2nd Amendment 11/17/2010Doc# 1814114 11/19/2010 3:55PM Doc# 1814114
Filed & Recorded in Official Records of RkN 2403 Part 274
MONROE COUNTY DANNY L. KOLHAGE
AMENDMENT NO.2 TO GROUND LEASE
OVERSEAS REDEVELOPMENT COMPANY, LLC
THIS AMENDMENT NO. 2 TO GROUND LEASE is entered into this 176 day of
November, 2010, by and between MONROE COUNTY ("Lessor") and OVERSEAS
REDEVELOPMENT COMPANY, LLC ("Lessee").
WHEREAS, on September 20, 2006, the parties entered into a ground lease for real property
located on Stock Island, Monroe County, Florida, at Block 39, George L. McDonald's Plat, as
recorded in Plat Book 1, Page 55, and a portion of the adjacent First Avenue as previously
abandoned, as recorded in the Official Records of Monroe County, Florida, at Book 537, page
937; and
WHEREAS, the ground lease provided for the Lessee to construct 49 Affordable Housing
Units; and
WHEREAS, on April 15, 2009, the parties amended the Ground Lease to clarify certain terms
and modify other terms of said agreement; now therefore,
WHEREAS, the financial institution financing the project is requiring the substantial
completion date be extended to facilitate financing and completion of the affordable housing
project; now therefore
IN CONSIDERATION OF THE COVENANTS AND PROMISES contained herein, the parties
agree as follows:
1. The Ground Lease entered between the parties on September 20, 2006, and amended on April
15, 2009, shall be further amended to extend the substantial completion date to June 10, 2011 as
follows:
A Section 14.01(a) shall be amended to read, effective as of the date of this
Amendment No. 2:
(a) Initial Lessee shall renew the building permits for the 49 Affordable
Housing Units no later than June 10, 2011. For any reason of
omission by Lessee which results in the building permits not being
issued by June 10, 2011, a notice of default shall be issued by
Lessor to the Lessee and the Mortgagee, after which notice the
Lessee and Mortgagee, individually or jointly, have sixty (60) days
within which to cure the default. If the building permits have not
been issued by June 10, 2011, due to omission of Lessor, this Lease
shall be amended a time commensurate with said omission. The
Projects shall be substantially completed no later than June 10,
2011, unless there occurs a default which is cured or an extension is
granted, in either can the June 10, 2011 date for substantial
completion shall be extended by the amount of time of the cure or
extension in the issuance of the building permits. Substantial
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completion shall mean either that G) certificates of occupancy have
been issued for at least 37 of the Affordable Housing Units or that
the Lessee, at Lessee's expense, produces a certificate of 750/6
completion of the Project, which certification shall be executed by a
certified professional appraiser. If the Project is not at least 75%
complete at the required substantial completion date, a notice of
default shall be issued by Lessor to the Lessee and the Mortgagee,
after which notice the Lessee and Mortgagee, individually or
jointly, have sixty (60) days within which to cure the default. In the
event the Project is more than 75% complete but less than 1009/0
completed by June 10, 2011, the Lessee shall have an additional two
months, until August 31, 2011, to complete the construction of the
project. Failure to have certificates of occupancy for all 49 units by
August 31, 2011, unless the date is adjusted pursuant to provisions
of this section, shall constitute a default, which shall require notice
to the Lessee and Mortgagee with 60 days to cure the default,
jointly or individually. The foregoing limitations of time for Project
progression may be extended by written agreement of the parties.
2. All other provisions of the ground lease agreement entered the 20m day of
September, 2006, and amended on April 15, 2009, not inconsistent herewith, shall
remain in full force and effect.
i WHEREOF, the Lessor and Lessee have hereunto set their hands and
of November, 2010.
Clerk
BOARD OF
CLERK OF MONRC
M.
COMMISSIONERS
Y (LESSOR)
REDEVELOPMENT COMPANY. LLC
i;.02 COUNTYl1T7ILDMI Y
F, VIED AS ' ' O.
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ORC, U C Amend. 219OCC 10/17/10 2 MONROE COUNTY
OFFICIAL RECORDS