Amendment to Management Agreement between Mutiny On The Park, Ltd., Sonesta Coconut Grove, Inc., and Ocean Bank

Summary

This agreement modifies the existing Management Agreement dated December 22, 2000, between Mutiny On The Park, Ltd. (Owner) and Sonesta Coconut Grove, Inc. (Operator), with the consent of Ocean Bank. The main changes include incorporating new language into the Management Agreement and clarifying that the Owner's Return and Owner's Target Return obligations now apply to Operating Years instead of Calendar Years. All parties have agreed to these modifications by signing this letter.

EX-10.1(B) 4 a2074871zex-10_1b.txt EXHIBIT 10-1B EXHIBIT 10.1(b) Our File Number: 21833 Writer's Direct Dial Number: 954 ###-###-#### Writer's E-Mail Address: ***@*** January 5, 2001 VIA FACSIMILE Mr. Ricardo Dunin Mutiny On The Park, Ltd. ("Owner") 2951 S. Bayshore Drive Coconut Grove, FL 33133 Peter Sonnabend, Esq. Sonesta Coconut Grove, Inc. ("Operator") 200 Clarendon Street Boston, MA 02116 Ocean Bank 200 NE 3rd Avenue Fort Lauderdale, FL 33301 Attention: Joy Venero Re: MUTINY ON THE PARK, LTD. Ladies and Gentlemen: Reference is made to that certain Management Agreement dated December 22, 2000 between Mutiny on the Park, Ltd, and Sonesta Coconut Grove, Inc., a copy of which was delivered to Ocean Bank as Exhibit A to that certain letter from Mutiny on the Park, LTD to Ocean Bank dated December 14, 2000 (the "Management Agreement"; all capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Management Agreement). This shall confirm the intention of Owner and Operator and the consent of Ocean Bank to the following modifications to the Management Agreement: 1. The changed language reflected in the attached pages is hereby incorporated into the Management Agreement. 2. The provisions of the Management Agreement regarding Sections 1.28 and 1.29 are hereby 83 modified to reflect that the Owner's Return and the Owner's Target Return shall be obligations which pertain to Operating Years rather than Calendar Years. The parties contemplate that certain conforming changes to the provisions of the Management Agreement will be undertaken in due course in connection with this modification. Kindly indicate your agreement with the foregoing by executing this letter in the space provided below and forwarding a copy of the countersigned letter to me. Sincerely, /s/ Andrew S. Robins --------------------- Andrew S. Robins Mutiny On The Park, Ltd. by Flagler on the Park, Inc., a Florida corporation, General Partner By:/s/ ----------------------------------------- Name: --------------------------------------- Title: -------------------------------------- Sonesta Coconut Grove, Inc. By: /s/ ---------------------------------------- Name: --------------------------------------- Title: -------------------------------------- Ocean Bank By: /s/ ---------------------------------------- Name: --------------------------------------- Title: -------------------------------------- ASR/so cc: Steve Klein, Esq. Enclosures 84