Loading...
R18-046 1 RESOLUTION NO. R18-046 2 A RESOLUTION OF THE CITY OF BOYNTON BEACH, 3 FLORIDA, APPROVING AND AUTHORIZING THE MAYOR TO 4 SIGN THE FOLLOWING AGREEMENTS WITH JKM 5 DEVELOPERSBLACKROCK OR ITS SUCCESSORS AND 6 ASSIGNS, FOR (1) THE SALE AND PURCHASE OF REAL 7 PROPERTY OWNED BY THE CITY, AND (2) A DEVELOPMENT 8 AGREEMENT FOR MULTI-FAMILY RENTAL HOUSE WITH 9 ASSOCIATED PARKING FACILITIES, AND (3) A PARKING 10 LICENSE TO PROVIDE PARKING FOR CITY FACILITIES; AND 11 (4) AN OPTION AGREEMENT FOR CITY RE-ACQUISITION OF 12 REAL PROPERTY, ALL IN FURTHERANCE OF THE 13 DEVELOPMENT OF THE CITY'S TOWN SQUARE PROJECT; 14 AND PROVIDING AN EFFECTIVE DATE. 15 Whereas; the City and JKM Developers/Blackrock, a development team member of 16 the town square development team have negotiated the terms and conditions necessary to 17 facilitate the (1) the sale and purchase of real property owned by the city, and (2) a 18 development agreement for multi-family rental house with associated parking facilities, and 19 (3) a parking license to provide parking for city facilities; and (4) an option agreement for city 20 re-acquisition of real property, all in furtherance of the development of the City's Town 21 Square project. 22 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF 23 THE CITY OF BOYNTON BEACH, FLORIDA,THAT: 24 Section 1. Each Whereas clause set forth above is true and correct and 25 incorporated herein by this reference. 26 Section 2. The City Commission of the City of Boynton Beach, Florida does 27 hereby approve and authorize the Mayor to sign the following documents and such other 28 collateral documents necessary thereto with JKM Developer/Blackrock or its successors and (00220646.1 306-9001821) 29 assigns at such time as they are finalized to the satisfaction of the City Manager and City 30 Attorney: 31 (1) The sale and purchase of real property owned by the city, a copy of which is attached as 32 Exhibit"A", and 33 (2) A development agreement for multi-family rental house with associated parking facilities, 34 a copy of which is attached as Exhibit"B", and 35 (3) A parking license, a copy of which is attached as Exhibit"C", to provide parking for City 36 r facilities; and 37 0 (4) an option agreement, a copy of which is attached as Exhibit"D" for City re-acquisition of tl 38 real property; 39 all in furtherance of the development of the City's Town Square project 40 Section 3. That this Resolution shall become effective immediately upon passage. 41 PASSED AND ADOPTED this /3" day of n , 2018. 42 CITY OF BOYNTON BEACH, FLORIDA 43 44 YES NO 45 46 Mayor— Steven B. Grant 47 48 Vice Mayor—Justin Katz 49 5o Commissioner—Mack McCray 51 52 Commissioner—Christina L. Romelus 53 54 Commissioner—Joe Casello 55 S-0 56 VOTE 57 ATTEST: 58 59 60 ' 61 Jud' 7A. Pyle, CMC 62 Citfr lerk 63 64 65 (City Seal) I n u w, {00220646.1306-9001821} O•n 0� ovN• PURCHASE AND SALE AGREEMENT (BTS South) THIS PURCHASE AND SALE AGREEMENT (the "Agreement") is made and entered into as of the ( \ day of March, 2018 (the "Effective Date"), by and between JKM BTS South, LLC, a Florida limited liability company (the "Purchaser"), and City of Boynton Beach (the "Seller"). RECITALS WHEREAS, Seller is the owner of the property located in Boynton Beach, Florida, which consists of approximately +/-3.71 gross acres and is commonly known as Boynton Town Square South, as depicted on Exhibit"A" and made a part hereof, together with the improvements located thereon and all fixtures and personal property located on said property(the"Property"); and WHEREAS, Seller desires to develop upon the Property a rental apartment project which is anticipated to consist of approximately 280 apartment units (the "Apartments"), as well as a parking structure which is anticipated to consist of approximately 918 parking spaces (the "Garage"),together with related improvements(the Apartments, Garage,and related improvements are referred to herein as the"Project"); and WHEREAS, simultaneously with the execution of this Agreement, Seller and an affiliate of Purchaser have entered into a Development Agreement (the "Development Agreement"), which shall govern the development of the Project and certain obligations of Seller and such affiliate of Purchaser with respect thereto; and WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller,the Property,pursuant to the terms and conditions set forth herein. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree to the terms and conditions set forth herein. AGREEMENT: 1. Recitals. The recitals set forth above are incorporated herein by this reference, and the parties agree that such recitals are true and correct. 2. Purchase and Sale. Subject to all of the terms and conditions of this Agreement, the Seller will sell to the Purchaser, and the Purchaser will purchase from the Seller, the Property, together with all appurtenances, rights, easements, rights of way, permits, licenses, leases, warranties,and approvals incident or appurtenant thereto. 3. Purchase Price and Payment. The purchase price to be paid by the Purchaser to the Seller for the Property shall be $10.00 (the "Purchase Price"), and any adjustments and prorations as set forth in this Agreement. Purchase and Sale Agreement- 1 Boynton Town Square South Parcel 1 4. Title and Title Insurance. (a) Purchaser shall obtain a current title insurance commitment (the "Commitment") for an ALTA owner's title insurance policy, issued by PG Law, as agent for Chicago Title Insurance Company, Old Republic National Title Insurance Company, or another national title insurance company (the "Title Company"). Purchaser shall have until the end of the Due Diligence Period (as defined hereafter) to examine the condition of title to the Property to confirm that title to the Property is good, marketable and insurable. Within such period, if Purchaser fails to provide Seller with written notice of specific defects which make title to the Property other than as required by this paragraph, then, for all purposes of this Agreement, Purchaser shall be deemed to have accepted title in the condition described in the Commitment. If Purchaser timely notifies Seller that title does not satisfy the requirements of this paragraph, then Seller agrees to use its best efforts to make title good, marketable, and insurable, for which purpose Seller shall have twenty (20) days from the receipt of Purchaser's written notice that title is unacceptable to remedy any such objection; provided, however, that Seller shall not be required to spend more than $5,000.00 (exclusive of attorney's fees or other professional fees) to remedy any specific title objection other than a mortgage, lien, judgment, or other monetary obligation encumbering the Property as described in Section 4(b). If title is not rendered as required by this paragraph despite the best efforts of Seller, then at any time after the end of such twenty (20) day period, upon written notice delivered at the option of Purchaser, this Agreement shall be terminated and all parties hereto shall be released from any and all obligations and liabilities hereunder except those which specifically survive termination. At any time prior to such termination, Purchaser may elect by written notice to Seller to waive any defects in title, in which event, subject to satisfaction of the conditions set forth in this Agreement, the Closing shall take place pursuant to this Agreement without any abatement in the Purchase Price. Prior to the Closing,Purchaser shall cause the Commitment to be updated to a current effective date by the Title Company. If the update of the Commitment shows additional exceptions that render title unmarketable or which materially interfere with Purchaser's development, ownership, and intended use for the Property, Purchaser shall provide written notice of its objections to such new exceptions to Seller. Seller shall have a period of twenty (20) days from receipt of such written notice from Purchaser in which to use its best efforts to cause such additional exceptions to be removed from the Commitment. If, after utilizing due diligence and Seller's best efforts, Seller is unable to remove such additional exceptions, Purchaser shall have the option of either waiving any such title defects, in which event, subject to satisfaction of the conditions set forth in this Agreement, the Closing shall take place pursuant to this Agreement without any abatement in the Purchase Price,or Purchaser shall have the right to terminate this Agreement and neither party shall have any further rights or obligations hereunder except for those obligations which specifically survive termination. (b) Seller agrees that Seller shall use its best efforts to make title good, marketable and insurable within the time limits set forth in this Agreement. Notwithstanding the foregoing, Seller agrees that Seller shall pay all indebtedness secured by a mortgage upon the Property, as well as all past due taxes, outstanding governmental or quasi-governmental assessments,and any outstanding judgments or liens against Seller and/or the Property, including all penalties and interest,prior to the Closing. 5. Survey. Purchaser shall have the right, at its expense, to obtain a current survey of the Property prepared by a licensed Florida land surveyor (the "Survey"). The Survey shall be Purchase and Sale Agreement- 2 Boynton Town Square South Parcel L certified to the Purchaser and to the Title Company and shall be prepared in accordance with the minimum technical standards for surveys in the State of Florida and/or ALTA requirements. In the event that the Survey shows any encroachments or any other defects, then such defects shall be treated as a title defect and the provisions of Section 4 shall be applicable to any such Survey defects. 6. Seller's Obligations Prior to Closing. (a) Seller covenants and agrees that it has or will, within fifteen (15) days following the Effective Date, deliver to Purchaser true and correct copies of the following, to the extent existing and in Seller's possession and/or control: survey, development approvals, economic studies, traffic studies, all title related documents, copies of all ad valorem tax statements, bills and assessments, engineering reports, topographical maps, traffic studies, FDOT letters, geotechnical subsurface analysis reports, environmental reports and related environmental studies and all similar reports and studies available to or currently in Seller's possession. (b) Seller shall provide Purchaser, together with Purchaser's agents and representatives, complete access to any portion of the Property for the purpose of making physical inspections of the Property to determine whether, in Purchaser's sole and absolute discretion, the Property is suitable for Purchaser's purposes. Such inspections may include, among other things, survey, site,engineering,appraisal, environmental,and feasibility studies. (c) Seller shall cooperate with Purchaser as reasonably required in order for Purchaser to perform its due diligence and seek its Approvals (as defined in Section 8) in accordance with the terms of this Agreement. 7. Due Diligence. (a) Due Diligence Period. Purchaser shall have the "Due Diligence Period" in which to ascertain whether the Property is acceptable to Purchaser in order for Purchaser to proceed with seeking approvals, permits and licenses necessary for the development of the Property. "Due Diligence Period" shall mean the period commencing on the Effective Date of this Agreement and expiring on the date which is sixty (60) calendar days subsequent to the Effective Date. If the Property is determined to be unacceptable to Purchaser in its sole discretion, Purchaser shall notify the Seller by providing written notice of its determination that the Property is unacceptable for its intended use no later than 5:00 p.m. Florida time on the final day of the Due Diligence Period (a "Notice of Cancellation"), in which event neither party shall have any further rights or obligations hereunder. If the Property is determined to be acceptable to Purchaser in its sole discretion, Purchaser shall notify the Seller by providing written notice of its determination that the Property is acceptable for its intended use no later than 5:00 p.m. Florida time on the final day of the Due Diligence Period (a "Notice to Proceed"). If Purchaser fails to deliver either a Notice of Cancellation or a Notice to Proceed by 5:00 p.m. Florida time on the final day of the Due Diligence Period, then Purchaser shall be deemed to have delivered a Notice of Cancellation, in which event neither party shall have any further rights or obligations hereunder. (b) Indemnification. Purchaser agrees to indemnify, defend, and hold harmless Seller and its affiliates, managers, members, partners, subsidiaries, shareholders, Purchase and Sale Agreement- 3 Boynton Town Square South Parcel officers, directors, lenders, employees, attorneys, and agents from any loss, injury, damage, claim, lien, cost or expense, including reasonable attorneys' fees, paraprofessional fees and costs pretrial, at trial and at all levels of proceedings, including appeals, arising out of or resulting from Purchaser's physical inspections, examinations, studies, and/or analyses of the Property. 8. Permits and Approvals. Purchaser shall be seeking to receive all authorizations, including, without limitation, land-use change, re-zoning, plat and/or replat, and site plan approvals necessary for Purchaser's intended use of, and the construction and operations of the improvements upon, the Property (collectively, the "Approvals"). Seller shall, upon request by Purchaser, execute any and all documentation in support of any application for such Approvals including the site specific Site Plan/Master .Plan Amendment as conceptually agreed by both parties; provided, however, that Purchaser shall not be required, as a condition of receiving its Approvals or otherwise, to construct or maintain any infrastructure, improvements, or other structures or property other than the Project. If, at any time, Purchaser (i) is denied or refused any such Approvals, (ii) is uncertain that Purchaser's intended use, construction and improvements to the Property will not be physically or fmancially impaired, as determined in Purchaser's sole and absolute discretion, (iii) determines that the necessary Approvals have been granted subject to any conditions that Purchaser deems unacceptable because they will physically or financially impair Purchaser's use and development of the Property, or (iv) determines that adequate utilities and related facilities, including, without limitation, water, storm water and sanitary sewage disposal, telephone service and energy sources to service the Property and improvements thereto for Purchaser's intended use and/or easements therefore are not available to the reasonable satisfaction of Purchaser, then Purchaser may, by furnishing written notice to Seller, terminate this Agreement without owing any liability to Seller (other than any liability that expressly survives any termination hereunder). 9. Seller's Representations and Warranties. Seller hereby represents and warrants to Purchaser as follows: (a) To the best of Seller's knowledge, Seller has not received any notice from the State Department of Environmental Protection or similar agency, the United States Environmental Protection Agency or any other governmental or quasi governmental entity indicating that the Property is currently contaminated by hazardous wastes or pollutants as those terms are defined by applicable laws ("Hazardous Substances") or any notice that the Property is subject to any claim or cause of action pursuant to any federal, state or local environmental statute, regulation or ordinance. (b) Seller has full right and is duly authorized to enter into and consummate this Agreement. (c) To the knowledge of Seller, there is no litigation, investigation or proceeding pending or threatened against Seller which would adversely affect Seller's ability to perform its obligations hereunder. (d) There has been no petition filed by or against Seller under the Federal Bankruptcy Code or any similar state or federal law. Purchase and Sale Agreement- A Boynton Town Square South Parcel `'F (e) There are no condemnation or eminent domain proceedings pending or, to the best of Seller's knowledge, contemplated against the Property or any part thereof, and Seller has received no notice of the desire or intention of any public authority to take or use the Property or any part thereof. (f) Seller has received no notice of and to Seller's knowledge, there is no violation of any law, regulation, ordinance, order or judgment affecting the Property regarding any zoning violation, or, in connection with the ownership and operation of the Property and buildings thereon, any violation of any local, county, state or federal environmental, health, safety or sanitary, or building code law,rule or regulation. (g) To the best of Seller's knowledge, Seller has no knowledge of any unrecorded easements, restrictions, or encumbrances affecting all or any part of the Property. (h) To the best of Seller's knowledge, (i) Seller has received no written notice regarding the existence of, and (ii) Seller has no knowledge of the existence of, any underground storage tanks located on the Property. To the best of Seller's knowledge, no underground storage tanks have been removed from the Property during the time the Property has been owned by Seller. (i) There is no leasehold interest affecting the Property. (j) There are no existing service contracts or other contracts relative to the operation and maintenance of the Property which shall remain in effect after the date of Closing. There shall be no money due on such contracts as of the date of Closing. In this Section 9, the phrases "to the knowledge of' or "has no knowledge of' or similar phrases shall be deemed to refer to the actual knowledge of Seller after due inquiry and investigation. The provisions of this Section 9 shall survive the Closing or termination of this Agreement for a period of one (1) year. If any representation set forth herein is not true and correct as of the Closing, the same shall constitute a default hereunder, and Purchaser may terminate this Agreement and receive as damages reimbursement of all costs and expenses expended by Purchaser since the Effective Date. Subject to applicable law, Seller hereby indemnifies and holds Purchaser harmless from any and all loss, cost, damage, and expense, including reasonable attorneys' fees, paralegal fees, and court costs, in and through all appellate levels, arising or incurred by Purchaser by virtue of any material misrepresentation or inaccuracy in the representations and warranties set forth herein. Subject to applicable law, Seller shall indemnify and hold Purchaser harmless from and against all costs, expenses, claims, and credits asserted against, or incurred by, Purchaser, by reason of any third party tort claim or other claim regarding bodily injury or property damage arising or accruing prior to the Closing. 10. Conditions to Purchaser's Obligations. It shall be a condition precedent to Closing of this Agreement by Purchaser that the following conditions be satisfied: (a) All representations and warranties set forth in Section 9 are true and correct, and Seller has delivered its certificate to Purchaser reaffirming such representations and warranties as of the Closing Date. Purchase and Sale Agreement- 5 Boynton Town Square South Parcel J (b) Seller shall have removed all tenants and other persons in possession from the Property, such that, upon Closing, Purchaser shall have exclusive possession of the Property. (c) Seller shall not be in breach or default with respect to any obligation of Seller under the terms and provisions of this Agreement. To the extent that Purchaser elects to waive any condition set forth in this Section 10 prior to Closing, satisfaction of each such condition shall be a condition to Purchaser's obligations under the Development Agreement(as defined in Section 12(g)). 11. Closing. (a) Subject to the provisions of this Agreement and the conditions precedent to closing, the purchase and sale contemplated by this Agreement shall be closed (the "Closing") no later than the later to occur of(i) the date that is thirty (30) days after the expiration of the Due Diligence Period, as may have been extended, and (ii) seven (7) business days following the date when all other conditions to Closing as set forth in Section 10 have been met (the date of such Closing, the"Closing Date"). (b) The Closing shall take place by way of escrow and shall be conducted by the Purchaser's attorney on the Closing Date. (c) Should Purchaser be unable to obtain basic hazard, wind, or flood insurance at reasonable rates due to storm or extreme weather conditions that prohibit the issuance of such insurance, Purchaser may delay Closing for up to ten (10) days from when such coverage becomes available. 12. Seller's Deliveries. Seller shall deliver to Purchaser at Closing the following documents dated as of the Closing Date, the delivery and accuracy of which shall be a condition to Purchaser's obligation to consummate the purchase and sale: (a) Special Warranty Deed. A special warranty deed in recordable form, duly executed by Seller, conveying to Purchaser good, marketable and insurable fee simple title to the entire Property, subject only to the permitted exceptions as reflected in the Commitment which have not been objected to by Purchaser, with the legal description provided in the Commitment and Survey, as the same may have been revised from time to time in accordance with the Approvals. (b) Bill of Sale. A bill of sale, duly executed by Seller, conveying to Purchaser good, marketable and lien-free title to all personal property and fixtures located on the Property. (c) Affidavit. An owner's affidavit adequate for title insurance to be issued by the Title Company without exception for parties in possession, mechanics' or materialmens' liens and to permit the Title Company to delete the "gap"in the Commitment. (d) FIRPTA Affidavit. In order to comply with the requirements of the Foreign Investment Real Property Tax Act of 1980 ("FIRPTA"), Seller will deliver to Purchaser at Closing Seller's affidavit under penalty of perjury stating that Seller is not a "foreign person," Purchase and Sale Agreement- 6 Boynton Town Square South Parcel V as defined in Section 1445 of the Internal Revenue Code of 1986 and the U.S. Treasury Regulations thereunder, setting forth Seller's taxpayer identification number, and that Seller intends to file a United States income tax return with respect to the transfer. Seller represents and warrants to Purchaser that it has not made nor does Seller have any knowledge of any transfer of the Property or any part thereof that is subject to any provisions of FIRPTA that has not been fully complied with by either transferor or transferee. As required by law, if Seller fails to comply with the requirement of this paragraph, Purchaser shall withhold 10% of the Purchase Price in lieu of payment thereof to Seller and pay it over instead to the Internal Revenue Service in such form and manner as may be required by law. (e) Assignment. An assignment of all of Seller's right, title and interest to all permits, licenses, and warranties with respect to the Property. (f) Certificate. A Certificate of the Seller that the representations and warranties set forth in Section 9 are true and correct as of the Closing Date. (g) Option Agreement. An Option Agreement in favor of Seller in substantially the form attached hereto as Exhibit "B" (the "Option Agreement"), which shall provide the Seller a right to re-acquire the Property from Purchaser upon the occurrence of certain events. (h) Parking Agreement. The Parking License in substantially the form attached hereto as Exhibit "C" (the "Parking Agreement"), which shall govern the relationship between the parties with respect to the Garage after completion. (i) Other Documents. Any other settlement statement, agreement, document or instrument required by this Agreement or by the closing agent or any Title Company (or its agent), by any governmental or quasi-governmental authority or agency, or by any public utility to be delivered by Seller or reasonably necessary to carry out the provisions of this Agreement; the form of any and all such agreements shall be as reasonably agreed upon between the applicable parties, or in the case of a governmental or quasi-governmental authority or agency or a public utility, shall be in the form or format customarily required by such authority, agency, or utility, subject to modification as may be reasonably necessary as a result of the specifics of the Property and the transactions contemplated hereby. 13. Purchaser's Deliveries. At the Closing, and after Seller has complied with all of the terms and conditions of this Agreement and simultaneously with Seller's delivery of the final documents required in Section 12, Purchaser shall execute and deliver the settlement statement, the Option Agreement, and the Parking Agreement and pay to Seller the Purchase Price, as the same may be adjusted for the prorations and any other credits or adjustments provided for in this Agreement. 14. Closing and Recording Costs. Seller shall pay the cost to obtain and record any title curative documents. Purchaser shall pay for the cost of documentary stamp taxes and any surtax on the deed, the cost of recording the deed, the cost of the title search and Commitment, the cost of the owners' title policy to be issued to Purchaser, the cost of the Survey, the costs of its investigations,the costs incurred in connection with seeking the Approvals, and any mortgagee title Purchase and Sale Agreement- 7 Boynton Town Square South Parcel policy and any endorsements thereto. Except as set forth herein, each party shall pay its respective attorney's fees. 15. Real Estate Taxes and Prorations. At the Closing, the real estate taxes on the Property shall be prorated between the parties on a calendar year basis. Special assessment liens certified as of Closing shall be paid by the Seller. Pending special assessment liens shall be treated as a certified lien and shall be paid by the Seller. Seller shall be responsible for payment in full of any personal property taxes applicable to Seller, Seller's personal property or business assets. This covenant shall survive Closing. 16. Possession. Purchaser shall be granted full possession of the Property as of the Closing. 17. Covenants and Agreements of Seller. Seller hereby covenants and agrees that between the Effective Date of this Agreement and the Closing: (a) Seller will not, without Purchaser's prior written consent, create by its consent any encumbrances on the Property. For purposes of this provision, the term "encumbrances" shall include, but not be limited to, any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. At or prior to Closing, Seller shall terminate, and pay in full, all outstanding amounts due and payable and any termination fees required to terminate any and all leases, service contracts, maintenance contracts, franchise agreements, easements not approved in writing by Purchaser, and any other claims to the Property not approved in writing by Purchaser. (b) Seller will terminate all tenancies with respect to the Property, and shall have removed from the Property all tenants, no later than five (5) business days following the time when the Approvals have been received. Seller shall not enter into any new lease or extend any current lease, or permit any tenant to remain upon the Property as a holdover tenant, or allow any tenancy to convert to a month-to-month or other form of tenancy. (c) Seller will not remove any fill or cause any change to be made to the condition of the Property without the prior written consent of the Purchaser. (d) Between the Effective Date and the date of Closing, Seller will not create or consent to the creation of any special taxing districts or associations with the authority to impose taxes, liens or assessments on the Property. 18. Real Estate Commissions. (a) Seller hereby warrants to Purchaser that Seller has not engaged or dealt with any broker or agent with respect to the purchase and sale of the Property as contemplated by this Agreement. Seller shall indemnify and hold Purchaser harmless against any and all liability, cost, damage and expense (including, but not limited to, attorneys' fees and costs of litigation and appeals) which Purchaser shall ever suffer or incur because of any claim by any broker or agent claiming to have dealt with Seller with respect to the Property, whether or not meritorious, for any commission or other compensation with respect to this Agreement or to the purchase and sale of the Property in accordance with this Agreement. Purchase and Sale Agreement- 8 Boynton Town Square South Parcel O (b) Purchaser hereby warrants to Seller that Purchaser has not dealt with any broker or agent with respect to the purchase and sale of the Property as contemplated by this Agreement. Purchaser shall indemnify and hold Seller harmless against any and all liability, loss, cost, damage and expense (including, but not limited to, attorneys' fees and costs of litigation and appeal) Seller shall ever suffer or incur because of any claim by any broker or agent claiming to have dealt with Purchaser, whether or not meritorious, for any commission or other compensation with respect to this Agreement or to the purchase and sale of the Property in accordance with this Agreement. 19. Risk of Loss and Condemnation. (a) All risk of condemnation shall be on Seller. In the event that the Property or any portion thereof is taken by eminent domain, negotiated for grant in lieu of condemnation or threatened to be taken or made unavailable for use by any governmental entity, prior to Closing or through Purchaser's development approval process, Purchaser shall have the option of either: (i) canceling this Agreement and receiving a refund of the Deposit, together with all interest accrued thereon, whereupon both parties shall be relieved of all further obligations under this Agreement, except those obligations which survive termination; or (ii) Purchaser may proceed with Closing in which case Purchaser shall be entitled to all condemnation awards and settlements relating to the Property and Purchaser shall accept the Property less and except any property to which the condemnation award relates. In the event Purchaser elects the latter option, Purchaser shall be entitled to participate in any such negotiations and proceedings, and Seller shall from time to time deliver to Purchaser all instruments requested by it to permit such participation. Seller shall, at its expense, diligently pursue any such proceeding, and shall consult with Purchaser, its attorneys and experts and cooperate with them in any defense of any such proceedings. (b) If all or a portion of the Property shall be damaged or destroyed by any casualty after the Effective Date and before Closing which, in the sole and absolute discretion of Purchaser, renders the Property unsuitable for Purchaser's intended use (whether because of impossibility, economic unfeasibility, or otherwise, including as a result of casualties such as a sinkhole, earthquake, tsunami, hurricane or otherwise which render the Property geotechnically unstable or otherwise unsuitable for Purchaser's intended use), Purchaser shall have the option of either: (i) canceling this Agreement, whereupon both parties shall be relieved of all further obligations under this Agreement, except those obligations which survive termination; or (ii) Purchaser may proceed to Closing, in which case Purchaser shall be entitled to all insurance awards and settlements relating to the Property. 20. Default. (a) In the event of a default by Purchaser under this Agreement which is not cured within ten (10) days after written notice to Purchaser, then Purchaser shall owe to Seller the full amount of the Purchaser Price, which shall be retained by Seller as liquidated and agreed upon damages and as Seller's sole remedy; and thereafter, Purchaser shall be relieved from all further obligations under this Agreement, and Seller shall have no further claim against the Purchaser for specific performance or for damages by reason of the failure of Purchaser to close this transaction or for any other claim of Seller. Purchase and Sale Agreement- 9 Boynton Town Square South Parcel 7 (b) In the event of a default by Seller hereunder which is not cured within ten (10) days after written notice to Seller, then at any time thereafter prior to the cure of such default by Seller, and Purchaser shall have the right to proceed against Seller in an action for specific performance of this Agreement and/or for damages based upon such default. 21. AS-IS. Except as specifically set forth in this Agreement or any other written agreement between Seller and Purchaser(or any affiliate of Purchaser), Seller makes and shall make no representation or warranty either expressed or implied (except as specifically set forth in this Agreement) regarding the condition, operability, safety, fitness for intended purpose, use, governmental requirements, development potential, utility availability, legal access, impact fees, concurrency, economic feasibility or any other matters whatsoever with respect to the Property. Purchaser specifically acknowledges and agrees that Seller shall sell and Purchaser shall purchase the Property on an "AS IS, WHERE IS, AND WITH ALL FAULTS" basis and that, except for Seller's representations and warranties specifically set forth in this Agreement or any other written agreement between Seller and Purchaser (or any affiliate of Purchaser), Purchaser is not relying on any representations or warranties of any kind whatsoever,express or implied,from Seller,its agents, officers, or employees, as to any matters concerning the Property including, without limitation, any matters relating to (1) the quality, nature, adequacy, or physical condition of the Property, (2) the quality, nature, adequacy, or physical conditions of soils, fill, geology, or any groundwater, (3) the development potential or income potential, (4) the Property's value, use, habitability, or merchantability, (5) the fitness, suitability, or adequacy of the Property for any particular use or purpose, (6) the presence of Hazardous Materials or any other hazardous or toxic matter on, under, or about the Property or adjoining or neighboring property, (7) the freedom of the Property from latent or apparent vices or defects, or (8) environmental matters of any kind or nature whatsoever relating to the Property. PURCHASER ACKNOWLEDGES THAT THIS TRANSACTION AND THE ASSIGNMENTS, CONVEYANCES AND TRANSFERS OF PROPERTY BY SELLER TO PURCHASER IS iN ITS "AS-IS, WHERE IS" CONDITION WITHOUT REPRESENTATION OR WARRANTY, ORAL OR WRITTEN, EXPRESS OR IMPLIED EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT OR ANY OTHER WRIF!EN AGREEMENT BETWEEN SELLER AND PURCHASER (OR ANY AFFILIATE OF PURCHASER). 22. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. 23. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 24. Survival of Provisions. All representations, warranties, and agreements contained herein shall survive the Closing and delivery of the deed of conveyance contemplated by this Agreement. 25. Waiver; Modification. The failure by Purchaser or Seller to insist upon or enforce any of their rights shall not constitute a waiver thereof, and except to the extent conditions are waived by the express terms of this Agreement, nothing shall constitute a waiver of Purchaser's right to insist upon strict compliance with the terms of this Agreement. Either party may waive the Purchase and Sale Agreement- 10 Boynton Town Square South Parcel benefit of any provision or condition for its benefit which is contained in this Agreement. No oral modification of this Agreement shall be binding upon the parties and any modification must be in writing and signed by the parties. 26. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida. The venue of any legal proceeding between the parties shall be the state or Federal courts having jurisdiction in or over Palm Beach County, Florida. 27. Headings. The section headings as set forth in this Agreement are for convenience or reference only and shall not be deemed to alter the content of this Agreement or limitthe provisions or scope of any section herein. 28. Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given: (a) when personally delivered; or (b) the next Business Day after being sent by reputable overnight express courier(charges prepaid); or (c) when received if by facsimile or e-mail transmission, so long as notice is concurrently provided to the parties to this Agreement by a method set forth in Section 27(a) or Section 27(b). Unless another address is specified in writing, notices,demands and communications to the parties shall be sent to the addresses indicated below: If to Seller: City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach,Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof,Doody&Ezrol,P.A. Attn: James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale,Florida 33308 If to Purchaser: JKM BTS South,LLC 2300 Glades Road Suite 202 East Boca Raton,Florida 33431 Attention: James S. Gielda,John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta,Esq. 5030 Champion Blvd., Suite Gi 1-281 Purchase and Sale Agreement- 11 Boynton Town Square South Parcel Boca Raton, Florida 33496 If any party refuses to accept any attempted delivery of notice in any of the foregoing manners,then notice shall be deemed to have been delivered upon such refusal. Any party hereto shall have the right to change its address for notice if written notice is given to all other parties in accordance with the notice provisions hereof. 29. Assignment. Purchaser shall be permitted to assign its interest in this Agreement or in any of its rights pursuant to this Agreement to an entity affiliated with Purchaser or its principals, and such assignments may result in Purchaser selling the right to purchase Property, selling the Property, or reselling the Property, if after the Closing, for a price which may be less than or more than the price to be paid to Seller pursuant to this Agreement, and Seller shall have no claim to any such proceeds in excess of the Purchase Price, nor shall Seller be required to contribute any deficit if such sales are for less than the Purchase Price. Seller shall not assign this Agreement without the prior written approval of Purchaser, which may be withheld in Purchaser's sole and absolute discretion. 30. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all fees and costs, including attorneys' fees and paralegal charges incurred in connection with such proceedings(including appellate proceedings)against the nonprevailing party. 