ltc 297-2004 rdp royal palm default notive
TRANSCRIPT
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8/15/2019 LTC 297-2004 RDP Royal Palm Default Notive
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CITY
OF
MIAMI
BEACH
Office
of
the
City
Manager
Letter
to
Commission No.
297-
2 0 0 4
m
To
rom:Mayor
David
Dermer
a n d
M e m b e r s
o
the
City
C o m m i s s i o n
Jorge
M
onzalez~ ~-
City
M a n a g e r . ,
yUD P
R O Y A L
P M
D E F A U L T NOTICE
Date
November
22
00 4
Subect:
t t a c h e d
peasefindo r r e s p o n d e n c e from P r o s k a u e r
Rose
LLPhefirme p r e s e n t i n g North
Fork
Bank,
which
h s
cquired
from
Unon
Planters
Bank
the
L e a s e h o l d
M o r t g a g e
onthe
RDP
Royal PalmHoe.he letterfromr o s k a u e rRoseLP indicates the Lender h a s declared
an
v e n t
o
e f a u l t
underthe
Mortgageand
Loan
D o c u m e n t s .
C o n s i s t e n t
wth
h e
Cty
sc t i o n s
in
ugust 2003
when
a
prior
d e f a u l t
n o t i c e
was r e c e i v e d
theCtys
DAs
utside
c o u n s e l ,Joeinsker,
a s
r e v i e w e d
this
i n f o r m a t i o n
r e l a t i v eto
the
ity/
RDAsease A g r e e m e n t anddvises
the
loan
s
default
does
ot c o n s t i t u t e
a
efault
p u r s u a n t
to
the
ty/
D A'
s
Lease
A g r e e m e n t .
However,
the
OI
a p p r o v e d
on
o v e m b e r
25,
2003
equired
the
poe f a u l t
to
be
atisfied.
T h e r e f o r e ,
a g a i n c o n s i s t e n t
with
po
ctions,
t t a c h e d
you
will
also
find
c o r r e s p o n d e n c e
from
theityto
Don
P e e b l e s
a s k i n g
foatus
on
ad
Deaut.
f
th e
R e c o g n i z e d
Mortgagee
p u r s u e s
default
p r o c e e d i n g s
it
s
r a n t e d
certain
r i g h t swhen
it
t e p s into the
shoes
o
Tenant
pursuant
to
h e
Lease,
h e r e u p o n
the
R e c o g n i z e d
M o r t g a g e eots
Designee,
o u l d then
o p e r a t e the
Hotel.
The
i g n i f i c a n c e
h i s
is
hat
any
modifications
as
o n t e m p l a t e d by
the
O I ,
m a y
ultimately nure
o
h e
benefit
o
he
R e c o g n i z e d
M o r tg a g e e ,
or
its
e s i g n e e .
Additionally,
as
r e q u i r e d
u n d e r the
Lease
a n d pursuant
to
the
O I ,
the
ank'
s
consen
isequred
to
proceed
w i t h
the
c o n t e m p l a t e d
l e a s e
a m e n d m e n t s .
An
p d a t e
to
this
mater
wll
be
provided
a
he
City
C o m m i s s i o n
m e e t i n g
on
D e c e m b e r
8, 2004.
JMG\
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Q4IRDP R o y a l
Pam
Defaul tNol ice.
C M C .
ra.
doc
c
C h r i s t i n a
M
C u e r v o ,
Assistant Cty
a n a g e r
Murray
Dubbin,Cty
Atorney
Joe
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8/15/2019 LTC 297-2004 RDP Royal Palm Default Notive
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CITY
HALL
1700
O N V E N T I O N
CENTER
DRIVE
MIAMI
BEACH
FLORIDA
33139
CTY
O
MIAMI
B E A C H
O F F I C E
OF
THE
CTY
M A N A G E R
T E L E P H O N E : (
305) 7 3 - 7 0 1 0
FAX: (
05)
7 3 -
7712
N o v e m b e r
22004
Va
U
Sail a n d
E-
ma i l
R
onahue
Peebes
RDP
Roya
Palm
Hotel,
L
P
o
P e e b l e s
Atlantic
Development
Corporation
5 5 0 Biltmore W a y , Suite 9 7 0
Cora
Gables,
Florida
33134
Re:losing
Documents
pursuant
to
e t t e r
o
ntent
to
A m e n d
R o y a l
P a l m
Crowne
P l a z a
R e s o r t
Agreement ,
dated
N o v e m b e r 25,
2003 (LO)
Dea
Don
The City
is
n
e c e i p t
o
the
attached
letterto
he
Miami B e a c h
R e d e v e l o p m e n t ,
d a t e d N o v e m be r
16
004,
f r o m A t t o r n e y
Stuar t T.Kapp,
who
r e p r e s e n t s North
Fork
Bank,
hich
has a c q u i r e d then ion P lan te rs Bank,
N
A
oan
o
RDP
R o y a l
Pam
Hotel
Limited
P a r t n e r s h i p (
RDP.
a id letter
states
that
North
Fork
Bank
h as
d e c l a r e d
an
v e n t oe f a u l t
a g a i n s t
R D P
in
e r f o r m a n c e
o
the
M o r t g a g e
and o t h e r Loan
D o c u m e n t s .
