Document:

Exhibit 10.23

     

    ESCROW EXTENSION AGREEMENT

     

    THIS ESCROW EXTENSION AGREEMENT
      (the “Extension Agreement”) is made by and among THE GREATER ORLANDO AVIATION AUTHORITY, a public and governmental body created as an agency of the
      City, existing under and by virtue of the laws of the State of Florida, whose mailing address is One Jeff Fuqua Boulevard, Orlando, Florida 32827-4399 (the “Authority”), and ALL ABOARD FLORIDA – OPERATIONS LLC, a Delaware limited liability company authorized to conduct business in Florida, whose mailing address is 2855 LeJeune Road, 4th Floor, Coral Gables, Florida, 33134 (“Rail Company”), joined by the CITY OF ORLANDO, a municipal corporation created by
      and existing under the laws of the State of Florida, whose address is P.O. Box 4990, 400 S. Orange Avenue, Orlando, Florida 32802-4990 (the “City”).

     

    W I T N E S S E T H :

     

    WHEREAS, the Parties entered into
      that certain Rail Line Easement Agreement dated of January 22, 2014, as amended by that certain First Amendment to the Rail Line Easement Agreement dated October 3, 2014 and that certain Second Amendment to the Rail Line Easement Agreement dated
      October 26, 2015 (collectively the “Easement Agreement”), which governs the parties rights and obligations related to the development of an inter-city rail project at the Orlando International Airport, that certain Premises Lease and Use Agreement
      with an effective date of January 22, 2014, as amended by that certain First Amendment to the Premises Lease and Use Agreement dated September 25, 2014 (collectively the “Lease Agreement”), which governs the parties right and obligations related to
      the development of the Rail Station Building and the Rail Company Premises and that certain Vehicle Maintenance Facility Ground Lease Agreement dated January 22, 2014, as amended by that certain First Amendment to the Vehicle Maintenance Facility
      Ground Lease Agreement dated October 28, 2015 (collectively the “VMF Agreement”) (the Easement Agreement, Lease Agreement and VMF Agreement shall be collectively referred to as the “Escrow Agreements”); and

     

    WHEREAS, the Escrow Agreements are
      being held in escrow pursuant to the terms of the Easement Agreement until December 31, 2015 at which time all Escrow Conditions must be met; and

     

    WHEREAS, Rail Company has requested
      an extension of one (1) year to the Escrow Term until December 31, 2016 to meet all the Escrow Conditions; and

     

    WHEREAS, the Authority has
      designed, engineered and permitted the Rail Station Building and is ready, willing and able to issue a contract to begin construction upon satisfaction of all Escrow Conditions; and

     

    WHEREAS, the Authority and Rail
      Company have agreed on the required security from Rail Company to allow the Authority to approve the Escrow Term extension and initiate construction of the Rail Station Building prior to satisfaction of all Escrow Conditions; and

     

    WHEREAS, the Parties agree to amend
      the Escrow Agreements to extend the Escrow Term until December 31, 2016, subject to the terms and conditions contained in this Extension Agreement

     

    
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    NOW, THEREFORE, for and
      inconsideration of the premises and of the mutual covenants hereinafter contained, the parties hereto do hereby agree as follows:

     

    1.             Recitals. The above recitals are
      true and correct and are hereby incorporated herein by this reference.

     

    2.             Definitions. Capitalized terms
      shall have the same meaning as set forth in the Escrow Agreements or as defined herein.

     

    3.             Escrow Term Extension. The
      Authority agrees to extend the Escrow Term until December 31, 2016 (the “Escrow Extension”). The Escrow Extension is conditioned upon the following actions of the Rail Company to occur on or before December 31, 2015.

     

    
      		a.	
              Letter of Credit.
                Rail Company shall provide an irrevocable evergreen letter of credit in favor of the Authority in an amount of Ten Million Dollars and No/100 ($10,000,000.00) in a form subject to final approval in the sole and absolute discretion of the
                Authority (the “Letter of Credit”). The Letter of Credit secures the first three and one-half (3.5) years of rental payments for the Premises, including the Platform, under the Lease Agreement to ensure sufficient funds exist for repayment
                of the Florida Department of Transportation (“FDOT”) loan and for operation and maintenance of the Rail Station Building. The Authority shall be able to draw upon the Letter of Credit annually beginning upon the Substantial Completion date
                of the South Airport APM Complex in an amount equal to the annual rent payments for the Premises, including the Platform, and continue to draw annually until the earlier to occur of (i) the Rail Company initiates revenue operation of its
                Rail Transportation Business and makes its first timely rent payment or deemed payment pursuant to the Lease Agreement (“Revenue Operations”) or (ii) the Letter of Credit is exhausted. If the Authority draws on the Letter of Credit in a
                year in which the Rail Company commences Revenue Operations, the Rail Company shall be deemed to have made the Rent Payments for the portion of the year for which a draw was made on the Letter of Credit. Further, upon the commencement of
                Revenue Operations, the Letter of Credit shall be returned to the Rail Company:

