HomeMy WebLinkAbout1998-07-09 - Agendas - Final July 7, 1998
TO: A & P Commissioners
FROM: Marilyn Snapp
RE: Sub-committee meeting on Thursday, July 9, 1998
1 :00 P.M.
Fayetteville Chamber of Commerce conference room
The following data has been assembled for you regarding the Town Center and HMR funds.
1 . My concerns regarding the lease
2. Revised section 5 .02 of lease from City
3. Lease agreement between City and A & P Commission
4. Historical summary of HMR collections (broken down by hotel collections and
restaurant collections)
5. Hypothetical Financing Scenario - Coopers and Lybrand (1996 dollars)
6. New hypothetical scenario (using decrease in HMR figures because of opening
• of regional airport and revised bond debt service)
7. List of hotels in Fayetteville, Springdale, Rogers and Bentonville
8. Comparative conference room rates
9. Resolution from A & P Commission recommending the issuance of bonds
10. Summary of special project funding from 1995-present
11 . Recommendations for special project funding from CVD Director
•
July 7, 1998
TO: A & P Commissioners
FROM: Marilyn Snapp
RE: Lease Agreement for Town Center between City and A & P Commission
The proposed lease is drafted after the lease that the City presently has with the C. C. E. I have
a copy of this lease if you are interested in reading it.
Because the A & P Commission is providing all funds for the Town Center and the City will
own the building outright after the bonds are paid, I feel that the situation is a bit different than
that of the Continuing Education Center.
I have some concerns regarding the proposed lease with the city, which I feel the Commission
should consider and address before proceeding with the lease. Most of my concerns center on
who actually owns the building. They are:
Section 203 (a) — should $ 1 ,000,000 be in lease agreement since we are building the
• building?
(b) Additional rent (?)
Section 301 — should we cover insurance for fire, liability and property damage to their
building? They presently carry insurance on trolleys and on other public buildings such as the
library although they are operated by entities other than the city per se
ARTICLE IV — Section 40L Maintenance of sidewalks adjoining premises (?)
City owns land on which the Town Center will sit and this may be an opportunity for them to
participate, which was brought out previously.
Section 404. Can we get a break on water and sewer from City?
ARTICLE V — Section 502. I want to be able to work with local groups as much as
anyone else. I have developed a list of other rates, which is included in your packet. Based on
estimated financial operations by Coopers and Lybrand, this facility is going to have to net
$291 .79 per day 365 days a year. I'm still working on a rate structure but would like the
flexibility to change it and not be tied to custodial, janitorial and other special services. I also
feel that a definition of non-profit groups needs to be made if this provision is left in. Non-
profit groups fall into the poor, medium income and rich groups.
OTHERWISE, how can we operate the facilities in a prudent and financially
• responsible manner (Section 503)? And still pick up the deficit????
Section 5 .02 The Lease Premises and Portions thereof should be made available by the
Lessee for use by 501 (c) ( 3 ) designated non-profit groups located in the City of
Fayetteville, Arkansas, for such events as civic receptions and community meetings during
those times when the Lease Premises is not reserved to be utilized for the purposes set forth
in Section 5 .01 above. With respect to this Section, a non-profit may not reserve the
Lease Premises in excess of thirty ( 30) days prior to the date it will utilize the Lease
Premises. Fees charged by Lessee for use by non-profit groups shall not exceed the cost to
Lessee of custodian, janitorial, and other special services (exclusive of utility services) in
connection with such use. The City of Fayetteville Municipal Government may use the
facilities at no charge during those times when the Lease Premises is not reserved to be
• utilized for the purposes set for in Section 5 .01 above.