Inthei t y '
s
leter
to
ou
o
o v e m b e r
5004,
the
Cty
d v i s e d
youtha
ita d c o m p l e t e d
its
eview
o
the
r o p o s e d
Closing
D o c u m e n t s
pursuant to
theO,n c l u d i n g
c h a n g e s
by
Steve
Goldman
c o u n s e l
for
the
o r m e r
l e n d e r ,
Union
P l a n t e r s Bank.
Having
snce
e c e i v e d the
a f o r e s t a t e d
N o t i c e ,
th
ity
cannot
ignore
same
a n d
the a l l e g a t i o n s
in
.
Kapp
s
o v e m b e r
1 6 ,
2004
etter.
C o n s i s t e n t
with th e Cty
s
c t i o n s
lasyear upon r e c e i p t of
then i o n
Planters B a n k defau l t n o t i c e ,
it
s
m p e r a t i v e
that
any and
ale f a u l t s a l l e g e d by
o r t h
Fork
Bank
inits
Noice
oe f a u l t
to
D P
be
e s o l v e d
prior
tol o s i n g
on
hs
matter.
T o
that
end,
I
o u l d
request
that
RDP
m m e d i a t e l y
inform th e Cty
inriting
of
any
n d
al
s t e p s
RDP
i n t e n d s
to
a k e
wth
egardtour ing
the
events
set
forthinorth Fork
Bank'
s
o t i eo
efault,
as
wel
s obta in ing
a
e t t e r
fromNorth
Fok
B a n k
confirming
t h a t
saddefault
has
been
u r e d .
A d d i t i o n a l l y ,
a v e
r e v i e w e d
Mr.
Hoffman'
s
e e n t
revisions
to
he
Second m e n m e n tto
A g r e e m e n t
o
L e a s e ,
w h i c h
was
p r o v i d e d
b y
M.
Minsker to
me
onNovember 22
2004nd
I
a n n o t agree
to
a m e .
I
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Closing
Documents,
asset forth
in
Attorney
Minsker'
s
Comprehensive
Changes,
dated
July
19
2004
and
t t o r n e y Minsker '
s
m a i lto.
H o f f m a n ,
d t e d
Juy
9,
2004.
I
re i terate
th e
C i t y 's
osition in
ts
N o v e m b e r
5
2004
letter,
tha
the
City
stood ready
a n d s t ands
ready,
wlling
and
b le tocloseupon
s a t i s f a c t o r y r e s o l u t i o n
o
h e
ssues
outlined
in
the
ity'
s
o v e m b e r5
004
l t
n d
r e s t o r i n g the
o r t g g e and
other
L o a n
D o c u m e n t s
to
good
standing.
I
rus
you
will giveths
u r g e n t
m t t r
your
u t m o s t
attention.
Very
truly
y o u r s ,
l . - ~)..,...-..
J/
orge ' M o n z a l e z
City
M a n a g e r
t
\
mgr\$
ALL\
C H R I S T I N \
JMG\
o y a l Pam
C l o s i n g
Documents -
Peebles (
11
22
04).
doc
Cu r r a yH
Dubbin,
Cty
t t o r n e y
Christina
Cuervo,
Assistant
Cty
M a n a g e r J o e l
Ninsker ,
E s q u i r e
C o m m i s s i o n
J o s e
Smth
S t ua r t
H o f f m a n ,
Esquire
Suart
T
app,
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PROS
KAUER
ROSE LLP
2255
Glades
R o a d
Suite
340
West
B o c a
Raton,
FL
3 4 3 1 -
7360
T e l e p h o n e
561.
241.
7400
Elsewher
in
Florida
800
432
74 6
Fax
561.
41 .
145
NEW
Y O R K
LOS
N G E L E S
WASHINGTON
N E W A R K
PARS
Suart
T
app
Atorney
a
Law
rect
Da:
561.
995.
4730
k a p p @ p r o s k a u e r .
com
ovember
16
004
VA
F A C S I M I L E .