            

    

     

    If the Escrow Conditions have not been met prior to December 31, 2016, Rail Company shall be entitled to an additional one (1) year
      extension until December 31, 2017 if Rail Company has either (1) prior to December 31, 2016, obtained financing in the form of documented loans, documented equity commitments and/or cash on hand in forms reasonably acceptable to the Authority,
      required to fund Rail Company’s infrastructure (including train sets) to bring the Rail Transportation Business to the Orlando International Airport or (2) (i) Rail Company shall close on the purchase of all right-of-way (by fee, lease or easement)
      required to construct its Rail Transportation Business infrastructure from the existing Florida East Coast Railway L.L.C. rail right of way east to the eastern edge of the Orlando International Airport property prior to December 31, 2016 (with it
      being understood that the failure of the Authority to exchange property with the Central Florida Expressway Authority shall not cause the failure of this condition) and (ii) within one hundred eighty (180) days from the Effective Date of this
      Extension Agreement, at no cost to the Authority, Rail Company shall deliver to the Authority a full set of 100% complete engineering drawings for the Critical Rail Corridor Improvements.

    
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    The provisions of this section 3(a) shall survive the expiration or early termination of this Extension Agreement.

     

    
      		b.	
              Rail Company Contribution. Rail Company shall provide Eight Million Dollars
                and No/100 ($8,000,000.00) in the form of a wire transfer to the Authority (the “Station Contribution”). The purpose of the Station Contribution is to provide funds to allow the Authority to design, engineer, permit and construct the Rail
                Station Building as designed, including passenger vertical circulation between the hold room and the Platform consisting of two (2) pair of passenger elevators, two (2) pairs of escalators, two (2) sets of stairwells and a full rain canopy
                covering at minimum to beyond the entire 850’ length of the Rail Company’s longest length of passenger cars, excluding the locomotives. The Station Contribution shall be non-refundable and shall not be credited towards the rental payments
                or Purchase Price of the Rail Line Easement and Rail Line Slope and Drainage Easement. The canopy and/or the escalators funded by the Station Contribution shall be deemed Improvements as defined in the Lease Agreement and owned by the Rail
                Company pursuant to Section 6.06 of the Lease Agreement. The Authority warrants that the Rail Station Building shall be constructed pursuant to the plans approved by the Rail Company, which shall include passenger vertical circulation
                between the hold room and the Platform consisting of two (2) pair of passenger elevators, two (2) pairs of escalators, two (2) sets of stairwells and a full rain canopy covering at minimum to beyond the entire 850’ length of the Rail
                Company’s longest length of passenger cars, excluding the locomotives.

            

    

     

    
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      		c.	
              Amendment to Escrow Agreements. Rail Company shall enter into amendments to
                the Escrow Agreements to modify terms impacted by the Escrow Extension. The main items to be amended in each agreement are listed below.

            

    

     

    i.       Easement Agreement

     

    
      		1.	
              Upon another entity entering into an agreement with the Authority and thereafter being prepared to initiate construction within the Rail Corridor, the Authority may,
                in its sole and absolute discretion, elect to allow such entity to construct the Critical Rail Corridor Improvements. Upon the Authority making said election, the Authority shall provide written notice of said determination to Rail Company
                which shall include the name and contact information of the entity prepared to initiate construction. If not already provided, Rail Company shall cause the design documents for the Critical Rail Corridor Improvements to be completed and
                delivered to the Authority upon completion, but not later than one hundred eighty (180) days after the Effective Date, together with all necessary assignments and warranties subject to the limitations set forth in the Rail Company’s
                agreement with the engineering firm, and any permits obtained solely with respect thereto. The Rail Company shall not receive a credit associated with the Critical Rail Corridor Improvements constructed or funded by such other entity, but
                shall receive a credit for any Critical Rail Corridor Improvements constructed or funded by Rail Company, the cost of the design of the Critical Rail Corridor Improvements and the cost of any permit with respect thereto. Subsequent to
                assignment of the design drawings, Authority agrees to consult with Rail Company regarding any change in the design of the Critical Rail Corridor Improvements that would have an impact on Rail Company’s ability to utilize the Rail Corridor
                within the Rail Line Easement. If the right to construct the Critical Rail Corridor Improvements has been assigned to another entity, the Rail Company satisfies all Escrow Conditions, a timeline for completion of the Rail Company
                Improvements is agreed to by the parties and the Rail Company is not able to proceed with construction of its Improvements within the Rail Corridor or commence Revenue Operations due to a delay caused by the other entity’s construction of
                the Critical Rail Corridor Improvements, then Rail Company is entitled to a day for day delay in the Rent Commencement Date for the Lease Agreement or if the Rent Commencement Date has occurred pursuant to the terms of this Agreement, a day
                per day credit against the Annual Rent due under the Lease Agreement.

