Document:

Exhibit 10.31

     

    FIRST AMENDMENT TO GARAGE LEASE

     

    This First Amendment to Garage Lease (“First Amendment”) is entered into by and between DTS FLL PARKING LLC, a Delaware limited liability
      company (“Landlord”) and ALL ABROAD FLORIDA - OPERATIONS LLC, a Delaware limited liability company (“Tenant”) as of this 19th day of December, 2017. Unless otherwise defined herein, all capitalized terms used in this First Amendment shall have the
      same meanings assigned to the same in the Garage Lease.(as hereinafter defined).

     

    RECITALS:

     

    WHEREAS, Landlord and Tenant entered into that certain Garage Lease dated as of August 4, 2016 (the “Lease”), pursuant to which Tenant
      leased from Landlord the Garage.

     

    WHEREAS, Landlord and Tenant desire to amend the Lease to, among other things, extend the Initial Term, on the terms and conditions
      stated herein.

     

    NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant
      agree as follows:

     

    AGREEMENT

     

    1.             Recitals. The above recitals are true and correct and are agreed
        to by Landlord and Tenant as if such recitals were fully set forth herein.

     

    2.             Defined Terms. The following defined terms Set forth in Article 1.0 of the Lease are deleted in their entirety and replaced with the
        following:

     

    (a)          Base Rent: Commencing on the Rent Commencement Date (as hereinafter defined) until the expiration
        of the fifteenth (15th) full Lease Year following the Rent Commencement Date (plus the partial month, if any, following the Rent Commencement Date), the annual Base Rent shall be equal to One Million Three Hundred Forty-Three Thousand
        ($1,343,000.00) Dollars, plus sales tax, if applicable, and from expiration of the fifteenth (15th) full Lease Year following the Rent Commencement Date until the expiration of the twentieth (20th) Lease Year following the Rent Commencement Date,
        the annual Base Rent shall be equal to One Million Four Hundred Seventy-Seven Thousand Three Hundred ($1,477,300.00) Dollars, plus sales tax, if applicable.

     

    (b)          Initial Term: The period commencing on the Commencement Date and ending upon the expiration of the twentieth (20th) full Lease Year following the Rent
        Commencement Date (plus the partial month, if any, following the Rent Commencement Date), unless sooner terminated or extended as provided herein.

     

    3.             Mortgages against Leasehold Estate. Section 10.03(e) of the Lease is deleted in its entirety.

    
      
        

      

    

    4.             Renewal Options.

     

    (a)          Section 14.01(a) of the
        Lease is deleted in its entirety and replaced with the following:

     

    “Landlord hereby grants Tenant the option to renew (the “Renewal Option”) the Initial Term (not to include, for
      purposes of this Section, the Renewal Terms, as hereinafter defined) for three (3) additional terms of sixty (60) months each (each, a “Renewal Term” and collectively, the “Renewal Terms”), commencing as of the date immediately following the
      expiration of the then-current Term, such option to be subject to the covenants and conditions set forth in this Section.”

     

    (b)          The word “fourth” in Section
        14.01(e)(iii) of the Lease is deleted in its entirety and replaced with the word “third.”

     

    5.            Ground Lease. Landlord
        covenants and agrees that Landlord shall pay the Rent (as defined in the Ground Lease) when due and payable under the Ground Lease and shall observe and perform all other terms, provisions, covenants and conditions of the Ground Lease that are to
        be performed, paid and observed on the part of Landlord under the Ground Lease and (ii) shall not, without the prior written consent of Tenant and each Leasehold Mortgagee (x) amend, modify, supplement or waive any provision of the Ground Lease in
        any manner adverse to the rights and obligations of Tenant hereunder or (y) voluntarily cancel or surrender the Ground Lease.

     

    6.             Agreements of Lender. TOTALBANK, a Florida banking corporation (“Lender”)
        made a loan to Landlord in the stated principal amount of up to $14,609,000 (the “Loan”), which is secured by, among other things, a Leasehold Mortgage, Assignment of Rents and Leases and Security Agreement dated August 4, 2016 (which together with
        all increases, renewals, extensions and other amendments thereto, is hereinafter called the “Mortgage”) pursuant to which Landlord collaterally assigned its interest in the Lease to Lender as security for the Loan. In connection with the Loan,
        Landlord, Tenant and Lender entered into a Subordination, Non-Disturbance and Attornment Agreement dated August 4, 2016 recorded in the real property records of Broward County, Florida under Instrument Number 113856023 (the “SNDA”). By it consent
        to this First Amendment, Lender hereby agrees as follows:

     

    (a)          For
        purposes of the SNDA, whether or not a Transfer Date (as defined in the SNDA) has occurred, (i) the Lease shall not be deemed to be in default at any time the Leasehold Mortgagee is exercising its rights as Leasehold Mortgagee under Section 10.03
        and Exhibit F of the Lease and (ii) subject to the terms of the SNDA, Lender acknowledges and agrees to be bound by the rights of a Leasehold Mortgagee pursuant to Section 10.03 and Exhibit F of the Lease to a new Lease upon termination of the
        Lease.