F E D E R A L E X P R E S S
A N D
C E R T I F I E D
M A I L . R E T U R N R E C E I P T R E Q U E S T E D M i a m i
B e a c h
R e d e v e l o p m e n t Agency
E x e c u t i v e
Director
1700 C o n v e n t i o n
Cener
Drive
Mami B e a c h ,
FL
33139
RE
g r e e m e n t
o
Lease
dated
as
o
a y
28,
1998 (
the round Lease )
between Mami
B e a c h
R e d e v e l o p m e n t
Agency ( w n e r )
an d
RDP
R oya l P a lm
Hoe
L imi ted P a r t n e r s h i p (
Tenant ),wth
respec t
to
the
oyal
Palm
Hoe,
iami
Bea c h , F l o r i d a (
the
roperty )
Dear
Sr
o
a d a m :
Ths
inn
r e p r e s e n t s
N o r t h
Fork
Bank (
ender ) ,
h i c h
ha s
a c q u i r e d
fromnion
P l a n t e r s
B a n k UPB )
thacertain
F l o r i d a
Leasehold
Mortgage, s s i g n m e n t
o
L e a s e s and Rentsande c u r i t y
A g r e e m e n t dated
as
ou n e
2
998, x e c u t e d
T e n a n t by
in
favor
o f U P B ,
recorded
in
fica
Records Book
1 8 1 7 0 ,
Page
185,ohe Public
R e c o r d s o
iami-
D a d e
County,
l o r i d a (as a m e n d e d
from
time
to
tme,
heo r t g a g e ) , n d
certain
o t h e r
d o c u m e n t s
executed
a n d /
or
e l i v e r e d f r o m timeto
ime
in
connection w i t h
the
Mortgage
a n d the loan
secured
h e r e b y
as
a m e n d e d from t i m e
to
imeh e
Loan
D o c u m e n t s ) .
Aopy
o
a
eterfrom
U PB
advising
T e n a n t
o
the
s s i g n m e n t
of
theoan
D o c u m e n t s
isn c l o s e d .
In
r d e rtor o t e c t Lender'
sosition
ase c o g n i z e d
Mor tgagee
u n d e r
the Ground Lease
and
o n s i s t e n t
wi th pasr a c t i c e , n o t i c e
is
e r e b y
gven
to
w n e r tha
e n d e r
has
declared
anEvenof
D e f a u l t
under
th e
M or t g a ge
-
8/15/2019 LTC 297-2004 RDP Royal Palm Default Notive
5/7
PROSKAUER ROSE
LLP
Mami Beach
Redevelopment
Agency
No\'
ember
16
2 0 0 4
Page .
lnotice,
correspondence a n d
ohero m m u n i c a t i o n s
to
Lender
s h o u l d
be
madeasollows:
N o r t h F o r k
Bank
c/
o
t u a r t
T app,
Esq.
Proskauer
Rose
LLP
2255
Glades RoadSute
340
e s t
Boca
R a t o n ,
F l o r i d a
33431-
7360
e l e p h o n e
No.
61-
995-
4730FaxNo
5 6 1 -
241- 7145
-
mail:
-
8/15/2019 LTC 297-2004 RDP Royal Palm Default Notive
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PROSKAUER
ROSE LLP
cc:
Miami
Beach
Redevelopment
Agency
General Counsel
1700o n v e n t i o n Center
Drive
Miami Beach,
F l o r i d a
3 3 1 3 9
Ctyo
M i a m i Beach
Cty
anage r
1700
C o n v e n t i o n
Center Drive
M i a m i
B e a c h Florida
33139
City
o
Mam
Beach
Cty
Attorney
1700
C o n v e n t i o n
Center
Drve
M i a m i
Beach,
Florida
33139 Bloom &
Mnsker
Sui te
7 0 0
1400r i c k e l l A v e n u e
M i am i ,
Florida
33131
A t t e n t i o n : Joe
N
M i n s k e r ,
P.
A
DP
Roya
Pam
Hoe
L i m i t e d
P a r t n e r s h i p
coeebles
A t l a n t i c D e v e l o p m e n t Corpora t ion
550
Biltmore
W a ySute
970
Cora Gables,
Florida
33134
Attn:
R
onahue
Peebles
S t u a r t
K
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11/
1204
09:
21
FAX
305
373
0728
ROY
A~IS
002
U N I O N
PLANTERS
BANK
N o v e m b e r
10,
004
YIA
A C S I M I L E
AND
M A l L
Mr.
R
onahue
Peebler .
RDP
o y a l
Palm
Hotel
Limited
P a r t n e r s h i p
c/
o
PADe
H o s p i t a l i t y (
orporation
15 0
B i l t m o r e
Way,
u i t : 970
Coral
Gables,
Plorida ::
3134
r
e:
Union
P
anters
Bank,N
A
oan to
R D P
Royal
Palm
Hotel L i m i t e d
P a r t n e r s h i p ,a
lorida
1 1 1 l i t e d
p a r t n e r s h i p
D e a r Don:
This
letter
is
c
d v i se
you
that
the
a nk
h a s
assigned
the
loan
to
o r t h
Fork
ank. North
Fork
a n k will
lIe'
o n t a c t i n g
you
to
rovide
you
wth
n s t r u c t i o n s
for
p a y m e n t
and
o t h e r
i n f o r m a t i o n .
In
hem.
ant ime,
should
you
have
any
q u e s t i o n s
p l e a s e
call
Stuar t
Kapp,
s q . ,
a
6 1
995-
4 7 3 0 . er yr u l y
yours , R o y D .
Tanis
Senior
V i c e
President
cc
C i t y
M ~
ager
it yo
i a m i
J
3 e a c h
E x e c 1l.
tive
i r e :
tor.
am
Be a ch
F..
d e v e l o p m e n t
A g e n c y
M