            

    

     

    
      		2.	
              Extension of Escrow until December 31, 2016, with the ability to extend for one (1) additional year, subject to conditions herein.

            

    

     

    The provisions of this Section 3c.i. shall survive the expiration or early termination of this Extension Agreement.

     

    ii.      Lease Agreement

     

    
      		1.	
              Rent payments to begin upon Substantial Completion (as defined in the Lease Agreement) of the South Airport APM Complex.

            

    

     

    
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      		2.	
              Rent is to be adjusted as of the break of escrow based on the formula set forth in the Lease Agreement.

            

    

     

    
      		3.	
              The amount of the Performance Security shall increase from an amount equal to three (3) months’ annual rental payable by Rail Company pursuant to Article 4 to increase
                to an amount equal to one (1) year of annual rental payments.

            

    

     

    
      		4.	
              Revise the definition of Primary Infrastructure Work to include the new revised list and associated costs and require funding prior to January 20, 2015 Authority Board
                agenda.

            

    

     

    iii.     VMF Agreement

     

    
      		1.	
              Revise to recognize possibility of reduction of the credit related to the Critical Rail Corridor Improvements if a portion of the work is performed by another entity
                as set forth in Section 3.c.i.l.

            

    

     

    
      		2.	
              Revise to recognize limitation of liability as to Sun Rail at-grade crossing consistent with the statutory approach currently contemplated for Tri-Rail.

            

    

     

    4.          Restriction as to Alternative Station Site.
      Rail Company agrees not to engage in any negotiations or discussions with any third party to locate an alternate terminal rail station within the Orlando Metropolitan Statistical Area. Upon the Rail Company’s breach of this restriction, the extension
      to the Escrow Term shall terminate and the Authority shall be entitled to retain the Station Contribution, the Letter of Credit and the engineering drawings.

     

    5.          General Provisions.

     

    (a)          Nonwaiver. No waiver of default by
      either party of any of the terms, covenants, or conditions of this Extension Agreement to be performed, kept, and observed by the other party shall be construed to be or act as a waiver of any subsequent default of any of the terms, covenants, and
      conditions to be performed, kept, and observed by the other party and shall not be deemed a waiver of any right on the part of the other party to cancel this Extension Agreement as provided herein.

     

    (b)          Performance. The parties expressly
      agree that time is of the essence in this Extension Agreement. Failure by a party to complete performance within the time specified, or within a reasonable time if no time is specified herein, shall relieve the other party, without liability, of any
      obligation to accept such performance (subject to Force Majeure Events).

     

    (c)           Waiver of Jury Trial. RAIL COMPANY, CITY AND THE AUTHORITY HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING RELATED TO, ARISING OUT OF OR IN CONNECTION WITH THE TERMS,
        CONDITIONS, AND COVENANTS OF THIS EXTENSION AGREEMENT. Initials______ Initials______ Initials_____

    
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    (d)          No Individual Liability. No
      member, officer, agent, director, or employee of the Authority or Rail Company shall be charged personally or held contractually liable by or to the other party under the terms or provisions of this Extension Agreement or because of any breach
      thereof or because of its or their execution or attempted execution.

     

    (e)          Relationship of Parties. Nothing
      contained herein shall be deemed or construed by the parties hereto, or by any third party, as creating the relationship of principal and agent, partners, joint ventures, or any other similar such relationship between the parties hereto. It is
      understood and agreed that neither the method of computation of rentals, fees, and charges, nor any other provisions contained herein, nor any acts of the parties hereto, creates a relationship other than the relationship of landlord and tenant.

     

    (f)           Capacity to Execute. The
      individuals executing this Extension Agreement have full authority to execute this Extension Agreement on behalf of the entity for whom they are acting herein.

     

    (g)          No Construction Against the Drafter.
      The parties hereto acknowledge that they have thoroughly read this Extension Agreement, including any exhibits or attachments hereto and have sought and received whatever competent advice and counsel was necessary for them to form a full and complete
      understanding of all rights and obligations herein. The parties further acknowledge that this Extension Agreement is the result of extensive negotiations between the parties and shall not be construed more strictly against the Authority or Rail
      Company by reason of the preparation of this Extension Agreement by one of the parties.