LEASE AND AGREEMENT
Between
CITY OF FAYETTEVILLE, ARKANSAS
and
• ADVERTISING AND PROMOTION COMMISSION
of the CITY OF FAYETTEVILLE, ARKANSAS
Dated as of
•
• LEASE AND AGREEMENT
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 101 Definitions
ARTICLE 11
DEMISING CLAUSES, DURATION OF LEASE TERM
AND RENTAL PROVISIONS
Section 201 Demise of Leased Premises
Section 202 Term of Lease and Agreement
Section 203 Basic Rent; Additional Rent
• ARTICLE III
INSURANCE
Section 301 Insurance Required
ARTICLE IV
REPAIRS AND MAINTENANCE OF
LEASED PREMISES AND ALTERATIONS
Section 401 Lessee Obligated to Maintain Improvements
Section 402 Lessee Has Right to Make Additions,
Alterations and Changes
Section 403 Structural Improvements and Alterations Become
Property of Lessor; Machinery, Equipment and
Other Property Installed at Lessee's Expense Remain
Its Property With Right of Removal
Section 404 Lessee to Pay Public Utility Charges
• ARTICLE V
USE OF LEASED PREMISES
COMPLIANCE WITH ORDERS, ETC,
Section 501 Permitted Use of Leased Premises and
Compliance With Laws, etc.
Section 502 Use by Local Groups
Section 503 Operating charges, revenues and costs of the Project
ARTICLE VI
LESSOR MAY PERFORM LESSEE'S OBLIGATIONS
Section 601 Lessor May Perform Lessee's Obligations;
Lessee to Reimburse Lessor for Costs and
Expenses Incurred in Doing So
ARTICLE VII
INSPECTION OF LEASED PREMISES
• BY LESSOR AND TRUSTEE
Section 701 Lessor and Trustee to Have Right of Inspection
and Right to Perform Work Subject to Certain
Restrictions
ARTICLE Vlll
DAMAGE AND DESTRUCTION
Section 801 Lessee to Restore in Event of Damage or Destruction;
Application of Insurance Moneys
ARTICLE IX
ASSIGNMENT
Section 901 Assignment and Subletting Permitted But Lessee
Not Relieved of Obligations:
r
• ARTICLE X
DEFAULT PROVISIONS
Section 1001 Events of Default
Section 1002 Remedies
Section 1003 Remedies Not Exclusive
Section 1004 Rental, Damages and Reletting Handled as
Provided In Lease and Agreement and Indenture
ARTICLE XI
NOTICES
Section 1101 Notices
ARTICLE XII
GENERAL
Section 1201 Arkansas Law Applicable
• Section 1202 Severability
Section 1203 Provisions Binding on Successors and
Assigns
Section 1204 Lease Agreement Constitutes Entire Agreement
Section 1205 Lease Agreement Not to Waive Sovereign
Immunity
•
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LEASE AND AGREEMENT
• This LEASE AND AGREEMENT made as of by and
between the CITY OF FAYETTEVILLE, ARKANSAS ("Lessor" or "City") and the
ADVERTISING AND PROMOTION COMMISSION OF THE CITY OF
FAYETTEVILLE, ARKANSAS ("Lessee" or "Commission");
WITNESSETH :
1 . WHEREAS, Lessor is a duly organized and existing municipality, a city of the first
class, under the laws of the State of Arkansas with full and lawful power and authority to
enter into this Lease and Agreement; and
2 . WHEREAS, Lessee is authorized under the laws of the State of Arkansas to enter
into this Lease and Agreement and to perform all covenants and obligations on its part and
to be performed under and pursuant to this Lease and Agreement; and
3 . WHEREAS, at a special election held on August 5, 1997 the electors of the City
approved the issuance of a $6,950,000 Bond issue to finance the construction of the
Fayetteville Town Center as a new, multi-purpose, civic center for meetings, conventions,
exhibitions, entertainment events, related uses and parking; and
4. WHEREAS, the Bonds are issued by the City but are largely/primarily to be funded
by the Advertising and Promotion Commission through the pledge of the City's one cent
Hotel and Restaurant Gross Receipts Tax approved by the voters in 1977; and
5 . WHEREAS, upon completion, the Town Center will be owned by the City; and
6. WHEREAS, the Commission Is will' to manage the Town Center and to assume
• the financial burden, if any , incurred In such management for the purpose of fulfilling their
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statutory purpose of advertising and promoting the City and for maintaining and operating
• a convention center and/or tourist promotion facility In the City; and
7. WHEREAS, the City believes it Is In the best interests of the citizens of Fayetteville
for the Commission to manage the Town Center on behalf of the City,
NOW, THEREFORE, for valuable consideration, receipt of which is hereby
acknowledged by Lessor and Lessee, and in consideration of the mutual benefits and
covenants herein contained, Lessor and Lessee AGREE as follows:
ARTICLE 1
DEFINITIONS
Section 101 . In addition to the words and terms elsewhere defined in this
Lease Agreement, the following words and terms as used in this Lease Agreement shall
have the following meanings unless the context clearly indicates a different meaning or
intent:
"Bonds" - The City of Fayetteville, Arkansas Hotel and Restaurant Gross
Receipts Tax Bonds, Series 1998, issued under and secured by the Indenture, to provide
funds to construct and equip the Project. .
