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Home My WebLink About2017-136 • ASSIGNMENT OF LEASES AND RENTS THIS ASSIGNMENT OF LEASES AND RENTS ("Assignment") is entered into as of the day of September, 2017 by and between Sebastian Corners Retail Center, LLC, 426 S.E. 6`h Street, Dania Beach, Florida 33004, a Florida Limited Liability Company, ("Seller") and Indian River County, 1801 27th Street, Vero Beach, FL 32960, a political subdivision of the State of Florida(the "County"): RECITALS WHEREAS, on July 18, 2017, Seller and County entered into an Agreement to Purchase and Sell Real Estate (the "Agreement") for the property located at 1919-1931 US Highway 1, Sebastian FL 32958 (the "Property") to serve as office space for the County's northern offices; and WHEREAS, Seller currently holds leases on the Property for the following tenants: Mattress Firm, Inc. #52123, Prime Communications, L.P., a Texas limited partnership, A & R Cuban Hospitality, Inc. a Florida corporation, Sally Beauty Supply, LLC, and Dollar Tree Stores, Inc.; and • WHEREAS, it is the intent of the Seller and the County that the Tenants will continue to lease the Property on the same terms as those set forth in their various Existing Lease Agreements (Leases) except for Dollar Tree, whose lease expired on September 1, 2017 and is not renewing its lease; and WHEREAS, as part of the Agreement, the Seller will assign all of its right, title and interest in the Leases to the County on the same terms as those set forth in the Leases, including Dollar Tree, whose lease expired on September 1, 2017 and is not renewing its lease but the County may need to enforce the terms of the lease if Dollar Tree is a hold over tenant or if the County needs to enforce other sections of the lease against Dollar Tree. NOW THEREFORE, in consideration of the mutual undertakings herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree, as follows: 1. Recitals. The above recitals are true and correct and are incorporated herein. 2. Effective Date. Commencing on September 5, 2017, upon closing of the Agreement, Seller hereby assigns all of its right, title and interest in the Leases, including the right to receipt of rents, to the County on the same terms as those set forth in the Leases. 3. Coordination and Cooperation for September Payments. Three of the Tenants who will be affected by this-Assignment have their headquarters in Texas, which has been drastically impacted by flooding caused by Hurricane/Tropical Storm Harvey. Even though the best efforts have been used to notify the Tenants of the sale of the Property, the Parties acknowledge that it may be weeks until flooded areas of Texas recover and are able to conduct business. Seller agrees to contact the County should Seller receive Page 1 of 4 any rent payments for September or future month's rent from the Tenants and the Parties agree to work with the Tenants to have the September and future month's rent payments remitted to the County. The County agrees to coordinate with the Seller on any proration of the rent that may be due the Seller. The Parties agree to cooperate and execute any documents necessary to effectuate the terms of this Assignment. 4. Notification of Assignment. The County shall send a copy of this Assignment to the following Tenants at the below addresses as contained on their Leases: Mattress Firm, Inc. #52123 A & R Cuban Hospitality, Inc. 5815 Gulf Freeway d/b/a Las Palmas Restaurant Houston, TX 77023 1923 Cleveland Street Attn: Real Estate Department Palm Bay, FL 32905 Prime Communications, L.P. Sally Beauty Supply LLC Attn: Real Estate Department Real Estate Department Lease 10398 12550 Reed Road, Suite 100 3001 Colorado Boulevard Sugar Land, TX 77478 Denton, TX 76210 and to realestate@primecomms.com Dollar Tree Stores, Inc. Attn: Real Estate Department 500 Volvo Parkway Chesapeake, VA 23320 5. Future Rent Payments. All future rent payments shall be remitted to: Indian River County Attn. Finance Department 1801 27th Street Vero Beach, FL 32960 Tenants who wish to make payment via electronic methods are encouraged to contact the Finance Department at 772-226-1570. 