Preheat oven to 325°F (163°C). Generously grease (and flour, if desired) a 10-inch Bundt pan.
In a large bowl or stand mixer fitted with the paddle attachment, beat the butter on medium speed until smooth.
Gradually add the sugar and beat for 3–5 minutes until light and fluffy.
Add eggs one at a time, mixing well after each addition. Scrape down the sides of the bowl as needed.
Mix in vanilla, almond extract, lime zest, lime juice, and sour cream until combined.
In a separate bowl, whisk together flour, baking soda, and salt.
Gradually add the dry ingredients to the wet mixture, mixing on low speed until just incorporated. Do not overmix.
Toss chopped maraschino cherries with 1 tablespoon flour to coat lightly. Gently fold cherries into the batter by hand.
Pour batter into the prepared Bundt pan and smooth the top. Bake for 70–75 minutes, or until a toothpick inserted in the center comes out with a few moist crumbs, but no wet batter. The top should be golden and the edges slightly pulling away from the pan.
Let cake cool in the pan for 15 minutes. Then carefully invert onto a wire rack and let cool completely.