"Indenture" or "Trust Indenture" - the Trust Indenture and First
Supplemental Trust Indenture between the City and the Trustee, which sets forth the
details pertaining to the Bonds, the nature and extent of the security and the rights, duties
and obligations of the City, the Trustee and the holders and registered owners of the Bonds
and the terms under which the Bonds are secured.
• "Lease Agreement" - The within Lease and Agreement.
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"Lease term" or "Term" - the term of the Lease Agreement set forth In
• Section 202 .
"Leased Premises" - the lands, buildings, improvements, and facilities covered
by the Lease Agreement and defined In Section 201 hereof.
"Lessee" - the Advertising and Promotion Commission of the City of
Fayetteville, Arkansas.
"Lessor" - The City of Fayetteville, Arkansas, a city of the first class and
located in Washington County, Arkansas.
"Project" - The lands, buildings, improvements, facilities constituting a multi-
purpose civic center for meetings and conventions, exhibitions, entertainment events and
related uses, and related parking facilities, collectively to be known as the Fayetteville Town
Center financed out of proceeds of the Bonds and other monies and leased under this
Lease Agreement. The lands included In the Project are described as Exhibit A attached
hereto.
"Rent" or "Renu" - the Basic Rent (provided for in Section 203 (a) hereof)
and the Additional Rent (provided for In Section 203 (b) hereof), unless the context
clearly indicates both are not intended.
"Trustee" - The Trustee for the time being, whether original or successor
with the original Trustee being Bank of Oklahoma, N .A., Tulsa, Oklahoma who is a party
to the Indenture.
•
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ARTICLE II
• DEMISING CLAUSES DURATION OF LEASE TERM AND RENTAL PROVISIONS
Section 201 . Lessor, for and In consideration of the rents, covenants and
agreements herein reserved, mentioned and contained, on the part of Lessee to be paid,
kept and performed, agrees to and does hereby lease to Lessee, and Lessee agrees to, and
does hereby lease, take and hire from Lessor, subject to the terms, conditions and
provisions of this Lease Agreement expressed, the following:
(a) The lands situation in Washington County, Arkansas, described in
Exhibit A attached hereto (the "lands");
(b) The buildings, structures and other Improvements now or at any time
hereafter erected and installed on the lands; and
• (c) All accretions, easements, rights of way and appurtenances belonging
to the lands and/or the improvements described in (a) and (b) above.
The properties described In (a), (b), and (c) above are herein collectively
referred to as the "Leased Premises".
TO HAVE AND TO HOLD the Leased Premises unto the Lessee for the
term of this Lease Agreement as hereafter set forth.
Section 202 . The term of this Lease Agreement shall commence upon
substantial completion of the Project and shall run for a period of fifty ( 50) years.
Section 203 . (a) Basic Ren
Lessee covenants to pay to Lessor, Basic Rent of one dollar per year and
• agrees to contribute $ 1 ,000,000 toward the construction of the Project.
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• (b) Additional Rent. During the term hereof, Lessee shall pay as Additional
Rent all expenses, liabilities, obligations and other payments of whatever nature which
Lessee has agreed to pay or assume under the provisions of this Lease Agreement.
ARTICLE 111
INSURANCE
Section 301 . A. Lessee parity shall, at Lessee's sole cost and expense,
keep the Leased Premises insured:
(1) Against the perils of fire and the hazards ordinarily included under
broad form extended coverage endorsements in amounts not less than 90%
of the full insurable value thereof within the terms of applicable policies.
(ii) If there are boiler or pressure vessels, from boiler or pressure vessel
explosion in an amount customarily carried in the case of similar industrial
operations.
• The term "full insurable value" means such value as shall be determined from
time to time at the request of Lessor, Lessee or Trustee (but not more frequently than once
in every forth-eight ( 48) months) by one of the insurers selected by Lessee.