31. Time of the Essence. Time is of the essence with respect to each provision of this Agreement which requires that action be taken by either party within a stated time period, or upon a specified date; provided however, if the date for performance is on a Saturday, Sunday, or federal holiday,the date for performance shall be extended to the next business day. 32. Construction. Each party hereto hereby acknowledges that all parties hereto participated equally in the drafting of this Agreement and that, accordingly, no court construing this Agreement shall construe it more stringently against one party than the other. 33. Counterparts. To facilitate execution, this Agreement may be executed in counterparts (including by facsimile or other electronic transmission); and it shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signature of the persons required to bind the party appear on one or more of such counterparts. All counterparts shall collectively constitute a single agreement. Facsimile copies or other electronically transmitted copies of this executed Agreement shall be deemed an original agreement. 34. Waiver of Jury Trial. Each party to this Agreement hereby willingly, knowingly, and voluntarily waives any right to a jury trial in connection with any dispute between the parties arising from this Agreement, from any claim arising hereunder, or any course of conduct related hereto. 35. Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing Purchase and Sale Agreement- 2 1 Boynton Town Square South Parcel 1 L the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between Purchaser and Seller. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. 36. Limitation on Liability. In any action brought to enforce the obligations of Seller under this Agreement or any other document delivered in connection herewith, the judgment or decree shall, subject to applicable law and other than in the event of fraud in any form whatsoever, only be enforceable against Seller up to an amount not to exceed Two Hundred Fifty Thousand and 00/No Dollars ($250,000.00) ("Maximum Liability Cap"). No officer, employee or agent of or consultant to Seller shall be held to any personal liability hereunder, and no resort shall be had to their property or assets, or the property or assets of Seller for the satisfaction of any claims hereunder or in connection with the affairs of Seller. The provisions of this Section 36 shall survive the termination of this Agreement. 37. Sovereign Immunity. The parties agree that the Seller is a political subdivision of the State of Florida and therefore is entitled to sovereign immunity. Nothing in this Agreement shall be construed to require the Seller to indemnify Purchaser, or insure Purchaser for its negligence or to assume any liability for Purchaser. Further, any provision in this Agreement that requires the Seller to indemnify, hold harmless or defend Purchaser from liability for any other reason shall not alter the Seller's waiver of sovereign immunity or extend the Seller's liability beyond the limits established in Section 768.28 of the Florida Statutes, as amended. (SIGNATURES APPEAR ON THE FOLLOWING PAGE) Purchase and Sale Agreement- 13 Boynton Town Square South Parcel IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Agreement as of the latest day and year set forth below. SELLER: City of Bo 1 to• Beac r APPROV V ' TOI By: ?.//� Name: 5 6/6/1) /4, •Ai`T II '� Title: 424 y 0 City 37.' ney / PURCHASER: JKM BTS South, LLC, a Florida limited liability company By: JKM BTS Capital, LLC, a Florida limited liability company, its Manager B . // .ohn K. Markey, Manager I Purchase and Sale Agreement- 14 Boynton Town Square South Parcel Exhibit"A" Legal Description of the Property (00222413.1 306-9905263) 7 Option Agreement- Boynton Town Square South LEGEND: Il.aa.Il• PROJECT BOUNDARY 4 PEDESTRIAN CIRCULATION PHASE LINE PHASE 3 PHASE I PHASE 2 u VEHICULAR ACCESS TO NOT INCLUDED NOT INCLUDED 4M+ PARKING GARAGE NOT INCLUDED ZONING:RIA z RTURELNi NOT INCLUDED NOT INCLUDED NOT INCLUDED NOT INCLUDED ZONING LAND ZONING:!] FUTURE LANE USE IDR -- -- FUTUREzominLA ZONING:R] ZONINFUTURE A ZONING:A USE LRC FUTURE LAND USE:NDII FUTURE LAND U.IAC FUTVlE LAND USE NDII FUTURE LAND USF:HD! FUTURE LANG UM UK J N.E.-IST-ST — �� i' l _......_ ONSiPEET.RIGNG E- '—" LORDING E I 9 PROJECT DATA I_:" \'''.. NOT INCLUDED ■ UTURU LAND•USE NOD I p2 AREA •• �■ (, dd g Site Area 15.04 Acres i: •/ — C t • (+l-655,481 SF) i i : • _ ■ F c•.•.r.a ` ZONING 1 ExlstinA: PU(Public Use) 1 °o Tid ■ REC(Retreat on) ■ Proposed: MU-3(Mixed Uso-3 ■ 1,91: ^11°E' r - MARSMAIM FUTURE" - - ■ , FUTURE LAND USE Q i. ^'"Y Ih. Existing Public&Private .> Court's.), PROPOSED IY .. . t I w .,_, Govt/Instit (PPG!) I. to I G nlulso ■ �,�,... °e I Proposed: Mixed Use 1 '•+I�e•(IEE')I I■ <a I Q ,. ., Medium(MXM) a E� �,m I +I 1 —� GARAGE : �� DENSITY W I c I °" < U + os l 3 Maximum Density. 50 Units/Acre x 15.04 € € E a 0 I; I s a Acres=752 Units isC 5 :1 • l\ XI ■ Z Proposed Density: 705 Units/15.04 Acres ill £ 1 1 I I ■' O =47 Units/Acre Wut 1 1 u"k IIAs Z, ■ til n USES • • FHASE -,�.. _ w ■ Residential: 705 Units ___._ _._■ ■ y PHASE Hotel: 120 Rooms • �Gr,HaF,a,rT Q, ■ • nvl• 1: `D Flex: 54,7495E ■ I h �; Courtyard : I z Fitness Club/Gym: 29,138 SF -- Civic Center/ 28,536 SF i' ProposedHotel Q 7 I - - .. HI :M 1 4 Multi-purpose _ Mth Roar ,T..a ■ L. gz - , d 5 Historic High School) • -120 rooms ■ N �i o 8 City Hall./Library 110,000 SF Zu Childrens Museum 8,288 SF .......... _ ,. ...., I -SEACREST BLVD. _—\ .- - — /// NOT INCLUDED N01 INCLUDED 1 . ZOTNG RS 1 1 I NOT INCLUDED 1—11 1/ ZONING N 1 RI FZONIN UTURE:A ZONING 0.l • ZGNINELI I I FUTURE LAND USE:NOR FUTURE LAND USE:HD! FUTURE LAND USE:NO! FurulE LAND USE:LAC 4y.r� 160031.00 01.09.18 BOYNTON BEACH TOWN SQUARE REDEVELOPMENT// Master Development Plan 5� Sa 100 `: REAL ESTATE. 3OLY1°"•"T lakeo-unu NM I 10 -6 stories (80') M 3 .•` • • -200 DUs py W • i I • V>■ v>'• • ■p le a s M Ill ill M. a a. • ig, a II • • • .a*'j I • • Courtyard i • I ct v : • • • V) • • • I . z , i •. , PHASE3 • Oii • � � F" III MI NI II III III II III II .1 . • • PHASE II 1 • I ' tol • Open space- • Final design to • • Existing ' W • , be determined • • >en space - open space; > • w • • ial design to to remain 0° • _� • I • determined �:.: :% .. . � I •• u, • • • z • 0 • U • o Z • • • I = • • • * • ...Ill° • • • • • • 1 0 I, ' • O • • • • • • z ' • I I •• • • • • • •. •• • • • • • • • • • • • •\• I • Existing Historic •• • •• • i High School • *• • • • • • • ••• CID • • • W • • • • • • Proposed City Hall / Library Q -4 stories (79') i •• I •• i • • • • • • • • f( L r ... x: �;'m$�':.w^-mss§-.."w.Mw. Y€ma x • s S , ' ' , IC;-.1.:11\‘ . 1 i • LLII w I...- Z `' I5t�(. • v, Z s Open space - o �,, � I =: __ �,___ � • I EXHIBIT "B" Option Agreement See attached. Purchase and Sale Agreement- 1 L Boynton Town Square South Parcel 1 V THIS INSTRUMENT PREPARED BY AND WHEN RECORDED RETURN TO: Stephen J. Grave de Peralta, Esq. I PG Law 5030 Champion Blvd., Suite G11-281 Boca Raton, Florida 33496 1561.325.6510 Folio No. OPTION AGREEMENT (BTS SOUTH) Th's Option Agreement (the "Agreement") is made and entered into as of the day of 2018 (the "Effective Date"), by and between JKM BTS South, LLC, a Florida limited liability company (the "Owner"), and City of Boynton Beach(the"City"). RECITALS WHEREAS, Owner has acquired the real property described on Exhibit"A" (the"Property") from the City; and WHEREAS, Owner and City have entered into this Agreement as a condition of and in consideration of the acquisition of the Property from City; and, WHEREAS, the parties desire to reduce their agreement to writing. THEREFORE, for $10 and other good and other valuable consideration, the receipt of which is hereby acknowledged, the parties stipulate and agree as follows: AGREEMENT 1. Recitals. The recitals set forth above are true and correct and are hereby incorporated herein. 2. Granting of Option. Subject to the terms and conditions of this Agreement, Owner hereby grants City an option to purchase the Property(the "Option"). 3. Conditions to Exercise of Option. Following the occurrence of any of the following events, City shall have the right to exercise the Option: a. If Owner shall have failed to file an application for site plan approval within 120 days of the Effective Date; or 1 Option Agreement- Boynton Town Square South b. If Owner shall have failed to obtain a construction loan within fourteen (14) months from the Satisfaction Date (as such term is defined in that certain Development Agreement by and between City and JKM BTS Capital, LLC, an affiliate of Owner, executed as of the _ day of March, 2018 (the "Development Agreement"); or c. Upon any termination of the Development Agreement; or d. Upon the filing by or against Owner of any petition or application for relief, extension, moratorium or reorganization under any bankruptcy, insolvency or debtor's relief law or law whereunder Owner is making an assignment for the benefit of creditors, or entering into any arrangement with creditors or becomes a party to any receivership proceeding, which is not dismissed within sixty (60) days of filing in the case of matters filed against Owner. 4. Exercise of the Option. City may exercise the Option by delivering written notice to Owner of its intent to the exercise the Option and of the specific grounds pursuant to which the City believes the Option has become exercisable (the "Option Exercise Notice"). Upon receipt of such Option Exercise Notice, Owner shall have thirty (30) days (the "Option Confirmation Period") to (i) cause the termination of the Option (as set forth in Section 5 below), (ii) cause such grounds to no longer exist, or (iii) demonstrate to the reasonable satisfaction of City that such grounds never existed(the foregoing,the"Option Deferral Conditions"). 5. Termination of Option. Notwithstanding any prior or pending Option Exercise Notice or the expiration of any Option Confirmation Period, upon Owner's entering into a construction loan for the construction of the intended improvements upon the Property, the Option granted hereunder shall be terminated, and City shall have no further rights whatsoever to acquire the Property pursuant to this Agreement or otherwise. City agrees to cooperate with Owner in connection with Owner obtaining such a construction loan and to deliver a termination of this Option Agreement in recordable form into escrow, to be recorded only upon the occurrence of the closing of such a construction loan. 6. Cooperation. City agrees that, in connection with Owner obtaining a construction loan, City shall cooperate with Owner and Owner's lender to satisfy the requirements of Owner's lender and any title insurer underwriting a policy of title insurance with respect to the construction loan upon the Property. In connection therewith, City shall execute a termination of this Agreement and deliver such termination into escrow, to be released and delivered from escrow only upon the closing of such construction loan, together with such other documents and such further terms and conditions as City, Owner, Owner's lender, and any such title insurer shall reasonably agree. 7. Purchase Price. The purchase price for the exercise of the Option shall be $100.00, payable in cash at closing (the"Purchase Price"). 8. Closing. Closing for the purchase under this Agreement shall occur within fifteen (15) Idays following the expiration of any applicable Option Confirmation Period with respect to which Owner did not satisfy any of the Option Deferral Conditions, at such time and in such manner as Owner and City shall reasonably agree. (00222413.1306-9905263) 2 Option Agreement- Boynton Town Square South 9. Title. Upon the terms and conditions agreed to and set forth herein, at the Closing, Owner shall convey to City, by special warranty deed, title in fee simple to the Property in the same condition as conveyed by City to Owner. 10. Closing Costs. City shall pay all costs of recording the deed for the Property and any documentary stamp taxes on the deed. Each of the parties shall pay for their own attorney's fees in connection with the exercise of the Option and the Closing thereunder. 11. Default. In the event of a default by either party hereunder which is not cured within ten (10) days after written notice to such party, then at any time thereafter prior to the cure of such default by party, the non-defaulting party shall have the right to proceed against the defaulting party in an action for specific performance of this Agreement and/or for damages based upon such default. 12. Assignment. The Option hereunder may not be assigned to any party without the written consent of Owner, which may be withheld for any reason or for no reason, in the sole and absolute discretion of Owner. 13. Miscellaneous. a. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. b. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. c. Headings. The section headings as set forth in this Agreement are for convenience or reference only and shall not be deemed to alter the content of this Agreement or limit the provisions or scope of any section herein. d. Waiver; Modification. The failure by either party to insist upon or enforce any of their rights shall not constitute a waiver thereof, and except to the extent conditions are waived by the express terms of this Agreement, nothing shall constitute a waiver of such party's right to insist upon strict compliance with the terms of this Agreement. Either party may waive the benefit of any provision or condition for its benefit which is contained in this Agreement. No oral modification of this Agreement shall be binding upon the parties and any modification must be in writing and signed by the parties. e. Notices. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered when delivered, whether personally delivered or whether delivered by an overnight or other courier service (or upon refusal of the receiving party to accept such attempted delivery. Notice to either party, as the case may be, shall be addressed as follows: If to Owner: 2300 Glades Road {00222413.1 306-9905263) 3 Option Agreement- Boynton Town Square South Suite 202 East Boca Raton, Florida 33431 Attention: James S. Gielda, John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta, Esq. 5030 Champion Blvd., Suite G11-281 Boca Raton, Florida 33496 If to City: City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach, Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof, Doody& Ezrol, P.A. Attn: James Cherof, Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale, Florida 33308 Such addresses may be changed from time to time by either party by providing written notice in the manner set forth above. f. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida. The venue of any legal proceeding between the parties shall be the state or Federal courts having jurisdiction in or over Palm Beach County, Florida. • g. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all fees and costs, including attorneys' fees and paralegal charges incurred in connection with such proceedings (including appellate proceedings) against the nonprevailing party. h. Counterparts. To facilitate execution, this Agreement may be executed in counterparts, and it shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signature of the persons required to bind the party appear on one or more of such counterparts. All counterparts shall collectively constitute a single agreement. i. Waiver of Jury Trial. Each party to this Agreement hereby willingly, knowingly, and voluntarily waives any right to a jury trial in connection with any (00222413.1 306-9905263} 4 Option Agreement- Boynton Town Square South dispute between the parties arising from this Agreement, from any claim arising hereunder, or any course of conduct related hereto. j. Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between City and Owner. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. (Signatures appear on the following pages) • (00222413.1306-9905263) 5 Option Agreement- Boynton Town Square South (Signature page to Option Agreement) IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. Signed,sealed and deli h i T6 FORM in the presence of: f1 rkl aty ®rne CITY: �ri%7 bli / • !/ City of Boyn on : -ach ' Pr' ame: L. i .115d • . / By: dA ' 40 Name: 5 i A) 4• (j t i ,v r ,� Title: /1'),¢y 6/1 Pre e: '�j ,•'^1 /.3• f-Iv w/4.-' OWNER: / JKM BTS South,LLC, Age 'I I/ t'. At a Florida limited liability company 'r} Name: �Cy/IJNySooU / / By: JKM BTS Capital, LLC, a Florida limited liability company, its Manager Print Name: ,--, igi, ii-k 4 • lin K. Markey, Manager STATE OF FL A COUNTY OF fig Lifl/3162CA/ The,foregoing instrume t was ac owledged before me this I I day of/,q,- A>/,2018 by 5.741/44/i /Z/j/(/'j� , as..R4 I of the City of Boynton Beach, Florida, who is personally known to me or who produced as identificati n. i ` "! ;" YNL N M.sWANSON .I �� •�/ ;- \` M1 COMMISSION#GG 150$13 N• feARY PUBLIC, State of Florida 0 ore EXPIRES:November 17,_721 f `a`_`Bonded Thr_Notary P_b�c Und STATE OF FLOfIDA ,,// COUNTY OF �L ' Ai The foregoing instrument was acknowledged before me this / / day of/kaki , 2018 by John K. Markey, as Manager of JKM BTS Capital, LLC, a Florida limited liability company, the manager of JKM BTS South, LLC, a Florida limited liability company, who is personally known to me or who produced as identification, on behalf of the come. / ' '"+"' LYNN M.SWANSON • /ir/L`/ /1, le/ " ".��// cid �c MY COMMISSION#GG 150313 1 - EXPIRES:November 17,2021 i• / RY PU:LIC, State of Florida "•f:6°•'' Bonded Thr_Notary Public Underwriters 6 Option Agreement- Boynton Town Square South Exhibit "A" Legal Description of the Property 7 Option Agreement• Boynton Town Square South DESCRIPTION: PARCEL#7 A PARCEL OF LAND BEING A PORTION OF LOTS 1, 2, 3,4, 5 AND 6, BLOCK 16 OF THE PLAT OF SAWYER'S ADDITION AS RECORDED IN PLAT BOOK 1, PAGE 69 ALL OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS; COMMENCING AT THE NORTHEAST CORNER OF SECTION 28, TOWNSHIP 45 SOUTH, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA; THENCE, ALONG THE NORTH LINE OF SAID SECTION 28, SOUTH 89°46'40" WEST, A DISTANCE OF 1973.92 FEET TO A POINT OF INTERSECTION WITH THE CENTERLINE OF SEACREST BOULEVARD (GREEN STREET) AS RECORDED IN ROAD PLAT BOOK 5, PAGE 179 OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA; THENCE, DEPARTING SAID NORTH LINE OF SECTION 28, ALONG SAID CENTERLINE, SOUTH 01°33'51" EAST, A DISTANCE OF 996.59 FEET; THENCE, DEPARTING SAID CENTERLINE NORTH 88°26'09" EAST, A DISTANCE OF 40.00 FEET TO A POINT OF INTERSECTION WITH THE EAST RIGHT-OF-WAY LINE OF SAID SEACREST BOULEVARD AND THE POINT OF BEGINNING; THENCE, DEPARTING SAID EAST RIGHT-OF-WAY LINE, NORTH 89°42'10" EAST, A DISTANCE OF 610.35 FEET TO A POINT OF INTERSECTION WITH THE EAST LINE OF.SAID LOT 1, BLOCK 16; THENCE, ALONG SAID EAST LINE, SOUTH 01°22'45" EAST, A DISTANCE OF 268.35 FEET TO THE SOUTHEAST CORNER OF SAID LOT 1, BLOCK 16; THENCE, ALONG THE SOUTH LINE OF SAID LOTS 1 THROUGH 6, BLOCK 16, SAID LINE ALSO BEING THE NORTH RIGHT-OF-WAY LINE OF S.E. 2ND AVENUE (DADE STREET) AS SHOWN ON SAID PLAT OF SAWYER'S ADDITION, SOUTH 89°30'34" WEST,A DISTANCE OF 589.81 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTHEAST HAVING A RADIUS OF 20.00 FEET;THENCE, DEPARTING THE SOUTH LINE OF SAID LOT 6, BLOCK 16, NORTHWESTERLY ALONG SAID NORTH RIGHT- OF-WAY LINE AND ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 88055'35", A DISTANCE OF 31.04 FEET TO THE POINT OF TANGENCY AND A POINT OF INTERSECTION WITH THE AFORESAID EAST RIGHT-OF-WAY LINE OF SEACREST BOULEVARD;THENCE,ALONG SAID EAST RIGHT-OF- WAY LINE, NORTH 01°33'51"WEST,A DISTANCE OF 250.80 FEET TO THE POINT OF BEGINNING. SAID LANDS LYING SECTION 28,TOWNSHIP 45 SOUTH, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA. CONTAINING 164,187 SQUARE FEET OR 3.7692 ACRES, MORE OR LESS. IEXHIBIT "C" Parking Agreement See attached. I Purchase and Sale Agreement- 17 Boynton Town Square South Parcel 107-0140 PARKING LICENSE AGREEMENT (BTS South) THIS PARKING LICENSE AGREEMENT (the "Agreement") is entered into this L day of gaL' , 2016, by and between JKM BTS South, LLC, a Florida limited liability company("Owner"),and City of Boynton Beach ("City"). WITNESSETH: WHEREAS, Owner owns certain real property in Boynton Beach,Florida,together with all rights, easements and appurtenances belonging or in any way pertaining thereto, and all improvements thereon, including without limitation certain buildings located thereon, commonly known as Boynton Beach Town Square Apartments South (the "Apartments") and Garage South (the "Garage"), as more particularly depicted on the attached Exhibit "A" (collectively, "Property"); WHEREAS, City desires to license from Owner the right to use certain portions of the Garage consisting of three hundred sixty-four (364) parking spaces, which will be constructed in accordance with applicable law and construction codes ("Spaces"), and certain other areas within, adjacent to, or near the Garage (such other areas,the"Other Licensed Areas") (the Spaces and the Other Licensed Areas are sometimes hereinafter referred to as "Facilities"), upon the terms and conditions set forth herein; and WHEREAS, Owner desires to license the use of the Facilities to City, upon the terms and conditions set forth herein. NOW, THEREFORE, in consideration of their mutual promises, covenants and intending to be legally bound,the parties hereto agree as follows: 1. Facilities. Owner hereby licenses to City and City hereby licenses from Owner, pursuant to the terms and conditions of this Agreement, the use of the Facilities, together with the nonexclusive use, in common with others entitled thereto, of driveways and pathways across the Property as designated by the Owner,for the limited purpose of accessing the Facilities. 2. Term and Commencement of Term. This Agreement shall be in full force and effect from the date first written above. The term of the Agreement ("Term") shall commence on the last to occur of the following("Commencement Date"): (a) the date first written above;or (b) the date a Certificate of Occupancy is delivered to Owner. Unless sooner terminated pursuant to the terms of this Agreement, the Term shall continue from the Commencement Date for a period of fifty(50)years and shall terminate at midnight on the last day of the fiftieth(50th) License Year(as hereinafter defined) ("Expiration Date"). 1 Parking License Agreement- Boynton Town Square South For purposes of this Agreement, the first "License Year" shall commence upon the Commencement Date and end on the last day of the fourth(4th)full calendar quarter thereafter(e.g, if the Commencement Date is February 15,2019,then the first License Year shall commence on the Commencement Date and end on March 31, 2020); and each License Year thereafter shall commence upon the first day after the end of the prior License Year, and shall end on the last day of the fourth (4th) full calendar quarter thereafter (continuing the example above, the second License Year would commence on April 1,2020, and end on March 31,2021). 3. License Fees and Expenses. (a) Pursuant to the Development Agreement entered into between an affiliate of Owner and City, City has provided consideration to Owner for the use of the Spaces for the Term set forth herein. (b) In addition to such consideration, City shall pay its proportionate share of all expenses relating to the Common Areas (as defined in Section 4)and to the Operating Expenses(as defined in Section 4)related to the maintenance and operation of the Garage. 4. Expenses. (a) Definitions. For purposes of this Agreement,the following terms shall have the meanings set forth below: (i) "City's Proportionate Share of Common Area Expenses" shall mean forty percent(40%) of the Common Area Expenses;provided,however,that 100%of any Common Area Expenses with respect to the Other Licensed Areas shall be allocated to City. (ii) "City's Proportionate Share of Operating Expenses" shall mean forty percent(40%)of the Operating Expenses;provided,however,that 100%of any Operating Expenses with respect to the Other Licensed Areas shall be allocated to City. (iii) "Common Areas" shall mean all areas located within the Garage that are not dedicated to the exclusive use or possession of any person. (iv) "Common Area Expenses" shall include, without limitation, all taxes (including, without limitation, real estate taxes), assessments, insurance costs, common area cleaning, landscaping, electricity, water, sewer, other utility services, garbage and trash removal, pest control, management fees, operating costs, administrative costs, service contracts, repair and replacement costs, and all other charges, costs and expenses, ordinary, foreseen or unforeseen, computed on the accrual basis,which pertain to the Common Areas and are the obligation of Owner to pay under the Development Agreement or otherwise. (v) "Operating Expenses" shall mean all costs and expenses which Owner incurs for operating, maintaining and repairing the Garage, the parking areas, and other common areas and appurtenances relating to the Garage or any part thereof. Operating Expenses shall include, without limitation, the following with respect to the Garage and Owner and any manager or operator engaged to manage the Garage and others engaged in the operation, maintenance and repair thereof: (a) management fees, including, to the extent permitted under the {00222424.1 306-9905263) 2 Parking License Agreement- Boynton Town Square South applicable management contract, employee compensation, benefits and taxes; (b) all charges for water, sewer, electricity and other utilities and services which are not separately metered, and rubbish removal, and taxes thereon; (c) the cost of all supplies, tools, materials and equipment; (d) the cost of repairs, maintenance, alterations, replacements and painting; the cost of cleaning, maintenance and landscaping of public areas and window cleaning; (e) the cost of capital improvements to any portion of the Garage; (f) legal, accounting and other professional fees and expenses; (g) administrative costs; and any and all other expenses; (h) all taxes and assessments (including, without limitation, real estate taxes); (i) insurance costs; and (j) all other costs customarily treated as operating expenses or taxes in buildings of this nature. (vi) Rights. City acknowledges that Owner shall have the right to install facilities within the Common Areas for the benefit of the Property and to perform services for the benefit of the Property, of Owner, of Owner's tenants, and of the licensees, employees, customers, visitors and invitees of the Property, and to pass through to the City its proportionate share of the costs of operating, maintaining and insuring such facilities and performing such services, which may include, without limitation, additional security, trash compaction and disposal, litter control, and landscape maintenance of the Property. Owner's costs of operating, maintaining and insuring any such facilities and providing any such services for the benefit of the Property as a whole,as well as all costs passed through to Owner by the City or incurred directly by Owner for operating, maintaining and insuring the Common Areas, as well as all other costs incurred by Owner in connection with administering, operating, maintaining and insuring the Property, shall be included in Common Area Expenses for purposes hereof. The Common Area Expenses may include a market rate management fee to the manager of the Property, not to exceed six percent (6%) of the Common Area Expenses and Operating Expenses. Notwithstanding anything to the contrary in this License, to the extent that any material improvements to the Garage contemplated by Owner directly affect the Facilities or City's right to the use of the Facilities, as reasonably determined by Owner, Owner shall be required to obtain the prior written consent of City, which consent shall not be unreasonably withheld by City, and City shall be responsible for City's Proportionate Share of Common Area Expenses and City's Proportionate Share of Operating Expenses with respect to such improvements. Furthermore to the extent that any improvements to the Garage only: (i) Affect the Facilities or City's right to the use of the Facilities under this License, City shall be solely responsible for all costs of construction, installation, maintenance, repair,and replacement of such improvements; and (ii) Affect portions of the Property other than the Facilities or rights other than City's right to the use of the Facilities under this License, then Owner shall be solely responsible for all costs of construction, installation, maintenance, repair, and replacement of such improvements. (b) Payment of City's Proportionate Share. Commencing as of the Effective Date, City agrees to pay to Owner, in accordance with the methodology set forth in Section 4(d),the following(prorated for any partial License Year at the beginning or end of the Term): (i) City's Proportionate Share of Common Area Expenses; and (ii) City's Proportionate Share of Operating Expenses. (00222424.1306-9905263) 3 Parking License Agreement- Boynton Town Square South (c) Estimate. For each License Year during the Term, Owner shall supply City with an estimate of the City's Proportionate Share of Common Area Expenses and City's Proportionate Share of Operating Expenses ("Owner's Estimated Expense Computation") for such License Year. City shall pay to Owner on the 1 st day of each month during the License Year one- twelfth (1/12) of Owner's Estimated Expense Computation. For each License Year during the Term, Owner shall notify City of the actual annualized Common Area Expenses and the Operating Expenses for the License Year just concluded("Owner's Actual Expense Computation"). Owner's Actual Expense Computation shall be prorated for any fraction of a License Year in which the Term begins or ends. If the Owner's Estimated Expense Computation paid by City to Owner with regard to any License Year is less than the Owner's Actual Expense Computation with regard to the same License Year, the amount of such shortfall shall be taken into account in calculating the Owner's Estimated Expense Computation for the following License Year (and shall thereby increase the following License Year's estimated payments by the amount of such shortfall). If the portion of the Owner's Estimated Expense Computation paid by City to Owner with regard to any License Year exceeds the Owner's Actual Expense Computation with regard to the same License Year,the excess shall be taken into account in calculating the Owner's Estimated Expense Computation for the following License Year (and shall thereby decrease the following License Year's estimated payments by the amount of such excess). Owner agrees to coordinate with City to adjust timing of and dates for the calculations set forth in this Section in order to coincide with City's fiscal year. (d) Right to Audit. City shall have the right, at its sole cost and expense, within sixty(60)days from receipt of Owner's Actual Expense Computation,to audit or have its appointed accountant audit Owner's records related to Owner's Actual Expense Computation, provided any such audit may not occur more frequently than once during each License Year occurring during the term of the License. City must raise any objection to any item contained within the Owner's Actual Expense Computation by providing written notice of such objection to Owner within thirty (30) days after its completion of the audit of Owner's records. If Owner made a clerical error and City has paid in excess of its Proportionate Share of Common Area Expenses or Proportionate Share of Operating Expenses, then Owner will immediately adjust the Estimated Expense Computation to take into account the amount of the overpayment. (e) Changes to Common Areas. City acknowledges that (subject to applicable law) the Owner has the right to: change or modify and add to or subtract from the sizes, locations, shapes and arrangements of parking areas, entrances, exits, parking aisle alignments, lighting, landscaping, and other Common Areas and Common Area improvements and facilities located within the Property; establish and, from time to time, change the level or grade of parking surfaces; enforce parking charges (by meters or otherwise) with respect to portions of the Property other than the Spaces at any time and/or with respect to non-City use of the Spaces during Non-Exclusive Use Hours; and do and perform such other acts in and to Common Areas as Owner,in its sole discretion, deems advisable. Notwithstanding the foregoing, except as required by applicable law, Owner will not modify or rearrange the Spaces without the prior written consent of City, which consent shall not be unreasonably withheld, conditioned,or delayed. 5. Late Charge and Default Interest. Any payment owed by City not received within thirty (30) calendar days of the date due shall bear an administrative late charge of Twenty- Five and 00/100 Dollars ($25.00) and shall bear interest at the lesser of(i) eighteen percent (18%) per annum, and(ii)the highest rate allowed by applicable law. If any check given to Owner for any {00222424 1 306-9905263) 4 Parking License Agreement- Boynton Town Square South payment under this Agreement is dishonored, for any reason whatsoever not attributable to Owner, in addition to all other remedies available to Owner, at Owner's option, all future payments from City shall be made by Cashier's Check drawn on a bank located in the Palm Beach County or by wire transfer to Owner's account. 6. Payment of Utilities. Subject to reimbursement as part of the Common Area Expenses or Operating Expenses, Owner shall provide and pay for any electrical or other utility services required to operate the Facilities. Owner makes no warranty or representation as to the quality or capacity of utility service to the Facilities. 7. Use of Facilities. (a) City shall use the Spaces solely for the parking of motor vehicles and for no other purpose, and the remainder of the Facilities for their respective intended purposes and for no other. City shall have the non-exclusive use of the Other Licensed Areas, twenty-four(24) hours a day, seven(7)days a week. City shall be permitted the exclusive use of the Spaces twenty-four(24) hours a day,seven(7)days a week(the"Exclusive Use Hours"). (b) City accepts the Facilities in their "as is" condition, with all faults, and without representation or warranty of any kind as to suitability of the Facilities for City's use. (c) City acknowledges that all parking in the Garage is currently on a self- parking basis. City covenants and agrees that Owner has no obligation to monitor unauthorized use of the Spaces, and that Owner shall have no obligation, liability, or responsibility to City should the Spaces be occupied at any time or times by vehicles not so authorized or directed by Owner. (d) During the Term of this Agreement, City, at its sole expense, shall have the right to install or otherwise designate (via paint or other approved format) and maintain appropriate signage of the Spaces indicating that such Spaces are for the sole use of City and that violators will be subject to towing at the violators' expense. Any signage that City intends to be installed shall first be submitted to Owner for its review and approval. City, at its sole cost and expense, shall prior to installation of signage, obtain all required governmental, quasi-governmental, and other permits and approvals. (e) During the Term of this Agreement, City, at its sole expense, shall have the right to install and maintain metered parking equipment and such other equipment and facilities as are necessary in connection with allowing the public use of all or any portion of the Spaces in the ordinary course, whether with or without charge, on an hourly or daily basis. Any equipment that City intends to be installed shall first be submitted to Owner for its review and approval, which approval shall not be unreasonably withheld provided that such installation will comply with applicable law and will not materially impact the structural integrity of the Garage, any electrical or other systems in the Garage, or otherwise have any material adverse impact upon the Garage or its use and operation. City, at its sole cost and expense, shall, prior to installation of such equipment, obtain all required governmental, quasi-governmental, and other permits and approvals. City shall be responsible for all costs of installation, maintenance, and repair of such equipment and facilities, and shall coordinate same with Owner and any third-party manager of the Garage at no expense to Owner or such third-party manager; City shall be entitled to all revenue resulting from such use of {00222424.1306-9905263} 5 Parking License Agreement- Boynton Town Square South the Spaces, and such amounts shall either be collected by or paid to City, or if collected by Owner or any third-party manager, shall be paid to City or applied to reduce City's obligations with respect to City's Proportionate Share of Common Area Expenses and City's Proportionate Share of Operating Expenses. If City should elect to have metered parking equipment installed for its facilities during the initial construction or at any time thereafter, City shall pay for and/or reimburse Owner for the total construction cost for the additional metered parking equipment. (f) City, at its sole expense, may also contract with a duly licensed towing company to service the Spaces during the Exclusive Use Hours and to enforce the signage described in Section 6(d), above. If City elects to contract with such a towing company, City shall promptly furnish Owner with a copy of its written contract with the towing company, and shall require the towing company to furnish insurance in connection with its services in a form and in amounts reasonably required by the Owner, and such insurance shall name the Owner as an additional insured. (g) City covenants that,during the Term,no part of the Facilities shall be used in any manner whatsoever for any purposes other than as set forth in Section 6(a) or in violation of the laws, ordinances, regulations, codes or orders of the United States, the State of Florida, county, and/or city or other applicable governmental subdivisions where the Facilities are located. City shall comply with all such laws, ordinances, regulations, codes and orders now in effect or hereafter enacted or passed during the Term insofar as the Facilities and any signs of the City are concerned (collectively,"Legal Requirements"). 