6. Notices Concerning the Lease. All notices concerning the Lease and the Property should be directed to : Indian River County Attn. Public Works Director 1801 27th Street Vero Beach, FL 32960 (772) 226-3490 7. All other provisions of the various Existing Lease Agreements shall remain in full force and effect. Page 2 of 4 IN WITNESS WHEREOF, the Seller has executed this Assignment this Cd-ay Pof Se tember, g 2017. SEBASTIAN CORN RS ' : AIL CENTER, LLC Nik4AIALAil By: Jay Dic if a .ger Witnessed by. signat J /1/ Printed ILOW q S- e. mol , )0,signature: .I L. /a Printed na 1• i, . . ,ti Q� V 0 1 Page 3 of 4 BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA By: 1 Jose. . Fl•scher, Chairman •_.• oniit�`�Ss'` Date Approved: September 19, 2017 .'' ATTEST: Jeffrey R. Smith '••�•''; cout�j t '' Clerk of the Court and Comptrol By: Deputy Clerk APPROVED AS TO FORM: APPROVED: r/ William K. DeBraa Jason E. C ro , County Administrator Deputy County Attorney Page 4 of 4 BOARD OF COUNTY COMMISSIONERS OFFICE OF COUNTY ATTORNEY V EIl',O Dylan Reingold,County Attorney �.= �� William K.DeBraal,Deputy County Attorney Q/ �,\� \\J• Kate Pingolt Cotner,Assistant County Attorney + /'l + ORID t"* September 12, 2017 Mattress Firm, Inc. Store #52123 Prime Communications, L.P., d/b/a AT&T A &R Cuban Hospitality, Inc. d/b/a Las Palmas Restaurant Sally Beauty Supply, LLC Dollar Tree Stores, Inc. Re: Assignment of Leases and Rents 1919-1931 U.S. Highway 1, Sebastian, FL 329658 • Dear Tenants: On September 5, 2017, the real property, that is the subject of your lease, was sold by Sebastian Corners Retail Center, LLC to Indian River County. Attached for your information and records is a copy of the fully executed Assignment of Leases and Rents. Please adjust your records so that future rents be remitted to: Indian River County Attn: Finance Department 1801 27th Street Vero Beach, FL 32960 • Should you desire to have your rent payments made via an electronic method, please contact the Finance Department at 772-226-1570. Should the need arise with regard to notifying Indian River County concerning the property or lease issues, your contact information is: Indian River County Attn: Public Works Director 1801 27th Street • Vero Beach, FL 32960 772-226-3490 Since ely • William K. DeBraal Deputy County Attorney /nhm enclosure cc: Sebastian Corners Retail Center,LLC 1801 27th Street,Vero Beach,Florida 32960-3365• (772)226-1424• Fax(772) 569-4317 • .. . �y C CeS - D Cs O Uj N M C C a • V ca a V i � : E p N • ia 1 . >- W - Z O rtJ • Oct LL >-z 0 F- O) M O W • W .- u_ > c) O E U QcNIm • L Q o 0 OZ °.-° > • dao ws" (14 00 • aUV) N c � _ • avaa otn -01 �, a IL ! Uw• . w w > cn O E y <63 w Q N m U 0 • O ? °•-° > ri M E - N a. kr) e t, r WwX �, o c L i 1.4 c t 11 in • w - IXo OLT • >- D Z M Ow � u 0 L O , civ m apo 0 ? °° > 00 • Cis ate ; d i p O Gr � N ( •y p N t' ^a cz C) W V - c MA • } Q w - zo � J • u_ >- z � Z O N M 0 c UWP U- > cn O ry c(a O <N CO U 0 O Z > . • 4. E CC C. v 1.4 M • L 3 Q ( L r RS — y aEN > a� c a • c Akr) V w - CCo o F- >: ›- D C Z o M m _1 Uwu- LL > v) .� (wj < LL UZv- � U • • • Co)• ► 0.) o Awa ° mow • 0 U0 4 'CC C y CC W • cl C/2 •— N >- o W wO Ou_ . Q � cD .>- z • F- rn Z Q M D U w UWP > (/) 0 ? °r° >