aled

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ure

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ure

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eveloper

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otel

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5

u a r a n t o r

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o

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he rights

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i

u a r a n t o r '

s

bligations

a n d l i a b i l i t i e s hereunder

sha

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released, a f f e c t e d

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m p a i r e d

to

he

extent

that

e v e l o p e r '

s

obligations

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i a b i l i t i e s

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released,

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altered, and (

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liability

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express

consent of

the

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6

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ndtheast sentence

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o

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ee n

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thereor

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ega

or

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urety

o

u a r a n t o r .

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creditors

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n y

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orGuarantor

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ankruptcy

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nsolvency proceeding,

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o

the

o t e l

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

oh e

G r o u n d

Lease,

c)

any

efault by D e v e l o p e r

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the

o t e l


Agreement

oh e

G r o u n d

Lease,

d)the

i q u i d a t i o n

o

i s s o l u t i o n

o

e v e l o p e r ,

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or

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changen

ortermination o f

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uarantor'

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ownership

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ts rights

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ohe

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g

heale,

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s s i g n m e n t

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r a n y

portion

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unde

the

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

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o

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ite i n g

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ime

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ffect

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amount

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u ch

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7

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o

Section

5

o

hsu a r a n t e e ,

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iability

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o

o n t i n g e n t u p o n

p u r s u i t

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Agency

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he

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any

e m e d i e s

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wth

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Hotel Development

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oh e

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term is

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round

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r

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h e t h e r

p u r s u a n t

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terms

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by

law

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u r s u a n t

to

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ther s e c u r i t y

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guaranty.

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h a t

ths

u a r a n t e e

is

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erformance

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e s p e c t

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the

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Obligation.

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actions

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he

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ts

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in

o n n e c t i o n

wth

the

o t e l


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soey

with

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Completion

Obligation

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e s p e c t

tothe

C o m p l e t i o n

Obligation,

e c o v e r y

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bead a g a i n s t

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such

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n

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irst

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any

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of

Guarantor

under

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shall

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assignment

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transfer

by

Developer,

or

any

subsequent

developer

under the

Hotel

Development

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of

its interest

under

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Development

Agreement

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any

assignment

or

transfer

by Developer,

or

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tenant

under

the Ground

Lease,

of its

interest under the

Ground

Lease.

8.

a

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and

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wth the

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against

Developer

by

reason of

anyone

ormore

payments

or

acts

of

performance

in

compliance

wth the

obligations

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hereunder

unless

and

untilall

of the

obligations

ofGuarantor

hereunder

have been

fully

discharged, performed

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whereupon

Guarantor

shall

have such

subrogation

rights

as

may

be allowed under

applicable

law.

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rossclaim,

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ature (

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ompletion

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s h a l l

be

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u a r a n t o r

in

anyc t i o n

o

r o c e e d i n g

b r o u g h t

by

w n e r to

n f o r c e

the

Completion

Obligation;

provided,

h o w e v e r ,

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o r e g o i n g

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be

e e m e daa i v e ro

the

r i g h t

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u a r a n t o rto

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any

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eparate

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any provision

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6/10

13

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u a r a n t e e shall

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17

h e n e v e r

it

s

provided

herein

that

o t i c e ,

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request,

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in

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17

as

a

otice )

h a l lbe

n

w r i t i n g

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certified

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U

S

a i l ,

postage

prepaid,

eturn

r e c e i p t

r e q u e s t e d ,


7/10

receipt

or

ii)

a

recognized

national

courier

service, addressed

as follows (

or

tosuch

other addresses

as

a

party

may

direct

by

a

Notice

to the other

party

hereto;

provided,

however,

that

the

number of

parties

to receive

such Notice,

together

wth

copies

thereof,

shall

not

be

increased):

if

toGuarantor:

R.

Donahue

Peebles

1 0 0

S.

E

econd

Street

Suite

4 6 5 0

Miami, FL

33131

w i t h

a

copy

to:

Holland Knight

LLP

701

Brickell A v e n u e

30th Floor

M i a m i ,

FL

3 1 3 1

A t t n : S t u a r t

K

Hoffman,

Esq

if

to

he

Agency:

MamiBeach

R e d e v e l o p m e n t Agency

1700

C o n v e n t i o n

Center

Drive

4h

oor

Miami B e a c h ,

Florida

3 3 1 3 9 Attn:

x e c u t i v e

Drector

wth

a

opies

to

M i a m i Beach

R e d e v e l o p m e n t Agency

1 7 0 0

C o n v e n t i o n CenterDrive

4th

Floor

Mam

Beach,FL

33139

Attn:

e n e r a l

C o u n s e l

and

B l o o m &

Minsker

1 4 0 1 B r i c k e l l

A v e n u e

S u i t e 70 0

M ia m i ,

FL

3 3 1 3 1

Attn:Joe

N

Mnsker,

P

A

if

to

the

Cty:

Cty

o

M i a m i

Beach,


8/10


9/10


10/10

Documents

04) Completion Guarantee