     

    (h)          Incorporation of Exhibits. All
      exhibits and attachments referred to in this Extension Agreement are intended to be and are hereby specifically made a part of this Extension Agreement.

     

    (i)           Titles. Paragraph titles are
      inserted only as a matter of convenience and for reference, and in no way define, limit, or describe the scope or extent of any provision of this Extension Agreement.

     

    (j)           Severability. In the event that
      any covenant, condition, or provision of this Extension Agreement is held to be invalid by any court of competent jurisdiction, the invalidity of such covenant, condition, or provision shall not materially prejudice either the Authority or Rail
      Company in their respective rights and obligations contained in the valid covenants, conditions, or provisions of this Extension Agreement.

     

    (k)          Other Agreements; Amendments.
      Nothing contained in this Extension Agreement shall be deemed or construed to nullify, restrict, or modify in any manner the provisions of any other lease or contract between the Authority and Rail Company authorizing the use of the Airport, its
      facilities, and appurtenances. This Extension Agreement constitutes the entire agreement between the parties hereto with respect to the extension of the date to satisfy the Escrow Conditions and, until satisfaction of the Escrow Conditions, the
      Authority’s right to elect a third party to complete the Critical Rail Corridor Improvements. This Extension Agreement may not be modified or amended verbally. Any modification or amendment shall be binding on the parties hereto only if such
      modification or amendment is in writing and signed by both the Authority and Rail Company and joined by the City. No waiver of any of the provisions in this Extension Agreement shall be valid unless in writing and signed by the party against whom
      such waiver is sought to be enforced.

     

    
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    (1)        Approvals. Unless otherwise stated,
      whenever this Extension Agreement calls for approval by the Authority, such approval shall be evidenced by the written approval of the Executive Director.

     

    (m)       Notice. Any notices which may be
      permitted or required hereunder shall be in writing and shall be deemed to have been duly given as of (i) the date and time the same are personally delivered at the address set forth below, (ii) on the same day if sent between 8:00 A.M. and 5:00 P.M.
      on Monday through Friday via facsimile transmission to the respective facsimile numbers set forth below, with receipt acknowledged upon transmission as evidenced by a contemporaneous writing, or (iii) within three (3) days after depositing with the
      United States Postal Service, postage prepaid by registered or certified mail, return receipt requested, (iv) within one (1) business day after depositing with Federal Express or other overnight delivery service from which a receipt or written
      confirmation may be obtained, and addressed as follows:

     

    i.          If intended for the Authority, notices shall be delivered to:

     

    Executive Director

      Greater Orlando Aviation Authority

      Orlando International Airport

      One Jeff Fuqua Boulevard

      Orlando, FL 32827-4399

      Telephone:         (407) _________

      Telecopy:           (407) _________

     

    With a copy to:

     

    Marchena and Graham, P.A.

      976 Lake Baldwin Lane, Suite 101

      Orlando, FL 32814

      Attn: Marcos R. Marchena, Esq.

      Telephone:           (407) 658-8566

      Telecopy:             (407) 281-8564

     

    City of Orlando, Florida

      400 South Orange Avenue

      Orlando, FL 32801

      Attn: Chief Administrative Officer

      Telephone:            (407) 246-2221

      Telecopy:              (407) 246-2842

     

    

    

    
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    City of Orlando, Florida

    400 South Orange Avenue, Third Floor

    Orlando, FL 32801

    Attn: City Attorney’s Office

    Telephone: (407) 246-2295

    Telecopy: (407)___________

     

    or to such other address as may be designated by the Authority by written notice to Rail Company.

     

    
      		ii.	
              Notices to Rail Company shall be delivered to:

            

    

     

    All Aboard Florida – Operations LLC

    2855 LeJeune Road, 4th Floor

    Coral Gables, FL 33134

    Attention: P. Michael Reininger

    Telephone: (305) 520-2300

    Telecopy: (305) ___________

     

    With a copy to:

     

    All Aboard Florida – Operations LLC

    2855 LeJeune Road, 4th Floor

    Coral Gables, FL 33134

    Attention: Kolleen O. P. Cobb

    Telephone: (305) 520-2300

    Telecopy: (305) 520-2400

     

    Akerman Senterfitt

    350 East Las Olas Boulevard, Suite 1600

    Fort Lauderdale, FL 33301

    Attention: Eric D. Rapkin

    Telephone: (954) 759-8962

    Telecopy: (954) 847-5350

     

    or to such other address as may be designated by Rail Company by written notice to the Authority.