8. City's Insurance. City has advised Owner that City has elected to self-insure against certain risks, including certain risks related to City's rights under this License and to City's occupation or use of the Facilities. City shall keep Owner reasonably apprised of any material changes to its self-insurance program(e.g., any current action or planned actions to make significant increases or decreases in the reserves for such purpose or to modify the source or method of replenishment of such reserves). Notwithstanding the foregoing, to the extent that City obtains any insurance policy from a private insurer (rather than a governmental insurance pooling arrangement or other self-insurance method), City, at its sole cost, shall maintain such coverages with admitted insurers authorized to do business in the State of Florida and which are rated "A-/VIII" or equivalent in Best's Key Rating Guide, or any successor thereto (or if there is none, a rating organization having a national reputation); City shall provide to Owner a copy of each such policy or a certificate of insurance prior to the Commencement Date. If permitted by the insurer or the terms of City's insurance pooling arrangement or other self-insurance method, any policy of insurance maintained by City in connection with the Property shall name Owner as an additional insured, and if required by any mortgagee, shall name such mortgagee as additional insured. Furthermore, any policy of insurance maintained by City in connection with the Property shall provide that written notice shall be given to all insured parties, additional insured parties, and holders of certificates of insurance at least thirty (30) days prior to suspension, cancellation, termination, modification, non-renewal or lapse or material change of coverage. Subject to applicable law,in no event shall the limits of any insurance policies (or City's election to self-insure as to any risks in connection with the Property)limit the liability of City under this Agreement. 9. Waiver of Claims. Except for claims arising from Owner's intentional or grossly negligent acts that are not covered by City's insurance required by this Agreement, subject to {00222424.1306-9905263} 6 Parking License Agreement- Boynton Town Square South applicable law,City or any party claiming through City(collectively, "City Parties")hereby waives all claims against Owner and Owner's members, and each of their respective members, managers, officers, agents, employees, and independent contractors (collectively, "Owner Parties") for injury or death to persons, or damage to property or to any other interest of any of the City Parties, resulting from: (i) any occurrence in or upon the Facilities or Property; (ii) wind, rain, hurricane, flooding, fire, explosion, hail, or other casualty or act of God; (iii) the Facilities or the Property being defective, out of repair, or failing; and (iv) vandalism, assault, battery, malicious mischief, theft or other acts or omissions of any third parties. 10. Indemnification by City. Subject to applicable law, City shall indemnify, defend, and hold harmless Owner and Owner's members, and each of their respective members, managers, employees, independent contractors, attorneys, and agents, and each of their respective heirs, representatives, successors and assigns, from and against any and all claims,expenses, damages and liabilities of every kind and nature whatsoever including, without limitation, reasonable attorneys' fees, court costs, litigation expenses, and penalties, arising out of, caused by, or related to the use of the Facilities by City and its employees, independent contractors, invitees, or agents, and the conduct and/or actions of any of City's employees, independent contractors, invitees, guests, or agents relating thereto. This Section 10 shall survive the termination of the License. 11. Indemnification by Owner. Owner (and Owner's heirs, successors, and assigns) shall indemnify, defend, and hold harmless City and City's managers, employees, independent contractors, attorneys, and agents, and each of their respective heirs,representatives, successors and assigns, from and against any and all claims, expenses, damages and liabilities of every kind and nature whatsoever including, without limitation, reasonable attorneys' fees, court costs, litigation expenses, and penalties, arising out of, caused by, or related to any acts of gross negligence or intentional misconduct by Owner or any of its employees, independent contractors, invitees, guests, or agents. This Section 11 shall survive the termination of the License. 12. Events of Default by City. Upon the happening of one or more of the following events("Event of Default"),Owner shall have any and all rights and remedies hereinafter set forth: (a) if City shall fail to pay any sum due from City to Owner within five (5) calendar days after City receives written notice of the failure to pay after the payment is due; (b) if City allows any person or entity other than the City, or its employees, agents, guests, and invitees to use the Facilities or if City attempts to transfer its rights under this Agreement without Owner's prior written consent including any attempt to assign this Agreement or sublicense all or any portion of the Facilities without Owner's prior written consent; (c) if City violates any other term, condition, or covenant in this Agreement which is to be performed by City, and fails to remedy the same within thirty (30) days after written notice of the default is given by Owner to City. Such written notice shall give reasonable detail as to the nature and extent of the default and identify the Agreement provisions containing the obligations. If the default cannot reasonably be cured within thirty (30) days, City shall not be in default of this Agreement if City, during said thirty (30) day period, commences to cure the default and diligently continues in good faith to cure the default until completion;or {00222424.1 306-9905263} 7 Parking License Agreement- Boynton Town Square South 111 (d) if an execution or other legal process is levied upon the interest of City in this Agreement, and the same is not satisfied or dismissed within ten(10)days from such levy. 13. Remedies of Owner. (a) If any monetary Event of Default by City occurs and continue for a period in excess of three (3) months, then, in addition to any other remedies of Owner, Owner shall have the right to collect all amounts otherwise payable to City from the public use of the Spaces as set forth in Section 7(e), and to continue collection of such amounts until such Event of Default has been cured. (b) If any monetary Event of Default by City occurs and continue for a period in excess of twelve (12) months, then, in addition to any other remedies of Owner, Owner shall have the right to seek, pursuant to the terms of Section 28(j), to revoke this License, or to otherwise terminate City's rights under this License if it is determined pursuant to Section 28(j)that there is no other remedy available to Owner which will provide reasonable relief to Owner (e.g., if City is unable to satisfy its financial obligations hereunder and will remain unable to do so for an unreasonable period of time). (c) If any Event of Default by City occurs, Owner shall have the right, at its option, to commence action immediately thereupon and recover judgment for all sums due under the terms and conditions of Section 28(j)of this Agreement. (d) If any Event of Default by City occurs, in addition to or instead of the remedies described in this Agreement, Owner may exercise any right or remedy now or hereafter existing at law or in equity or by statute, but shall not exercise any right to terminate City's right to use the Spaces, to revoke this License, or to otherwise terminate City's rights under this License unless it is determined pursuant to Section 28(j) that there is no other remedy available to Owner which will provide reasonable relief to Owner (e.g., if City is unable to satisfy its financial obligations hereunder and will remain unable to do so for an unreasonable period of time). (e) Subject to any alternative or contrary ruling pursuant to Section 28(j), if any Event of Default by City occurs, Owner, in addition to other rights and remedies it may have, shall have the right to remove all personal property, including signage, from the Facilities and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of City, and Owner shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and City hereby waives any and all claims against Owner for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. (f j Any amounts which may be due Owner, whether by acceleration or otherwise, shall include any license fees, costs, expenses, or any other amounts payable pursuant to this Agreement. (g) If City fails to maintain any insurance required by law, Owner shall have the right to force-place such insurance with respect to the City's rights under this License or to add City as an additional insured under a policy of Owner's as to City's rights under this License, and Owner shall have the right to charge City for any amounts required to purchase such insurance (or to be reimbursed for such amounts). {00222424.1306-9905263) 8 Parking License Agreement- Boynton Town Square South (h) It is expressly agreed that the forbearance on the part of Owner in the institution of any suit or entry of judgment for any amounts due to Owner under this Agreement shall in no way serve as a defense against nor prejudice a subsequent action for any such amounts. City hereby expressly waives City's right to claim a merger or waiver of such subsequent action in any previous suit or in the judgment entered therein. (i) Any and all rights, remedies and options given in this Agreement to Owner shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy under this Agreement or provided under any law now or hereafter in effect. (j) No cure periods shall apply to any emergencies or to failure to maintain and furnish insurance. 14. Event of Default by Owner. Owner shall be in default of this Agreement ("Owner Event of Default") if it fails to perform any provision of this Agreement that it is obligated to perform, and if the failure to perform is not cured within thirty (30) days of written notice of the default from City to Owner. Such written notice shall give reasonable detail as to the nature and extent of the default and identify the Agreement provisions containing the obligations. If the default cannot reasonably be cured within thirty(30)days, Owner shall not be in default of this Agreement if Owner, during such thirty(30)day period,commences to cure the default and diligently continues in good faith to cure the default until completion. 15. Remedies of City. If Owner shall have failed to cure any Owner Event of Default, after applicable written notice and opportunity to cure, City may terminate this Agreement and may exercise any right or remedy now or hereafter existing at law or in equity or by statute. 16. Non-Waiver. Any failure of either party to insist upon strict performance of any part or provision of the Agreement shall not be deemed a waiver, and shall not waive or diminish such party's right thereafter to demand strict compliance therewith or any other provision and shall not prejudice or affect such party's rights in event of a subsequent default. Except as otherwise provided in this Agreement, each party's rights and remedies under this Agreement are cumulative. 17. No Assignment or Sublicense/Change in Ownership. (a) City may not assign this Agreement in whole or in part, nor sublicense all or any portion of the Facilities, without the prior written consent of Owner in each instance, which consent shall be at Owner's sole discretion; provided, however,that the foregoing shall not prohibit the City from allowing public use of all or any portion of the Spaces in the ordinary course,whether with or without charge, on an hourly or daily basis. The consent by Owner to any assignment or sublicense shall not constitute a waiver of the necessity for such consent to any subsequent assignment or sublicense. No assignment, sublicense, occupancy or collection shall be deemed acceptance of the assignee, sub-licensee, or occupant, or as a release of City from the further performance by City of the covenants on the part of City herein contained. This prohibition against assignment or sublicense without Owner's prior written consent shall be construed to include prohibition against any assignment or sublicense by operation of law, legal process, receivership, bankruptcy or otherwise, whether voluntary or involuntary and a prohibition against any encumbrance of all and any part of City's interest in this Agreement. Despite Owner's consent to (00222424 I 306-9905263) 9 Parking License Agreement- Boynton Town Square South an assignment or sublicense, City shall remain fully liable on this Agreement and shall not be released from performing any of the terms, covenants and conditions hereof or any license fees or other sums to be paid hereunder. Any attempted assignment or sublicense without Owner's prior written consent shall be void and shall constitute an Event of Default. (b) City acknowledges and agrees that, subject to the terms of this Agreement, any and all right and interest of Owner in and to the Facilities and the Property, and all right and interest of Owner in this Agreement, may be conveyed, assigned or encumbered at the sole discretion of Owner at any time. (c) If Owner, in its sole and absolute discretion, consents to an assignment or sublicense of all or any portion of the Facilities, the form of such documents shall be as acceptable to Owner in its sole and absolute discretion. (d) If City assigns or sublicenses all of any portion of the Facilities, City shall pay to Owner an additional license fee, as and when received by City, in an amount equal to all sums paid to City or its agent by or on behalf of such assignee or sublicensee under the assignment or sublicense. 18. Subordination and Attornment. (a) City, and its successors and assigns hereby subordinate their rights hereunder to the lien of any ground or underlying leases, any mortgage or mortgages, or the lien resulting from any other method of financing or refinancing,now or hereafter in force against the Facilities and the Property, and to all advances made or hereafter to be made upon the security thereof. This Section 18(a) shall be self-operative and no further instrument of subordination shall be required, but City agrees upon request of Owner, from time to time, to promptly execute and deliver all documents evidencing such subordination, and failure to do so shall constitute a default under this Agreement. (b) If any proceedings are brought for the foreclosure of, or if exercise of the power of sale occurs under, any mortgage covering the Facilities and/or the Property; or if a deed is given in lieu of foreclosure of any such mortgage, City shall attom to the purchaser, mortgagee, or grantee in lieu of foreclosure, upon any such foreclosure or sale or transfer in lieu of foreclosure, and recognize such purchaser, mortgagee, or grantee in lieu of foreclosure, as Owner under this Agreement. 19. Estoppel. Owner and City agree that each will, at any time and from time to time, within thirty (30) days following written notice by the other party hereto specifying that it is given under this Section 19, execute, acknowledge and deliver to the party who gave such notice, or its designate, a statement in writing certifying this Agreement is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect and stating the modifications), and the date to which any payments due hereunder from City have been paid in advance, if any, and stating whether or not there are defenses or offsets claimed by the maker of the certificate and whether or not to the best of knowledge of the signer of such certificate the other party is in default in performance of any covenant, agreement or condition contained in this Agreement, and if so, specifying each such default of which the maker may have knowledge. The failure of either party to execute, acknowledge and deliver to the other a statement in accordance with the {00222424.1306-9905263) 10 Parking License Agreement- Boynton Town Square South provisions of this Section 19 within such thirty (30) day period shall constitute an acknowledgment, by the party given such notice, which may be relied on by any person holding or proposing to acquire an interest in the Property or any part thereof or the Facilities or this Agreement from or through the other party, that this Agreement is unmodified and in full force and effect and that such amounts have been duly and fully paid to and including the respective due dates immediately preceding the date of such notice and shall constitute, as to any person entitled as aforesaid to rely upon such statements, waiver of any defaults which may exist prior to the date of such notice; provided, however that nothing contained in the provisions of this Section 19 shall constitute waiver by Owner of any default in payment of any amounts owed as of the date of such notice and, unless expressly consented to in writing by Owner, and City shall still remain liable for the same. 20. Richt of Entry. Owner and Owner's agents may enter the Facilities at all reasonable times to examine the same, and to show them to prospective purchasers, mortgagees, or other interested parties, and to make such repairs, alterations, improvements or additions as Owner may deem necessary or desirable, and Owner shall be allowed to take all material into and upon the Facilities that may be required therefor without the same constituting a termination of or infringement upon City's rights in whole or in part, and the amounts payable to Owner shall in no way abate while the repairs, alterations, improvements, or additions are being made. If City shall not be present to open and permit entry into the Facilities, at any time,when for any reason an entry will be necessary or permissible, Owner or Owner's agents may enter the same without in any manner affecting the obligations and covenants of this Agreement. 21. Right of First Offer. (a) Offer. If Owner decides to sell the Garage separately from the Apartments, then prior to putting the Garage on the market, Owner shall offer (an "Offer") to City the right to purchase the Garage at a purchase price consistent with the purchase price Owner has at such time elected to offer to third parties and pursuant to material business terms Owner has then elected in its sole discretion to disclose to third parties (the "Terms"). Owner shall deliver the terms of such Offer in writing to City(an"Offer Notice"),which shall include no contingency for financing and a closing to occur no later than 60 days after delivery of the Offer(the"Offer Closing Period"). (b) Offer Period. If City and Owner do not enter into a written agreement for the sale of the Garage (an "Offer Purchase Agreement") within sixty (60) days of delivery of the Offer (the "Offer Period"), then such Offer shall be deemed rejected by City. Any Offer Purchase Agreement shall contain as a condition to the closing thereunder the execution of a parking license for the benefit of the owner of the Apartments, which license shall be assignable to any subsequent owner of the Apartments. (c) No Offer Closing. If City does not close on the purchase of the Garage pursuant to an Offer Purchase Contract (other than as a result of a default by Owner) during the applicable Offer Closing Period, then for purposes of this Section 21, City shall be deemed to have rejected the Offer as of the expiration of the Offer Closing Period, and Owner shall have the same rights with respect thereto as if City had rejected the Offer. (d) Rights after Rejection of Offer. Upon the earliest to occur of the following events: (x) Owner receives notice from City of its rejection of an Offer Notice, (y) the termination (00222424.1306-9905263} 11 Parking License Agreement- Boynton Town Square South of a particular Offer Period without Owner and City having entered into an Offer Purchase Agreement, and (z) the expiration of an Offer Closing Period during which City failed to close on the purchase of the Garage pursuant to an Offer Purchase Contract(other than as a result of a default by Owner) (such event, a "Rejection" and such earliest date, the "Rejection Date"); Owner shall thereafter, subject to the following terms, be permitted to market the Garage for sale at such times and upon such terms as Owner shall determine in its sole and absolute discretion without City having any further rights thereto: (i) Owner shall enter into a written purchase and sale agreement with a third party within one(1)year after the Rejection Date(the"Third-Party Purchase Contract"); (ii) The Third-Party Purchase Contract shall provide for a purchase price equal to at least ninety percent(90%)of the Offer Price offered to City; and (iii) The Third-Party Purchase Contract shall provide for a closing date no later than 90 days after the effective date of the Third-Party Purchase Contract. (e) No Sale following Rejection. If, following a Rejection, Owner does not sell the Garage pursuant to a Third-Party Purchase Contract in accordance with the foregoing terms, then prior to any future marketing of the Garage, Owner shall be required to issue a new Offer to City and to proceed with the process set forth in this Section 21. 22. Hazardous Materials and Environmental Laws; Indemnity. (a) City shall not cause or permit the Facilities to be used for the generation, handling, storage, transportation, disposal or release of any Hazardous Materials except as specifically exempted or permitted under applicable Environmental Laws, and City shall not cause or permit the Facilities or any activities conducted thereon to be in violation of any current and/or future applicable Environmental Laws. City agrees to indemnify, defend and hold Owner (and Owner's members,principals, affiliates,directors,officers,employees,mortgagees, ground Owners, heirs, successors and assigns, as applicable) harmless from and against any and all claims, losses, damages (including all foreseeable and unforeseeable consequential and incidental damages), liabilities, fmes, penalties, charges, interest, administrative or judicial proceedings and orders, judgments, remedial action, requirements, enforcement actions of any kind, and all costs and expenses incurred in connection therewith (including, without limitation, attorneys= fees and expenses at both trial and appellate levels), directly or indirectly resulting in whole or in part from the violation of any Environmental Laws applicable to the Facilities or any activity conducted thereon, and from any use, generation, handling, storage, transportation, disposal or release of Hazardous Materials at or in connection with the Facilities and City's use thereof, or any contamination, detoxification, closure, cleanup or other remedial measure required under any Environmental Laws. This indemnity shall survive the full payment of all license fees and other charges under this Agreement and the expiration or earlier termination of this Agreement, and shall inure to the benefit of Owner and Owner's heirs,personal representatives, successors and assigns. As used herein, "Hazardous Materials" means: substances defined as or included in the definition of "hazardous substances", "hazardous wastes", "hazardous materials", "toxic substances", "containment=s", or other pollution under applicable federal, state, commonwealth, (00222424 I 306-9905263} 12 Parking License Agreement- Boynton Town Square South county, municipal, or local laws, ordinances, codes, rules, regulations or orders now or hereafter in effect. As used herein "Environmental Laws" means: any applicable current federal, commonwealth, state, county, municipal, or local laws, ordinances, rules, codes, regulations, or orders pertaining to Hazardous Materials or industrial hygiene or environmental conditions. 23. Time of the Essence. Time is of the essence regarding the performance of every provision of this Agreement. 24. Limitation of Liability of Owner. Notwithstanding any provision to the contrary contained in this Agreement, City shall look solely to the estate and property of Owner in and to the Garage in the event of any claim against Owner arising out of or in connection with this Agreement, the relationship of Owner and City, or City's use of the Facilities, and City agrees that the liability of Owner arising out of or in connection with this Agreement, the relationship of Owner and City, or City's use of the Facilities, shall be limited to such estate and property of Owner in and to the Garage. No properties or assets of Owner other than the estate and property of Owner in and to the Garage, and no property owned by any affiliate of or member of Owner shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) or for the satisfaction of any other remedy of City arising out of or in connection with this Agreement,the relationship of Owner and City or City's use of the Facilities. 25. Waiver of Jury Trial. OWNER AND CITY KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM INVOLVING ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH (I) THIS AGREEMENT, (II) THE RELATIONSHIP OF OWNER AND CITY, (III) CITY'S USE OF FACILITIES AND THE GARAGE, OR (IV) THE RIGHT TO ANY STATUTORY RELIEF OR REMEDY. CITY FURTHER WAIVES THE RIGHT TO INTERPOSE ANY PERMISSIVE COUNTERCLAIM OF ANY NATURE IN ANY ACTION OR PROCEEDING COMMENCED BY OWNER TO TERMINATE THIS AGREEMENT, TERMINATE CITY'S USE OF THE FACILITIES, OR OBTAIN POSSESSION OF THE FACILITIES. THE WAIVERS SET FORTH IN THIS SECTION ARE MADE KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY BY THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT TO BOTH PARTIES IN AGREEING TO ENTER INTO THIS AGREEMENT. 26. Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given: (a) when personally delivered; or (b) the next Business Day after being sent by reputable overnight express courier(charges prepaid);or {00222424.1306-9905263) 13 Parking License Agreement- Boynton Town Square South (c) when received if by facsimile or e-mail transmission, so long as notice is concurrently provided to the parties to this Agreement by a method set forth in Section 26(a) or Section 26(b). Unless another address is specified inwriting, notices, demands and communications to the parties shall be sent to the addresses indicated below: If to City: City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach,Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof,Doody&Ezrol,P.A. James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale,Florida 33308 If to Owner: 2300 Glades Road Suite 202 East Boca Raton,Florida 33431 Attention: James S. Gielda,John K.Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta,Esq. 5030 Champion Blvd., Suite G11-281 Boca Raton,Florida 33496 If any party refuses to accept any attempted delivery of notice in any of the foregoing manners,then notice shall be deemed to have been delivered upon such refusal. Any party hereto shall have the right to change its address for notice if written notice is given to all other parties in accordance with the notice provisions hereof. 27. Improvements by City. (a) City Work. City Work shall mean any work approved by Owner to be constructed by City on the Property,together with all fixtures and equipment installed by the City. (b) Plans. Plans shall mean the construction plans and specifications including, but not limited to, architectural plans and elevations, structural plans, landscape plans, and all other plans and specifications for the City Work. (c) Submission and Approval of Plans. City shall ensure that the Plans for the City's Work and material changes to the Plans for the City's Work shall be submitted for the written approval of Owner prior to implementation, which approval Owner shall have the right to approve or reject in its sole and absolute discretion. Any review and/or approval by Owner or its affiliates of (00222424.1 306-9905263) 14 Parking License Agreement- Boynton Town Square South the Plans or otherwise relating to the City Work shall be solely for the purposes set out in this License and shall not render Owner and/or its affiliates responsible or liable to City or to any other person for the design of the improvements or any associated facilities constituting City Work or for any delay relating thereto and may not be relied upon by City or by any other person. (d) Engagement and Responsibility. City shall engage, at its own cost and expense, a general contractor and architect for the City's Work, each of whose engagement shall be subject to the prior written approval of Owner, which approval shall not be unreasonably withheld. City and or City's contractors shall construct the City's Work in accordance with the Plans approved by Owner and the terms and provision of this License. City shall be responsible, at City's sole cost and expense, for any and all City Work. (e) Compliance and Construction Standards. City shall, at its own cost and expense, comply with all government requirements and obtain and comply with all necessary government approvals applicable to the City's Work. City shall promptly provide to Owner copies of all such government approvals or rejections, refusals or conditions placed on such government approvals, together with any other relevant information relating to the government approvals that Owner may reasonably request. All construction work done by City within the Property shall be performed in a good and workmanlike manner, in compliance with all applicable laws (hereinafter defined), and in such manner as to cause a minimum of interference with other construction in progress(if any)and with the operation of the Property. (f) Right to Inspect. Owner shall have the right, at all reasonable times after giving reasonable prior notice to City,to access and inspect any part of the City Work. (g) Liens. Nothing contained in this License shall be deemed or construed in any way as constituting the consent or request of Owner, express or implied, to any contractor, subcontractor, laborer, materialman or vendor for the performance of any labor or services for the alteration, addition, repair, or demolition of or to the Property or any part thereof. All persons are hereby put upon notice that City shall never,under any circumstances, have the power to subject the interest of the Owner in the Property to any mechanic's liens or materialmen's liens or any liens in connection with material or labor furnished to the Premises,including any lien for architects' fees or engineers' fees: and all persons dealing with City are hereby put upon notice that they must look solely to the City and not to Owner. City shall strictly comply with the Construction Lien Law of the State of Florida as set forth in Florida Statutes Section 713, including, but not limited to, giving written notice to all persons performing services or furnishing materials on its behalf of the terms and conditions of this Section 27. In the event that a mechanic's claim of lien is filed against the Property or any of Owner's interest therein in connection with any work performed by or on behalf of City, City shall satisfy such claim or shall transfer same to security,within twenty(20) days from City's receipt of notice of such filing. In the event that City fails to satisfy or transfer such claim • within said twenty (20) day period, Owner may do so and thereafter charge City for all costs incurred by Owner in connection with satisfaction or transfer of such claim, including attorney's fees thereon. Further, subject to applicable law, City agrees to defend, indemnify and save Owner harmless from and against any damage or loss incurred by Owner as a result of any such mechanic's claim of lien. If so requested by Owner, City shall execute a short form or memorandum of this License, which may, in Owner's discretion, be recorded in the Public Records for the purpose of protecting Owner's estate from mechanics' claims of lien, as provided in Florida Statutes Section (00222424.1 306-9905263) 15 Parking License Agreement- Boynton Town Square South 713.10. Owner has the right to record the memorandum without execution by City in the event City fails to execute the memorandum within seven(7)days of request. (h) Indemnification. Subject to applicable law, City, on behalf of itself and on behalf of future visitors,trespassers, licensees, invitees, guests or persons performing work or using, visiting or occupying the Property, hereby agrees and covenants to indemnify, defend(with counsel selected by City and approved by Owner) and save harmless the Owner and City from and against any and all claims, actions, damages, liabilities, losses, costs and expenses, including without limitation, attorneys' fees (collectively, "Losses") to the fullest extent permitted by law, resulting from either the construction of the City's Work or any subsequent renovation or alterations by the City. Furthermore, City covenants and agrees that any contracts for the City's Work entered into by City and a general contractor or other contractor in privity with City will include the indemnities required by this License from the general contractor or other contractor in privity with City in favor of City, Owner and the City. (i) Survival. This Section 27 shall survive any termination of the License. 28. Miscellaneous. (a) Accord and Satisfaction. No payment by City or receipt by Owner of a lesser amount than the amount stipulated in this Agreement to be paid shall be deemed to be other than on account of the earliest stipulated payable amounts, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Owner may accept such check or payment without prejudice to Owner's right to recover the balance of such amount or pursue any other remedy provided herein or by law. (b) Entire Agreement. This Agreement and the exhibits attached hereto and forming a part thereof as if fully set forth herein, constitute all covenants, promises, agreements, conditions and understandings between Owner and City concerning the Facilities and there are no covenants, promises, conditions or understandings, either oral or written, between them other than are herein set forth. Neither Owner nor Owner's agents have made nor shall be bound to any representations with respect to the Facilities except as herein expressly set forth, and all representations, either oral or written, shall be deemed to be merged into this Agreement. Except as herein otherwise provided, no subsequent alteration, change or addition to this Agreement shall be binding upon Owner or.City unless reduced to writing and signed by them. (c) Successors and Assigns. All rights, obligations, and liabilities herein given to, or imposed upon, the respective parties hereto shall extend to and bind the several respective heirs, legal representatives, and permitted successors and assigns of the said parties. No rights, however, shall inure to the benefit of any assignee of City unless the assignment to such assignee has been approved by Owner in writing as provided herein. Nothing contained in this Agreement shall in any manner restrict Owner's right to assign or encumber this Agreement and, in the event Owner sells its interest in the Property and the purchaser assumes Owner's obligations and covenants,Owner shall thereupon be relieved of all further obligations hereunder. (d) Captions and Section Numbers. The captions, section numbers, and article numbers appearing in this Agreement are inserted only as a matter of convenience and in no way (00222424.1306-9905263) 16 Parking license Agreement- Boynton Town Square South define, limit, construe, or describe the scope or intent of such sections or articles of this Agreement nor in any way affect this Agreement. (e) Partial Invalidity. If any term, covenant or condition of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable,the remainder of this Agreement the application of such term, covenant or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. (f) Construction of Language. Whenever in this Agreement the context allows, the terms "Agreement," "Term" and"Term of this Agreement", or terms of similar import, shall be deemed to include all renewals, extension or modifications of this Agreement or the Term. The word"including"when used in this Agreement shall be deemed to mean"including, but not limited to," or "including without limitation." Whenever in this Agreement the context so requires, references to the masculine shall be deemed to include the feminine and the neuter,references to the neuter shall be deemed to include the masculine and the feminine, and references to the plural shall be deemed to include the singular and the singular to include the plural. The headings of sections or subsections in this Agreement are for convenience only and shall not be relevant for purposes of interpretation of this Agreement. This Agreement has been negotiated "at arm's length" by Owner and City, each having the opportunity to be represented by legal counsel of its choice and to negotiate the form and substance of this Agreement. Therefore, this Agreement shall not be more strictly construed against either party by reason of the fact that one party may have drafted this Agreement. (g) Non-Waiver. No delay or failure by either party in exercising any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right. (h) Counterparts/ Electronic or Facsimile Signatures. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original and which together shall constitute one and the same instrument. The electronic signature of any party hereto shall be as binding as the original signature of such party for all purposes; and the copy of any parties' signature to this Agreement delivered by facsimile, e-mail, or such other electronic means shall be as binding and enforceable as the parties' original signature to this Agreement. (i) Governing Law/Venue. This Agreement shall be interpreted and construed in accordance with and governed by the laws of the State of Florida. Any action arising out of,or in connection to, this Agreement or between the parties hereto, to the extent not required to be determined via arbitration pursuant to Section 28(j), shall be brought exclusively in the courts of Palm Beach County,Florida. (j) Dispute Resolution. The parties hereto agree that upon the written request of either party, any dispute, controversy, or claim arising out of or relating to this Agreement, or any breach or Event of Default hereof(a "Dispute"), shall be submitted to arbitration in Palm Beach County, Florida, in accordance with the Commercial Arbitration Rules of the American Arbitration Association then pertaining, and judgment upon the award rendered may be entered in any court (00222424.1306-9905263) 1 Parking license Agreement- Boynton Town Square South having jurisdiction. Each party shall select an arbitrator within thirty (30) days after receipt of written notice from one party to the other party requesting arbitration. The two arbitrators shall collectively select a third arbitrator. Any decision made by two of the three arbitrators shall be binding upon the parties, and any decision may involve monetary damages or such form of equitable relief as the arbitrators shall determine is necessary. If one party fails to select an arbitrator within the thirty (30) day period provided above, the one arbitrator shall select a second arbitrator and the two arbitrators shall collectively select a third arbitrator. The party prevailing at arbitration shall be reimbursed by the losing party for all costs and expenses incurred by it in connection with the arbitration. (k) Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between Owner and City. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. (1) Agreement Subject to Covenants, Conditions, and Restrictions. City acknowledges and agrees that its rights hereunder are subject to, and subordinate to the declarations, covenants, conditions, restrictions, easements, and agreements of record as of the date of this Agreement. (m) Radon Gas Notification. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. (n) Sovereign Immunity. The parties agree that the City is a political subdivision of the State of Florida and therefore is entitled to sovereign immunity. Nothing in this Agreement shall be construed to require the City to indemnify Owner, or insure Owner for its negligence or to assume any liability for Owner. Further, any provision in this Agreement that requires the City to indemnify, hold harmless or defend Owner from liability for any other reason shall not alter the City's waiver of sovereign immunity or extend the City's liability beyond the limits established in Section 768.28 of the Florida Statutes,as amended. [SIGNATURES ON FOLLOWING PAGE(S)] {00222424.1306-9905263} 18 Parking License Agreement- Boynton Town Square South IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. CITY: City of Boynton Beach APPR® ��� � T�. '� '� If Affil.it .latiti City' ''orney By: Al. " 4 Name: EA) `. £4N% TitleAre_ OWNER: JKM BTS South,LLC, a Florida limited liability company By: JKM BTS Capital,LLC, a Florida limited liability company, its Manager B . .ice_ _ a ohn K. Markey,Manager , 19 Parking Ucense Agreement. 8oynton Town Square South LEGEND: .. • PROJECT BOUNDARY ,4 I PEDESTRIAN CIRCULATION PHASE LINE PHASE 3 PHASE I PHASE 2 VEHICULAR ACCESSTO NCO INCLUDED PARKING GARAGE NOT INCLUDED NOT INCLUDED ZONING:RIA NOT INCLUDED NOT INCLUDED NOT INCLUDED NOT INCLUDED ZONING.RJ ZONMG:RI FUTURE LAND USE.LDR T'T ZONING:CJ TONING:R1 ZONING.RJ ZONING.RJ FUTURE LAND PURIM LAND USE:MDR J \\ FD,URE LAND USE:NOR I.ULU.%I AND U.LAC USE.IAC1 FUTURE LAND U. < FUTURE LAND USE HDR J \ N.E.-IST-ST. - _ - --- 1 ON-STREET PARKING Jiwilillir � Lo WG NOT INCLUDED I■ ° - ° PROJECT DATA \ • PARR I� FUTURE LAND USE:HOR ■ W AREA ♦aryl •■ O Q Z ,sTories OM .1 Site Area 15.04 Acres t4auwE / •I =g g (+1-655,481 SF) ' • I i■■i■i■ 8 5 ZONING Courtyard I Z"" Existing: PU(Public Use) Casson REC(Recreation) 1 Proposed: MU-3(Mixed Use-3 ■ I, MAU s ° PHASE ASE1 ■ FUTURE LAND USE ■ 111 Q PHASE o Existing: Public&Private 1, 1 Fe°we�,. ■ Govt/lnstit (PPG!) CO I PROPOSED op., j E`°""""nee Proposed: Mixed Use .E.N.l•.(NU')I Mem.RP. 0 Q - ■ Medium(MXM) E. 5.1.I ii m I t Z .� PROPOSEDII DENSITY D � �.' �� U ` -'.nAGe(F:I ■ 1 Maximum Density: 50 Units/Acre x 15.04 W 4 S I E S D ............... 0 " Proposed Den tYcres 3 g ( 1 .I : Z Acres 752 Units u W Io705 Units/15.04 =i m I I 1 '•I . ■ ry 47 Units/Acre A • II# D I . •••• ,... •••,,, r L11 N • Density WI n.mMNlwuj vad I I SchDEWAR.! . ■ , N Residential:mAR ->.. I --7. ^�I �• 705 Units • w ■ 4 ,r _. ■ I.1■ y EEtlNE: Hotel: 120 Rooms • P NC�ry HES U " <>1u.,' I M ,,,,, I ., �py1 `D Flex: 54,749 SF 1-'• s 1 2 Fitness Club/Gym: 29,138 SF • Li., 1M ' tn. <..rt,-.b 'i Civic Center/ 28,536 SF Proposed Neal ..- Q �, o<4 Multi-purpose ...ground ill/ HLW' E, a 3 HistoricHigh School) . 120 s ■ N u p�'City Hall/Ubrary 110,000 SF uJ • ■ ; i "Children's Museum 8,288 SF • A..,. _. ....... : „... ___ .., I __ SEACREST BLVD. _ — • --- - - _ -- NOT INCLUDED \ NOT INCLUDED N INCLUDED ZONING RJ NOT INCLUDED INE:RI A FUTURE LANG USE:HDR FUTURE RE LAND USE:HDR ZONING.Cl N T IN LAND USE:HDII n I FUTURELUDE USE:LRC I 160031.00 01.09.16 BOYNTON BEACH TOWN SQUARE REDEVELOPMENT i/ Master Development Plan scuEr- L. PURCHASE AND SALE AGREEMENT (BTS Central) THIS PURCHASE AND SALE AGREEMENT (the "Agreement") is made and entered into as of the`q day of March, 2018 (the "Effective Date"), by and between JKM BTS Central, LLC, a Florida limited liability company (the "Purchaser"), and City of Boynton Beach (the "Seller"). RECITALS WHEREAS, Seller is the owner of the property located in Boynton Beach, Florida, which consists of approximately +1-2.60 gross acres and is commonly known as Boynton Town Square Central, as depicted on Exhibit "A" and made a part hereof, together with the improvements located thereon and all fixtures and personal property located on said property (the "Property"); and WHEREAS, Seller desires to develop upon the Property a rental apartment project which is anticipated to consist of approximately 200 apartment units (the "Apartments"), together with related improvements (the Apartments and related improvements are referred to herein as the "Project"); and WHEREAS, simultaneously with the execution of this Agreement, Seller and an affiliate of Purchaser have entered into a Development Agreement (the "Development Agreement"), which shall govern the development of the Project and certain obligations of Seller and such affiliate of Purchaser with respect thereto; and WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller,the Property,pursuant to the terms and conditions set forth herein. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree to the terms and conditions set forth herein. AGREEMENT: 1. Recitals. The recitals set forth above are incorporated herein by this reference, and the parties agree that such recitals are true and correct. 2. Purchase and Sale. Subject to all of the terms and conditions of this Agreement, the Seller will sell to the Purchaser, and the Purchaser will purchase from the Seller, the Property, together with all appurtenances, rights, easements, rights of way, permits, licenses, leases, warranties,and approvals incident or appurtenant thereto. 3. Purchase Price and Payment. The purchase price to be paid by the Purchaser to the Seller for the Property shall be $10.00 (the "Purchase Price"), and any adjustments and prorations as set forth in this Agreement. Purchase and Sale Agreement- 1 Boynton Town Square Central Parcel 4. Title and Title Insurance. (a) Purchaser shall obtain a current title insurance commitment (the "Commitment") for an ALTA owner's title insurance policy, issued by PG Law, as agent for Chicago Title Insurance Company, Old Republic National Title Insurance Company, or another national title insurance company (the "Title Company"). Purchaser shall have until the end of the Due Diligence Period (as defined hereafter) to examine the condition of title to the Property to confirm that title to the Property is good, marketable and insurable. Within such period, if Purchaser fails to provide Seller with written notice of specific defects which make title to the Property other than as required by this paragraph, then, for all purposes of this Agreement, Purchaser shall be deemed to have accepted title in the condition described in the Commitment. If Purchaser timely notifies Seller that title does not satisfy the requirements of this paragraph, then Seller agrees to use its best efforts to make title good, marketable, and insurable, for which purpose Seller shall have twenty (20) days from the receipt of Purchaser's written notice that title is unacceptable to remedy any such objection; provided, however, that Seller shall not be required to spend more than $5,000.00 (exclusive of attorney's fees or other professional fees) to remedy any specific title objection other than a mortgage, lien, judgment, or other monetary obligation encumbering the Property as described in Section 4(b). If title is not rendered as required by this paragraph despite the best efforts of Seller, then at any time after the end of such twenty (20) day period, upon written notice delivered at the option of Purchaser, this Agreement shall be terminated and all parties hereto shall be released from any and all obligations and liabilities hereunder except those which specifically survive termination. At any time prior to such termination, Purchaser may elect by written notice to Seller to waive any defects in title, in which event, subject to satisfaction of the conditions set forth in this Agreement, the Closing shall take place pursuant to this Agreement without any abatement in the Purchase Price. Prior to the Closing,Purchaser shall cause the Commitment to be updated to a current effective date by the Title Company. If the update of the Commitment shows additional exceptions that render title unmarketable or which materially interfere with Purchaser's development, ownership, and intended use for the Property, Purchaser shall provide written notice of its objections to such new exceptions to Seller. Seller shall have a period of twenty (20) days from receipt of such written notice from Purchaser in which to use its best efforts to cause such additional exceptions to be removed from the Commitment. If, after utilizing due diligence and Seller's best efforts, Seller is unable to remove such additional exceptions, Purchaser shall have the option of either waiving any such title defects, in which event, subject to satisfaction of the conditions set forth in this Agreement, the Closing shall take place pursuant to this Agreement without any abatement in the Purchase Price,or Purchaser shall have the right to terminate this Agreement and neither party shall have any further rights or obligations hereunder except for those obligations which specifically survive termination. (b) Seller agrees that Seller shall use its best efforts to make title good, marketable and insurable within the time limits set forth in this Agreement. Notwithstanding the foregoing, Seller agrees that Seller shall pay all indebtedness secured by a mortgage upon the Property, as well as all past due taxes, outstanding governmental or quasi-governmental assessments, and any outstanding judgments or liens against Seller and/or the Property, including all penalties and interest,prior to the Closing. 5. Survey. Purchaser shall have the right, at its expense, to obtain a current survey of the Property prepared by a licensed Florida land surveyor (the "Survey"). The Survey shall be Purchase and Sale Agreement- 2 Boynton Town Square Central Parcel L certified to the Purchaser and to the Title Company and shall be prepared in accordance with the minimum technical standards for surveys in the State of Florida and/or ALTA requirements. In the event that the Survey shows any encroachments or any other defects, then such defects shall be treated as a title defect and the provisions of Section 4 shall be applicable to any such Survey defects. 6. Seller's Obligations Prior to Closing. (a) Seller covenants and agrees that it has or will, within fifteen (15) days following the Effective Date, deliver to Purchaser true and correct copies of the following, to the extent existing and in Seller's possession and/or control: survey, development approvals, economic studies, traffic studies, all title related documents, copies of all ad valorem tax statements, bills and assessments, engineering reports, topographical maps, traffic studies, FDOT letters, geotechnical subsurface analysis reports, environmental reports and related environmental studies and all similar reports and studies available to or currently in Seller's possession. (b) Seller shall provide Purchaser, together with Purchaser's agents and representatives, complete access to any portion of the Property for the purpose of making physical inspections of the Property to determine whether, in Purchaser's sole and absolute discretion, the Property is suitable for Purchaser's purposes. Such inspections may include, among other things, survey, site,engineering,appraisal, environmental,and feasibility studies. (c) Seller shall cooperate with Purchaser as reasonably required in order for Purchaser to perform its due diligence and seek its Approvals (as defined in Section 8) in accordance with the terms of this Agreement. 7. Due Diligence. (a) Due Diligence Period. Purchaser shall have the "Due Diligence Period" in which to ascertain whether the Property is acceptable to Purchaser in order for Purchaser to proceed with seeking approvals, permits and licenses necessary for the development of the Property. "Due Diligence Period" shall mean the period commencing on the Effective Date of this Agreement and expiring on the date which is sixty (60) calendar days subsequent to the Effective Date. If the Property is determined to be unacceptable to Purchaser in its sole discretion, Purchaser shall notify the Seller by providing written notice of its determination that the Property is unacceptable for its intended use no later than 5:00 p.m. Florida time on the final day of the Due Diligence Period (a "Notice of Cancellation"), in which event neither party shall have any further rights or obligations hereunder. If the Property is determined to be acceptable to Purchaser in its sole discretion, Purchaser shall notify the Seller by providing written notice of its determination that the Property is acceptable for its intended use no later than 5:00 p.m. Florida time on the final day of the Due Diligence Period (a "Notice to Proceed"). If Purchaser fails to deliver either a Notice of Cancellation or a Notice to Proceed by 5:00 p.m. Florida time on the final day of the Due Diligence Period, then Purchaser shall be deemed to have delivered a Notice of Cancellation, in which event neither party shall have any further rights or obligations hereunder. (b) Indemnification. Purchaser agrees to indemnify, defend, and hold harmless Seller and its affiliates, managers, members, partners, subsidiaries, shareholders, Purchase and Sale Agreement- Boynton Town Square Central Parcel 3 officers, directors, lenders, employees, attorneys, and agents from any loss, injury, damage, claim, lien, cost or expense, including reasonable attorneys' fees, paraprofessional fees and costs pretrial, at trial and at all levels of proceedings, including appeals, arising out of or resulting from Purchaser's physical inspections, examinations, studies, and/or analyses of the Property. 8. Permits and Approvals. Purchaser shall be seeking to receive all authorizations, including, without limitation, land-use change, re-zoning, plat and/or replat, and site plan approvals necessary for Purchaser's intended use of, and the construction and operations of the improvements upon, the Property (collectively, the "Approvals"). Seller shall, upon request by Purchaser, execute any and all documentation in support of any application for such Approvals including the site specific Site Plan/Master Plan Amendment as conceptually agreed by both parties; provided, however, that Purchaser shall not be required, as a condition of receiving its Approvals or otherwise, to construct or maintain any infrastructure, improvements, or other structures or property other than the Project. If at any time, Purchaser (i) is denied or refused any such Approvals, (ii) is uncertain that Purchaser's intended use, construction and improvements to the Property will not be physically or financially impaired, as determined in Purchaser's sole and absolute discretion, (iii) determines that the necessary Approvals have been granted subject to any conditions that Purchaser deems unacceptable because they will physically or financially impair Purchaser's use and development of the Property, or (iv) determines that adequate utilities and related facilities, including, without limitation, water, storm water and sanitary sewage disposal, telephone service and energy sources to service the Property and improvements thereto for Purchaser's intended use and/or easements therefore are not available to the reasonable satisfaction of Purchaser, then Purchaser may, by furnishing written notice to Seller, terminate this Agreement without owing any liability to Seller (other than any liability that expressly survives any termination hereunder). 9. Seller's Representations and Warranties. Seller hereby represents and warrants to Purchaser as follows: (a) To the best of Seller's knowledge, Seller has not received any notice from the State Department of Environmental Protection or similar agency, the United States Environmental Protection Agency or any other governmental or quasi governmental entity indicating that the Property is currently contaminated by hazardous wastes or pollutants as those terms are defined by applicable laws ("Hazardous Substances") or any notice that the Property is subject to any claim or cause of action pursuant to any federal, state or local environmental statute, regulation or ordinance. (b) Seller has full right and is duly authorized to enter into and consummate this Agreement. (c) To the knowledge of Seller, there is no litigation, investigation or proceeding pending or threatened against Seller which would adversely affect Seller's ability to perform its obligations hereunder. (d) There has been no petition filed by or against Seller under the Federal Bankruptcy Code or any similar state or federal law. Purchase and Sale Agreement- A Boynton Town Square Central Parcel 4 (e) There are no condemnation or eminent domain proceedings pending or, to the best of Seller's knowledge, contemplated against the Property or any part thereof, and Seller has received no notice of the desire or intention of any public authority to take or use the Property or any part thereof. (f) Seller has received no notice of and to Seller's knowledge, there is no violation of any law, regulation, ordinance, order or judgment affecting the Property regarding any zoning violation, or, in connection with the ownership and operation of the Property and buildings thereon, any violation of any local, county, state or federal environmental, health, safety or sanitary, or building code law, rule or regulation. (g) To the best of Seller's knowledge, Seller has no knowledge of any unrecorded easements, restrictions, or encumbrances affecting all or any part of the Property. (h) To the best of Seller's knowledge, (i) Seller has received no written notice regarding the existence of, and (ii) Seller has no knowledge of the existence of, any underground storage tanks located on the Property. To the best of Seller's knowledge, no underground storage tanks have been removed from the Property during the time the Property has been owned by Seller. (i) There is no leasehold interest affecting the Property. (j) There are no existing service contracts or other contracts relative to the operation and maintenance of the Property which shall remain in effect after the date of Closing. There shall be no money due on such contracts as of the date of Closing. In this Section 9, the phrases "to the knowledge of' or "has no knowledge of' or similar phrases shall be deemed to refer to the actual knowledge of Seller after due inquiry and investigation. The provisions of this Section 9 shall survive the Closing or termination of this Agreement for a period of one (1) year. If any representation set forth herein is not true and correct as of the Closing, the same shall constitute a default hereunder, and Purchaser may terminate this Agreement and receive as damages reimbursement of all costs and expenses expended by Purchaser since the Effective Date. Subject to applicable law, Seller hereby indemnifies and holds Purchaser harmless from any and all loss, cost, damage, and expense, including reasonable attorneys' fees, paralegal fees, and court costs, in and through all appellate levels, arising or incurred by Purchaser by virtue of any material misrepresentation or inaccuracy in the representations and warranties set forth herein. Subject to applicable law, Seller shall indemnify and hold Purchaser harmless from and against all costs, expenses, claims, and credits asserted against, or incurred by, Purchaser, by reason of any third party tort claim or other claim regarding bodily injury or property damage arising or accruing prior to the Closing. 10. Conditions to Purchaser's Obligations. It shall be a condition precedent to Closing of this Agreement by Purchaser that the following conditions be satisfied: (a) All representations and warranties set forth in Section 9 are true and correct, and Seller has delivered its certificate to Purchaser reaffirming such representations and warranties as of the Closing Date. Purchase and Sale Agreement- 5 Boynton Town Square Central Parcel J (b) Seller shall have removed all tenants and other persons in possession from the Property, such that, upon Closing, Purchaser shall have exclusive possession of the Property. (c) Seller shall not be in breach or default with respect to any obligation of Seller under the terms and provisions of this Agreement. To the extent that Purchaser elects to waive any condition set forth in this Section 10 prior to Closing, satisfaction of each such condition shall be a condition to Purchaser's obligations under the Development Agreement(as defined in Section 12(g)). 11. Closing. (a) Subject to the provisions of this Agreement and the conditions precedent to closing, the purchase and sale contemplated by this Agreement shall be closed (the "Closing") no later than the later to occur of(i) the date that is thirty (30) days after the expiration of the Due Diligence Period, as may have been extended, and (ii) seven (7) business days following the date when all other conditions to Closing as set forth in Section 10 have been met (the date of such Closing,the"Closing Date"). (b) The Closing shall take place by way of escrow and shall be conducted by the Purchaser's attorney on the Closing Date. (c) Should Purchaser be unable to obtain basic hazard, wind, or flood insurance at reasonable rates due to storm or extreme weather conditions that prohibit the issuance of such insurance, Purchaser may delay Closing for up to ten (10) days from when such coverage becomes available. 12. Seller's Deliveries. Seller shall deliver to Purchaser at Closing the following documents dated as of the Closing Date, the delivery and accuracy of which shall be a condition to Purchaser's obligation to consummate the purchase and sale: (a) Special Warranty Deed. A special warranty deed in recordable form, duly executed by Seller, conveying to Purchaser good, marketable and insurable fee simple title to the entire Property, subject only to the permitted exceptions as reflected in the Commitment which have not been objected to by Purchaser, with the legal description provided in the Commitment and Survey, as the same may have been revised from time to time in accordance with the Approvals. (b) Bill of Sale. A bill of sale, duly executed by Seller, conveying to Purchaser good, marketable and lien-free title to all personal property and fixtures located on the Property. (c) Affidavit. An owner's affidavit adequate for title insurance to be issued by the Title Company without exception for parties in possession, mechanics' or materialmens' liens and to permit the Title Company to delete the "gap" in the Commitment. (d) FIRPTA Affidavit. In order to comply with the requirements of the Foreign Investment Real Property Tax Act of 1980 ("FIRPTA"), Seller will deliver to Purchaser at Closing Seller's affidavit under penalty of perjury stating that Seller is not a "foreign person," Purchase and Sale Agreement- 6 Boynton Town Square Central Parcel V as defined in Section 1445 of the Internal Revenue Code of 1986 and the U.S. Treasury Regulations thereunder, setting forth Seller's taxpayer identification number, and that Seller intends to file a United States income tax return with respect to the transfer. Seller represents and warrants to Purchaser that it has not made nor does Seller have any knowledge of any transfer of the Property or any part thereof that is subject to any provisions of FIRPTA that has not been fully complied with by either transferor or transferee. As required by law, if Seller fails to comply with the requirement of this paragraph, Purchaser shall withhold 10% of the Purchase Price in lieu of payment thereof to Seller and pay it over instead to the Internal Revenue Service in such form and manner as may be required by law. (e) Assignment. An assignment of all of Seller's right, title and interest to all permits, licenses, and warranties with respect to the Property. (f) Certificate. A Certificate of the Seller that the representations and warranties set forth in Section 9 are true and correct as of the Closing Date. (g) Intentionally Omitted. (h) Intentionally Omitted. (i) Other Documents. Any other settlement statement, agreement, document or instrument required by this Agreement or by the closing agent or any Title Company (or its agent), by any governmental or quasi-governmental authority or agency, or by any public utility to be delivered by Seller or reasonably necessary to carry out the provisions of this Agreement; the form of any and all such agreements shall be as reasonably agreed upon between the applicable parties, or in the case of a governmental or quasi-governmental authority or agency or a public utility, shall be in the form or format customarily required by such authority, agency, or utility, subject to modification as may be reasonably necessary as a result of the specifics of the Property and the transactions contemplated hereby. 13. Purchaser's Deliveries. At the Closing, and after Seller has complied with all of the terms and conditions of this Agreement and simultaneously with Seller's delivery of the final documents required in Section 12, Purchaser shall execute and deliver the settlement statement, the Option Agreement, and the Parking Agreement and pay to Seller the Purchase Price, as the same may be adjusted for the prorations and any other credits or adjustments provided for in this Agreement. 14. Closing and Recording Costs. Seller shall pay the cost to obtain and record any title curative documents. Purchaser shall pay for the cost of documentary stamp taxes and any surtax on the deed, the cost of recording the deed, the cost of the title search and Commitment, the cost of the owners' title policy to be issued to Purchaser, the cost of the Survey, the costs of its investigations, the costs incurred in connection with seeking the Approvals, and any mortgagee title policy and any endorsements thereto. Except as set forth herein, each party shall pay its respective attorney's fees. 15. Real Estate Taxes and Prorations. At the Closing, the real estate taxes on the Property shall be prorated between the parties on a calendar year basis. Special assessment liens certified as of Closing shall be paid by the Seller. Pending special assessment liens shall be treated Purchase and Sale Agreement- 7 Boynton Town Square Central Parcel as a certified lien and shall be paid by the Seller. Seller shall be responsible for payment in full of any personal property taxes applicable to Seller, Seller's personal property or business assets. This covenant shall survive Closing. 16. Possession. Purchaser shall be granted full possession of the Property as of the Closing. 17. Covenants and Agreements of Seller. Seller hereby covenants and agrees that between the Effective Date of this Agreement and the Closing: (a) Seller will not, without Purchaser's prior written consent, create by its consent any encumbrances on the Property. For purposes of this provision, the term "encumbrances" shall include, but not be limited to, any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. At or prior to Closing, Seller shall terminate, and pay in full, all outstanding amounts due and payable and any termination fees required to terminate any and all leases, service contracts, maintenance contracts, franchise agreements, easements not approved in writing by Purchaser, and any other claims to the Property not approved in writing by Purchaser. (b) Seller will terminate all tenancies with respect to the Property, and shall have removed from the Property all tenants, no later than five (5) business days following the time when the Approvals have been received. Seller shall not enter into any new lease or extend any current lease, or permit any tenant to remain upon the Property as a holdover tenant, or allow any tenancy to convert to a month-to-month or other form of tenancy. (c) Seller will not remove any fill or cause any change to be made to the condition of the Property without the prior written consent of the Purchaser. (d) Between the Effective Date and the date of Closing, Seller will not create or consent to the creation of any special taxing districts or associations with the authority to impose taxes, liens or assessments on the Property. 18. Real Estate Commissions. (a) Seller hereby warrants to Purchaser that Seller has not engaged or dealt with any broker or agent with respect to the purchase and sale of the Property as contemplated by this Agreement. Seller shall indemnify and hold Purchaser harmless against any and all liability, cost, damage and expense (including, but not limited to, attorneys' fees and costs of litigation and appeals) which Purchaser shall ever suffer or incur because of any claim by any broker or agent claiming to have dealt with Seller with respect to the Property, whether or not meritorious, for any commission or other compensation with respect to this Agreement or to the purchase and sale of the Property in accordance with this Agreement. (b) Purchaser hereby warrants to Seller that Purchaser has not dealt with any broker or agent with respect to the purchase and sale of the Property as contemplated by this Agreement. Purchaser shall indemnify and hold Seller harmless against any and all liability, loss, cost, damage and expense (including, but not limited to, attorneys' fees and costs of litigation and appeal) Seller shall ever suffer or incur because of any claim by any broker or Purchase and Sale Agreement- 8 Boynton Town Square Central Parcel agent claiming to have dealt with Purchaser, whether or not meritorious, for any commission or other compensation with respect to this Agreement or to the purchase and sale of the Property in accordance with this Agreement. 19. Risk of Loss and Condemnation. (a) All risk of condemnation shall be on Seller. In the event that the Property or any portion thereof is taken by eminent domain, negotiated for grant in lieu of condemnation or threatened to be taken or made unavailable for use by any governmental entity, prior to Closing or through Purchaser's development approval process, Purchaser shall have the option of either: (i) canceling this Agreement and receiving a refund of the Deposit, together with all interest accrued thereon, whereupon both parties shall be relieved of all further obligations under this Agreement, except those obligations which survive termination; or (ii) Purchaser may proceed with Closing in which case Purchaser shall be entitled to all condemnation awards and settlements relating to the Property and Purchaser shall accept the Property less and except any property to which the condemnation award relates. In the event Purchaser elects the latter option, Purchaser shall be entitled to participate in any such negotiations and proceedings, and Seller shall from time to time deliver to Purchaser all instruments requested by it to permit such participation. Seller shall, at its expense, diligently pursue any such proceeding, and shall consult with Purchaser, its attorneys and experts and cooperate with them in any defense of any such proceedings. (b) If all or a portion of the Property shall be damaged or destroyed by any casualty after the Effective Date and before Closing which, in the sole and absolute discretion of Purchaser, renders the Property unsuitable for Purchaser's intended use (whether because of impossibility, economic unfeasibility, or otherwise, including as a result of casualties such as a sinkhole, earthquake, tsunami, hurricane or otherwise which render the Property geotechnically unstable or otherwise unsuitable for Purchaser's intended use), Purchaser shall have the option of either: (i) canceling this Agreement, whereupon both parties shall be relieved of all further obligations under this Agreement, except those obligations which survive termination; or (ii) Purchaser may proceed to Closing, in which case Purchaser shall be entitled to all insurance awards and settlements relating to the Property. 20. Default. (a) In the event of a default by Purchaser under this Agreement which is not cured within ten (10) days after written notice to Purchaser, then Purchaser shall owe to Seller the full amount of the Purchaser Price, which shall be retained by Seller as liquidated and agreed upon damages and as Seller's sole remedy; and thereafter, Purchaser shall be relieved from all further obligations under this Agreement, and Seller shall have no further claim against the Purchaser for specific performance or for damages by reason of the failure of Purchaser to close this transaction or for any other claim of Seller. (b) In the event of a default by Seller hereunder which is not cured within ten (10) days after written notice to Seller, then at any time thereafter prior to the cure of such default by Seller, and Purchaser shall have the right to proceed against Seller in an action for specific performance of this Agreement and/or for damages based upon such default. Purchase and Sale Agreement- 9 Boynton Town Square Central Parcel 7 I21. AS-IS. Except as specifically set forth in this Agreement or any other written agreement between Seller and Purchaser(or any affiliate of Purchaser), Seller makes and shall make no representation or warranty either expressed or implied (except as specifically set forth in this Agreement) regarding the condition, operability, safety, fitness for intended purpose, use, governmental requirements, development potential, utility availability, legal access, impact fees, concurrency, economic feasibility or any other matters whatsoever with respect to the Property. Purchaser specifically acknowledges and agrees that Seller shall sell and Purchaser shall purchase the Property on an "AS IS, WHERE IS, AND WITH ALL FAULTS" basis and that, except for Seller's representations and warranties specifically set forth in this Agreement or any other written agreement between Seller and Purchaser (or any affiliate of Purchaser), Purchaser is not relying on any representations or warranties of any kind whatsoever,express or implied,from Seller, its agents, officers, or employees, as to any matters concerning the Property including, without limitation, any matters relating to (1) the quality, nature, adequacy, or physical condition of the Property, (2) the quality, nature, adequacy, or physical conditions of soils, fill, geology, or any groundwater, (3)the development potential or income potential, (4) the Property's value, use, habitability, or merchantability, (5) the fitness, suitability, or adequacy of the Property for any particular use or purpose, (6) the presence of Hazardous Materials or any other hazardous or toxic matter on, under, or about the Property or adjoining or neighboring property, (7) the freedom of the Property from latent or apparent vices or defects, or (8) environmental matters of any kind or nature whatsoever relating to the Property. PURCHASER ACKNOWLEDGES THAT THIS TRANSACTION AND THE ASSIGNMENTS, CONVEYANCES AND TRANSFERS OF PROPERTY BY SELLER TO PURCHASER IS IN ITS "AS-IS, WHERE IS" CONDITION WITHOUT REPRESENTATION OR WARRANTY, ORAL OR WRITTEN, EXPRESS OR IMPLIED EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT OR ANY OTHER WRI I I EN AGREEMENT BETWEEN SELLER AND PURCHASER (OR ANY AFFILIATE OF PURCHASER). 22. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. 23. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 24. Survival of Provisions. All representations, warranties, and agreements contained herein shall survive the Closing and delivery of the deed of conveyance contemplated by this Agreement. 25. Waiver; Modification. The failure by Purchaser or Seller to insist upon or enforce any of their rights shall not constitute a waiver thereof, and except to the extent conditions are waived by the express terms of this Agreement, nothing shall constitute a waiver of Purchaser's right to insist upon strict compliance with the terms of this Agreement. Either party may waive the benefit of any provision or condition for its benefit which is contained in this Agreement. No oral modification of this Agreement shall be binding upon the parties and any modification must be in writing and signed by the parties. Purchase and Sale Agreement- 11 0 Boynton Town Square Central Parcel I26. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida. The venue of any legal proceeding between the parties shall be the state or Federal courts having jurisdiction in or over Palm Beach County,Florida. 27. Headings. The section headings as set forth in this Agreement are for convenience or reference only and shall not be deemed to alter the content of this Agreement or limit the provisions or scope of any section herein. 28. Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given: (a) when personally delivered; or (b) the next Business Day after being sent by reputable overnight express courier(charges prepaid);or (c) when received if by facsimile or e-mail transmission, so long as notice is concurrently provided to the parties to this Agreement by a method set forth in Section 27(a) or Section 27(b). Unless another address is specified in writing, notices, demands and communications to the parties shall be sent to the addresses indicated below: If to Seller: City of Boynton Beach 100 E.Boynton Beach Blvd. Boynton Beach,Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof,Doody&Ezrol,P.A. Attn: James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale,Florida 33308 If to Purchaser: JKM BTS Central,LLC 2300 Glades Road Suite 202 East Boca Raton,Florida 33431 Attention: James S. Gielda,John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta,Esq. 5030 Champion Blvd., Suite G11-281 Boca Raton,Florida 33496 If any party refuses to accept any attempted delivery of notice in any of the foregoing manners,then notice shall be deemed to have been delivered upon such refusal. Any party hereto shall have the Purchase and Sale Agreement- 1 1 Boynton Town Square Central Parcel 1 1 right to change its address for notice if written notice is given to all other parties in accordance with the notice provisions hereof. 29. Assignment. Purchaser shall be permitted to assign its interest in this Agreement or in any of its rights pursuant to this Agreement to an entity affiliated with Purchaser or its principals, and such assignments may result in Purchaser selling the right to purchase Property, selling the Property, or reselling the Property, if after the Closing, for a price which may be less than or more than the price to be paid to Seller pursuant to this Agreement, and Seller shall have no claim to any such proceeds in excess of the Purchase Price, nor shall Seller be required to contribute any deficit if such sales are for less than the Purchase Price. Seller shall not assign this Agreement without the prior written approval of Purchaser, which may be withheld in Purchaser's sole and absolute discretion. 30. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all fees and costs, including attorneys' fees and paralegal charges incurred in connection with such proceedings(including appellate proceedings)against the nonprevailing party. 