Be At all times during the term, Lessee shall, at no cost or expense to
Lessor, maintain or cause to be maintained:
(1) General Public Liability insurance against claims for bodily injury or
death occurring upon, in or about the Leased Premises, with such insurance
to afford protection to the limits of not less than $ 1 ,000,000 in respect of
bodily injury or death to any one person and to the limit of not less than
$2,000,000 In respect to any one accident; and
(ii) Property damage insurance against claims for damage to property
occurring upon, in or about the Leased Premises with such Insurance to
afford protection to the limit of not less than $ 50,000 in respect of damages
Is
to the property of any one owner.
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C. The insurance required by this Article III shall be maintained in full
• force and effect at all times during the term of this Lease Agreement;
D. Copies or certificates of the insurance provided for by this Article or
elsewhere in this Lease Agreement shall be delivered to the parties. And, in the case of
expiring policies throughout the term, copies or certificates of any new or renewal policies
shall be delivered to the parties.
E. All insurance required by this Section 301 shall be effected with
insurance companies qualified to do business in the State of Arkansas. Appropriate
provisions shall be inserted in each Insurance policy making each policy noncancellable
without at least ten ( 10) days prior written notice to Lessor, Lessee and the Trustee.
ARTICLE IV
REPAIRS AND MAINTENANCE OF LEASED PREMISES AND ALTERATIONS
Section 401 . Lessee shall throughout the term, at no cost and expense to
Lessor, maintain, or cause to be maintained, and at the expiration of the term hereof, yield
up or cause to be yielded up, in good and tenantable repair, order and condition,
reasonable wear and tear excepted, the improvements now or at any time erected on the
lands included in the Leased Premises and sidewalks adjoining the Leased Premises; and
promptly at no cost and expense to Lessor make or cause to be made all necessary repairs,
interior and exterior, structural and non-structural, foreseen as well as unforeseen to such
improvements.
Section 402. Lessee shall have the right from time to time to make
additions, alterations and changes in or to the improvements constituting part of the Leased
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Premises and shall have the right to construct new improvements. It is understood and
• agreed that In the event the Lessee makes any additions, alterations and changes in or to
the improvements constituting part of the Leased Premises as authorized by this Section,
the Lessee shall be under no obligation at the expiration of the term to restore the Leased
Premises to their original condition prior to such additions, alterations or changes.
Section 403 . All structural improvements and alterations made on the
Leased Premises by or on behalf of Lessee shall immediately upon completion thereof be
and become the property of the Lessor without payment therefor by Lessor but subject to
this Lease Agreement. All machinery and equipment, trade fixtures, movable partitions,
furniture and furnishings and other property installed at the expense of Lessee shall remain
the property of the Lessee with the right of removal, whether or not affixed and/or
• attached to the real estate, and the Lessee shall, so long as it Is not in default hereunder, be
entitled but shall not be obligated to remove the same, or any part thereof, during the
term, or within a reasonable time thereafter, but Lessee shall at its own cost and expense
repair any and all damages to the Leased Premises resulting from or caused by their
removal therefrom.
Section 404. Lessee agrees to pay or cause to be paid all charges for water,
gas, sewer, electricity, light, heat or power, telephone or other service used, rendered or
supplied to or for the Lessee upon or in connection with the Leased Premises throughout
the term of this Lease Agreement.
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ARTICLE V
• USE OF LEASED PREMISES - COMPLIANCE WITH ORDERS, ETC,
SECTION 501 . Subject to the following provisions of this Section, Lessor
and Lessee agree that Lessee shall use the Leased Premises for a multi-purpose civic center
for meetings and conventions, exhibitions, entertainment events and related uses and
related parking facilities. Lessee shall during the term promptly comply with all valid
statutes, laws, and requirements of all federal, state, local and other governments or
governmental authorities, including the Bond Indenture and Ordinance, now or hereafter
applicable to the Leased Premises. Lessee shall during the term comply with the mandatory
requirements, rules and regulations of all insurers under the policies required to be carried
under the provisions of this Lease Agreement.
SECTION 502. The Leased Premises and portions thereof shall be made
available by Lessee for use by the local groups for such events as civic and private
receptions, school activitie community meetin ibanquets, tc. durin those times lien
�5 the leased premises is not being utilized for the urposes set forth in Section 501 above.