     

    (n)          Agent For Service. It is expressly understood and agreed that if Rail Company is not a resident of the State of
        Florida, or is an association or partnership without a member or partner resident of said state, Rail Company shall appoint an agent for the purpose of service of process in any court action between it and the Authority arising out of or based upon
        this Extension Agreement. Rail Company shall, upon request, notify the Authority, in writing, of the name and address of said agent. Such service shall be made as provided by the laws of the State of Florida for service upon a non-resident engaging
        in business in the State.

     

    (o)          Governing Law and Legal Forum. This Extension Agreement is to be read and construed in accordance with the laws of
        the State of Florida. Exclusive venue for all dispute resolution, including litigation, concerning or arising out of this Extension Agreement shall be in Orange County, Florida. The parties submit to the personal jurisdiction of the state and
        federal courts in and for Orange County, Florida.

    
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    (p)          Force Majeure. Should any fire or other casualty, act of nature, earthquake, flood, hurricane, lightning, tornado,
        epidemic, landslide, war, terrorism, riot, civil commotion, general area-wide unavailability of materials, strike, labor dispute, governmental laws or regulations, delays caused by the other party to this Agreement, or other occurrence beyond Rail
        Company’s or the Authority’s reasonable control, prevent performance of this Agreement in accordance with its provisions (each, a “Force Majeure Event”), provided that such Force Majeure Event does not arise by reason of the negligence or
        misconduct of the performing party, performance of this Agreement by either party shall be suspended or excused to the extent commensurate with such occurrence.

     

    (q)          Public Entity Crimes Act.

     

    Section 287.133(2)(a), Florida Statutes, provides that:

     

    An entity under the control of any natural person who is active in the management of the entity
      and who has been convicted of a public entity crime. The term “affiliate” includes those officers, directors, executives, partners, shareholders, employees, members, and agents who are active in the management of an affiliate. The ownership by one
      person of shares constituting a controlling interest in another person, or a pooling of equipment or income among persons when not for fair market value under an arm’s length agreement, shall be a prima facie case that one person controls another
      person. A person who knowingly enters into a joint venture with a person who has been convicted of a public entity crime in Florida during the preceding 36 months shall be considered an affiliate.

     

    (r)           Third-Party Beneficiary. The parties hereto agree that the City is a third party beneficiary to this Extension
        Agreement with full rights of enforcement herein. Otherwise, except for the City, there are no third-party beneficiaries to this Extension Agreement.

     

    (s)           Recording. This Extension Agreement shall not be recorded.

     

    (t)           Estoppel Certificates. Each of the parties shall, from time to time, upon thirty (30) days’ written request, provide
        to the requesting party or any other person identified by the requesting party with an estoppel certificate stating whether the other party is in default hereunder, whether this Extension Agreement is in full force and effect, whether this
        Extension Agreement has been modified, and containing such other certifications as may be reasonably requested.

     

    (u)          Effective Date. The Effective Date of this Extension Agreement is date that the last party fully executes same.

    
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    IN WITNESS WHEREOF, the parties
      hereto have each caused this Extension Agreement to be executed by its authorized representative on the date so indicated below.

    
       

      	 	 	“GOAA”
	 	 	GREATER ORLANDO AVIATION
		 	AUTHORITY
	ATTEST: 	 	 
	 	 	By:	/s/ Phillip N. Brown	 
	/s/ Dayci S. Burnette-Snyder	 	 	Phillip N. Brown, A.A.E.,	 
	Dayci S. Burnette-Snyder,	 	 	
              Executive Director

            	 
	Assistant Secretary	 	 	 	 
	Date: December 23, 2015	 	 	 	 

       

      	 	
              APPROVED AS TO FORM AND LEGALITY this 21st day of
                December, 2015, for the use and reliance by the GREATER ORLANDO AVIATION AUTHORITY, only.

            
	 	 	 
	 	
              Marchena and Graham, P.A., Counsel.

            
	 	 
	 	
              By:

            	
              /s/ Marchena and Graham, P.A.

            
	 	 	
              Marchena and Graham, P.A.

            

    

     

    
      	
              STATE OF FLORIDA

            	 
	
              COUNTY OF ORANGE

            	 

       

    

    Before me, the undersigned authority, duly authorized under the laws of the State of Florida to take acknowledgments, this day personally
      appeared Phillip Brown and Dayci S. Burnette-Snyder respectively Executive Director and Deputy Director of the Greater Orlando Aviation Authority, who are personally known to me to be the individuals and officers described in and who executed the
      foregoing instrument on behalf of said Greater Orlando Aviation Authority, and severally acknowledged the execution thereof to be their free act and deed as such officers and that they were duly authorized so to do.

     

    In witness whereof, I have hereunto set my hand and official seal at Orlando, in the County of Orange, State of Florida, this 23 day of
      December, 2015.