31. Time of the Essence. Time is of the essence with respect to each provision of this Agreement which requires that action be taken by either party within a stated time period, or upon a specified date; provided however, if the date for performance is on a Saturday, Sunday, or federal holiday,the date for performance shall be extended to the next business day. 32. Construction. Each party hereto hereby acknowledges that all parties hereto participated equally in the drafting of this Agreement and that, accordingly, no court construing this Agreement shall construe it more stringently against one party than the other. 33. Counterparts. To facilitate execution, this Agreement may be executed in counterparts (including by facsimile or other electronic transmission); and it shall not be necessary that the signature of, or on behalf of, each party,or that the signatures of all persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signature of the persons required to bind the party appear on one or more of such counterparts. All counterparts shall collectively constitute a single agreement. Facsimile copies or other electronically transmitted copies of this executed Agreement shall be deemed an original agreement. 34. Waiver of Jury Trial. Each party to this Agreement hereby willingly, knowingly, and voluntarily waives any right to a jury trial in connection with any dispute between the parties arising from this Agreement, from any claim arising hereunder, or any course of conduct related hereto. 35. Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between Purchaser and Seller. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right Purchase and Sale Agreement- 12 Boynton Town Square Central Parcel 1 G or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. 36. Limitation on Liability. In any action brought to enforce the obligations of Seller under this Agreement or any other document delivered in connection herewith, the judgment or decree shall, subject to applicable law and other than in the event of fraud in any form whatsoever, only be enforceable against Seller up to an amount not to exceed Two Hundred Fifty Thousand and 00/No Dollars ($250,000.00) ("Maximum Liability Cap"). No officer, employee or agent of or consultant to Seller shall be held to any personal liability hereunder, and no resort shall be had to their property or assets, or the property or assets of Seller for the satisfaction of any claims hereunder or in connection with the affairs of Seller. The provisions of this Section 36 shall survive the termination of this Agreement. 37. Sovereign Immunity. The parties agree that the Seller is a political subdivision of the State of Florida and therefore is entitled to sovereign immunity. Nothing in this Agreement shall be construed to require the Seller to indemnify Purchaser, or insure Purchaser for its negligence or to assume any liability for Purchaser. Further, any provision in this Agreement that requires the Seller to indemnify, hold harmless or defend Purchaser from liability for any other reason shall not alter the Seller's waiver of sovereign immunity or extend the Seller's liability beyond the limits established in Section 768.28 of the Florida Statutes, as amended. (SIGNATURES APPEAR ON THE FOLLOWING PAGE) Purchase and Sale Agreement- 13 Boynton Town Square Central Parcel IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Agreement as of the latest day and year set forth below. SELLER: I ►i� `+� ' PM City of Boy ton Beach APPR ' OA, By: /Ii • City orney Name: .57-X-I/42 /6, 6,e4/Air Title: /fj1 J __ PURCHASER: JKM BTS Central, LLC, a Florida limited liability company By: JKM BTS Capital, LLC, a Florida limited liability company, its Manager By. ,4.41 /John K. Markey, Manager I Purchase and Sale Agreement- Y 1 A Boynton Town Square Central Parcel 1 LEGEND: ......■■ ■. PROJECT BOUNDARY 4 I PEDESTRIAN CIRCULATION PHASE LINE PHASE 3 PHASE I 1 PHASE 2 � VEHICULAR ACCESS TO PARKING GARAGE NOT INCLUDED NOT INCLUDED NUT INCLUDED ZONING:0.1A NOT INCLUDED NOT INCLUDED NOT INCLUDED NOT INCLUDED ZONING:RI ZONING:ill FUTURE LAND USE:LOIS ZONING Cl ZONING:. ZONING3 ZONING 10 FUTURE LAND FUTURE LAND USE HDR ANT FUTURE LD USE:LOC FUURE LAND USE.NOR FUTURE LAND USE:RE' FUTURE"ND US'LM USE:LRC J `_ J — -— : —N.E:I ST-ST — ___.._----------—'-- ----—- __ i OKSTPEET P.V WNG LOADING ONSTRIEET =! •—" • NDTINGLODED PROJECT DATA fa ............� . ZDmNG m _ D FUTURE LANG USE:HDR : 4 AREA g Site Area 15.04 Acres � i 2' (+/-655,481 SF) �E / I .` F 1; ZONING ' ■- , S Courtyard " Existing: PU(Public Use) • CNR«..a ' Proposed: MU 3 REC(Recreation) )Use-3 ■ PHASE l ■ ^ • I PDA:E FUTURE LAND USE■ PIIA■■I I : - Existing: Public&Private QPROPOSED I iGOVt/1nSt1[ (PPGI) ■ '� CO0.RY� NGI wbedeProposed: Mixed Use m iAR¢e ed0/Q sMedium(MXM) Ib Z PROPOSED MOM WD ` rI s" - PARKING w DENSITY p' U - Y He.p31 pia. ,> Maximum Density: 50 Units/Acre x 15.04 ■� Dug $ �. ( 3 �� Acres=752 Units S I•• •1 • 9 C Proposed Density: 705 Units/15.04 Acres X =K� f I I (1 I •I I 2` 1Z =47 Units/Acre WH i M 1 nI eoa PHASE ■4' CFv USES 1 w Residential: 705 Units • PHASE l Hotel: 120 Rooms d • QI ' `D Flex: 54,749 SF 4 ^� .'.ind.n,olr1 N, - • I z Fitness Club/Gym: 29,138 SF Had �' Li, I •• —I Gn.rtyb 1 8 g Civic Center/ 28536 SF _ Q N! 3` Multi-purpose � .,.,:�ndR,a _ 3 ,�yl 1�1 � �Historic High School) Iio mom, ■ Z City Hall/Library 110,000 SF till t Children's Museum 8,288 SF • z 1 . � ' :� • rd� IIII4 SEACREST BLVD._ — t NOT INCLUDED NOT INCLUDED NOT INCLUDED ZONING:0.l 1 r 1 / NOT INCLUDED �1 ZONING R I/ I ZDNRIG U 1 1FUTURE LAND USE:HDR1 FUTURE CAN FUTURE LAND USE:11011 FUTURE LAND USE:ODE 0 LTD LAC I 16003 I.00 ' ;.09.IBOYNTON BEACH TOWN SQUARE REDEVELOPMENT// Master Development Plan SCALEr=S� LTn� .... ca -6 stories (80') I [„i• I • ■ ! • -200 DUs m W • I ■ I • Vf■ VI : I - 2■ 2 • • ■ ■ ■ ■ ■ ■ ■ ■ ■ •• i O. a • 5,,.. • • Courtyard �.- �,.e . • • R ■ • rz • • • cn PHASE 3 , ■ •• Oa 1. 1. 0111111 /111111111 L1- • • I • PHASE I I • Open space - • • o • 1 Final design to • • Existing 1 L� I • be determined • • ►en space - open space ' a) • • • ial design to to remain 1 2' 0 < • • determined a) I •",� • • toeZ • i •is < 0 • •n • • ` • Z • v • • • y • • • • • • • • i • • • • • • • • O (• • IQ • • • • • t • • • • i •• • • • • • • • I • •• • • • •S . •• • • Existing Historic • • • • • • 1 High School • Elf) • • �• • •• • x✓ -,� � X • • £ .^ ,..r°,3s ,c ahs a ,� s • • x ' '€ TM' a" 'e PR�t}` '", • W • • • •• Proposed City Hall I Library • ��• • .. . .. _ _ ._ _ • • • • • •• -4 stories (79') • �,• (-- . , . . .....„ ,L,..,,,,,,„.,,,,,, , •, � . �— • • • •. • g"{Xr`.„ ,.. ,_.:„...,er''...'”' A • "� 5 'f r, ` ' ,; t om` • • O ,„, w I _ y , rt, l 3 r L„ .,'",:r ,,,1„ , a 1.',i. t . ' t.'._i.., Aja§ .0"1g � • •1 iCU Ce 11 ' o `�� $} 594 iu 'A:', • • Z Open space - to Y - if/ '-o'/ PURCHASE AND SALE AGREEMENT (BTS North) THIS PURCHASE AND SALE AGREEMENT (the "Agreement") is made and entered into as of the to) day of March, 2018 (the "Effective Date"), by and between JKM BTS North, LLC, a Florida limited liability company (the "Purchaser"), and City of Boynton Beach (the "Seller"). RECITALS WHEREAS, Seller is the owner of the property located in Boynton Beach, Florida, which consists of approximately +/-2.60 gross acres and is commonly known as Boynton Town Square North, as depicted on Exhibit"A" and made a part hereof,together with the improvements located thereon and all fixtures and personal property located on said property(the"Property"); and WHEREAS, Seller desires to develop upon the Property a rental apartment project which is anticipated to consist of approximately 225 apartment units (the "Apartments"), as well as a parking structure which is anticipated to consist of approximately 991 parking spaces (the "Garage"),together with related improvements(the Apartments, Garage, and related improvements are referred to herein as the"Project"); and WHEREAS, simultaneously with the execution of this Agreement, Seller and an affiliate of Purchaser have entered into a Development Agreement (the "Development Agreement"), which shall govern the development of the Project and certain obligations of Seller and such affiliate of Purchaser with respect thereto; and WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to purchase from Seller,the Property,pursuant to the terms and conditions set forth herein. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree to the terms and conditions set forth herein. AGREEMENT: 1. Recitals. The recitals set forth above are incorporated herein by this reference, and the parties agree that such recitals are true and correct. 2. Purchase and Sale. Subject to all of the terms and conditions of this Agreement, the Seller will sell to the Purchaser, and the Purchaser will purchase from the Seller, the Property, together with all appurtenances, rights, easements, rights of way, permits, licenses, leases, warranties,and approvals incident or appurtenant thereto. 3. Purchase Price and Payment. The purchase price to be paid by the Purchaser to the Seller for the Property shall be $10.00 (the "Purchase Price"), and any adjustments and prorations as set forth in this Agreement. Purchase and Sale Agreement- 1 Boynton Town Square North Parcel 1 4. Title and Title Insurance. (a) Purchaser shall obtain a current title insurance commitment (the "Commitment") for an ALTA owner's title insurance policy, issued by PG Law, as agent for Chicago Title Insurance Company, Old Republic National Title Insurance Company, or another national title insurance company (the "Title Company"). Purchaser shall have until the end of the Due Diligence Period (as defined hereafter) to examine the condition of title to the Property to confirm that title to the Property is good, marketable and insurable. Within such period, if Purchaser fails to provide Seller with written notice of specific defects which make title to the Property other than as required by this paragraph, then, for all purposes of this Agreement, Purchaser shall be deemed to have accepted title in the condition described in the Commitment. If Purchaser timely notifies Seller that title does not satisfy the requirements of this paragraph, then Seller agrees to use its best efforts to make title good, marketable, and insurable, for which purpose Seller shall have twenty (20) days from the receipt of Purchaser's written notice that title is unacceptable to remedy any such objection; provided, however, that Seller shall not be required to spend more than $5,000.00 (exclusive of attorney's fees or other professional fees) to remedy any specific title objection other than a mortgage, lien, judgment, or other monetary obligation encumbering the Property as described in Section 4(b). If title is not rendered as required by this paragraph despite the best efforts of Seller, then at any time after the end of such twenty (20) day period, upon written notice delivered at the option of Purchaser,this Agreement shall be terminated and all parties hereto shall be released from any and all obligations and liabilities hereunder except those which specifically survive termination. At any time prior to such termination, Purchaser may elect by written notice to Seller to waive any defects in title, in which event, subject to satisfaction of the conditions set forth in this Agreement, the Closing shall take place pursuant to this Agreement without any abatement in the Purchase Price. Prior to the Closing,Purchaser shall cause the Commitment to be updated to a current effective date by the Title Company. If the update of the Commitment shows additional exceptions that render title unmarketable or which materially interfere with Purchaser's development, ownership, and intended use for the Property, Purchaser shall provide written notice of its objections to such new exceptions to Seller. Seller shall have a period of twenty (20) days from receipt of such written notice from Purchaser in which to use its best efforts to cause such additional exceptions to be removed from the Commitment. If, after utilizing due diligence and Seller's best efforts, Seller is unable to remove such additional exceptions, Purchaser shall have the option of either waiving any such title defects, in which event, subject to satisfaction of the conditions set forth in this Agreement, the Closing shall take place pursuant to this Agreement without any abatement in the Purchase Price,or Purchaser shall have the right to terminate this Agreement and neither party shall have any further rights or obligations hereunder except for those obligations which specifically survive termination. (b) Seller agrees that Seller shall use its best efforts to make title good, marketable and insurable within the time limits set forth in this Agreement. Notwithstanding the foregoing, Seller agrees that Seller shall pay all indebtedness secured by a mortgage upon the Property, as well as all past due taxes, outstanding governmental or quasi-governmental assessments,and any outstanding judgments or liens against Seller and/or the Property, including all penalties and interest,prior to the Closing. 5. Survey. Purchaser shall have the right, at its expense, to obtain a current survey of the Property prepared by a licensed Florida land surveyor (the "Survey"). The Survey shall be Purchase and Sale Agreement- 2 Boynton Town Square North Parcel G certified to the Purchaser and to the Title Company and shall be prepared in accordance with the minimum technical standards for surveys in the State of Florida and/or ALTA requirements. In the event that the Survey shows any encroachments or any other defects, then such defects shall be treated as a title defect and the provisions of Section 4 shall be applicable to any such Survey defects. 6. Seller's Obligations Prior to Closing. (a) Seller covenants and agrees that it has or will, within fifteen (15) days following the Effective Date, deliver to Purchaser true and correct copies of the following, to the extent existing and in Seller's possession and/or control: survey,development approvals, economic studies, traffic studies, all title related documents, copies of all ad valorem tax statements, bills and assessments, engineering reports, topographical maps, traffic studies, FDOT letters, geotechnical subsurface analysis reports, environmental reports and related environmental studies and all similar reports and studies available to or currently in Seller's possession. (b) Seller shall provide Purchaser, together with Purchaser's agents and representatives, complete access to any portion of the Property for the purpose of making physical inspections of the Property to determine whether, in Purchaser's sole and absolute discretion, the Property is suitable for Purchaser's purposes. Such inspections may include, among other things, survey,site,engineering,appraisal, environmental,and feasibility studies. (c) Seller shall cooperate with Purchaser as reasonably required in order for Purchaser to perform its due diligence and seek its Approvals (as defined in Section 8) in accordance with the terms of this Agreement. 7. Due Diligence. (a) Due Diligence Period. Purchaser shall have the "Due Diligence Period" in which to ascertain whether the Property is acceptable to Purchaser in order for Purchaser to proceed with seeking approvals, permits and licenses necessary for the development of the Property. "Due Diligence Period" shall mean the period commencing on the Effective Date of this Agreement and expiring on the date which is sixty (60) calendar days subsequent to the Effective Date. If the Property is determined to be unacceptable to Purchaser in its sole discretion, Purchaser shall notify the Seller by providing written notice of its determination that the Property is unacceptable for its intended use no later than 5:00 p.m. Florida time on the final day of the Due Diligence Period (a "Notice of Cancellation"), in which event neither party shall have any further rights or obligations hereunder. If the Property is determined to be acceptable to Purchaser in its sole discretion, Purchaser shall notify the Seller by providing written notice of its determination that the Property is acceptable for its intended use no later than 5:00 p.m. Florida time on the final day of the Due Diligence Period (a "Notice to Proceed"). If Purchaser fails to deliver either a Notice of Cancellation or a Notice to Proceed by 5:00 p.m. Florida time on the final day of the Due Diligence Period, then Purchaser shall be deemed to have delivered a Notice of Cancellation, in which event neither party shall have any further rights or obligations hereunder. (b) Indemnification. Purchaser agrees to indemnify, defend, and hold harmless Seller and its affiliates, managers, members, partners, subsidiaries, shareholders, Purchase and Sale Agreement- 3 Boynton Town Square North Parcel officers, directors, lenders, employees, attorneys, and agents from any loss, injury, damage, claim, lien, cost or expense, including reasonable attorneys' fees, paraprofessional fees and costs pretrial, at trial and at all levels of proceedings, including appeals, arising out of or resulting from Purchaser's physical inspections, examinations, studies, and/or analyses of the Property. 8. Permits and Approvals. Purchaser shall be seeking to receive all authorizations, including, without limitation, land-use change, re-zoning, plat and/or replat, and site plan approvals necessary for Purchaser's intended use of, and the construction and operations of the improvements upon, the Property (collectively, the "Approvals"). Seller shall, upon request by Purchaser, execute any and all documentation in support of any application for such Approvals including the site specific Site Plan/Master Plan Amendment as conceptually agreed by both parties; provided, however, that Purchaser shall not be required, as a condition of receiving its Approvals or otherwise, to construct or maintain any infrastructure, improvements, or other structures or property other than the Project. If at any time, Purchaser (i) is denied or refused any such Approvals, (ii) is uncertain that Purchaser's intended use, construction and improvements to the Property will not be physically or financially impaired, as determined in Purchaser's sole and absolute discretion, (iii) determines that the necessary Approvals have been granted subject to any conditions that Purchaser deems unacceptable because they will physically or financially impair Purchaser's use and development of the Property, or (iv) determines that adequate utilities and related facilities, including, without limitation, water, storm water and sanitary sewage disposal, telephone service and energy sources to service the Property and improvements thereto for Purchaser's intended use and/or easements therefore are not available to the reasonable satisfaction of Purchaser, then Purchaser may, by furnishing written notice to Seller, terminate this Agreement without owing any liability to Seller (other than any liability that expressly survives any termination hereunder). 9. Seller's Representations and Warranties. Seller hereby represents and warrants to Purchaser as follows: (a) To the best of Seller's knowledge, Seller has not received any notice from the State Department of Environmental Protection or similar agency, the United States Environmental Protection Agency or any other governmental or quasi governmental entity indicating that the Property is currently contaminated by hazardous wastes or pollutants as those terms are defined by applicable laws ("Hazardous Substances") or any notice that the Property is subject to any claim or cause of action pursuant to any federal, state or local environmental statute,regulation or ordinance. (b) Seller has full right and is duly authorized to enter into and consummate this Agreement. (c) To the knowledge of Seller, there is no litigation, investigation or proceeding pending or threatened against Seller which would adversely affect Seller's ability to perform its obligations hereunder. (d) There has been no petition filed by or against Seller under the Federal Bankruptcy Code or any similar state or federal law. Purchase and Sale Agreement- A Boynton Town Square North Parcel 4 I (e) There are no condemnation or eminent domain proceedings pending or, to the best of Seller's knowledge, contemplated against the Property or any part thereof, and Seller has received no notice of the desire or intention of any public authority to take or use the Property or any part thereof. (f) Seller has received no notice of and to Seller's knowledge, there is no violation of any law, regulation, ordinance, order or judgment affecting the Property regarding any zoning violation, or, in connection with the ownership and operation of the Property and buildings thereon, any violation of any local, county, state or federal environmental, health, safety or sanitary, or building code law, rule or regulation. (g) To the best of Seller's knowledge, Seller has no knowledge of any unrecorded easements, restrictions, or encumbrances affecting all or any part of the Property. (h) To the best of Seller's knowledge, (i) Seller has received no written notice regarding the existence of, and (ii) Seller has no knowledge of the existence of, any underground storage tanks located on the Property. To the best of Seller's knowledge, no underground storage tanks have been removed from the Property during the time the Property has been owned by Seller. (i) There is no leasehold interest affecting the Property. (j) There are no existing service contracts or other contracts relative to the operation and maintenance of the Property which shall remain in effect after the date of Closing. There shall be no money due on such contracts as of the date of Closing. In this Section 9, the phrases "to the knowledge of' or "has no knowledge of' or similar phrases shall be deemed to refer to the actual knowledge of Seller after due inquiry and investigation. The provisions of this Section 9 shall survive the Closing or termination of this Agreement for a period of one (1) year. If any representation set forth herein is not true and correct as of the Closing, the same shall constitute a default hereunder, and Purchaser may terminate this Agreement and receive as damages reimbursement of all costs and expenses expended by Purchaser since the Effective Date. Subject to applicable law, Seller hereby indemnifies and holds Purchaser harmless from any and all loss, cost, damage, and expense, including reasonable attorneys' fees, paralegal fees, and court costs, in and through all appellate levels, arising or incurred by Purchaser by virtue of any material misrepresentation or inaccuracy in the representations and warranties set forth herein. Subject to applicable law, Seller shall indemnify and hold Purchaser harmless from and against all costs, expenses, claims, and credits asserted against, or incurred by, Purchaser, by reason of any third party tort claim or other claim regarding bodily injury or property damage arising or accruing prior to the Closing. 10. Conditions to Purchaser's Obligations. It shall be a condition precedent to Closing of this Agreement by Purchaser that the following conditions be satisfied: (a) All representations and warranties set forth in Section 9 are true and correct, and Seller has delivered its certificate to Purchaser reaffirming such representations and warranties as of the Closing Date. Purchase and Sale Agreement- 5 Boynton Town Square North Parcel J (b) Seller shall have removed all tenants and other persons in possession from the Property, such that, upon Closing, Purchaser shall have exclusive possession of the Property. (c) Seller shall not be in breach or default with respect to any obligation of Seller under the terms and provisions of this Agreement. To the extent that Purchaser elects to waive any condition set forth in this Section 10 prior to Closing, satisfaction of each such condition shall be a condition to Purchaser's obligations under the Development Agreement(as defined in Section 12(g)). 11. Closing. (a) Subject to the provisions of this Agreement and the conditions precedent to closing, the purchase and sale contemplated by this Agreement shall be closed(the "Closing") no later than the later to occur of(i) the date that is thirty (30) days after the expiration of the Due Diligence Period, as may have been extended, and (ii) seven (7) business days following the date when all other conditions to Closing as set forth in Section 10 have been met (the date of such Closing, the "Closing Date"). (b) The Closing shall take place by way of escrow and shall be conducted by the Purchaser's attorney on the Closing Date. (c) Should Purchaser be unable to obtain basic hazard, wind, or flood insurance at reasonable rates due to storm or extreme weather conditions that prohibit the issuance of such insurance, Purchaser may delay Closing for up to ten (10) days from when such coverage becomes available. 12. Seller's Deliveries. Seller shall deliver to Purchaser at Closing the following documents dated as of the Closing Date, the delivery and accuracy of which shall be a condition to Purchaser's obligation to consummate the purchase and sale: (a) Special Warranty Deed. A special warranty deed in recordable form, duly executed by Seller, conveying to Purchaser good, marketable and insurable fee simple title to the entire Property, subject only to the permitted exceptions as reflected in the Commitment which have not been objected to by Purchaser, with the legal description provided in the Commitment and Survey, as the same may have been revised from time to time in accordance with the Approvals. (b) Bill of Sale. A bill of sale, duly executed by Seller, conveying to Purchaser good, marketable and lien-free title to all personal property and fixtures located on the Property. (c) Affidavit. An owner's affidavit adequate for title insurance to be issued by the Title Company without exception for parties in possession, mechanics' or materialmens' liens and to permit the Title Company to delete the "gap" in the Commitment. (d) FIRPTA Affidavit. In order to comply with the requirements of the Foreign Investment Real Property Tax Act of 1980 ("FIRPTA"), Seller will deliver to Purchaser at Closing Seller's affidavit under penalty of perjury stating that Seller is not a "foreign person," Purchase and Sale Agreement- Boynton Town Square North Parcel 6 as defined in Section 1445 of the Internal Revenue Code of 1986 and the U.S. Treasury Regulations thereunder, setting forth Seller's taxpayer identification number, and that Seller intends to file a United States income tax return with respect to the transfer. Seller represents and warrants to Purchaser that it has not made nor does Seller have any knowledge of any transfer of the Property or any part thereof that is subject to any provisions of FIRPTA that has not been fully complied with by either transferor or transferee. As required by law, if Seller fails to comply with the requirement of this paragraph, Purchaser shall withhold 10% of the Purchase Price in lieu of payment thereof to Seller and pay it over instead to the Internal Revenue Service in such form and manner as may be required by law. (e) Assignment. An assignment of all of Seller's right, title and interest to all permits, licenses, and warranties with respect to the Property. (f) Certificate. A Certificate of the Seller that the representations and warranties set forth in Section 9 are true and correct as of the Closing Date. (g) Option Agreement. An Option Agreement in favor of Seller in substantially the form attached hereto as Exhibit "B" (the "Option Agreement"), which shall provide the Seller a right to re-acquire the Property from Purchaser upon the occurrence of certain events. (h) Parking Agreement. The Parking License in substantially the form attached hereto as Exhibit "C" (the "Parking Agreement"), which shall govern the relationship between the parties with respect to the Garage after completion. (i) Other Documents. Any other settlement statement, agreement, document or instrument required by this Agreement or by the closing agent or any Title Company (or its agent), by any governmental or quasi-governmental authority or agency, or by any public utility to be delivered by Seller or reasonably necessary to carry out the provisions of this Agreement; the form of any and all such agreements shall be as reasonably agreed upon between the applicable parties, or in the case of a governmental or quasi-governmental authority or agency or a public utility, shall be in the form or format customarily required by such authority, agency, or utility, subject to modification as may be reasonably necessary as a result of the specifics of the Property and the transactions contemplated hereby. 13. Purchaser's Deliveries. At the Closing, and after Seller has complied with all of the terms and conditions of this Agreement and simultaneously with Seller's delivery of the final documents required in Section 12, Purchaser shall execute and deliver the settlement statement, the Option Agreement, and the Parking Agreement and pay to Seller the Purchase Price, as the same may be adjusted for the prorations and any other credits or adjustments provided for in this Agreement. 14. Closing and Recording Costs. Seller shall pay the cost to obtain and record any title curative documents. Purchaser shall pay for the cost of documentary stamp taxes and any surtax on the deed, thecost of recording the deed, the cost of the title search and Commitment, the cost of the owners' title policy to be issued to Purchaser, the cost of the Survey, the costs of its investigations,the costs incurred in connection with seeking the Approvals, and any mortgagee title Purchase and Sale Agreement- 7 Boynton Town Square North Parcel policy and any endorsements thereto. Except as set forth herein, each party shall pay its respective attorney's fees. 15. Real Estate Taxes and Prorations. At the Closing, the real estate taxes on the Property shall be prorated between the parties on a calendar year basis. Special assessment liens certified as of Closing shall be paid by the Seller. Pending special assessment liens shall be treated as a certified lien and shall be paid by the Seller. Seller shall be responsible for payment in full of any personal property taxes applicable to Seller, Seller's personal property or business assets. This covenant shall survive Closing. 16. Possession. Purchaser shall be granted full possession of the Property as of the Closing. 17. Covenants and Agreements of Seller. Seller hereby covenants and agrees that between the Effective Date of this Agreement and the Closing: (a) Seller will not, without Purchaser's prior written consent, create by its consent any encumbrances on the Property. For purposes of this provision, the term "encumbrances" shall include, but not be limited to, any liens, claims, options, or other encumbrances, encroachments, rights-of-way, leases, easements, covenants, conditions or restrictions. At or prior to Closing, Seller shall terminate, and pay in full, all outstanding amounts due and payable and any termination fees required to terminate any and all leases, service contracts, maintenance contracts, franchise agreements, easements not approved in writing by Purchaser, and any other claims to the Property not approved in writing by Purchaser. (b) Seller will terminate all tenancies with respect to the Property, and shall have removed from the Property all tenants, no later than five (5) business days following the time when the Approvals have been received. Seller shall not enter into any new lease or extend any current lease, or permit any tenant to remain upon the Property as a holdover tenant, or allow any tenancy to convert to a month-to-month or other form of tenancy. (c) Seller will not remove any fill or cause any change to be made to the condition of the Property without the prior written consent of the Purchaser. (d) Between the Effective Date and the date of Closing, Seller will not create or consent to the creation of any special taxing districts or associations with the authority to impose taxes, liens or assessments on the Property. 18. Real Estate Commissions. (a) Seller hereby warrants to Purchaser that Seller has not engaged or dealt with any broker or agent with respect to the purchase and sale of the Property as contemplated by this Agreement. Seller shall indemnify and hold Purchaser harmless against any and all liability, cost, damage and expense (including, but not limited to, attorneys' fees and costs of litigation and appeals) which Purchaser shall ever suffer or incur because of any claim by any broker or agent claiming to have dealt with Seller with respect to the Property, whether or not meritorious, for any commission or other compensation with respect to this Agreement or to the purchase and sale of the Property in accordance with this Agreement. Purchase and Sale Agreement- 8 Boynton Town Square North Parcel (b) Purchaser hereby warrants to Seller that Purchaser has not dealt with any broker or agent with respect to the purchase and sale of the Property as contemplated by this Agreement. Purchaser shall indemnify and hold Seller harmless against any and all liability, loss, cost, damage and expense (including, but not limited to, attorneys' fees and costs of litigation and appeal) Seller shall ever suffer or incur because of any claim by any broker or agent claiming to have dealt with Purchaser, whether or not meritorious, for any commission or other compensation with respect to this Agreement or to the purchase and sale of the Property in accordance with this Agreement. 19. Risk of Loss and Condemnation. (a) All risk of condemnation shall be on Seller. In the event that the Property or any portion thereof is taken by eminent domain, negotiated for grant in lieu of condemnation or threatened to be taken or made unavailable for use by any governmental entity, prior to Closing or through Purchaser's development approval process, Purchaser shall have the option of either: (i) canceling this Agreement and receiving a refund of the Deposit, together with all interest accrued thereon, whereupon both parties shall be relieved of all further obligations under this Agreement, except those obligations which survive termination; or (ii) Purchaser may proceed with Closing in which case Purchaser shall be entitled to all condemnation awards and settlements relating to the Property and Purchaser shall accept the Property less and except any property to which the condemnation award relates. In the event Purchaser elects the latter option, Purchaser shall be entitled to participate in any such negotiations and proceedings, and Seller shall from time to time deliver to Purchaser all instruments requested by it to permit such participation. Seller shall, at its expense, diligently pursue any such proceeding, and shall consult with Purchaser, its attorneys and experts and cooperate with them in any defense of any such proceedings. (b) If all or a portion of the Property shall be damaged or destroyed by any casualty after the Effective Date and before Closing which, in the sole and absolute discretion of Purchaser, renders the Property unsuitable for Purchaser's intended use (whether because of impossibility, economic unfeasibility, or otherwise, including as a result of casualties such as a sinkhole, earthquake, tsunami, hurricane or otherwise which render the Property geotechnically unstable or otherwise unsuitable for Purchaser's intended use), Purchaser shall have the option of either: (i) canceling this Agreement, whereupon both parties shall be relieved of all further obligations under this Agreement, except those obligations which survive termination; or (ii) Purchaser may proceed to Closing, in which case Purchaser shall be entitled to all insurance awards and settlements relating to the Property. 20. Default. (a) In the event of a default by Purchaser under this Agreement which is not cured within ten (10) days after written notice to Purchaser, then Purchaser shall owe to Seller the full amount of the Purchaser Price, which shall be retained by Seller as liquidated and agreed upon damages and as Seller's sole remedy; and thereafter, Purchaser shall be relieved from all further obligations under this Agreement, and Seller shall have no further claim against the Purchaser for specific performance or for damages by reason of the failure of Purchaser to close this transaction or for any other claim of Seller. Purchase and Sale Agreement- 9 Boynton Town Square North Parcel 7 I (b) In the event of a default by Seller hereunder which is not cured within ten (10) days after written notice to Seller, then at any time thereafter prior to the cure of such default by Seller, and Purchaser shall have the right to proceed against Seller in an action for specific performance of this Agreement and/or for damages based upon such default. 21. AS-IS. Except as specifically set forth in this Agreement or any other written agreement between Seller and Purchaser(or any affiliate of Purchaser), Seller makes and shall make no representation or warranty either expressed or implied (except as specifically set forth in this Agreement) regarding the condition, operability, safety, fitness for intended purpose, use, governmental requirements, development potential, utility availability, legal access, impact fees, concurrency, economic feasibility or any other matters whatsoever with respect to the Property. Purchaser specifically acknowledges and agrees that Seller shall sell and Purchaser shall purchase the Property on an "AS IS, WHERE IS, AND WITH ALL FAULTS" basis and that, except for Seller's representations and warranties specifically set forth in this Agreement or any other written agreement between Seller and Purchaser (or any affiliate of Purchaser), Purchaser is not relying on any representations or warranties of any kind whatsoever,express or implied,from Seller,its agents, officers, or employees, as to any matters concerning the Property including, without limitation, any matters relating to (1) the quality, nature, adequacy, or physical condition of the Property, (2) the quality, nature, adequacy, or physical conditions of soils, fill, geology, or any groundwater, (3)the development potential or income potential, (4) the Property's value, use, habitability, or merchantability, (5) the fitness, suitability, or adequacy of the Property for any particular use or purpose, (6) the presence of Hazardous Materials or any other hazardous or toxic matter on, under, or about the Property or adjoining or neighboring property, (7) the freedom of the Property from latent or apparent vices or defects, or (8) environmental matters of any kind or nature whatsoever relating to the Property. PURCHASER ACKNOWLEDGES THAT THIS TRANSACTION AND THE ASSIGNMENTS, CONVEYANCES AND TRANSFERS OF PROPERTY BY SELLER TO PURCHASER IS IN ITS "AS-IS, WHERE IS" CONDITION WITHOUT REPRESENTATION OR WARRANTY, ORAL OR WRITTEN, EXPRESS OR IMPLIED EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT OR ANY OTHER WRITTEN AGREEMENT BETWEEN SELLER AND PURCHASER (OR ANY AFFILIATE OF PURCHASER). 22. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. 23. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 24. Survival of Provisions. All representations, warranties, and agreements contained herein shall survive the Closing and delivery of the deed of conveyance contemplated by this Agreement. 