     

    (b)          Following
        a Transfer Date, but subject to the terms of the SNDA, the successor to Landlord under the Lease shall be bound by the rights of a Leasehold Mortgagee pursuant to Section 10.03 and Exhibit F of the Lease.

    
      -2-

      
        

      

    

    (c)          Lender
        will simultaneously with delivery to Tenant send to each Leasehold Mortgagee for which it has been provided an address for notices a copy of each notice given to Tenant under the SNDA. Lender acknowledges that Tenant has advised Lender that (i)
        contemporaneously herewith Deutsche Bank National Trust Company, as collateral agent (“Collateral Agent”), shall have a mortgage on Tenant’s leasehold interest under the Lease and shall be a Leasehold Mortgagee under the Lease and (ii) the address
        for notices to Collateral Agent is 100 Plaza One, 8th Floor, Jersey City, New Jersey 07311 Attention: Debra Schwalb.

     

    7.             No Further Modification. Tenant
        confirms that the Lease remains in full force and effect and (a) Landlord is in compliance with the Lease provisions, and (b) Tenant has no defenses, claims or offsets against Landlord. Except as specifically modified in this First Amendment, the
        terms of the Lease shall remain in full force and effect as of the date originally executed. This instrument shall become effective only upon execution of it by both Landlord and Tenant.

     

    8.             Leasehold Mortgagee Intended Beneficiary. Each Leasehold Mortgagee is an intended third party beneficiary of (i) those provisions of
        the Lease that are expressly for the benefit of a Leasehold Mortgagee, including Section 10.03 and Exhibit F of the Lease and Section 5 of this
        First Amendment and (ii) the Agreements of Lender set forth in Section 6 of this First Amendment, which, being coupled with an interest, is irrevocable.

     

    9.             Counterparts: Facsimile/Electronic Signatures. This First Amendment may be executed in any number of identical counterparts, any or
        all of which may contain the signatures of less than all of the parties, and all of which shall be construed together as a single instrument. In addition, any execution transmitted by facsimile or by electronic mail shall be deemed to constitute an
        original signature of a party for purposes of enforcing this First Amendment.

    
      -3-

      
        

      

    

              IN WITNESS WHEREOF, Landlord and Tenant have executed this First Amendment as of the day and year first above written.

     

    	
            Signed, sealed and delivered 

          	 	
            LANDLORD:

          
	in the presence of: 	 	 
	 	 	
            DTS FLL PARKING LLC, a Delaware limited liability company

          
	 	 	 
	
            /s/ Brianna Hernandez

          	 	
            By:

          	
            /s/ Kolleen Cobb

          

    	
            Print Name: Brianna Hernandez

          	 	
            Name:

          	
            Kolleen Cobb

          

    	 	 	
            Title:

          	
            Vice President

          
	
            /s/ Jessica Perez

          	 	 	 
	
            Print Name: Jessica Perez

          	 	
            Date:

          	
            December 19, 2017

          

     

    [SIGNATURES CONTINUE ON NEXT PAGE]

    
      -4-

      
        

      

    

    	 	 	
            TENANT:

          
	 	 	 
	 	 	
            ALL ABOARD FLORIDA - OPERATIONS LLC, a Delaware limited liability company

          
	 	 	 
	
            /s/ Brianna Hernandez

          	 	
            By:

          	
            /s/ Kolleen Cobb

          

    	
            Print Name: Brianna Hernandez

          	 	
            Name:

          	
            Kolleen Cobb

          

    	 	 	
            Title:

          	
            Vice President

          
	
            /s/ Jessica Perez

          	 	 	 
	
            Print Name: Jessica Perez

          	 	
            Date:

          	
            December 19, 2017

          

    
      -5-

      
        

      

    

    Total Bank is executing this

      First Amendment to evidence its consent to

      Landlord and Tenant entering into this

      First Amendment and to acknowledge and

      agree to be bound by the provisions of

      Section 6 hereof:

     

    	
            TOTALBANK

          	 
	 	 	 
	
            By:

          	
            /s/ Richard Hudson

          	 
	
            Name:

          	
            Richard Hudson

          	 
	
            Title:

          	
            Senior Vice President

          	 

  

   

  -6-Exhibit 10.32

     

    SECOND AMENDMENT TO GARAGE LEASE

     

    This Second Amendment to Garage Lease (“Second Amendment”) is entered into by and between DTS FLL PARKING LLC, a Delaware limited liability company (“Landlord”) and ALL ABOARD FLORIDA - OPERATIONS LLC, a
      Delaware limited liability company (“Tenant”) as of this 15th day of March, 2018. Unless otherwise defined herein, all capitalized terms used in this Second Amendment shall have the same meanings assigned to the same in the Garage Lease (as hereinafter defined).

