ltc 297-2004 rdp royal palm default notive

8/15/2019 LTC 297-2004 RDP Royal Palm Default Notive

1/7

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.

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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


2/7

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


3/7

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

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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,


4/7

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


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:


6/7

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


7/7

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