SECOND AMENDMENT TO THE FOOD AND DRINK PROPERTY OWNER GRANT PROGRAM - LOAN TO GRANT AGREEMENT - 1011 CLEVELAND STSECOND AMENDMENT TO THE FOOD AND DRINK PROPERTY OWNER GRANT
PROGRAM
LOAN -TO -GRANT AGREEMENT
485 N. KELLER ROAD, SUITE 520, MAITLAND, FL 32751
949 CLEVELAND STREET, LLC
THIS SECOND AMENDMENT TO THE FOOD AND DRINK PROPERTY OWNER
GRANT PROGRAM LOAN -TO -GRANT AGREEMENT, entered into this ?9T day of
, 2022, by and between the Community Redevelopment Agency of the City
of Clearw ter, Florida (hereafter "CRA"), whose address is P.O. Box 4748, Clearwater,
Florida 33758-4748, a public body corporate and politic of the State of Florida, and 949
Cleveland Street, LLC, a Florida limited liability company whose address is 485 N. Keller
Road, Suite 520, Maitland, FL 32751 (hereinafter "Borrower").
WITNESSETH
WHEREAS, the CRA and the Borrower entered into a Food and Drink Business
Property Owner Grant Program Loan -to -Grant Agreement ("the Agreement") on February
27, 2020 for the property commonly referred to as 1011 Cleveland Street, Clearwater, FL
33756; and
WHEREAS, the CRA and the Borrower amended certain provisions of the Agreement
on January 15, 2021; and
WHEREAS, the parties now again desired to amend certain provisions of the
Agreement on the terms and conditions contained here;
NOW THEREFORE, in consideration of the premises, the mutual covenants, and
promises contained herein, and other good and valuable consideration, the Borrower and
the CRA agree and covenant each with the other as follows:
Section 1. Section B "Program Funding," Paragraph 3 of the Agreement is
amended to read as follows:
Loan funds will be disbursed on a monthly reimbursement basis for satisfactorily
completed work towards the Project. However, the final 10% of the loan funds will not be
disbursed until Borrower obtains a Final Certificate of Occupancy and the proposed
restaurant use is open for business during the required business hours. Additionally, if
Borrower does not obtain a Final Certificate of Occupancy and the proposed restaurant
is not open for business by March 1, 2023, Borrower agrees that this Agreement shall
become null and void, that Borrower will not be entitled to the final 10%, and that the CRA
will be entitled to the return of any loan funds disbursed under this Agreement.
Section 2. Section D "Default by Borrower," Paragraph 2 of the Agreement is
amended to read as follows:
Borrower's failure to obtain a Final Certificate of Occupancy or to open the proposed
restaurant for business by March 1, 2023.
Section 3. All terms and provisions of the Agreement not modified, changed, or
amended hereby shall remain in full force and effect.
IN WITNESS WHEREOF, the Borrower and CRA have executed or caused these
presents to be executed by its respective authorized representatives to be effective as of
the day and year first above written. This Amendment is executed in two original copies
of which one is to be delivered to the Borrower and one to the CRA.
Approved as to form:
Michael P. Fuino
CRA Attorney
BORROW
By:
Its:
949 CI
i el
COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OFLEARWATER, FLORIDA
By:
Attest:
rank V. Hibbard
Chairperson
"'Rosemarie Call
Clearwater City Clerk
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Street, LLC, a Florida limited liability company
STATE OF FLORIDA ]
COUNTY OF PINELLAS ]
The foregoing instrument was acknowledged before me this VA day of
�A► vet NA -4. , who is personally known to me or who has produced a
driver's license as identification.
My Commission expires: 1/ tZ
Notary Public