Lessee Fees charged by Lessee for use by a local groups shall not�x�e d the cost to Lessee of
Gpr`Puse todian, janitorial and other special services (exclusive of utility services) in connection
Jwith such use.
dd
Section 503 . The Lessee covenants that it will operate or cause to be
operated the facilities constituting the Project in a prudent and financially responsible
manner, and will fix, charge and collect reasonable rates, fees and charges for the use of
the facilities constituting the Project and for services performed by the Lessee in connection
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therewith. To the extent that revenues from the facilities constituting the Project are
• insufficient therefore, all operating costs of the Project will be paid by the Lessee.
Section 504. Lessee covenants that it will at all times operate the Project as
a convention center within the requirements of the Advertising and Promotion Commission
Act, Ark. Code Ann. Section 26-75-601 through 618 so that the Lessor will qualify
under the provisions of the City-County Tourist Meeting and Entertainment Facilities
Assistance Law (Ark. Code Ann. Section 14- 171 -210 through 217) for turnback funds. .
Section 505 . Lessee covenants for the benefit of the Lessor and the holders
of Lessor's outstanding Hotel and Restaurant Gross Receipts Tax Bonds that in operating
the Project it will comply with all requirements of the Internal Revenue Code of 1986, as
amended, which are required for interest on the Bonds to be excludable from gross Income
for federal Income taxation purposes.
ARTICLE VI
LESSOR MAY PERFORM LESSEE'S OBLIGATIONS
Section 601 . If Lessee shall fail to keep or perform any of its obligations as
provided in this Lease Agreement in respect of (a) maintenance of insurance; (b) repairs
and maintenance of the Leased Premises; (c) compliance with legal or insurance
ot.
requirements; and (d) making of any other payment ,013erformance of any other
obligations, then Lessor may (but shall not be obligated to do so), upon the continuance of
such failure on Lessee's part for thirty ( 30) days after written notice to Lessee, and without
waiving or releasing Lessee from any obligation, and as an additional but not exclusive
remedy, make any such payment or perform any such obligation (not under circumstances
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where such payment or performance would defeat any rights, herein specifically given to
• Lessee, to withhold such performance or to contest such obligation to the extent herein
provided), and all sums so paid by Lessor and all necessary Incidental costs and expenses
incurred by Lessor in making such payment or performing such obligation shall be deemed
Additional Rent and shall be paid to Lessor on demand.
ARTICLE VII
INSPECTION OF LEASED PREMISES BY LESSOR AND TRUSTEE
Section 701 . Lessee shall permit Lessor and the Trustee or either of them,
by their respective authorized representatives, to enter the Leased Premises at all reasonable
times during usual business hours for the purpose of inspection, and for the performance of
any work therein made necessary by reason of Lessee's default under any of the provisions
of this Lease Agreement.
ARTICLE VIII
DAMAGE AND DESTRUCTION
Section 801 . A. Lessee covenants and agrees that in the event of damage
to or destruction of the Leased Premises, or any part thereof, by fire or other casualty, the
Lessee shall immediately notify the Lessor and the Trustee.
If the Leased Premises sustain "major damage or destruction," (as hereafter
defined) either parry may terminate this Lease Agreement by written notice to the other
parry and the Trustee given within 45 days after casualty and Renu shall be paid to the
date of the casualty.
• If the damage does not constitute major damage or destruction, Lessee shall
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proceed to restore, repair, rebuild or replace the Leased Premises as nearly as possible to
• the condition they were in immediately prior to such damage or destruction.
B. The term "major damage or destruction" as used in this Section is
defined to mean any damage or injury to or destruction of the Leased Premises or any part
thereof (whether or not resulting from an insured peril) such that the Leased Premises
cannot reasonably be restored to Its condition immediately preceding such damage, injury
or destruction within a period of ninety (90) working days, or which would prevent Lessee ,
from carrying on Its operations therein for a period of ninety (90) working days or the
restoration cost of which would exceed the total amount of insurance carried on the Leased
Premises in accordance with the provisions of Article III hereof.
C. All insurance money paid on account of such damage or destruction shall
be paid to the Lessor and applied only to the payment of the cost of the restoration,
repairs, replacements or rebuilding, including expenditures made for temporary repairs or
for the protection of property pending the completion of permanent restoration, repairs,
replacements, or rebuilding or to prevent interference with the business operated thereon
(sometimes referred to as the "restoration") .
