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FULL STEAM AHEAD, UTILITY BOARD APPROVES DOCUMENTS TO ALLOW CLOSINGS TO PROCEED AT STEAM PLANT CONDOMINIUMS

07/23/2009 ~ At their regular meeting on Wednesday, July 22nd, the Utility Board approved the fourth lease amendment and Estoppel Certificate with Steamplant Condominiums, LLC paving the way for closings to commence on the 19 market-rate units of the development project.

The amendment and Estoppel Certificate state, in part, that:

- The lease term of 99-years commenced November 1, 2008 and will expire October 31, 2107.

- All conditions under the lease to be performed by Steamplant Condominiums, LLC have been satisfied.

- Steamplant Condominiums, LLC shall pay Keys Energy Services (KEYS) $5,263.16 upon the closing of each market-rate unit, provided all money is paid to KEYS on or before June 30, 2010 to meet deposit requirements.

- KEYS acknowledges that Steamplant Condominiums, LLC has substantially completed the building and common areas as evidenced by the Certificates of Occupancy.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, July 22nd, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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