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Exhibit 10.3
HEALTHSOUTH(R)
June 4, 1999
Xx. Xxxx X. Xxxxxxx, Chairman and CEO
Coastal Community Bank (in organization)
Coastal BHC, Inc.
000 Xxxx Xxxxxx
Xxxxx Xxxxx, Xxxxxxx 00000
RE: OPTION TO SUBLEASE SPACE AT 0000 XXXXX XXXXXXX XXXXX, XXXXX, XXXXXXX
Dear Xx. Xxxxxxx:
This letter is intended to memorialize the agreement between HEALTHSOUTH
Corporation ("HEALTHSOUTH") and Coastal BHC, Inc. ("Holding Company") on behalf
of Coastal Community Bank (in organization) ("Bank") with respect to the option
to sublease commercial office space. As you know, HEALTHSOUTH currently leases
14,000 square feet commercial space on the first floor of the Lennar Medical
Center, 0000 Xxxxx Xxxxxxx Xxxxx, Xxxxx, Xxxxxxx from MCH Properties, Inc.
("MCH"). The Holding Company on behalf of the Bank wishes to sublease 4,600
square feet of HEALTHSOUTH's space for use as a main office of the Bank
("Premises").
HEALTHSOUTH, hereby grants to the Holding Company on behalf of the Bank, an
option to sublease the Premises beginning on the first day of June, 1999 and
ending on the fourteenth (14th) day of September, 1999 ("Option Period")
subject to the following conditions:
o The Bank obtains the necessary federal and state regulatory
approvals to operate as a Florida state chartered commercial
bank.
o The lease between HEALTHSOUTH and MCH is in full force and
effect.
o MCH consents to the sublease of the Premises.
o The Holding Company on behalf of the Bank obtains all necessary
Miami-Dade County planning and zoning approvals to operate the
proposed bank on the Premises.
o Before the expiration of' the Option Period, HEALTHSOUTH and the
Holding Company on behalf of the Bank shall enter into a written
sublease agreement in form, terms, and
ONE HEALTHSOUTH PARKWAY O BIRMINGHAM, AL 35243
000 000-0000
XXXX://XXX.XXXXXXXXXXX.XXX
HRC
NYSE
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Xx. Xxxx X. Xxxxxxx
June 4, 1999
Page 2
conditions, and substance mutually satisfactory to HEALTHSOUTH,
the Holding Company on behalf of the Bank, and MCH.
This Option, if not accepted, will be automatically withdrawn and considered
null and void ten (10) days after the date hereof.
Sincerely,
HEALTHSOUTH Corporation
/s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
Regional Director
Real Estate
TJP/
Xxxxxx and Accepted this 14th of June, 1999
By: /s/ Xxxx X. Xxxxxxx
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Its: /s/ Chairman & Ceo & Pres.
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cc: Xxxx Xxxx