     

    
       

      	 	/s/ ALBA L. Bueno
	 	Notary Public
	My commission expires:	

       

    

    
      	 	 	ALBA L. BUENO
	 	NOTARY PUBLIC	Notary Public - State of Florida
	 	STATE OF FLORIDA	Commission # FF 901087
	 	 	My Comm. Expires Jul 19, 2019
	 	 	Bonded through National Notary Assn.

    

    
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        	 	 	ALL ABOARD FLORIDA –
		 	OPERATIONS LLC
		 	 
	ATTEST:	/s/ Kolleen Cobb	 	By:	/s/ Michael Bradish	 
			 			 
	Printed Name:	Kolleen Cobb	 	Printed Name:	
                Michael Bradish

              	 
			 			 
	Title:	Secretary	 	Title:	Vice President	 
	 	  	 			 
	 	 	 	Date:	December 17, 2015	 

        
          

          

          	TWO WITNESSES:	 
	/s/ Jessica Alvarez	 
	Printed Name: 	Jessica Alvarez	 
	 	 
	/s/ Veronica Vargas	 
	Printed Name: 	Veronica Vargas	 

            

        

      

      	
              STATE OF FLORIDA

            	
              )

            
	
              COUNTY OF Miami-Dade

            	
              )

            

    

     

    The foregoing instrument was acknowledged before me this 17th
      day of December, 2015, by Michael Bradish, as Vice President of All Aboard Florida – Operations LLC, a Delaware limited liability company, on behalf of the limited liability company. He/She is personally known to me or produced a valid driver’s license as identification.

     

    
      	 	 	/s/ Jessica Alvarez
	 	 	Notaty Public
	 NOTARY PUBLIC	Jessica Alvarez	Print Name:
	 STATE OF FLORIDA	 MY COMMISSION # FF 030333	My commission expires:
	 	 EXPIRES: October 23, 2017	 
	 	 Bonded Thru Notary Public Underwriters	 

      
        11

        
          

        

      

    

    
      		 	CITY OF ORLANDO, FLORIDA, a Florida municipal corporation
	 	 	 
	ATTEST:	 	 	 
	By:	/s/ Celeste Brown	 	By:	 /s/ Antonio Ortiz	 
	Printed Name:	
              Celeste Brown

            	 	Printed Name:	
              Antonio Ortiz

            	 
	Title:	City Clerk	 	Title:	Mayor Pro Tem	 
		 	 	 	 	 
	[Official Seal]	 	 	Date:	12/15/15	 

      

        	 	 	 	 	 
	
                 

              	
                APPROVED AS TO FORM AND LEGALITY FOR THE USE AND RELIANCE OF THE CITY OF ORLANDO, ONLY, THIS 16 DAY OF Dec, 2015.

              
	
                 

              	
                 

              
	
                 

              	
                By:

              	/s/  Roy K. Payne
	
                 

              	
                Title:

              	Chief Asst. City Attorney	
                 

              
	
                 

              	
                Printed Name:

              	Roy K. Payne

      

    

  

   

  
    12Exhibit 10.24

     

    FOURTH AMENDMENT TO ESCROW EXTENSION AGREEMENT

     

    THIS FOURTH AMENDMENT TO
        ESCROW EXTENSION AGREEMENT (the “Fourth Amendment to Extension Agreement”) is made by and among THE GREATER ORLANDO AVIATION AUTHORITY, a
      public and governmental body created as an agency of the City, existing under and by virtue of the laws of the State of Florida, whose mailing address is One Jeff Fuqua Boulevard, Orlando, Florida 32827-4399 (the “Authority”), and ALL ABOARD FLORIDA - OPERATIONS LLC, a Delaware limited liability company authorized to conduct business in Florida, whose mailing address is 2855
      LeJeune Road, 4th Floor, Coral Gables, Florida, 33134 (“Rail Company”), joined by the CITY OF ORLANDO, a municipal corporation created by and existing under the laws of the State of Florida, whose address is P.O. Box 4990, 400 S. Orange Avenue, Orlando, Florida 32802-4990 (the “City”).