     

    RECITALS:

     

    WHEREAS, Landlord and Tenant entered into that certain Garage Lease dated as of August 4, 2016, as amended by that certain First Amendment to
      Garage Lease dated as of December 19, 2017 (the “Lease”), pursuant to which Tenant leased from Landlord the Garage.

     

    WHEREAS, Landlord and Tenant desire to amend the Lease on the terms and conditions stated herein.

     

    NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant agree as
      follows:

     

    AGREEMENT

     

    1.             Recitals. The above recitals are true and correct and are agreed to by Landlord and Tenant as if such recitals were fully set forth herein.

     

    2.             Defined Terms. The following defined terms Set forth in the Recitals and Article 1.0 of the Lease are deleted in their entirety and replaced with the following:

     

    (a)          Garage or Project: Landlord constructed a 7-story parking garage containing 558 parking spaces and a ground floor commercial space containing 1,525 square feet.

     

    (b)          Commencement Date: August 21, 2017.

     

    (c)          Initial Term: August 21, 2017 through February 28, 2038, unless the Term is extended or the Lease is terminated pursuant to
        the terms of the Lease.

     

    (d)          Rent Commencement Date: February 17, 2018.

    
      -1-

      
        

      

    

    3.             Notice. Section 13.01 of the Lease is deleted in its entirety and replaced with the following:

     

    13.01       Notice. Any payment, notice or document required or permitted to be delivered by the terms of this Lease shall be delivered in person by hand delivery or overnight delivery service, or sent by
        certified mail, return receipt requested, addressed as follows:

     

    
      		If to Landlord:	
              DTS FLL Parking LLC

                2855 LeJeune Road, 4th Floor

                Coral Gables, Florida 33134

                Attention: Kolleen Cobb

            

    

     

    
      		If to Tenant:	
              All Aboard Florida – Operations LLC

                161 N.W. 6th Street

                Suite 900

                Miami, Florida 33136

                Attn: Heather Enderby

            

    

     

    
      		With a copy to:	
              All Aboard Florida – Operations LLC

                161 N.W. 6th Street

                Suite 900

                Miami, Florida 33136

                Attn: General Counsel

            

    

     

    4.             No Further Modification. Tenant confirms that the Lease remains in full force and effect and (a) Landlord is in compliance with the Lease provisions, and (b) Tenant has no defenses, claims or
        offsets against Landlord. Except as specifically modified in this Second Amendment, the terms of the Lease shall remain in full force and effect as of the date originally executed. This instrument shall become effective only upon execution of it by
        both Landlord and Tenant.

     

    5.             Counterparts; Facsimile/Electronic Signatures. This Second Amendment may be executed in any number of identical counterparts, any or all of which may contain the signatures of less than all of
        the parties, and all of which shall be construed together as a single instrument. In addition, any execution transmitted by facsimile or by electronic mail shall be deemed to constitute an original signature of a party for purposes of enforcing
        this Second Amendment.

     

    IN WITNESS WHEREOF, Landlord and Tenant have executed this Second Amendment as of the day and year first above written.

    	 	 	 	 	 	 	 	 
	
            Signed, sealed and delivered in the presence of:

          	 	
            LANDLORD:

          
	 	 	 
	 	 	
            DTS FLL PARKING LLC, a Delaware limited liability company

          
	 	 	 	 	 	 	 
	
            /s/ Maria V. Rincon

          	 	
            By:

          	
            /s/ Kolleen Cobb

          
	
            Print Name:

          	
            Maria V. Rincon

          	 	
            Name:

          	
            Kolleen Cobb

          
	 	 	 	
            Title:

          	
            Vice President

          
	
            /s/ Jessica Perez

          	 	 	 	 	 
	
            Print Name:

          	
            Jessica Perez

          	 	
            Date: March 15, 2018

          

    
      -2-

      
        

      

    

    	 	 	 	 	 	 	 	 
	 	 	
            TENANT:

          
	 	 	 
	 	 	
            ALL ABOARD FLORIDA - OPERATIONS LLC, a Delaware limited liability company

          
	 	 	 	 	 	 	 
	
            /s/ Maria V. Rincon

          	 	
            By:

          	
            /s/ Kolleen Cobb

          
	
            Print Name:

          	
            Maria V. Rincon

          	 	
            Name:

          	
            Kolleen Cobb

          
	 	 	 	
            Title:

          	
            Vice President

          
	
            /s/ Jessica Perez

          	 	 	 	 	 
	
            Print Name:

          	
            Jessica Perez

          	 	
            Date: March 15, 2018

          

  

   

  -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]