25. Waiver; Modification. The failure by Purchaser or Seller to insist upon or enforce any of their rights shall not constitute a waiver thereof, and except to the extent conditions are waived by the express terms of this Agreement, nothing shall constitute a waiver of Purchaser's right to insist upon strict compliance with the terms of this Agreement. Either party may waive the Purchase and Sale Agreement- 1 1 0 Boynton Town Square North Parcel benefit of any provision or condition for its benefit which is contained in this Agreement. No oral modification of this Agreement shall be binding upon the parties and any modification must be in writing and signed by the parties. 26. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida. The venue of any legal proceeding between the parties shall be the state or Federal courts having jurisdiction in or over Palm Beach County,Florida. 27. Headings. The section headings as set forth in this Agreement are for convenience or reference only and shall not be deemed to alter the content of this Agreement or limit the provisions or scope of any section herein. 28. Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given: (a) when personally delivered; or (b) the next Business Day after being sent by reputable overnight express courier(charges prepaid);or (c) when received if by facsimile or e-mail transmission, so long as notice is concurrently provided to the parties to this Agreement by a method set forth in Section 27(a) or Section 27(b). Unless another address is specified in writing, notices, demands and communications to the parties shall be sent to the addresses indicated below: If to Seller: City of Boynton Beach 100 E.Boynton Beach Blvd. Boynton Beach,Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof,Doody&Ezrol,P.A. Attn: James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale,Florida 33308 If to Purchaser: JKM BTS North,LLC 2300 Glades Road Suite 202 East Boca Raton,Florida 33431 Attention: James S. Gielda,John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta,Esq. 5030 Champion Blvd., Suite G11-281 Purchase and Sale Agreement- 1 1 Boynton Town Square North Parcel 1 1 Boca Raton,Florida 33496 If any party refuses to accept any attempted delivery of notice in any of the foregoing manners,then notice shall be deemed to have been delivered upon such refusal. Any party hereto shall have the right to change its address for notice if written notice is given to all other parties in accordance with the notice provisions hereof. 29. Assignment. Purchaser shall be permitted to assign its interest in this Agreement or in any of its rights pursuant to this Agreement to an entity affiliated with Purchaser or its principals, and such assignments may result in Purchaser selling the right to purchase Property, selling the Property, or reselling the Property, if after the Closing, for a price which may be less than or more than the price to be paid to Seller pursuant to this Agreement, and Seller shall have no claim to any such proceeds in excess of the Purchase Price, nor shall Seller be required to contribute any deficit if such sales are for less than the Purchase Price. Seller shall not assign this Agreement without the prior written approval of Purchaser, which may be withheld in Purchaser's sole and absolute discretion. 30. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all fees and costs, including attorneys' fees and paralegal charges incurred in connection with such proceedings(including appellate proceedings)against the nonprevailing party. 31. Time of the Essence. Time is of the essence with respect to each provision of this Agreement which requires that action be taken by either party within a stated time period,or upon a specified date; provided however, if the date for performance is on a Saturday, Sunday, or federal holiday,the date for performance shall be extended to the next business day. 32. Construction. Each party hereto hereby acknowledges that all parties hereto participated equally in the drafting of this Agreement and that, accordingly, no court construing this Agreement shall construe it more stringently against one party than the other. 33. Counterparts. To facilitate execution, this Agreement may be executed in counterparts (including by facsimile or other electronic transmission); and it shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signature of the persons required to bind the party appear on one or more of such counterparts. All counterparts shall collectively constitute a single agreement. Facsimile copies or other electronically transmitted copies of this executed Agreement shall be deemed an original agreement. 34. Waiver of Jury Trial. Each party to this Agreement hereby willingly, knowingly, and voluntarily waives any right to a jury trial in connection with any dispute between the parties arising from this Agreement, from any claim arising hereunder, or any course of conduct related hereto. 35. Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing Purchase and Sale Agreement- 2 1 Boynton Town Square North Parcel 1 L the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between Purchaser and Seller. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. 36. Limitation on Liability. In any action brought to enforce the obligations of Seller under this Agreement or any other document delivered in connection herewith, the judgment or decree shall, subject to applicable law and other than in the event of fraud in any form whatsoever, only be enforceable against Seller up to an amount not to exceed Two Hundred Fifty Thousand and 00/No Dollars ($250,000.00) ("Maximum Liability Cap"). No officer, employee or agent of or consultant to Seller shall be held to any personal liability hereunder, and no resort shall be had to their property or assets, or the property or assets of Seller for the satisfaction of any claims hereunder or in connection with the affairs of Seller. The provisions of this Section 36 shall survive the termination of this Agreement. 37. Sovereign Immunity. The parties agree that the Seller is a political subdivision of the State of Florida and therefore is entitled to sovereign immunity. Nothing in this Agreement shall be construed to require the Seller to indemnify Purchaser, or insure Purchaser for its negligence or to assume any liability for Purchaser. Further, any provision in this Agreement that requires the Seller to indemnify,hold harmless or defend Purchaser from liability for any other reason shall not alter the Seller's waiver of sovereign immunity or extend the Seller's liability beyond the limits established in Section 768.28 of the Florida Statutes, as amended. (SIGNATURES APPEAR ON THE FOLLOWING PAGE) Purchase and Sale Agreement- 1 3 Boynton Town Square North Parcel IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Agreement as of the latest day and year set forth below. SELLER: / APPROCity of Bo t • B• . •h '/ /. r By: / • 4 City Attorney. 4PM r OName: T 1 - • /i4 T Title: //; /, PURCHASER: JKM BTS North, LLC, a Florida limited liability company By: JKM BTS Capital, LLC, a Florida limited liability company, its Manager By /LI& /John K. Markey, Manager I Purchase and Sale Agreement- 1 A Boynton Town Square North Parcel 1 Y Exhibit"A" • Legal Description of the Property {00222419.1 306-9905263) 7 Option Agreement- Boynton Town Square North LEGEND: ..--1.. PROJECT BOUNDARY 4 1 PEDESTRIAN CIRCULATION PHASE LINE PHASE 3 PHASE I PHASE 2 VEHICULAR ACCESS TO oris uoso PARKING GARAGE ° D ZONING:R IA NOT INCLUDED NOF INCLUDED NOT INCLUDED NOT INCLUDED ZONING.R3 FU NOT HIDE FUTURE LAND U.LUN ZONING CI ZONING:N ZONING.RI ZONING:RT FUTURE LAND FUTURE LAND U.NOR FUTURE LAND USF LPC FUTURE LAND usr:HOII FUTURE LAND U.HDR FUTURE LAND us.:L.F. USE'.LRC — ---1—\ -- -----L �J —N.E:-IST ST .. w..rrwETF PARKING / r . .N° ■�! 11., 1444,.."+, °MIND D e ! PROJECT DATA _ � NOT INaLUDE , fa ZONING:RT \. J•--- �■ '� a — FUTURE LAND USE NOR I. 1.g AREA +1 ,o•I •■ g Site Area 15.04 Acres -0"u •■ g (+/_655,481 SF) I / ! ..•--.....2 f ZONING ' S c•RTm.a " Existing: PU(Public Use) c•.nT.a • REC(Recreation) Proposed: MU-3(Mixed Use-3 MA 3 •• MSFTASE I FUTURE LAND USE ■ PHASE I ■ Existing: Public&Private Q �_ f" \ I i Finaa''R o. ■ Govt/Instlt (PPG!) IRARWNG� I E"` w n.a"`""'"m '° ■ Proposed: Mixed Use ■ m C F ' GMADE u ONm ur, / , ■r P r -SEWS. I� Ise aefEln� Q, ' ( ■ Medium(MXM) u j .IIM I■ Z .� PARKING D ■ DENSITY Matku W j� : ■ _ .,w..n I Maximum Density: .04 E_ i 1'- = GARAGE ■ w s ■ Q ■ si 50Units/Acre x Acres752 Units S d I I , I •\ ■ . 0 Proposed Density: 705 Units/15.04 Acres X iik , I •• ■ N =47 Units/Acre W ! W , • UI ■ in USES _ I PHASE • Residential: 705 Units w ■ 4 •• rr•` 1 •••• �a�grN.ErL,° rNaLSE3 Hotel: 120 Rooms G a' `D Flex: 54,749 SF • 1 •••1 N; I i Fitness Club/Gym: 29,138 SF • • K , c"4"a 5 Civic Center/ 28,536 SF H"<N — Q 7 W' 3 4 Multi-purpose ! F .,. Eu � 1.1 0, =a H • i City Hall!;5 Historic bac Poop 110,000 SF .ua.•om. ■ ■ Z L ........„...„.. ik ■ Children's Museum 8,288 SF ., .,.......... . ,,, , „____ , ,ii: 1.1"7N //i- - E - �E 1E SEACREST.BLVD. --- - - � -- --- NOT INCLUDED NOT INCLUDED 1 I NOT INCLtAED1NOT INCLUDEDZONING:RI A1I NOT INC RlI ZONING 0.3 FUTURE LANG USE:HDR I FUTURE I I FUTURE LAND USE.use I FUTURE LAND USE NOR I OUSE:LRc I 0��� REAL 1 I. '1 01.09.1 , BOYNTON BEACH TOWN SQUARE REDEVELOPMENT// Master Development Plan SCALer=Sa .T -6 sto •ii ries (80') 1 • I ■ -200 DUsIII W W t., • 1 •• ,„_,,,.....-1-LA-A., . lir • r /� /� rr� it iV • • y • • • • • Courtyard '" ■ • I I • • • i - • w LI c • •• ■ • I Z I • N • • ■ i • • J PHASE 3 • 0 aQ. .> u • • ■ ■ ■ 111 ■ 11111111 . 1111 ■ • L� • • PHASEI " • Open space - • • • • Final design to _.: • Existing W I • be determined • • >en space - open space" / • • tal design to to remain ` Q •I • • • r • • • determined • • • 4:( *J..: • W • l7 • U • Z . .'• •\ • • • • • • • • • • • • • • • • 0 I• • Q • I • • • • • •• •• •_• • • • • •• • I • Existing • il __I „„. , _ • • Historic • • • • HighShool • • • • � rt¢� ,1 # ,' • • • • Cr) • • >I I •• Proposed City Hall / Library • QI4 n „ , ,-,-,.,,,-: .-„,.,,, ,„, , , : • • • • • • •• :4stories (79 ) ' .,: Ii • ll J • C7 �, " • 'l: I k F xa' • I ir • Z Open space ct ... b - i IEXHIBIT "B" Option Agreement See attached. I I Purchase and Sale Agreement- 6 1 Boynton Town Square North Parcel 1 V THIS INSTRUMENT PREPARED BY AND WHEN RECORDED RETURN TO: Stephen J. Grave de Peralta, Esq. I PG Law 5030 Champion Blvd., Suite G11-281 Boca Raton, Florida 33496 1561.325.6510 Folio No. OPTION AGREEMENT (BTS NORTH) a This Option Agreement (the "Agreement") is made and entered into as of the t 1. day of /414- J / , 2018 (the "Effective Date"), by and between JKM BTS North, LLC, a Florida limited liability company(the "Owner"), and City of Boynton Beach (the"City"). RECITALS WHEREAS, Owner has acquired the real property described on Exhibit"A" (the"Property") from the City; and WHEREAS, Owner and City have entered into this Agreement as a condition of and in consideration of the acquisition of the Property from City; and, WHEREAS, the parties desire to reduce their agreement to writing. THEREFORE, for $10 and other good and other valuable consideration, the receipt of which is hereby acknowledged, the parties stipulate and agree as follows: AGREEMENT 1. Recitals. The recitals set forth above are true and correct and are hereby incorporated herein. 2. Granting of Option. Subject to the terms and conditions of this Agreement, Owner hereby grants City an option to purchase the Property (the"Option"). 3. Conditions to Exercise of Option. Following the occurrence of any of the following events, City shall have the right to exercise the Option: a. If Owner shall have failed to file an application for site plan approval within 120 days of the Effective Date; or 1 Option Agreement- Boynton Town Square North b. If Owner shall have failed to obtain a construction loan within eighteen (18) months from the Satisfaction Date (as such term is defined in that certain Development Agreement by and between City and JKM BTS Capital, LLC, an affiliate of Owner, executed as of the _ day of March, 2018 (the "Development Agreement"); or c. Upon any termination of the Development Agreement; or d. Upon the filing by or against Owner of any petition or application for relief, extension, moratorium or reorganization under any bankruptcy, insolvency or debtor's relief law or law whereunder Owner is making an assignment for the benefit of creditors, or entering into any arrangement with creditors or becomes a party to any receivership proceeding, which is not dismissed within sixty (60) days of filing in the case of matters filed against Owner. 4. Exercise of the Option. City may exercise the Option by delivering written notice to Owner of its intent to the exercise the Option and of the specific grounds pursuant to which the City believes the Option has become, exercisable (the "Option Exercise Notice"). Upon receipt of such Option Exercise Notice, Owner shall have thirty (30) days (the "Option Confirmation Period")to (i) cause the termination of the Option (as set forth in Section 5 below), (ii) cause such grounds to no longer exist, or (iii) demonstrate to the reasonable satisfaction of City that such grounds never existed(the foregoing, the"Option Deferral Conditions"). 5. Termination of Option. Notwithstanding any prior or pending Option Exercise Notice or the expiration of any Option Confirmation Period,upon Owner's entering into a construction loan for the construction of the intended improvements upon the Property, the Option granted hereunder shall be terminated, and City shall have no further rights whatsoever to acquire the Property pursuant to this Agreement or otherwise. City agrees to cooperate with Owner in connection with Owner obtaining such a construction loan and to deliver a termination of this Option Agreement in recordable form into escrow, to be recorded only upon the occurrence of the closing of such a construction loan. 6. Cooperation. City agrees that, in connection with Owner obtaining a construction loan, City shall cooperate with Owner and Owner's lender to satisfy the requirements of Owner's lender and any title insurer underwriting a policy of title insurance with respect to the construction loan upon the Property. In connection therewith, City shall execute a termination of this Agreement and deliver such termination into escrow, to be released and delivered from escrow only upon the closing of such construction loan, together with such other documents and such further terms and conditions as City, Owner, Owner's lender, and any such title insurer shall reasonably agree. 7. Purchase Price. The purchase price for the exercise of the Option shall be $100.00, payable in cash at closing (the "Purchase Price"). 8. Closing. Closing for the purchase under this Agreement shall occur within fifteen (15) days following the expiration of any applicable Option Confirmation Period with respect to which Owner did not satisfy any of the Option Deferral Conditions, at such time and in such manner as Owner and City shall reasonably agree. {00222419.1 306-9905263} 2 Option Agreement- Boynton Town Square North 9. Title. Upon the terms and conditions agreed to and set forth herein, at the Closing, Owner shall convey to City, by special warranty deed, title in fee simple to the Property in the same condition as conveyed by City to Owner. 10. Closing Costs. City shall pay all costs of recording the deed for the Property and any documentary stamp taxes on the deed. Each of the parties shall pay for their own attorney's fees in connection with the exercise of the Option and the Closing thereunder. 11. Default. In the event of a default by either party hereunder which is not cured within ten (10) days after written notice to such party, then at any time thereafter prior to the cure of such default by party, the non-defaulting party shall have the right to proceed against the defaulting party in an action for specific performance of this Agreement and/or for damages based upon such default. 12. Assignment. The Option hereunder may not be assigned to any party without the written consent of Owner, which may be withheld for any reason or for no reason, in the sole and absolute discretion of Owner. 13. Miscellaneous. a. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. b. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. c. Headings. The section headings as set forth in this Agreement are for convenience or reference only and shall not be deemed to alter the content of this Agreement or limit the provisions or scope of any section herein. d. Waiver; Modification. The failure by either party to insist upon or enforce any of their rights shall not constitute a waiver thereof, and except to the extent conditions are waived by the express terms of this Agreement, nothing shall constitute a waiver of such party's right to insist upon strict compliance with the terms of this Agreement. Either party may waive the benefit of any provision or condition for its benefit which is contained in this Agreement. No oral modification of this Agreement shall be binding upon the parties and any modification must be in writing and signed by the parties. e. Notices. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered when delivered, whether personally delivered or whether delivered by an overnight or other courier service (or upon refusal of the receiving party to accept such attempted delivery. Notice to either party, as the case may be, shall be addressed as follows: If to Owner: 2300 Glades Road (00222419.1 306-9905263) 3 Option Agreement- Boynton Town Square North Suite 202 East Boca Raton, Florida 33431 Attention: James S. Gielda, John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta, Esq. 5030 Champion Blvd., Suite G11-281 Boca Raton, Florida 33496 If to City: City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach, Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof, Doody& Ezrol, P.A. Attn: James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale, Florida 33308 Such addresses may be changed from time to time by either party by providing written notice in the manner set forth above. f. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida. The venue of any legal proceeding between the parties shall be the state or Federal courts having jurisdiction in or over Palm Beach County, Florida. • g. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all fees and costs, including attorneys' fees and paralegal charges incurred in connection with such proceedings (including appellate proceedings) against the nonprevailing party. h. Counterparts. To facilitate execution, this Agreement may be executed in counterparts, and it shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signature of the persons required to bind the party appear on one or more of such counterparts. All counterparts shall collectively constitute a single agreement. i. Waiver of Jury Trial. Each party to this Agreement hereby willingly, knowingly, and voluntarily waives any right to a jury trial in connection with any (00222419.1 306-9905263) 4 Option Agreement- Boynton Town Square North dispute between the parties arising from this Agreement, from any claim arising hereunder, or any course of conduct related hereto. j. Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between City and Owner. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. (Signatures appear on the following pages) {00222419.1 306-9905263} 5 Option Agreement- Boynton Town Square North (Signature page to Option Agreement) IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. Signed,sealed and delivered in the presence of:APPRQ 1 n ..L.s i s COI, / CityAff 11e�/ _.v---_A' --• -•----• CITY: ..eI/ � �I..,, d i1�l�/ City of Boynton :e. -/ / 'r'ft Name: . &141 LSc.J4A1SO ' / r ' By:y // 1 �':�'j )�- Name:air Title: j L, '�.� r �^' a Print Name: --17rt GA y-o w A---'1 OWNER: /ilL- JKM BTS North, LLC, �lj// . 4_ ;,�//,I,/ a Florida limited liability company rit '4• e: /4/ ....S ai/9/1,1L By: JKM BTS Capital, LLC, a Florida / limited liability company, its Manager Print Name: "---/Tvs k.), Ho . -,Pi J B;: /I L. / Jbhn K. Markey, Manager STATE OF FL A COUNTY OF 6.4 ,96.44/ p,T e foregoing instrument as acki wledged before me this// day of�,2018 by%..53/7///i--41 04,94/ Tas /V% b/C. of the City of Boynton Beach, Florida,who is personall knows to me or who- •• <• as identifica '•n. / .40.',:"%k:,...- LYNN M.SWANSON �/� //`F/ • •_•• •I MY COMMISSION#GG 1503134011170P. 4 % `� i V ..%), •V:t3: EXPIRES:November 17,2021 •Y PUBLIC, State of Florida "'`qF, °'' Bonded Thru Notary Public Underwriters STATE OFFLS • DA COUNTY OF 1/¢L 1,_/ The foregoing instrument was acknowledged before me this/9 day of/ea 2018 by John K. Markey, as Manager of JKM BTS Capital, LLC, a Florida limited liability company, the manager of JKM BTS North, LLC, a Florida limited liability company, who is personally known .o me or who produced as identification, on behalf of th- - ••l✓:+?v . LYNN M.SWANSON 1/ t//' i' •; MY COMMISSION#GG 150313 �r •A V�Y� •.- EXPIRES:November 17,2021 ARY PUBLIC, State of Florida ''Eds °': Bonded Wu Notary Pubiic Underwriters t Option Agreement- Boynton Town Square North • Exhibit"A" Legal Description of the Property • • • (00222413.1 306-9905263) 7 Option Agreement- Boynton Town Square South DESCRIPTION: PARCEL#2 A PARCEL OF LAND BEING A PORTION OF LOTS 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 16, 17, 18, 19, 20, 21 22 AND A PORTION OF N.E. 1ST AVENUE (POINCIANNA STREET) ALL OF THE PLAT OF BOYNTON CENTER, AS RECORDED IN PLAT BOOK 8, PAGE 12;TOGETHER WITH A PORTION OF LOTS 1, 2, 3, 4 AND 5, BLOCK 14 OF THE PLAT OF SAWYER'S ADDITION AS RECORDED IN PLAT BOOK 1, PAGE 69 ALL OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED AS FOLLOWS; COMMENCING AT THE NORTHEAST CORNER OF SECTION 28, TOWNSHIP 45 SOUTH, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA; THENCE, ALONG THE NORTH LINE OF SAID SECTION 28, SOUTH 89°46'40" WEST, A DISTANCE OF 1759.68 FEET; THENCE, DEPARTING SAID NORTH LINE OF SECTION 28, SOUTH 00°13'20" EAST, A DISTANCE OF 42.00 FEET TO A POINT OF INTERSECTION WITH THE SOUTH RIGHT-OF-WAY LINE OF BOYNTON BEACH BOULEVARD (STATE ROAD 804) (N.E. 2ND AVENUE) AS RECORDED IN ROAD PLAT BOOK 3, PAGE 188 OF THE PUBLIC RECORDS OF PALM BEACH COUNTY, FLORIDA AND THE POINT OF BEGINNING; THENCE, ALONG SAID SOUTH RIGHT-OF-WAY LINE OF BOYNTON BEACH BOULEVARD (STATE ROAD 804) (N.E. 2ND AVENUE), NORTH 89°46'40" EAST,A DISTANCE OF 415.60 FEET TO A POINT OF INTERSECTION WITH THE WESTERLY RIGHT-OF-WAY LINE OF N.E. 1ST STREET (PINE STREET) AS RECORDED ON SAID PLAT OF BOYNTON CENTER AND THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 20.00 FEET; THENCE, ALONG SAID WESTERLY RIGHT-OF-WAY LINE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 88°50'35", A DISTANCE OF 31.01 FEET TO THE POINT OF TANGENCY; THENCE, CONTINUING ALONG SAID WEST RIGHT-OF-WAY LINE AND THE SOUTHERLY PROJECTION THEREOF, SOUTH 01°22'45" EAST, A DISTANCE OF 308.34 FEET; THENCE, DEPARTING THE SOUTHERLY PROJECTION OF SAID WEST LINE RIGHT-OF-WAY LINE, SOUTH 88°37'15" WEST,A DISTANCE OF 13.40 FEET;THENCE SOUTH 89°42'21"WEST,A DISTANCE OF 75.23 FEET; THENCE NORTH 00°17'39" WEST, A DISTANCE OF 0.83 FEET; THENCE SOUTH 89°42'00" WEST, A DISTANCE OF 298.29 FEET; THENCE SOUTH 00°00'00" WEST, A DISTANCE OF 21.21 FEET; THENCE SOUTH 89°42'17" WEST, A DISTANCE OF 53.47 FEET; THENCE NORTH 00°26'46" WEST, A DISTANCE OF 349.09 FEET TO THE POINT OF BEGINNING. SAID LANDS LYING SECTION 28,TOWNSHIP 45 SOUTH, RANGE 43 EAST, PALM BEACH COUNTY, FLORIDA. CONTAINING 144,564 SQUARE FEET OR 3.3187 ACRES, MORE OR LESS. IEXHIBIT "C" Parking Agreement See attached. I I Purchase and Sale Agreement- 1'7 Boynton Town Square North Parcel 1 p 40 PARKING LICENSE AGREEMENT (BTS North) THIS PARKING LICENSE AGREEMENT (the "Agreement") is entered into this i I day of fii , 2010 , by and between JKM BTS North, LLC, a Florida limited liability company("Owner"), and City of Boynton Beach("City"). WITNESSETH: WHEREAS, Owner owns certain real property in Boynton Beach, Florida,together with all rights, easements and appurtenances belonging or in any way pertaining thereto, and all improvements thereon, including without limitation certain buildings located thereon, commonly known as Boynton Beach Town Square Apartments North (the "Apartments") and Garage North (the "Garage"), as more particularly depicted on the attached Exhibit "A" (collectively, "Property"); WHEREAS, City desires to license from Owner the right to use certain portions of the Garage consisting of one hundred one (101) parking spaces, which will be constructed in accordance with applicable law and construction codes ("Spaces"), and certain other areas within, adjacent to, or near the Garage (such other areas,the "Other Licensed Areas") (the Spaces and the Other Licensed Areas are sometimes hereinafter referred to as "Facilities"), upon the terms and conditions set forth herein; and WHEREAS, Owner desires to license the use of the Facilities to City, upon the terms and conditions set forth herein. NOW, THEREFORE, in consideration of their mutual promises, covenants and intending to be legally bound,the parties hereto agree as follows: 1. Facilities. Owner hereby licenses to City and City hereby licenses from Owner, pursuant to the terms and conditions of this Agreement, the use of the Facilities, together with the nonexclusive use, in common with others entitled thereto, of driveways and pathways across the Property as designated by the Owner, for the limited purpose of accessing the Facilities. 2. Term and Commencement of Term. This Agreement shall be in full force and effect from the date first written above. The term of the Agreement ("Term") shall commence on the last to occur of the following("Commencement Date"): (a) the date first written above; or (b) the date a Certificate of Occupancy is delivered to Owner. Unless sooner terminated pursuant to the terms of this Agreement, the Term shall continue from the Commencement Date for a period of fifty(50)years and shall terminate at midnight on the last day of the fiftieth(50th)License Year(as hereinafter defined) ("Expiration Date"). 1 Perking License Agreement- Boynton Town Square North For purposes of this Agreement, the first "License Year" shall commence upon the Commencement Date and end on the last day of the fourth(4th)full calendar quarter thereafter(e.g, if the Commencement Date is February 15,2019,then the first License Year shall commence on the Commencement Date and end on March 31, 2020); and each License Year thereafter shall commence upon the first day after the end of the prior License Year, and shall end on the last day of the fourth (4th) full calendar quarter thereafter (continuing the example above, the second License Year would commence on April 1,2020, and end on March 31,2021). 3. License Fees and Expenses. (a) Pursuant to the Development Agreement entered into between an affiliate of Owner and City, City has provided consideration to Owner for the use of the Spaces for the Term set forth herein. (b) In addition to such consideration, City shall pay its proportionate share of all expenses relating to the Common Areas (as defined in Section 4) and to the Operating Expenses(as defined in Section 4)related to the maintenance and operation of the Garage. 4. Expenses. (a) Definitions. For purposes of this Agreement,the following terms shall have the meanings set forth below: (i) "City's Proportionate Share of Common Area Expenses" shall mean ten percent (0%) of the Common Area Expenses; provided, however, that 100% of any Common Area Expenses with respect to the Other Licensed Areas shall be allocated to City. (ii) "City's Proportionate Share of Operating Expenses" shall mean ten percent(10%)of the Operating Expenses;provided,however,that 100%of any Operating Expenses with respect to the Other Licensed Areas shall be allocated to City. (iii) "Common Areas" shall mean all areas located within the Garage that are not dedicated to the exclusive use or possession of any person. (iv) "Common Area Expenses" shall include, without limitation, all taxes (including, without limitation, real estate taxes), assessments, insurance costs, common area cleaning, landscaping, electricity, water, sewer, other utility services, garbage and trash removal, pest control, management fees, operating costs, administrative costs, service contracts, repair and replacement costs, and all other charges, costs and expenses, ordinary, foreseen or unforeseen, computed on the accrual basis,which pertain to the Common Areas and are the obligation of Owner to pay under the Development Agreement or otherwise. (v) "Operating Expenses" shall mean all costs and expenses which Owner incurs for operating, maintaining and repairing the Garage, the parking areas, and other common areas and appurtenances relating to the Garage or any part thereof. Operating Expenses shall include, without limitation, the following with respect to the Garage and Owner and any manager or operator engaged to manage the Garage and others engaged in the operation, maintenance and repair thereof: (a) management fees, including, to the extent permitted under the (00222427.1306-9905263) 2 Parking License Agreement- Boynton Town Square North applicable management contract, employee compensation, benefits and taxes; (b) all charges for water, sewer, electricity and other utilities and services which are not separately metered, and rubbish removal, and taxes thereon; (c) the cost of all supplies, tools, materials and equipment; (d) the cost of repairs, maintenance, alterations, replacements and painting; the cost of cleaning, maintenance and landscaping of public areas and window cleaning; (e) the cost of capital improvements to any portion of the Garage; (f) legal, accounting and other professional fees and expenses; (g) administrative costs; and any and all other expenses; (h) all taxes and assessments (including, without limitation, real estate taxes); (i) insurance costs; and (j) all other costs customarily treated as operating expenses or taxes in buildings of this nature. (vi) Rights. City acknowledges that Owner shall have the right to install facilities within the Common Areas for the benefit of the Property and to perform services for the benefit of the Property, of Owner, of Owner's tenants, and of the licensees, employees, customers, visitors and invitees of the Property, and to pass through to the City its proportionate share of the costs of operating, maintaining and insuring such facilities and performing such services, which may include, without limitation, additional security, trash compaction and disposal, litter control, and landscape maintenance of the Property. Owner's costs of operating, maintaining and insuring any such facilities and providing any such services for the benefit of the Property as a whole,as well as all costs passed through to Owner by the City or incurred directly by Owner for operating, maintaining and insuring the Common Areas, as well as all other costs incurred by Owner in connection with administering, operating, maintaining and insuring the Property, shall be included in Common Area Expenses for purposes hereof. The Common Area Expenses may include a market rate management fee to the manager of the Property, not to exceed six percent (6%) of the Common Area Expenses and Operating Expenses. Notwithstanding anything to the contrary in this License, to the extent that any material improvements to the Garage contemplated by Owner directly affect the Facilities or City's right to the use of the Facilities, as reasonably determined by Owner, Owner shall be required to obtain the prior written consent of City, which consent shall not be unreasonably withheld by City, and City shall be responsible for City's Proportionate Share of Common Area Expenses and City's Proportionate Share of Operating Expenses with respect to such improvements. Furthermore to the extent that any improvements to the Garage only: (i) Affect the Facilities or City's right to the use of the Facilities under this License, City shall be solely responsible for all costs of construction, installation, maintenance, repair,and replacement of such improvements;and (ii) Affect portions of the Property other than the Facilities or rights other than City's right to the use of the Facilities under this License, then Owner shall be solely responsible for all costs of construction, installation, maintenance, repair, and replacement of such improvements. (b) Payment of City's Proportionate Share. Commencing as of the Effective Date, City agrees to pay to Owner, in accordance with the methodology set forth in Section 4(d),the following(prorated for any partial License Year at the beginning or end of the Term): (i) City's Proportionate Share of Common Area Expenses; and (ii) City's Proportionate Share of Operating Expenses. (00222427.1306-9905263) 3 Parking License Agreement- Boynton Town Square North (c) Estimate. For each License Year during the Term, Owner shall supply City with an estimate of the City's Proportionate Share of Common Area Expenses and City's Proportionate Share of Operating Expenses ("Owner's Estimated Expense Computation") for such License Year. City shall pay to Owner on the 1s` day of each month during the License Year one- twelfth (1/12) of Owner's Estimated Expense Computation. For each License Year during the Term, Owner shall notify City of the actual annualized Common Area Expenses and the Operating Expenses for the License Year just concluded ("Owner's Actual Expense Computation"). Owner's Actual Expense Computation shall be prorated for any fraction of a License Year in which the Term begins or ends. If the Owner's Estimated Expense Computation paid by City to Owner with regard to any License Year is less than the Owner's Actual Expense Computation with regard to the same License Year, the amount of such shortfall shall be taken into account in calculating the Owner's Estimated Expense Computation for the following License Year (and shall thereby increase the following License Year's estimated payments by the amount of such shortfall). If the portion of the Owner's Estimated Expense Computation paid by City to Owner with regard to any License Year exceeds the Owner's Actual Expense Computation with regard to the same License Year,the excess shall be taken into account in calculating the Owner's Estimated Expense Computation for the following License Year (and shall thereby decrease the following License Year's estimated payments by the amount of such excess). Owner agrees to coordinate with City to adjust timing of and dates for the calculations set forth in this Section in order to coincide with City's fiscal year. (d) Right to Audit. City shall have the right, at its sole cost and expense, within sixty(60)days from receipt of Owner's Actual Expense Computation,to audit or have its appointed accountant audit Owner's records related to Owner's Actual Expense Computation, provided any such audit may not occur more frequently than once during each License Year occurring during the term of the License. City must raise any objection to any item contained within the Owner's Actual Expense Computation by providing written notice of such objection to Owner within thirty (30) days after its completion of the audit of Owner's records. If Owner made a clerical error and City has paid in excess of its Proportionate Share of Common Area Expenses or Proportionate Share of Operating Expenses, then Owner will immediately adjust the Estimated Expense Computation to take into account the amount of the overpayment. (e) Changes to Common Areas. City acknowledges that (subject to applicable law) the Owner has the right to: change or modify and add to or subtract from the sizes, locations, shapes and arrangements of parking areas, entrances, exits, parking aisle alignments, lighting, landscaping, and other Common Areas and Common Area improvements and facilities located within the Property; establish and, from time to time, change the level or grade of parking surfaces; enforce parking charges (by meters or otherwise)with respect to portions of the Property other than the Spaces at any time and/or with respect to non-City use of the Spaces during Non-Exclusive Use Hours; and do and perform such other acts in and to Common Areas as Owner,in its sole discretion, deems advisable. Notwithstanding the foregoing, except as required by applicable law, Owner will not modify or rearrange the Spaces without the prior written consent of City, which consent shall not be unreasonably withheld,conditioned,or delayed. 1115. Late Charge and Default Interest. Any payment owed by City not received within thirty (30) calendar days of the date due shall bear an administrative late charge of Twenty- Five and 00/100 Dollars ($25.00) and shall bear interest at the lesser of(i) eighteen percent (18%) per annum, and(ii)the highest rate allowed by applicable law. If any check given to Owner for any (00222427 1 306-9905263) 4 Parking License Agreement- Boynton Town Square North payment under this Agreement is dishonored, for any reason whatsoever not attributable to Owner, in addition to all other remedies available to Owner, at Owner's option, all future payments from City shall be made by Cashier's Check drawn on a bank located in the Palm Beach County or by wire transfer to Owner's account. 6. Payment of Utilities. Subject to reimbursement as part of the Common Area Expenses or Operating Expenses, Owner shall provide and pay for any electrical or other utility services required to operate the Facilities. Owner makes no warranty or representation as to the quality or capacity of utility service to the Facilities. 