     

    W I T N E S S E T H:

     

    WHEREAS, the
      Parties entered into that certain Rail Line Easement Agreement dated of January 22, 2014, as amended by that certain First Amendment to the Rail Line Easement Agreement dated October 3, 2014, that certain Second Amendment to the Rail Line Easement
      Agreement dated October 26, 2015, that certain Third Amendment to the Rail Line Easement Agreement dated December 21, 2015 and that certain Fourth Amendment to the Rail Line Easement Agreement dated January 27, 2017 (collectively the “Easement
      Agreement”), which governs the parties rights and obligations related to the development of an inter-city rail project at the Orlando International Airport, that certain Premises Lease and Use Agreement with an effective date of January 22, 2014, as
      amended by that certain First Amendment to the Premises Lease and Use Agreement dated September 25, 2014, that certain Second Amendment to the Premises Lease and Use Agreement dated January 26, 2016 and that certain Third Amendment to the Premises
      Lease and Use Agreement dated January 30, 2017 (collectively the “Lease Agreement”), which governs the parties’ rights and obligations related to the development of the Rail Station Building and the Rail Company Premises and that certain Vehicle
      Maintenance Facility Ground Lease Agreement dated January 22, 2014, as amended by that certain First Amendment to the Vehicle Maintenance Facility Ground Lease Agreement dated October 28, 2015 and that Second Amendment to the Vehicle Maintenance
      Facility Ground Lease Agreement dated December 23, 2015 (collectively the “VMF Agreement”) (the Easement Agreement, Lease Agreement and VMF Agreement shall be collectively referred to as the “Escrow Agreements”);

     

    WHEREAS, City,
      Authority and Rail Company entered into that certain Escrow Extension Agreement with an effective date of December 23, 2015, as amended by that certain First Amendment to Escrow Extension Agreement with an effective date of January 30, 2017 (as
      amended the “Escrow Extension Agreement”);

     

    
      	
               

            	
               

            	
              City Council Meeting: 9 - 4 - 18

            
	 	 	 Item K-4  Documentary: 180904K04

    

    
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    WHEREAS, the Escrow
      Agreements are being held in escrow pursuant to the terms of the Easement Agreement until June 30, 2018 at which time all Escrow Conditions must be met; and

     

    WHEREAS, Rail
      Company has requested an extension of six (6) months to the Escrow Term until December 31, 2018 to meet all the Escrow Conditions; and

     

    WHEREAS, the
      Parties agree to amend the Escrow Agreements to extend the Escrow Term until December 31, 2018; and

     

    NOW, THEREFORE, for
      and inconsideration of the premises and of the mutual covenants hereinafter contained, the parties hereto do hereby agree as follows:

     

    1.          Recitals. The above recitals are true and correct and are hereby incorporated herein by this reference.

     

    2.          Definitions. Capitalized terms shall have the same meaning as set forth in the Escrow Agreements or as defined herein.

     

    3.          Escrow Term Extension. The Authority agrees to extend the Escrow Term until December 31, 2018 (the “Escrow Extension”), subject the Rail Company
        shall fund the Aviation Authority Owner’s Authorized Representative team in an amount equal to $2,950,000.00 as set forth in the Sixth Amendment to the Easement Agreement executed contemporaneously with this Fourth Amendment to Escrow Extension
        Agreement.

     

    4.          Modification. Except as expressly amended and supplemented in this Fourth Amendment to Escrow Extension Agreement, all other terms of the Escrow
        Extension Agreement shall remain in full force and effect as originally executed.

     

    IN WITNESS WHEREOF,
      the parties hereto have each caused this Second Amendment to Extension Agreement to be executed by its authorized representative on the date so indicated below.

     

    [THIS SPACE LEFT INTENTIONALLY BLANK] 

     

    [SIGNATURE LINES ON NEXT PAGE]

    
      2

      
        

      

    

    
       

      	 	 	 	 	 	 	 
	 	 	 	
              “GOAA”

            	 
	 	 	 	
              GREATER ORLANDO AVIATION AUTHORITY

            	 
	
              ATTEST:

            	 	 	 	 	 
	 	 	
              By:

            	
              /s/ Phillip N. Brown 

            	 
	
              /s/ Dayci S. Burnette-Snyder

            	 	 	
              Phillip N. Brown, A.A.E.,

            	 
	
              Dayci S. Burnette-Snyder

            	 	 	
              Chief Executive Officer

            	 
	
              Assistant Secretary

            	 	 	 	 
	
              Date: June 11,  2018

            	 	 	 	 
	 	 	 	 	 	 
	
              TWO WITNESSES:

            	 	
              APPROVED AS TO FORM AND LEGALITY 

                this 6th day of June, 2018, for the use 

                and reliance by the GREATER ORLANDO 

                AVIATION AUTHORITY, only.

            
	 	 
	
              /s/ Jihyun Park

            	 
	
              Printed Name:

            	
              Jihyun Park

            	 
	 	 	 	 	 	 
	
              /s/ Milagro Fragosa

            	 	
              Marchena and Graham, P.A., Counsel.

            	 
	
              Printed Name:

            	
              Milagro Fragosa

            	 	 	 	 	 
			 	
              By:

            	
              /s/ Marchena and Graham, P.A.