ARTICLE IX
ASSIGNMENT
Section 901 . A. Lessee may not assign this Lease Agreement or sublet the
Leased premises or part thereof for a period longer than 60 days without the prior written
consent of Lessor. No such assignment or subletting and no dealings or transactions
• between the Lessor and any sublessee or assignee shall relieve the Lessee of any of its
15
obligations under this Lease Agreement and Lessee shall remain as fully bound as though no
• assignment or subletting had been made, and performance by any assignee or sublessee
shall be considered as performance pro tanto by Lessee.
ARTICLE X
DEFAULT PROVISIONS
Section 1001 . The following shall be "events of default" under this Lease
Agreement and the terms "event of default" or "default" shall mean, whenever they are
used in this Lease Agreement, any one or more of the following events:
(a) Failure by the Lessee to observe and perform any covenant, condition or
agreement on Its part to be observed or performed, (i) for a period of thirty
( 30) days after written notice, specifying such failure and requesting that it
be remedied, given to the Lessee by the Lessor unless the Lessor shall agree
In writing to an extension of such time prior to its expiration or (ii) for such
• longer period as may be reasonably necessary to remedy such default
provided that the Lessee is proceeding with reasonable diligence to remedy
the same.
Section 1002. Whenever any event of default shall happen and then be
continuing, the Lessor 014ha may take any of the following remedial steps:
(a) The Lessor may re-enter and take possession of the Leased Premises
without terminating this Lease Agreement, and sublease the Leased Premises
for the account of the Lessee, holding the Lessee liable for the difference in
the rent and other amounts payable by the Lessee hereunder.
(b) The Lessor may terminate the term, exclude the Lessee from possession
of the Leased Premises and use its best efforts to lease the Leased Premises to
another for the account of the Lessee, holding the Lessee liable for all rent
and other payments due up to the effective date of any such leasing.
(c) The Lessor shall have access to and inspect, examine and make copies of
the books and records relating to the Leased Premises.
• (d) The Lessor may take whatever action at law or in equity may appear
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necessary or desirable to collect the rent and any other amounts payable by
• Lessee hereunder, then due and thereafter to become due, or to enforce
performance and observance of any obligation, agreement or covenant of the
Lessee under this Lease Agreement,
Section 1003 . No remedy herein conferred upon or reserved to the Lessor
is intended to be exclusive of any other available remedy or remedies, but each and every
such remedy shall be cumulative and shall be In addition to every other remedy given
under this Lease Agreement or now or hereafter existing at law or in equity or by statute.
No delay or omission to exercise any right or power accruing upon any default shall Impair
any such right or power or shall be construed to be a waiver thereof but any such right or
power may be exercised from time to time as often as may be deemed expedient.
Section 1004. The foregoing provisions of this Article relating to the receipt
• of moneys by Lessor as the result of an acceleration, upon a reletting or otherwise are each
to be construed as providing that all such payments by Lessee or others shall be handled as
provided in this Lease Agreement and In the Indenture.
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ARTICLE XI
NOTICES
TICES
Section 1101 . All notices, demands and requests which may or are required
to be given by either party to the other or to the Trustee shall be in writing, and each shall
be deemed to have been properly given when served personally on an executive officer of
the party to whom such notice is to be given, or when sent postage prepaid by certified
mail by deposit thereof in a duly constituted United States Post Office or branch thereof
located in one of the present states of the United States of America in a sealed envelope
addressed as follows:
If intended for Lessee:
With Copy to:
If intended for Lessor:
Mayor
City Administration Building
113 W. Mountain
Fayetteville, AR 72701
If intended for Trustee:
(To be supplied by Lessor)
Any parry or the Trustee may change the address and the name of addressee
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to which subsequent notices are to be sent by notice to the other parties given as aforesaid.
• ARTICLE XII
GENERAL
Section 1201 . This Lease Agreement shall be construed and enforced in
accordance with the laws of the State of Arkansas.
Section 1202. If any provision of this Lease Agreement or the application
thereof to any person or circumstance shall, to any extent, be determined to be invalid or
unenforceable, the remainder of this Lease Agreement and the application of its provisions
to persons or circumstances other than those as to which It has been determined to be
invalid or unenforceable, shall not be affected thereby, and each provision of this Lease
Agreement shall be valid and shall be enforced to the fullest extent permitted by law.