7. Use of Facilities. (a) City shall use the Spaces solely for the parking of motor vehicles and for no other purpose, and the remainder of the Facilities for their respective intended purposes and for no other. City shall have the non-exclusive use of the Other Licensed Areas, twenty-four(24) hours a day, seven(7)days a week. City shall be permitted the exclusive use of the Spaces twenty-four(24) hours a day, seven(7)days a week(the"Exclusive Use Hours"). (b) City accepts the Facilities in their "as is" condition, with all faults, and without representation or warranty of any kind as to suitability of the Facilities for City's use. (c) City acknowledges that all parking in the Garage is currently on a self- parking basis. City covenants and agrees that Owner has no obligation to monitor unauthorized use of the Spaces, and that Owner shall have no obligation, liability, or responsibility to City should the Spaces be occupied at any time or times by vehicles not so authorized or directed by Owner. (d) During the Term of this Agreement, City, at its sole expense, shall have the right to install or otherwise designate (via paint or other approved format) and maintain appropriate signage of the Spaces indicating that such Spaces are for the sole use of City and that violators will be subject to towing at the violators' expense. Any signage that City intends to be installed shall first be submitted to Owner for its review and approval. City, at its sole cost and expense, shall prior to installation of signage, obtain all required governmental, quasi-governmental, and other permits and approvals. (e) During the Term of this Agreement, City, at its sole expense, shall have the right to install and maintain metered parking equipment and such other equipment and facilities as are necessary in connection with allowing the public use of all or any portion of the Spaces in the ordinary course, whether with or without charge, on an hourly or daily basis. Any equipment that City intends to be installed shall first be submitted to Owner for its review and approval, which approval shall not be unreasonably withheld provided that such installation will comply with applicable law and will not materially impact the structural integrity of the Garage, any electrical or other systems in the Garage, or otherwise have any material adverse impact upon the Garage or its use and operation. City, at its sole cost and expense, shall, prior to installation of such equipment, obtain all required governmental, quasi-governmental, and other permits and approvals. City shall be responsible for all costs of installation, maintenance, and repair of such equipment and facilities, and shall coordinate same with Owner and any third-party manager of the Garage at no expense to Owner or such third-party manager; City shall be entitled to all revenue resulting from such use of (00222427.1306-9905263) 5 Parking License Agreement- Boynton Town Square North the Spaces, and such amounts shall either be collected by or paid to City, or if collected by Owner or any third-party manager, shall be paid to City or applied to reduce City's obligations with respect to City's Proportionate Share of Common Area Expenses and City's Proportionate Share of Operating Expenses. If City should elect to have metered parking equipment installed for its facilities during the initial construction or at any time thereafter, City shall pay for and/or reimburse Owner for the total construction cost for the additional metered parking equipment. (f) City, at its sole expense, may also contract with a duly licensed towing company to service the Spaces during the Exclusive Use Hours and to enforce the signage described in Section 6(d), above. If City elects to contract with such a towing company, City shall promptly furnish Owner with a copy of its written contract with the towing company, and shall require the towing company to furnish insurance in connection with its services in a form and in amounts reasonably required by the Owner, and such insurance shall name the Owner as an additional insured. (g) City covenants that,during the Term,no part of the Facilities shall be used in any manner whatsoever for any purposes other than as set forth in Section 6(a) or in violation of the laws, ordinances, regulations, codes or orders of the United States, the State of Florida, county, and/or city or other applicable governmental subdivisions where the Facilities are located. City shall comply with all such laws, ordinances,regulations, codes and orders now in effect or hereafter enacted or passed during the Term insofar as the Facilities and any signs of the City are concerned (collectively, "Legal Requirements"). 8. City's Insurance. City has advised Owner that City has elected to self-insure against certain risks, including certain risks related to City's rights under this License and to City's occupation or use of the Facilities. City shall keep Owner reasonably apprised of any material changes to its self-insurance program(e.g., any current action or planned actions to make significant increases or decreases in the reserves for such purpose or to modify the source or method of replenishment of such reserves). Notwithstanding the foregoing, to the extent that City obtains any insurance policy from a private insurer (rather than a governmental insurance pooling arrangement or other self-insurance method), City, at its sole cost, shall maintain such coverages with admitted insurers authorized to do business in the State of Florida and which are rated "A-/VIII" or equivalent in Best's Key Rating Guide, or any successor thereto (or if there is none, a rating organization having a national reputation); City shall provide to Owner a copy of each such policy or a certificate of insurance prior to the Commencement Date. If permitted by the insurer or the teens of City's insurance pooling arrangement or other self-insurance method, any policy of insurance maintained by City in connection with the Property shall name Owner as an additional insured, and if required by any mortgagee, shall name such mortgagee as additional insured. Furthermore, any policy of insurance maintained by City in connection with the Property shall provide that written notice shall be given to all insured parties, additional insured parties, and holders of certificates of insurance at least thirty (30) days prior to suspension, cancellation, termination, modification, non-renewal or lapse or material change of coverage. Subject to applicable law, in no event shall the limits of any insurance policies(or City's election to self-insure as to any risks in connection with the Property)limit the liability of City under this Agreement. 9. Waiver of Claims. Except for claims arising from Owner's intentional or grossly negligent acts that are not covered by City's insurance required by this Agreement, subject to {00222427.1306-9905263} 6 Parking License Agreement- Boynton Town Square North applicable law,City or any party claiming through City(collectively, "City Parties")hereby waives all claims against Owner and Owner's members, and each of their respective members, managers, officers, agents, employees, and independent contractors (collectively, "Owner Parties") for injury or death to persons, or damage to property or to any other interest of any of the City Parties, resulting from: (i) any occurrence in or upon the Facilities or Property; (ii) wind, rain, hurricane, flooding, fire, explosion, hail, or other casualty or act of God; (iii) the Facilities or the Property being defective, out of repair, or failing; and (iv) vandalism, assault, battery, malicious mischief, theft or other acts or omissions of any third parties. 10. Indemnification by City. Subject to applicable law, City shall indemnify, defend, and hold harmless Owner and Owner's members, and each of their respective members, managers, employees, independent contractors, attorneys, and agents, and each of their respective heirs, representatives, successors and assigns, from and against any and all claims,expenses, damages and liabilities of every kind and nature whatsoever including, without limitation, reasonable attorneys' fees, court costs, litigation expenses, and penalties, arising out of, caused by, or related to the use of the Facilities by City and its employees, independent contractors, invitees, or agents, and the conduct and/or actions of any of City's employees, independent contractors, invitees, guests, or agents relating thereto. This Section 10 shall survive the termination of the License. 11. Indemnification by Owner. Owner (and Owner's heirs, successors, and assigns) shall indemnify, defend, and hold harmless City and City's managers, employees, independent contractors, attorneys, and agents, and each of their respective heirs, representatives, successors and assigns, from and against any and all claims, expenses, damages and liabilities of every kind and nature whatsoever including, without limitation, reasonable attorneys' fees, court costs, litigation expenses, and penalties, arising out of, caused by, or related to any acts of gross negligence or intentional misconduct by Owner or any of its employees, independent contractors, invitees, guests, or agents. This Section 11 shall survive the termination of the License. 12. Events of Default by City. Upon the happening of one or more of the following events("Event of Default"), Owner shall have any and all rights and remedies hereinafter set forth: (a) if City shall fail to pay any sum due from City to Owner within five (5) calendar days after City receives written notice of the failure to pay after the payment is due; (b) if City allows any person or entity other than the City, or its employees, agents, guests, and invitees to use the Facilities or if City attempts to transfer its rights under this Agreement without Owner's prior written consent including any attempt to assign this Agreement or sublicense all or any portion of the Facilities without Owner's prior written consent; (c) if City violates any other term, condition, or covenant in this Agreement which is to be performed by City, and fails to remedy the same within thirty (30) days after written notice of the default is given by Owner to City. Such written notice shall give reasonable detail as to the nature and extent of the default and identify the Agreement provisions containing the obligations. If the default cannot reasonably be cured within thirty (30) days, City shall not be in default of this Agreement if City, during said thirty (30) day period, commences to cure the default and diligently continues in good faith to cure the default until completion;or (00222427.1306-9905263) 7 Parking License Agreement- Boynton Town Square North (d) if an execution or other legal process is levied upon the interest of City in this Agreement,and the same is not satisfied or dismissed within ten(10)days from such levy. 13. Remedies of Owner. (a) If any monetary Event of Default by City occurs and continue for a period in excess of three (3) months, then, in addition to any other remedies of Owner, Owner shall have the right to collect all amounts otherwise payable to City from the public use of the Spaces as set forth in Section 7(e), and to continue collection of such amounts until such Event of Default has been cured. (b) If any monetary Event of Default by City occurs and continue for a period in excess of twelve (12) months, then, in addition to any other remedies of Owner, Owner shall have the right to seek, pursuant to the terms of Section 28(j), to revoke this License, or to otherwise terminate City's rights under this License if it is determined pursuant to Section 28(j)that there is no other remedy available to Owner which will provide reasonable relief to Owner (e.g., if City is unable to satisfy its financial obligations hereunder and will remain unable to do so for an unreasonable period of time). (c) If any Event of Default by City occurs, Owner shall have the right, at its option, to commence action immediately thereupon and recover judgment for all sums due under the terms and conditions of Section 28(j)of this Agreement. (d) If any Event of Default by City occurs, in addition to or instead of the remedies described in this Agreement, Owner may exercise any right or remedy now or hereafter existing at law or in equity or by statute, but shall not exercise any right to terminate City's right to use the Spaces, to revoke this License, or to otherwise terminate City's rights under this License unless it is determined pursuant to Section 28(j) that there is no other remedy available to Owner which will provide reasonable relief to Owner (e.g., if City is unable to satisfy its financial obligations hereunder and will remain unable to do so for an unreasonable period of time). (e) Subject to any alternative or contrary ruling pursuant to Section 28(j), if any Event of Default by City occurs, Owner, in addition to other rights and remedies it may have, shall have the right to remove all personal property, including signage, from the Facilities and any property removed may be stored in any public warehouse or elsewhere at the cost of, and for the account of City, and Owner shall not be responsible for the care or safekeeping thereof whether in transport, storage or otherwise, and City hereby waives any and all claims against Owner for loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts. (f) Any amounts which may be due Owner, whether by acceleration or otherwise, shall include any license fees, costs, expenses, or any other amounts payable pursuant to this Agreement. (g) If City fails to maintain any insurance required by law, Owner shall have the right to force-place such insurance with respect to the City's rights under this License or to add City as an additional insured under a policy of Owner's as to City's rights under this License, and Owner shall have the right to charge City for any amounts required to purchase such insurance (or to be reimbursed for such amounts). {00222427.1306-9905263} 8 8 Parking License Agreement- Boynton Town Square North (h) It is expressly agreed that the forbearance on the part of Owner in the institution of any suit or entry of judgment for any amounts due to Owner under this Agreement shall in no way serve as a defense against nor prejudice a subsequent action for any such amounts. City hereby expressly waives City's right to claim a merger or waiver of such subsequent action in any previous suit or in the judgment entered therein. (i) Any and all rights, remedies and options given in this Agreement to Owner shall be cumulative and in addition to and without waiver of, or in derogation of, any right or remedy under this Agreement or provided under any law now or hereafter in effect. (j) No cure periods shall apply to any emergencies or to failure to maintain and furnish insurance. 14. Event of Default by Owner. Owner shall be in default of this Agreement ("Owner Event of Default") if it fails to perform any provision of this Agreement that it is obligated to perform, and if the failure to perform is not cured within thirty (30) days of written notice of the default from City to Owner. Such written notice shall give reasonable detail as to the nature and extent of the default and identify the Agreement provisions containing the obligations. If the default cannot reasonably be cured within thirty(30)days,Owner shall not be in default of this Agreement if Owner, during such thirty(30)day period,commences to cure the default and diligently continues in good faith to cure the default until completion. 15. Remedies of City. If Owner shall have failed to cure any Owner Event of Default, after applicable written notice and opportunity to cure, City may terminate this Agreement and may exercise any right or remedy now or hereafter existing at law or in equity or by statute. 16. Non-Waiver. Any failure of either party to insist upon strict performance of any part or provision of the Agreement shall not be deemed a waiver, and shall not waive or diminish such party's right thereafter to demand strict compliance therewith or any other provision and shall not prejudice or affect such party's rights in event of a subsequent default. Except as otherwise provided in this Agreement,each party's rights and remedies under this Agreement are cumulative. 17. No Assignment or Sublicense/Change in Ownership. (a) City may not assign this Agreement in whole or in part, nor sublicense all or any portion of the Facilities, without the prior written consent of Owner in each instance, which consent shall be at Owner's sole discretion; provided, however,that the foregoing shall not prohibit the City from allowing public use of all or any portion of the Spaces in the ordinary course,whether with or without charge, on an hourly or daily basis. The consent by Owner to any assignment or sublicense shall not constitute a waiver of the necessity for such consent to any subsequent assignment or sublicense. No assignment, sublicense, occupancy or collection shall be deemed acceptance of the assignee, sub-licensee, or occupant, or as a release of City from the further performance by City of the covenants on the part of City herein contained. This prohibition against assignment or sublicense without Owner's prior written consent shall be construed to include prohibition against any assignment or sublicense by operation of law, legal process, receivership, bankruptcy or otherwise, whether voluntary or involuntary and a prohibition against any encumbrance of all and any part of City's interest in this Agreement. Despite Owner's consent to {00222427.1306-9905263} 9 Parking License Agreement- Boynton Town Square North an assignment or sublicense, City shall remain fully liable on this Agreement and shall not be released from performing any of the terms, covenants and conditions hereof or any license fees or other sums to be paid hereunder. Any attempted assignment or sublicense without Owner's prior written consent shall be void and shall constitute an Event of Default. (b) City acknowledges and agrees that, subject to the terms of this Agreement, any and all right and interest of Owner in and to the Facilities and the Property, and all right and interest of Owner in this Agreement, may be conveyed, assigned or encumbered at the sole discretion of Owner at any time. (c) If Owner, in its sole and absolute discretion, consents to an assignment or sublicense of all or any portion of the Facilities, the form of such documents shall be as acceptable to Owner in its sole and absolute discretion. (d) If City assigns or sublicenses all of any portion of the Facilities, City shall pay to Owner an additional license fee, as and when received by City, in an amount equal to all sums paid to City or its agent by or on behalf of such assignee or sublicensee under the assignment or sublicense. 18. Subordination and Attornment. (a) City, and its successors and assigns hereby subordinate their rights hereunder to the lien of any ground or underlying leases, any mortgage or mortgages, or the lien resulting from any other method of financing or refinancing, now or hereafter in force against the Facilities and the Property, and to all advances made or hereafter to be made upon the security thereof. This Section 18(a) shall be self-operative and no further instrument of subordination shall be required, but City agrees upon request of Owner, from time to time, to promptly execute and deliver all documents evidencing such subordination, and failure to do so shall constitute a default under this Agreement. (b) If any proceedings are brought for the foreclosure of, or if exercise of the power of sale occurs under, any mortgage covering the Facilities and/or the Property; or if a deed is given in lieu of foreclosure of any such mortgage, City shall attorn to the purchaser, mortgagee, or grantee in lieu of foreclosure, upon any such foreclosure or sale or transfer in lieu of foreclosure, and recognize such purchaser, mortgagee, or grantee in lieu of foreclosure, as Owner under this Agreement. 19. Estoppel. Owner and City agree that each will, at any time and from time to time, within thirty (30) days following written notice by the other party hereto specifying that it is given under this Section 19, execute, acknowledge and deliver to the party who gave such notice, or its designate, a statement in writing certifying this Agreement is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect and stating the modifications), and the date to which any payments due hereunder from City have been paid in advance, if any, and stating whether or not there are defenses or offsets claimed by the maker of the certificate and whether or not to the best of knowledge of the signer of such certificate the other party is in default in performance of any covenant, agreement or condition contained in this Agreement, and if so, specifying each such default of which the maker may have knowledge. The failure of either party to execute, acknowledge and deliver to the other a statement in accordance with the {00222427.1306-9905263} 10 Parking License Agreement- Boynton Town Square North provisions of this Section 19 within such thirty (30) day period shall constitute an acknowledgment, by the party given such notice, which may be relied on by any person holding or proposing to acquire an interest in the Property or any part thereof or the Facilities or this Agreement from or through the other party, that this Agreement is unmodified and in full force and effect and that such amounts have been duly and fully paid to and including the respective due dates immediately preceding the date of such notice and shall constitute, as to any person entitled as aforesaid to rely upon such statements, waiver of any defaults which may exist prior to the date of such notice; provided, however that nothing contained in the provisions of this Section 19 shall constitute waiver by Owner of any default in payment of any amounts owed as of the date of such notice and, unless expressly consented to in writing by Owner,and City shall still remain liable for the same. 20. Right of Entry. Owner and Owner's agents may enter the Facilities at all reasonable times to examine the same, and to show them to prospective purchasers, mortgagees, or other interested parties, and to make such repairs, alterations, improvements or additions as Owner may deem necessary or desirable, and Owner shall be allowed to take all material into and upon the Facilities that may be required therefor without the same constituting a termination of or infringement upon City's rights in whole or in part, and the amounts payable to Owner shall in no way abate while the repairs, alterations, improvements, or additions are being made. If City shall not be present to open and permit entry into the Facilities, at any time,when for any reason an entry will be necessary or permissible, Owner or Owner's agents may enter the same without in any manner affecting the obligations and covenants of this Agreement. 21. Right of First Offer. (a) Offer. If Owner decides to sell the Garage separately from the Apartments, then prior to putting the Garage on the market, Owner shall offer (an "Offer") to City the right to purchase the Garage at a purchase price consistent with the purchase price Owner has at such time elected to offer to third parties and pursuant to material business terms Owner has then elected in its sole discretion to disclose to third parties (the "Terms"). Owner shall deliver the terms of such Offer in writing to City(an"Offer Notice"), which shall include no contingency for financing and a closing to occur no later than 60 days after delivery of the Offer(the"Offer Closing Period"). (b) Offer Period. If City and Owner do not enter into a written agreement for the sale of the Garage (an "Offer Purchase Agreement") within sixty (60) days of delivery of the Offer (the "Offer Period"), then such Offer shall be deemed rejected by City. Any Offer Purchase Agreement shall contain as a condition to the closing thereunder the execution of a parking license for the benefit of the owner of the Apartments, which license shall be assignable to any subsequent owner of the Apartments. (c) No Offer Closing. If City does not close on the purchase of the Garage pursuant to an Offer Purchase Contract (other than as a result of a default by Owner) during the applicable Offer Closing Period, then for purposes of this Section 21, City shall be deemed to have rejected the Offer as of the expiration of the Offer Closing Period, and Owner shall have the same rights with respect thereto as if City had rejected the Offer. (d) Rights after Rejection of Offer. Upon the earliest to occur of the following events: (x) Owner receives notice from City of its rejection of an Offer Notice, (y) the termination (00222427.1306-9905263) 11 Parking License Agreement- Boynton Town Square North of a particular Offer Period without Owner and City having entered into an Offer Purchase Agreement, and (z) the expiration of an Offer Closing Period during which City failed to close on the purchase of the Garage pursuant to an Offer Purchase Contract(other than as a result of a default by Owner) (such event, a "Rejection" and such earliest date, the "Rejection Date"); Owner shall thereafter, subject to the following terms, be permitted to market the Garage for sale at such times and upon such terms as Owner shall determine in its sole and absolute discretion without City having any further rights thereto: (i) Owner shall enter into a written purchase and sale agreement with a third party within one(1)year after the Rejection Date(the"Third-Party Purchase Contract"); (ii) The Third-Party Purchase Contract shall provide for a purchase price equal to at least ninety percent(90%)of the Offer Price offered to City; and (iii) The Third-Party Purchase Contract shall provide for a closing date no later than 90 days after the effective date of the Third-Party Purchase Contract. (e) No Sale following Rejection. If, following a Rejection, Owner does not sell the Garage pursuant to a Third-Party Purchase Contract in accordance with the foregoing terms, then prior to any future marketing of the Garage, Owner shall be required to issue a new Offer to City and to proceed with the process set forth in this Section 21. 22. Hazardous Materials and Environmental Laws; Indemnity. (a) City shall not cause or permit the Facilities to be used for the generation, handling, storage, transportation, disposal or release of any Hazardous Materials except as specifically exempted or permitted under applicable Environmental Laws, and City shall not cause or permit the Facilities or any activities conducted thereon to be in violation of any current and/or future applicable Environmental Laws. City agrees to indemnify, defend and hold Owner (and Owner's members,principals, affiliates,directors,officers,employees,mortgagees, ground Owners, heirs, successors and assigns, as applicable) harmless from and against any and all claims, losses, damages (including all foreseeable and unforeseeable consequential and incidental damages), liabilities, fines, penalties, charges, interest, administrative or judicial proceedings and orders, judgments, remedial action, requirements, enforcement actions of any kind, and all costs and expenses incurred in connection therewith (including, without limitation, attorneys= fees and expenses at both trial and appellate levels), directly or indirectly resulting in whole or in part from the violation of any Environmental Laws applicable to the Facilities or any activity conducted thereon, and from any use, generation, handling, storage, transportation, disposal or release of Hazardous Materials at or in connection with the Facilities and City's use thereof, or any contamination, detoxification, closure, cleanup or other remedial measure required under any Environmental Laws. This indemnity shall survive the full payment of all license fees and other charges under this Agreement and the expiration or earlier termination of this Agreement, and shall inure to the benefit of Owner and Owner's heirs,personal representatives, successors and assigns. As used herein, "Hazardous Materials" means: substances defined as or included in the definition of "hazardous substances", "hazardous wastes", "hazardous materials", "toxic substances", "containment=s", or other pollution under applicable federal, state, commonwealth, {00222427.1 306-9905263} 12 Parking License Agreement- Boynton Town Square North county, municipal, or local laws, ordinances, codes, rules, regulations or orders now or hereafter in effect. As used herein "Environmental Laws" means: any applicable current federal, commonwealth, state, county, municipal, or local laws, ordinances, rules, codes, regulations, or orders pertaining to Hazardous Materials or industrial hygiene or environmental conditions. 23. Time of the Essence. Time is of the essence regarding the performance of every provision of this Agreement. 24. Limitation of Liability of Owner. Notwithstanding any provision to the contrary contained in this Agreement, City shall look solely to the estate and property of Owner in and to the Garage in the event of any claim against Owner arising out of or in connection with this Agreement, the relationship of Owner and City, or City's use of the Facilities, and City agrees that the liability of Owner arising out of or in connection with this Agreement, the relationship of Owner and City, or City's use of the Facilities, shall be limited to such estate and property of Owner in and to the Garage. No properties or assets of Owner other than the estate and property of Owner in and to the Garage, and no property owned by any affiliate of or member of Owner shall be subject to levy, execution or other enforcement procedures for the satisfaction of any judgment (or other judicial process) or for the satisfaction of any other remedy of City arising out of or in connection with this Agreement,the relationship of Owner and City or City's use of the Facilities. 25. Waiver of Jury Trial. OWNER AND CITY KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM INVOLVING ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH (I) THIS AGREEMENT, (II) THE RELATIONSHIP OF OWNER AND CITY, (III) CITY'S USE OF FACILITIES AND THE GARAGE, OR (IV) THE RIGHT TO ANY STATUTORY RELIEF OR REMEDY. CITY FURTHER WAIVES THE RIGHT TO INTERPOSE ANY PERMISSIVE COUNTERCLAIM OF ANY NATURE IN ANY ACTION OR PROCEEDING COMMENCED BY OWNER TO TERMINATE THIS AGREEMENT, TERMINATE CITY'S USE OF THE FACILITIES, OR OBTAIN POSSESSION OF THE FACILITIES. THE WAIVERS SET FORTH IN THIS SECTION ARE MADE KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY BY THE PAR TIES. THIS PROVISION IS A MATERIAL INDUCEMENT TO BOTH PARTIES IN AGREEING TO ENTER INTO THIS AGREEMENT. 26. Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given: (a) when personally delivered; or (b) the next Business Day after being sent by reputable overnight express courier(charges prepaid); or (00222427.1 306-9905263) 13 Parking License Agreement- Boynton Town Square North I (c) when received if by facsimile or e-mail transmission, so long as notice is concurrently provided to the parties to this Agreement by a method set forth in Section 26(a) or Section 26(b). Unless another address is specified in writing, notices, demands and communications to the parties shall be sent to the addresses indicated below: If to City: City of Boynton Beach 100 E. Boynton Beach Blvd. Boynton Beach,Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof, Doody&Ezrol,P.A. Attn: James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale,Florida 33308 If to Owner: JKM BTS North,LLC 2300 Glades Road Suite 202 East Boca Raton,Florida 33431 Attention:.James S. Gielda, John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta, Esq. 5030 Champion Blvd., Suite G11-281 Boca Raton,Florida 33496 If any party refuses to accept any attempted delivery of notice in any of the foregoing manners,then notice shall be deemed to have been delivered upon such refusal. Any party hereto shall have the right to change its address for notice if written notice is given to all other parties in accordance with the notice provisions hereof. 27. Improvements by City. (a) City Work. City Work shall mean any work approved by Owner to be constructed by City on the Property,together with all fixtures and equipment installed by the City. (b) Plans. Plans shall mean the construction plans and specifications including, but not limited to, architectural plans and elevations, structural plans, landscape plans, and all other plans and specifications for the City Work. (c) Submission and Approval of Plans. City shall ensure that the Plans for the City's Work and material changes to the Plans for the City's Work shall be submitted for the written approval of Owner prior to implementation, which approval Owner shall have the right to approve or reject in its sole and absolute discretion. Any review and/or approval by Owner or its affiliates of {00222427.1 306-9905263} 14 Parking License Agreement- Boynton Town Square North the Plans or otherwise relating to the City Work shall be solely for the purposes set out in this License and shall not render Owner and/or its affiliates responsible or liable to City or to any other person for the design of the improvements or any associated facilities constituting City Work or for any delay relating thereto and may not be relied upon by City or by any other person. (d) Engagement and Responsibility. City shall engage, at its own cost and expense, a general contractor and architect for the City's Work, each of whose engagement shall be subject to the prior written approval of Owner, which approval shall not be unreasonably withheld. City and or City's contractors shall construct the City's Work in accordance with the Plans approved by Owner and the terms and provision of this License. City shall be responsible, at City's sole cost and expense, for any and all City Work. (e) Compliance and Construction Standards. City shall, at its own cost and expense, comply with all government requirements and obtain and comply with all necessary government approvals applicable to the City's Work. City shall promptly provide to Owner copies of all such government approvals or rejections, refusals or conditions placed on such government approvals, together with any other relevant information relating to the government approvals that Owner may reasonably request. All construction work done by City within the Property shall be performed in a good and workmanlike manner, in compliance with all applicable laws (hereinafter defined), and in such manner as to cause a minimum of interference with other construction in progress(if any)and with the operation of the Property. (f) Right to Inspect. Owner shall have the right, at all reasonable times after giving reasonable prior notice to City,to access and inspect any part of the City Work. (g) Liens. Nothing contained in this License shall be deemed or construed in any way as constituting the consent or request of Owner, express or implied, to any contractor, subcontractor, laborer, materialman or vendor for the performance of any labor or services for the alteration, addition, repair, or demolition of or to the Property or any part thereof. All persons are hereby put upon notice that City shall never, under any circumstances,have the power to subject the interest of the Owner in the Property to any mechanic's liens or materialmen's liens or any liens in connection with material or labor furnished to the Premises,including any lien for architects' fees or engineers' fees: and all persons dealing with City are hereby put upon notice that they must look solely to the City and not to Owner. City shall strictly comply with the Construction Lien Law of the State of Florida as set forth in Florida Statutes Section 713, including, but not limited to, giving written notice to all persons performing services or furnishing materials on its behalf of the terms and conditions of this Section 27. In the event that a mechanic's claim of lien is filed against the Property or any of Owner's interest therein in connection with any work performed by or on behalf of City, City shall satisfy such claim or shall transfer same to security, within twenty(20) days from City's receipt of notice of such filing. In the event that City fails to satisfy or transfer such claim within said twenty (20) day period, Owner may do so and thereafter charge City for all costs incurred by Owner in connection with satisfaction or transfer of such claim, including attorney's fees thereon. Further, subject to applicable law, City agrees to defend, indemnify and save Owner harmless from and against any damage or loss incurred by Owner as a result of any such mechanic's claim of lien. If so requested by Owner, City shall execute a short form or memorandum of this License, which may, in Owner's discretion, be recorded in the Public Records for the purpose of protecting Owner's estate from mechanics' claims of lien, as provided in Florida Statutes Section (00222427.1 306-9905263) 15 Parking License Agreement- Boynton Town Square North 713.10. Owner has the right to record the memorandum without execution by City in the event City fails to execute the memorandum within seven(7)days of request. (h) Indemnification. Subject to applicable law, City, on behalf of itself and on behalf of future visitors,trespassers, licensees,invitees, guests or persons performing work or using, visiting or occupying the Property,hereby agrees and covenants to indemnify, defend(with counsel selected by City and approved by Owner) and save harmless the Owner and City from and against any and all claims, actions, damages, liabilities, losses, costs and expenses, including without limitation, attorneys' fees (collectively, "Losses") to the fullest extent permitted by law, resulting from either the construction of the City's Work or any subsequent renovation or alterations by the City. Furthermore, City covenants and agrees that any contracts for the City's Work entered into by City and a general contractor or other contractor in privity with City will include the indemnities required by this License from the general contractor or other contractor in privity with City in favor of City, Owner and the City. (i) Survival. This Section 27 shall survive any termination of the License. 28. Miscellaneous. (a) Accord and Satisfaction. No payment by City or receipt by Owner of a lesser amount than the amount stipulated in this Agreement to be paid shall be deemed to be other than on account of the earliest stipulated payable amounts, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Owner may accept such check or payment without prejudice to Owner's right to recover the balance of such amount or pursue any other remedy provided herein or by law. (b) Entire Agreement. This Agreement and the exhibits attached hereto and forming a part thereof as if fully set forth herein, constitute all covenants, promises, agreements, conditions and understandings between Owner and City concerning the Facilities and there are no covenants, promises, conditions or understandings, either oral or written, between them other than are herein set forth. Neither Owner nor Owner's agents have made nor shall be bound to any representations with respect to the Facilities except as herein expressly set forth, and all representations, either oral or written, shall be deemed to be merged into this Agreement. Except as herein otherwise provided, no subsequent alteration, change or addition to this Agreement shall be binding upon Owner or City unless reduced to writing and signed by them. (c) Successors and Assigns. All rights, obligations, and liabilities herein given to, or imposed upon, the respective parties hereto shall extend to and bind the several respective heirs, legal representatives, and permitted successors and assigns of the said parties. No rights, however, shall inure to the benefit of any assignee of City unless the assignment to such assignee has been approved by Owner in writing as provided herein. Nothing contained in this Agreement shall in any manner restrict Owner's right to assign or encumber this Agreement and, in the event Owner sells its interest in the Property and the purchaser assumes Owner's obligations and covenants, Owner shall thereupon be relieved of all further obligations hereunder. (d) Captions and Section Numbers. The captions, section numbers, and article numbers appearing in this Agreement are inserted only as a matter of convenience and in no way {00222427.1306-9905263} 16 Parking license Agreement- Boynton Town Square North define, limit, construe, or describe the scope or intent of such sections or articles of this Agreement nor in any way affect this Agreement. (e) Partial Invalidity. If any term, covenant or condition of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable,the remainder of this Agreement the application of such term, covenant or condition to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. (f) Construction of Language. Whenever in this Agreement the context allows, the terms "Agreement," "Term" and"Term of this Agreement", or terms of similar import, shall be deemed to include all renewals, extension or modifications of this Agreement or the Term. The word"including"when used in this Agreement shall be deemed to mean"including,but not limited to," or "including without limitation." Whenever in this Agreement the context so requires, references to the masculine shall be deemed to include the feminine and the neuter,references to the neuter shall be deemed to include the masculine and the feminine, and references to the plural shall be deemed to include the singular and the singular to include the plural. The headings of sections or subsections in this Agreement are for convenience only and shall not be relevant for purposes of interpretation of this Agreement. This Agreement has been negotiated "at arm's length" by Owner and City, each having the opportunity to be represented by legal counsel of its choice and to negotiate the form and substance of this Agreement. Therefore, this Agreement shall not be more strictly construed against either party by reason of the fact that one party may have drafted this Agreement. (g) Non-Waiver. No delay or failure by either party in exercising any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right. (h) Counterparts/ Electronic or Facsimile Signatures. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original and which together shall constitute one and the same instrument. The electronic signature of any party hereto shall be as binding as the original signature of such party for all purposes; and the copy of any parties' signature to this Agreement delivered by facsimile, e-mail, or such other electronic means shall be as binding and enforceable as the parties' original signature to this Agreement. (i) Governing Law/Venue. This Agreement shall be interpreted and construed in accordance with and governed by the laws of the State of Florida. Any action arising out of,or in connection to, this Agreement or between the parties hereto, to the extent not required to be determined via arbitration pursuant to Section 28(j), shall be brought exclusively in the courts of Palm Beach County,Florida. (j) Dispute Resolution. The parties hereto agree that upon the written request of either party, any dispute, controversy, or claim arising out of or relating to this Agreement, or any breach or Event of Default hereof(a "Dispute"), shall be submitted to arbitration in Palm Beach County, Florida, in accordance with the Commercial Arbitration Rules of the American Arbitration Association then pertaining, and judgment upon the award rendered may be entered in any court (00222427.1 306-9905263) 1 7 Parking License Agreement- Boynton Town Square North having jurisdiction. Each party shall select an arbitrator within thirty (30) days after receipt of written notice from one party to the other party requesting arbitration. The two arbitrators shall collectively select a third arbitrator. Any decision made by two of the three arbitrators shall be binding upon the parties, and any decision may involve monetary damages or such form of equitable relief as the arbitrators shall determine is necessary. If one party fails to select an arbitrator within the thirty (30) day period provided above, the one arbitrator shall select a second arbitrator and the two arbitrators shall collectively select a third arbitrator. The party prevailing at arbitration shall be reimbursed by the losing party for all costs and expenses incurred by it in connection with the arbitration. (k) Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between Owner and City. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. (1) Agreement Subject to Covenants, Conditions, and Restrictions. City acknowledges and agrees that its rights hereunder are subject to, and subordinate to the declarations, covenants, conditions, restrictions, easements, and agreements of record as of the date of this Agreement. (m) Radon Gas Notification. Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. (n) Sovereign Immunity. The parties agree that the City is a political subdivision of the State of Florida and therefore is entitled to sovereign immunity. Nothing in this Agreement shall be construed to require the City to indemnify Owner, or insure Owner for its negligence or to assume any liability for Owner. Further, any provision in this Agreement that requires the City to indemnify, hold harmless or defend Owner from liability for any other reason shall not alter the City's waiver of sovereign immunity or extend the City's liability beyond the limits established in Section 768.28 of the Florida Statutes,as amended. [SIGNATURES ON FOLLOWING PAGE(S)] (00222427.1306-9905263) 18 Parking License Agreement- Boynton Town Square North IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. CITY: City of Boynton Beach pe Arf ,der, By: 40‘; ' g/.. City 4vr,rney Name:. '4 i11 NZ, L,it/7-- Title: Title: /,/ ' OWNER: JKM BTS North,LLC, a Florida limited liability company By: JKM BTS Capital,LLC, a Florida limited liability company, its Manager John K. Markey,Manager 19 Parking License Agreement• Boynton Town Square North LEGEND: •• •• ••. PROJECT BOUNDARY I It PEDESTRIAN CIRCULATION PHASE LINE PHASE 3 PHASE I PHASE 2 u VEHICULAR ACCESS TO nor INCLUDED NOT INCLUDED PARKING GARAGE NOT INCLUDED ZONING.CIA NOT INCLUDED NOT INCLUDED NOT INCLUDED ZONING'. ZONING:R3 F --- —NOT INCLUDED FUTURE D LANG UNMADE i ZONING:CI ZONING:. ZONM L.. ZONING.. FUTURE LAND USE:HOE FUTURE LAND USE:INC FUTURE LAND USE:HDR FUTURE I.ANI)USE:HOE FUTURE LANE USE:INC USE.LR[ J .9 ITT J — "�., ..»w. _- — ._. , �I �''"'� _ .,.....• I R ON-STREET PARKINGG • PROJECT DATA f ..... • PARILIN iii 1 • NOTNOLUOID ■ ESRM■Igoe USENDII ' i r 1 $<Q AREA ■-• e 3 Site Area 15.04 Acres l ■ / ■Eir`�R* F ■ ZONING (+/'655,481 SF) I ■ • f' Court,. Existing: PU(Public Use) . Courtyard ■ • ■ REC(Recreation) • •2 • ■ Proposed: MU-3(Mixed Use-3 ■ PHASE 3 MAIN 3 ■ L •- ■• SF I ■P': FUTURE LAND USE r ^w 3 „R•I • r}• Existing: Public&Private > c...•- : FIIOROEED ■ L I ye�K• ' I Govt/Instit (PPGI) Q I I ENVF.= w ,V m•E r m I cai ■ oFm R . RR /> s ■ Proposed: Mixed Use - u I ASl>w(IEE71 I a'`�,L"a TP _ r Q Medlum(MXM) ■� m I I I QZQ PROPOSED NO gi op 1 "� ul GARAAcGEKING ■ lss DENSITY EM Ick 1€js€ _ O I• N oI I ■.. Q Maximum Density: 50 Units/Acre x 15.04 dd0 * Acres=752 Units EC 1 g $F. I I 1 ( :I I ■'- , Z Proposed Density: 705 Units/15.04 Acres X 1 �y I • I ■- N =47 Units/Acre W ail I I I I T EMF s lil iRY '"E" 0I Ji USES M •••• .. VHASE i. \ ......."■ • Residential: 705 Units • >' ■ FHS 3 Hotel: 120 Rooms I • Q' W Flex: 54,749 SF ■ •ua I •� N; Courtyard t Fitness Club/Gym: 29,138 SF �- W Civic Center/ 28,536 SF named Head Q Multi-purpose dDwndMs ■ 1= z x. : 1,N' d1., Historic High School) • .131 nem - E $ City Hall/Library 110,000 SF Z1:. T T _A El Children's Museum 8,288 SF SEACREST BLVD._ \ Na wauoEo INCLUDES INZONINCLUDED NOT INCLUDED 1 MEAN.. 1 NOT ZONING.a3 FUTURE LAND USE:HDR 1 / FUTURE A I I N FUTURE LURE USE HOE I FUTURE ANG USE NOR NOTFUTIRE LANE USE:lM 1111 160031.00 01.09.18 BOYNTON BEACH TOWN SQUARE REDEVELOPMENT// Master Development Plan 0 �°a L111 I:n Ru,SN 2a-vy0 DEVELOPMENT AGREEMENT THIS DEVELOPMENT AGREEMENT (the "Agreement") is made and entered into as of the I I day of March, 2018 (the "Effective Date"), by and between JKM BTS Capital, LLC, a Florida limited liability company(the"Developer"),and City of Boynton Beach(the"City"). RECITALS WHEREAS, City is the owner of(i)the property located in Boynton Beach, Florida, which consists of approximately +/-3.71 gross acres and is commonly known as Boynton Town Square South, as depicted on Exhibit"A" and made a part hereof, together with the improvements located thereon and all fixtures and personal property located on said property (the "South Property"), (ii) the property located in Boynton Beach, Florida,which consists of approximately+/-2.60 gross acres and is commonly known as Boynton Town Square North, as depicted on Exhibit"A" and made a part hereof, together with the improvements located thereon and all fixtures and personal property located on said property (the "North Property"), and (iii) the property located in Boynton Beach, Florida, which consists of approximately +/-0.96 gross acres and is commonly known as Boynton Town Square Central, as depicted on Exhibit "A" and made a part hereof, together with the improvements located thereon and all fixtures and personal property located on said property (the "Central Property") (the South Property, the North Property, and the Central Property are referred to herein collectively as the"Properties"or singularly as a"Property"); and WHEREAS, Developer desires to develop (i) upon the South Property, a rental apartment project which is anticipated to consist of approximately 280 apartment units (the "South Apartments"), as well as a parking structure intended to consist of approximately 918 parking spaces (the "South Garage"), together with related improvements (the South Apartments, South Garage, and related improvements are referred to herein as the "South Project"), (ii) upon the North Property, a rental apartment project which is anticipated to consist of approximately 225 apartment units (the "North Apartments"), as well as a parking structure intended to consist of approximately 991 parking spaces (the "North Garage"), together with related improvements (the North Apartments, North Garage, and related improvements are referred to herein as the "North Project"), and (iii) upon the Central Property, a rental apartment project which is anticipated to consist of approximately 200 apartment units (the "Central Apartments"), together with related improvements (the Central Apartments and related improvements are referred to herein as the "Central Project") (the South Project, the North Project, and the Central Project are referred to herein collectively as the"Projects"or singularly as a"Project"); and WHEREAS, City desires to license from Developer (i) the right to use approximately 364 parking spaces in the South Garage (the "South Spaces") to provide parking for City's to-be- constructed City Hall, and (ii) the right to use approximately 101 parking spaces in the North Garage (the "North Spaces") to provide parking for City's to-be-constructed municipal improvements. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are Development Agreement- 1 Boynton Town Square hereby acknowledged, the parties hereto hereby covenant and agree to the terms and conditions set forth herein. AGREEMENT: 1. Recitals. The recitals set forth above are incorporated herein by this reference, and the parties agree that such recitals are true and correct. 2. Purchase Agreements. Simultaneously with the execution of this Agreement, City shall have entered into separate Purchase and Sale Agreements with Developer (and/or an affiliate of Developer) with respect to each of the Properties (the "Purchase Agreements") pursuant to which Developer (and/or an affiliate of Developer) has agreed to purchase the applicable Property from City, subject to the terms and conditions of each such Purchase Agreement. 3. Development Activities. Developer will undertake such actions as are necessary with respect to the development of the proposed Projects, including, without limitation, performing investigations, seeking approvals, developing site plans and architectural and construction plans, and undertaking other development activities. 4. Consideration. As consideration for the activities to be undertaken pursuant to this Agreement, City has agreed to sell the Properties to Developer at the discounted price set forth in each Purchase Agreement, and in addition thereto, City shall pay to Developer the total sum of$1,989,968.00 (the "License Deposit"),payable as follows: (a) 20% upon expiration of the Due Diligence Period of the Purchase Agreement for the South Property, but only if none of the Purchase Agreements has been terminated; and (b) 80% within thirty (30) days following receipt of site plan approval for the Properties. The License Deposit represents the entire amount payable with respect to the licenses to be purchased with respect to each of the South Garage and the North Garage and shall serve as a deposit against the licenses to be purchased with respect to each of the South Garage and the North Garage until earned. Developer shall be entitled to use the License Deposit in any manner it shall reasonably determine, including in connection with the performance of the obligations under this Agreement and/or in connection with the construction of any of the Projects. Such license fees shall only be deemed to be payable in full and to have been earned upon the Commencement Date (as defined in the applicable Parking License) with respect to each applicable Garage. Following any termination of this Agreement prior to commencement of construction of both Garages, Developer shall return the License Deposit to the City, less any third party out-of-pocket expenses incurred by Developer or its affiliates in connection with the obligations under this Agreement and/or otherwise incurred in connection with any of the Projects; for the avoidance of doubt, such expenses may include, by way of example and not limitation, fees for traffic studies, environmental and geotechnical studies and reports, architectural and engineering plans and studies, as well as other professional fees for any form of architectural, engineering, planning, legal, and accounting services. Upon any such termination, Development Agreement- 2 Boynton Town Square L to the extent permitted, Developer shall assign to City any and all rights it has in any of the work product paid for as part of such third-party expenses. Notwithstanding the foregoing, if City (i) should request that Developer incorporate into the construction of any of the Garages additional elements that are not necessary to the functions served by the applicable Garage (e.g., bathrooms, electronic message boards, etc.) or elements that are for the exclusive use of City (e.g., parking meter equipment with respect to the North Spaces or the South Spaces), or (ii) pursuant to the terms of a Parking License, request that Developer complete certain portions to a "shell" such that City can complete such additional elements that are not necessary to the functions served by the applicable Garage (e.g., bathrooms, electronic message boards, etc.) or elements that are for the exclusive use of City (e.g., parking meter equipment with respect to the North Spaces or the South Spaces), then, as applicable, City shall pay for and/or reimburse Developer (or the applicable affiliate of Developer that owns the applicable Garage) for the total construction cost for such elements or exclusive use elements, and City shall be responsible for all operating and maintenance costs with respect to such elements or exclusive use elements. For the avoidance of doubt, the amount of the License Deposit contemplates the construction of restrooms in the South Garage in accordance with the plans and specifications to be developed by Developer and/or an affiliate of Developer. 5. Permits and Approvals. Developer shall be seeking to receive all authorizations, including, without limitation, land-use change, re-zoning, plat and/or replat, and site plan approvals necessary for Developer's intended use of, and the construction and operations of the improvements upon, each Property (collectively, the "Approvals"). City shall, upon request by Developer, execute any and all documentation in support of any application for such Approvals and shall take any and all steps and actions required to agree to and approve the site specific Site Plan/Master Plan Amendment for each Property as conceptually agreed by both parties; provided, however, that Developer shall not be required, as a condition of receiving its Approvals or otherwise, to construct or maintain any infrastructure, improvements, or other structures or property other than the Project. If at any time, Developer (i) has not received any such Approvals, (ii) is denied or refused any such Approvals, (iii) is uncertain that Developer's intended use, construction and improvements to a Property will not be physically or financially impaired, as determined in Developer's sole and absolute discretion, (iv) determines that the necessary Approvals have been granted subject to any conditions that Developer deems unacceptable because such conditions will either physically or financially impair Developer's use and development of a Property, in its sole and absolute discretion, or which will cost with respect to satisfying any one condition more than $10,000.00, or more than $50,000.00 in the aggregate for satisfaction of all such conditions, or (v) determines that adequate utilities and related facilities, including, without limitation, water, storm water and sanitary sewage disposal, telephone service and energy sources to service the applicable Property and improvements thereto for Developer's intended use and/or easements therefore are not available to the reasonable satisfaction of Developer, then Developer may, by furnishing written notice to City and Escrow Agent, terminate this Agreement without owing any liability to City (other than any liability that expressly survives any termination hereunder). 6. Citv's Obligations. Development Agreement- Boynton Town Square 3 (a) Chilled Water - South. The City's chilled water utility plant (the "CEP") must be completed and operating with sufficient capacity to supply the South Garage and the South Apartments (as well as all other requirements of the CEP) no later than the later to occur of(i) twelve (12) months after the effective date of this Agreement, and (ii) and the date when the South Apartments have been "dried-in" (i.e., as determined by Developer's architect, permanent or temporary roofing is complete, insulated, and weather tight; exterior walls are insulated and weather tight; and substantially all openings are closed with permanent construction or substantial temporary closures (the "South CEP Delivery Date"). (b) Chilled Water — North. The CEP must be operating with sufficient capacity to supply the North Garage and the North Apartments (as well as all other requirements of the CEP) no later than the later to occur of (i) twelve (12) months after the closing has occurred under the North Purchase Agreement, and (ii) and the date when the North Apartments have been "dried-in" (i.e., as determined by Developer's architect, permanent or temporary roofing is complete, insulated, and weather tight; exterior walls are insulated and weather tight; and substantially all openings are closed with permanent construction or substantial temporary closures(the "North CEP Delivery Date"). (c) Chilled Water — Central. The CEP must be operating with sufficient capacity to supply the Central Apartments (as well as all other requirements of the CEP) no later than the later to occur of(i) twelve (12) months after the closing has occurred under the Central Purchase Agreement, and (ii) and the date when the Central Apartments have been "dried-in" (i.e., as determined by Developer's architect, permanent or temporary roofing is complete, insulated, and weather tight; exterior walls are insulated and weather tight; and substantially all openings are closed with permanent construction or substantial temporary closures (the "Central CEP Delivery Date"). (d) Unavailability of Chilled Water. If CEP is not producing and delivering to (i) the South Apartments and the South Garage sufficient chilled water by the South CEP Delivery Date, or (ii) the North Apartments and the North Garage sufficient chilled water by the North CEP Delivery Date, or (iii) the Central Apartments sufficient chilled water by the Central CEP Delivery Date, then in any case, City shall coordinate with Developer and shall pay for and/or reimburse Developer for all expenses incurred by Developer in obtaining temporary solutions (e.g., renting portable/temporary chillers)to maintain the applicable Apartments and, if applicable, the applicable Garage in a manner sufficient not to permit waste or damage thereto (e.g, from mold). (e) Updates. Each month, City shall provide to Developer(for which purpose an email shall be sufficient) its current estimated completion date for City Hall and for delivery of the chilled water to each of the applicable Properties, in order to coordinate with Developer the completion times of their respective projects and to make alternative arrangements if necessary with respect to their respective obligations under this Agreement. 7. Developer's Obligations. (a) Applications for Site Plan Approval. With respect to each of the South Project and the North Project, Developer (and/or an affiliate of Developer) shall file an Development Agreement- A Boynton Town Square 4 application for site plan approval with respect to such project within 120 days following the closing on the real estate for such project. (b) Completion of South Garage. Construction of the South Garage will have been completed and/or the South Spaces will be available for use no later than the later to occur of(i) eighteen (18) months after the Satisfaction Date (as defined in Section 8) for the South Project, and (ii) the completion of City Hall, as evidenced by issuance of a final C.O. for all of City Hall (the "South Space Delivery Date"). (c) Unavailability of South Spaces. If all of the South Spaces are not ready for use on or before the South Space Delivery Date, Developer shall provide alternative parking upon the South Property for use by the City and/or shall pay or reimburse the City for the cost to obtain alternative off-site parking sufficient to meet the City's needs in lieu of the South Spaces until such time as the South Spaces are ready for use. In connection with the foregoing, if Developer seeks one or more Temporary Certificates of Occupancy (each, a "TCO") for the South Garage, the City shall promptly and fully cooperate with and assist Developer in all reasonable efforts to apply for and obtain such TCO or TCOs. (d) Completion of North Garage. Construction of the North Garage will have been completed and/or the North Spaces will be available for use no later than twenty-four (24) months after the Satisfaction Date (as defined in Section 8) for the North Project (the "North Space Delivery Date"). (e) Unavailability of North Spaces. If all of the North Spaces are not ready for use on or before the North Space Delivery Date, Developer shall provide alternative parking upon the North Property for use by the City and/or shall pay or reimburse the City for the cost to obtain alternative off-site parking sufficient to meet the City's needs in lieu of the North Spaces until such time as the North Spaces are ready for use. In connection with the foregoing, if Developer seeks one or more TCOs for the North Garage, the City shall promptly and fully cooperate with and assist Developer in all reasonable efforts to apply for and obtain such TCO or TCOs. (f) Updates. Each month, Developer shall provide to City(for which purpose an email shall be sufficient) its current estimated completion date for each of the North Apartments, North Garage, South Apartments, the South Garage, and the Central Apartments in order to coordinate with City the completion times of their respective projects and to make alternative arrangements if necessary with respect to their respective obligations under this Agreement. 8. Conditions to Developer's Obligations. It shall be a condition precedent to Developer's Obligations with respect to each Project under this Agreement that the following conditions be satisfied (the date all such conditions have been satisfied with respect to each Project, such Project's"Satisfaction Date"): (a) With respect to each Project, Developer shall have received approval of Developer's site specific Site Plan/Master Plan Amendment as conceptually agreed by both parties. Development Agreement- 5 Boynton Town Square J (b) Developer shall have received the Approvals in such form and upon such terms and conditions as Developer shall have determined are necessary in its sole and absolute discretion, and such Approvals shall have become final and unappealable. (c) The plat shall have been approved and recorded in such form and upon such terms and conditions as Developer shall have determined are necessary in its sole and absolute discretion. (d) Developer shall have received final and unappealable site plan approval with respect to each Project in such form and upon such terms and conditions as Developer shall have determined are necessary in its sole and absolute discretion. (e) Developer's site plan with respect to each Project, as approved by the City Commission of the City of Boynton Beach, has become final and all appeal periods with respect thereto have expired; (f) each Property has been rezoned to "MU-3" or to such other designation as the City's municipal code (as currently exists or as may hereafter be amended) shall designate as the zoning designation which will permit the Developer's development of each Property substantially in accordance with the conceptual plan and any modifications thereto, and the determination of such rezoning shall have become final and all appeal periods with respect thereto shall have expired; (g) all utilities shall have been "stubbed out" by City (or by contractors engaged by City) to within five (5) feet of the proposed location of the applicable parts of each Project and of each Property; (h) the areas of each Property for the construction of each Project shall have been cleared and shall have been certified by the applicable geotechnical engineers as suitable for construction of each Project; (i) 'City shall have removed all tenants and other persons in possession from each Property, such that, upon closing under each Purchase Agreement, Developer shall have exclusive possession of the applicable Property. (j) City(or contractors engaged by City) shall have performed each and every obligation of City under the terms and provisions of this Agreement. (k) City shall have satisfied any condition waived by Developer under any Purchase Agreement. 9. Default. (a) In the event of a default by Developer under this Agreement which is not cured within thirty (30) days after written notice to Developer,then at any time thereafter prior to the cure of such default by Developer, City shall have the right to proceed against Developer in an action for specific performance of this Agreement and/or for damages based upon such default. Development Agreement- 6 Boynton Town Square V (b) In the event of a default by City hereunder which is not cured within thirty (30) after written notice to City, then at any time thereafter prior to the cure of such default by City, Developer shall have the right to proceed against City in an action for specific performance of this Agreement and/or for damages based upon such default. 10. Indemnification. (a) By Developer. Developer agrees to indemnify, defend and hold harmless City and each of its affiliates, lenders, employees, representatives, attorneys, and agents from any loss, injury, damage, claim, lien, cost or expense, including reasonable attorneys' fees, paraprofessional fees and costs pretrial, at trial and at all levels of proceedings, including appeals, arising out of or resulting from the performance by Developer or its employees, consultants, agents or representatives of any of Developer's obligations pursuant to this Agreement or as a result of any breach or default of this Agreement by Developer or its employees, consultants, agents or representatives. (b) By City. Subject to applicable law, City agrees to indemnify, defend and hold harmless Developer and each of the applicable affiliates of Developer and their affiliates, managers, members, partners, subsidiaries, shareholders, officers, directors, lenders, employees, attorneys, and agents from any loss, injury, damage, claim, lien, cost or expense, including reasonable attorneys' fees, paraprofessional fees and costs pretrial, at trial and at all levels of proceedings, including appeals, arising out of or resulting from the performance by City or its employees, consultants, agents or representatives of any of City's obligations pursuant to this Agreement or as a result of any breach or default of this Agreement by City or its employees, consultants, agents or representatives. 11. Termination. If, despite City's best efforts, City is unable to obtain bond financing or such other financing as is necessary for City to complete the new City Hall and/or the other construction projects contemplated to be completed in connection with the new City Hall as part of the Boynton Beach Town Square project within 180 days of the Effective Date, then either party may terminate this Agreement immediately upon the delivery of written notice to the other party. 12. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the transaction contemplated herein, and it supersedes all prior understandings or agreements between the parties. 13. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 14. Survival of Provisions. All representations, warranties, and agreements contained herein shall survive the Closing and delivery of the deed of conveyance contemplated by this Agreement. 15. Waiver; Modification. The failure by Developer or City to insist upon or enforce any of their rights shall not constitute a waiver thereof, and except to the extent conditions are waived by the express terms of this Agreement, nothing shall constitute a waiver of Developer's right to insist upon strict compliance with the terms of this Agreement. Either party may waive the benefit of any provision or condition for its benefit which is contained in this Agreement. No oral Development Agreement- 7 Boynton Town Square modification of this Agreement shall be binding upon the parties and any modification must be in writing and signed by the parties. 16. Governing Law; Venue. This Agreement shall be governed by and construed under the laws of the State of Florida. The venue of any legal proceeding between the parties shall be the state or Federal courts having jurisdiction in or over Palm Beach County, Florida. 17. Headings. The section headings as set forth in this Agreement are for convenience or reference only and shall not be deemed to alter the content of this Agreement or limit the provisions or scope of any section herein. 18. Notices. All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given: (a) when personally delivered; or (b) the next Business Day after being sent by reputable overnight express courier(charges prepaid); or (c) when received if by facsimile or e-mail transmission, so long as notice is concurrently provided to the parties to this Agreement by a method set forth in Section 18(a) or Section 18(b). Unless another address is specified in writing, notices, demands and communications to the parties shall be sent to the addresses indicated below: If to City: City of Boynton Beach 100 E.Boynton Beach Blvd. Boynton Beach,Florida 33435 Attn: Lori LaVerriere, City Manager With a copy to: Goren, Cherof, Doody&Ezrol,P.A. Attn: James Cherof,Esq. 3099 East Commercial Boulevard, Suite 200 Fort Lauderdale,Florida 33308 If to Developer: 2300 Glades Road Suite 202 East Boca Raton,Florida 33431 Attention: James S. Gielda,John K. Markey and Adam P. Freedman With a copy to: Stephen J. Grave de Peralta,Esq. 5030 Champion Blvd., Suite GI1-281 Boca Raton,Florida 33496 Development Agreement- 8 Boynton Town Square If any party refuses to accept any attempted delivery of notice in any of the foregoing manners,then notice shall be deemed to have been delivered upon such refusal. Any party hereto shall have the right to change its address for notice if written notice is given to all other parties in accordance with the notice provisions hereof. 19. Attorneys' Fees. In the event that it becomes necessary for either party to bring suit to enforce the terms of this Agreement, then the prevailing party shall be entitled to recover all fees and costs, including attorneys' fees and paralegal charges incurred in connection with such proceedings(including appellate proceedings)against the nonprevailing party. 20. Time of the Essence. Time is of the essence with respect to each provision of this Agreement which requires that action be taken by either party within a stated time period, or upon a specified date; provided however, if the date for performance is on a Saturday, Sunday, or federal holiday,the date for performance shall be extended to the next business day. 21. Construction. Each party hereto hereby acknowledges that all parties hereto participated equally in the drafting of this Agreement and that, accordingly,no court construing this Agreement shall construe it more stringently against one party than the other. 22. Counterparts. To facilitate execution, this Agreement may be executed in counterparts (including by facsimile or other electronic transmission); and it shall not be necessary that the signature of, or on behalf of, each party, or that the signatures of all persons required to bind any party, appear on each counterpart; but it shall be sufficient that the signature of, or on behalf of, each party, or that the signature of the persons required to bind the party appear on one or more of such counterparts. All counterparts shall collectively constitute a single agreement. Facsimile copies or other electronically transmitted copies of this executed Agreement shall be deemed an original agreement. 23. Waiver of Jury Trial. Each party to this Agreement hereby willingly, knowingly, and voluntarily waives any right to a jury trial in connection with any dispute between the parties arising from this Agreement, from any claim arising hereunder, or any course of conduct related hereto. 24. Assignment. Developer shall be permitted to assign all or any portion of its interest in this Agreement or in any of its rights pursuant to this Agreement to one or more entities affiliated with Purchaser or its principals. Seller shall not assign this Agreement without the prior written approval of Purchaser, which may be withheld in Purchaser's sole and absolute discretion. 25. Relationship of Parties. Nothing contained in this Agreement shall be deemed or construed in any manner or under any circumstances whatsoever as creating or establishing the relationship of partners or co-venturers, or creating or establishing the relationship of a joint venture between Developer and City. The provisions hereof are for the exclusive benefit of the parties, and no other person or entity, including creditors of any party hereto, shall have any right or claim against any party by reason of those provisions or be entitled to enforce any of those provisions against any party. Development Agreement- 9 Boynton Town Square 7 26. Sovereign Immunity. The parties agree that the City is a political subdivision of the State of Florida and therefore is entitled to sovereign immunity. Nothing in this Agreement shall be construed to require the City to indemnify Developer, or insure Developer for its negligence or to assume any liability for Developer. Further, any provision in this Agreement that requires the City to indemnify, hold harmless or defend Developer from liability for any other reason shall not alter the City's waiver of sovereign immunity or extend the City's liability beyond the limits established in Section 768.28 of the Florida Statutes, as amended. (SIGNATURES APPEAR ON THE FOLLOWING PAGE) Development Agreement- 1 1 0 Boynton Town Square IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed this Agreement as of the latest day and year set forth below. CITY: City of ; r y, o i Be' h // APPRO * "ORM , By: I - AO .tAa•/v Name i fJt 6, GtgijT City Attorney prTitle: 717/41 d DEVELOPER: JKM BTS Capital,LLC, a Florida limited liability company By: ohn K. Markey, Manager I Development Agreement- 1 1 1 1 Boynton Town Square LEGEND: .. ..m.... PROJECT BOUNDARY 4 I PEDESTRIAN CIRCULATION PHASE LINE PHASE 3 PHASE I PHASE 2 VEHICULAR ACCESS TO NOT INCLUDED PARKING GARAGE NOT INCLUUIIi NOT INCLUDED ZONING:RIA NOT INCLUDED NOT INCLUDED NOT INCLUDED ZONING Ill ZONING:RI FUTURE LAND USE.LDR i ZONING CI NOT INCLUDED ZONING ID ZONING 0.1 NiIMLAM JEIAFUTURE LAND USE.NOR ZOTING.RI FUTURE LAND USE:HDR FUTURE LAND USE:LM U...-RC RE AND USE:LRE RUTURE LAND DRE HDR J J S N.E.-IST- T. - �,^ OKSTREET PARKING - / r —"' „'�'"'. �`" ow_' '� PROJECT DATA IR .'� OADING NOT INCLUDED • I ■ + FU L EM USE:NDII I 9 .e''l `4 AREA �>z•N�CN•l.. a ■_. '• Sd S Site Area 15.04 Acres > am Dw 1,1 / F I L 1• (+/-655,481 SF) I _ .■■. ■■■■'•�•L'Y� 5 g; ZONING _ Courtyard Existing: PU(Public Use) _ -. . Courtyard • Av.j' REC(Recreation) • 6 Proposed: MU-3(Mixed Use-3 , ■ f'S MASE 1 MAIM ■ °y. NOM • FUTURE LAND USE Q > WI ' I • Existing: Public&Private 2.=z;;,,. Govt/Instit (PPGI) • '> I cRIR.p,a •,,•sEn I I to I n.a.N.m�..a ■ ■ pp I; `� 0> • Proposed: Mixed Use _c -(loo') II,...,"`.ea - Q • Medium(MXM) i_r D A I (t E _ G ED • 1 ARI ; w DENSITY W^4 e I V GARAGE � Q Maximum Density: 50 Units/Acre x 15.04 S ° 9 .+4 I. ''. e Q • . 0 Acres=752 Units S .I 55 n • Proposed Density: 705 Units/15.04 Acres ID X 3 I I, I i • :N =47 Units/Acre 3 • W II' Etl.tln.HYta,1c • W W I i r HI.ASIII I • L/) USES • R % l Residential: 705 Units - j • • a PHASEa . Hotel: 120 Rooms ' a iI„H,R I un�,.y QI-,ataneS • `o Flex: 54,749 SF / ..............' • o9I I—: • l c Fitness Club/Gym: 29,138 SF / ■ w I ,./pc �; • 5 Civic Center/ 28,536 SF �_ �Q o uu L.L. ■ 69,2 Multi-purpose Hotel Z v9 ' �M1 Eroune flew Z - • • i`o°°"`: ■ _. l '`.g Historic HighiSchool) l — City Hall/Library 110,000 SF Z § u. t Z N 5 Children's Museum 8,288 SF A ., _. i. I SEACREST BLVD. _ - - • NOT INCLUDED NOT INCLUDED " MG LyUDED NOT IINCCLUDED ZONING:RI II/ ONING:RI 1 II(/ = I 1 1/ 'CI 111/ TYRE LAND USE.HOP I I FUTURE LAND USE:NOR I I FUTURE lANO USE HDR 1 I ZONING LANG USE LRC I 160031 00- BOYNTON BEACH TOWN SQUARE REDEVELOPMENT!/ Master Development Plan SCALE =so ® �. -6 stories (80') IN I I•' I ■ -200 DUs W W . I • of■ v) • I - • _ _r ---- - 1 O. CL • ig, ■ ■ ■ ■ ■ ■ ■ ■ • ,‘. ., • ■ •• Courtyard • • • •1 . . . �f • • ■ • . 1 cu • oC Q • • 1 •• NY i N • • PHASE 3 • • O •44 • ■ ■ ■ ■ ■ ■ • �.�� •• •• PHASE I I • • Open space - • • • • Final design to •• • Existing 'a • W I • be determined • • >en space - open space > : ' • • ial design to i 1 to remain Q • + • • I •• • determined • • • • Z • •• • • Z • • • • 1 • • • • • • • O I• • �Q • • • , meq • • • • • • • • • • • � • J • • • •• •• •• • • . • • • • • • • •• • • • Existing Historic • • • • #'31.'',,,,...'..'" ,..--4,i;;, • • High School • • � • • ••\ CID • • m • • Proposed City Hall I Library • Qi • • • • • •L----1 • -4 stories (79') • �, .= • • • E • • • 1 s • I O Z Open space - - r '' a "wS . �, •