            	 	 
	 	 	 	 	
              Marchena and Graham, P.A.

            	 

       

    

    STATE OF FLORIDA 

      COUNTY OF ORANGE

     

    Before me, the undersigned authority, duly authorized under the laws of the State of Florida to take acknowledgments,
      this day personally appeared Phillip Brown and Dayci S. Burnette-Snyder respectively Chief Executive Officer and Assistant Secretary of the Greater Orlando Aviation Authority, who are personally known to me to be the individuals and officers
      described in and who executed the foregoing instrument on behalf of said Greater Orlando Aviation Authority, and severally acknowledged the execution thereof to be their free act and deed as such officers and that they were duly authorized so to do.

     

    In witness whereof, I have hereunto set my hand and official seal at Orlando, in the County of Orange, State of Florida,
      this 11 day of June, 2018.

     

    
      	 	
              /s/ Alba L. Bueno

            
	 	
              Notary Public

            
	
              My commission expires: 

            	
               

            

       

      	
               July 19, 2019

            	
              Notary Public

              State of Florida

            	
              ALBA L. BUENO

              Notary Public - State of Florida

              Commission # FF 901067

              My Comm. Expires Jul 19, 2019

              Bonded through National Notary Assn.

            

    

     

    
      3

      
        

      

    

    
      	 	 	 	 	 	 	 	 
	 	 	 	 Brightline Trans LLC fka	 
	 	 	 	
              ALL ABOARD FLORIDA – OPERATIONS LLC

            	 
	
               

            	 	 	 	 
	
              ATTEST:

            	 	 	 	
              By:

            	 	
              /s/ Kolleen Cobb

            	 
	 	 	 	 	 	 
	
              Printed Name:

            	 	 	
              Printed Name:

            	
              Kolleen Cobb

            	 
	 	 	 	 	 	 
	
              Title:

            	 	 	 	
              Title:

            	 	
              Vice President

            	 
	 	 	 	 	 
		 	
              Date:

            	 	
              May 31st, 2018

            	 
	 	 	 	 	 	 

      
        	 	 	 	
                 

              	
                 

              	 
	
                TWO WITNESSES:

              	 	 
	 	 
	
                /s/ Brianna Hernandez

              	 
	
                Printed Name:

              	
                Brianna Hernandez

              	 
	 	 	 	 	 	 
	
                /s/ Maria V. Rincon

              	 	 	 
	
                Printed Name:

              	
                Maria V. Rincon

              	 			 	 
	 	 	 	 	
                 

              	 

         

        
          	
                  STATE OF FLORIDA

                	
                  )

                
	
                  COUNTY OF Miami – Dade

                	
                  )

                

        

      

    

     

    The foregoing instrument was acknowledged before me this 31st day of May, 2018, by Kolleen Cobb, as Vice President of
      All Aboard Florida – Operations LLC, a Delaware limited liability company, on behalf of the limited liability company. He/She is personally known to me or produced a valid driver’s license as identification.

     

    
      	 	 	
              /s/ Brianna Hernandez

            
	 	 	Notary Public
	
              Notary Public

            	brianna cari hernandez	Print Name:
	
              State of Florida 

            	
              State of Florida - Notary Public

            	My Commission expires:
	 	
              Commission # GG 184603

            	 
	 	
              My Commission Expires 

            	 
	 	 February 11, 2022	 

    

     

    
      4

      
        

      

    

  

  
    	 	 	 	 		 	 	 
		 	CITY OF ORLANDO, FLORIDA, a Florida municipal corporation
	ATTEST: 	 		 	 
	By:	 	/s/ Denise Aldridge	 	By:	/s/ Regina I. Hill	 
	Printed Name:	Denise Aldridge	 	Printed Name:	
            Regina I. Hill

          	 
	Title:	 	City Clerk	 	Title:	Mayor Pro Tem	 
		 	 	Date:	September 4, 2018	 
	 [Official Seal]	 	 	 	 	 

    
      	 	 	 	 	 
	
               

            	
              APPROVED AS TO FORM AND LEGALITY FOR THE USE AND RELIANCE OF THE CITY OF ORLANDO, ONLY, THIS 4 DAY OF Sept, 2018.

            
	
               

            	
               

            
	
               

            	
              By:

            	/s/  [ILLEGIBLE]
	
               

            	
              Title:

            	[ILLEGIBLE]	
               

            
	
               

            	
              Printed Name:

            	[ILLEGIBLE]

    

  

   

  
    	
             

          	
             

          	
            City Council Meeting: 9-4-18

          
	 	 	 Item K-4  Documentary 180904K04

  

   

  5

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