Section 1203 . The provisions of this Lease Agreement shall bind and inure
to the benefit of the parties hereto and their respective successors, assigns and sublessee
Section 1204. The within Lease Agreement constitutes the entire
Agreement between these parties relating to the Leased Premises described herein, and
recites the entire consideration given and accepted, paid and to be paid, by the parties, and
no representations not expressed herein have been made by either parry or their agents,
and no representative of either parry shall have any authority to bind the parry allegedly
represented concerning any modifications, additions, amendments or changes In this
Agreement in view of the fact that the parties now agree that all amendments shall be in
writing as amendments to this document and duly executed by the authorized
representatives of both parties in order to have any effectiveness.
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Section 1205 . Nothing in this Lease Agreement shall be construed to waive
• the sovereign immunity of the State of Arkansas or any entity thereof and nothing herein
shall be construed to waive the statutory tort immunity of Lessor.
•
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IN WITNESS WHEREOF, the parties hereto have caused this Lease
• Agreement to be signed in several counterparts, each of which may be considered an
original without the presentation of the others, by their duly authorized officials and
officers as of the day and year first hereinabove written.
CITY OF FAYETTEVILLE, ARKANSAS
LESSOR
Mayor
ATTEST:
City Clerk
ADVERTISING & PROMOTIONS
• COMMISSION OF THE CITY OF
FAYETTEVILLE, ARKANSAS, LESSEE
Chairman
ATTEST:
(Title)
( SEAL)
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• EXHIBIT A
To the LEASE AND AGREEMENT by and between the CITY OF FAYETTEVILLE,
ARKANSAS and the ADVERTISING AND PROMOTION COMMISSION OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
The following described land situated in the County of Washington, State of
Arkansas, to-wit:
Lot Numbered Eight (8 ), the north seven ( 7) feet. of equal and uniform width of Lot
Numbered Nine (9), Lou Numbered Twelve ( 12), Thirteen ( 13 ), Fourteen ( 14) and
Fifteen ( 15 ), including the interest in any vacated alley associated with each lot or partial
lot, all In Block Numbered Thirty ( 30) in the Town (now City) of Fayetteville, as
designated upon the original plat of said town filed in the Office of the Circuit Clerk and
Ex-Officio Recorder of Washington County, Arkansas.
Also any and all interest in "partnership" or common "walls" which were previously
conveyed to the Grantor. Said walls and buildings are no longer in existence.
•
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ACKNOWLEDGMENT
•
STATE OF ARKANSAS )
COUNTY OF WASHINGTON )
On this day of . 19before me, a Notary
Public duly commissioned, qualified and acting, within and for the County and State
aforesaid, appeared in person the within named and
. Mayor and City Clerk, respectively, of the City of Fayetteville, Arkansas, a
municipality of the State of Arkansas, to me personally known, who stated that they were
duly authorized in their respective capacities to execute the foregoing instrument for and in
the name of the City, and further stated and acknowledged that they had signed, executed
• and delivered the foregoing instrument for the consideration, uses and purposes therein
mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal
this _ day of , 19 _•
Notary Public
My commission expires:
(SEAL)
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ACKNOWLEDGMENT
STATE OF ARKANSAS )
COUNTY OF WASHINGTON )
On this day of 19_, before me, a Notary
Public duly commissioned, qualified and acting, within and for the County and State
aforesaid, appeared In person the within named , President of
the Fayetteville Advertising az Promotion Commission, to me personally known, who
stated that he was duly authorized in his capacity to execute the foregoing instrument for
and in the name and behalf of the Commission of the City, and further stated and
acknowledged that he had so signed, executed and delivered the foregoing instrument for
• the consideration, uses and purposes therein mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal
this _ day of , 19 —
Notary Public
My commission expires:
(SEAL)
24
• rent? ARTICLE VI, Section 601 . If A & P can't make payment, we get charged additional
ARTICLE VIII. Section 801 , C. If major damage occurs, insurance money shall be
paid to Lessor (?)
ARTICLE X. Default Provisions. Section 1001 . If the City is collecting the HMR tax,
and responsible for paying the bonds, how can we default? According to the bonds, the City
has no liability.
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