HomeMy WebLinkAbout93-79 RESOLUTION•
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RESOLUTION NO. q3 -17q
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A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A LEASE WITH THE BOARD OF TRUSTEES OF THE UNIVERSITY
OF ARKANSAS FOR A CONTINUING EDUCATION CENTER.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized and
directed to execute a lease with the Board of Trustees of
rthe University of Arkansas for a Continuing Education Center.
A copy of the lease authorized for execution hereby
attached hereto, marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this day of 6QA..
1979.
€;ATTEST: ,_,_
�-r-1.
LE
APPROVED:
MAYOR
3_LZ..croAdfca
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140'13OFILM S 1989
ATE..—
REEL��"
MICRQRLMID
DATE AN 3 1960
REEL
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C
FILED i'MR [Won F7r.
1277 it.1.1 IIIC
�rI�LS1G. I LitSli� .'.F.ii.
CiiiCUli CLERK
LEASE AND AGREEMENT
Between
CITY OF FAYETTEVILLE, ARKANSAS
and
THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ARKANSAS
Dated as of October 1, 1979
This instrument prepared by
CLARK
The Fitet Nation! Bulitrt, Twentieth fluor
Little Roth, Ar ansns 72201
2`,
=1002 737
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Section 101
Section 102
Section 201
Section 202
Section 203
Section 301
Section 302
Section 303
Section 304
Section 401
Section 501
Section 502
Section 503
Section 601
Section 602
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LEASE AND
TABLE OF
Definitions
Use of Words
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AGREEMENT
CONTENTS
ARTICLE I
DEFINITIONS
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ARTICLE II
CONSTRUCTING AND EQUIPPING OF PROJECT
Constructing and Equipping of Project
Itemization of Project Costs
Lessee to Have Peaceful and Quiet Enjoyment
ARTICLE III
DEMISING CLAUSES, DURATION OF LEASE TERM
AND RENTAL PROVISIONS
Demise of Leased Premises
Term of Lease and Agreement
Basic Rent; Additional Rent
Method Of Payment of Basic Rent
and Additional Rent
ARTICLE IV
INSURANCE
Insurance Required
ARTICLE V
REPAIRS AND MAINTENANCE OF
LEASED PREMISES AND ALTERATIONS
Lessee Obligated to Maintain Improvements
Lessee Has Right to Make Additions,
Alterations and Changes
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
ARTICLE VI
USE OF LEASED PREMISES -
COMPLIANCE WITH ORDERS, ETC.
Permitted Use of Leased Premises and
Compliance With Laws, Etc.
Lessor's Covenant Not to Impose
Burdensome Laws, Etc.
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Section 701
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ARTICLE VII
WORK PERFOPIIED BY LESSEE
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Obligations of Parties Concerning Work
on Leased Premises and Obtaining
Necessary Permits
ARTICLE VIII
MECHANICS' LIENS
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Section 801 - Lessee to Keep Leased Premises Free
of Construction Liens 17
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Section 901
ARTICLE IX
LESSOR MAY PERFORM LESSEE'S OBLIGATIONS
Lessor May Perform Lessee's Obligations;
Lessee to Reimburse Lessor for Costs and
Expenses Incurred in Doing So
ARTICLE X
PUBLIC UTILITIES AND CHARGES
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Section 1001 Lessee to Pay Public Utility Charges - 19
ARTICLE XI
INSPECTION OF LEASED PREMISES
BY LESSOR AND TRUSTEE
Section 1101 Lessor and Trustee to Have Right of
Inspection and Right to Perform Work
Subject to Certain Restrictions 20
ARTICLE XII
DAMAGE AND DESTRUCTION
Section 1201 Lessee to Restore in Event of Damage
or Destruction; Application of Insurance
Moneys 21
ARTICLE XIII
CONDEMNATION
Section 1301 Right of Parties in Event of Condemna-
tion; Bonds Protected in Any Event- 23
ARTICLE XIV
ASSIGNMENT
Section 1401 Assignment and Subletting Permitted But
Lessee Not Relieved of Obligations;
Assignment to Trustee Permitted 25
ARTICLE XV
PRIORITY OF LEASE
Section 1501 Lease and Agreement Superior and Prior 26
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Section
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ARTICLE XVI
REMEDIES ARE CUMULATIVE
NO IMPLIED WAIVER
1601 Specific Relief; Remedies are Cumulative;
No Implied Waiver
Section 1701
Section 1702
Section 1703
Section 1704
ARTICLE XVII
DEFAULT PROVISIONS
Events of Default
Remedies
Remedies Not Exclusive
Rental, Damages and Reletting Handled
as Provided in Lease and Agreement and
Indenture
Section 1801 Notices
Section 1901 Recording
Section
Section
Section
Section
2001
2002
2003
2004
Section 2005
Section 2006
Section 2007
Section 2008
Section 2009
Secticn 2010
Section 2011
Section 2012
Section 2013
Section 2014
ARTICLE XVIII
NOTICES
ARTICLE XIX
RECORDING
ARTICLE XX
GENERAL
Arkansas Law Applicable
Severability
Captions for Reference Only
Trustee's Rights Cease When Bonds
and Trustee's Fees Paid or Provided For
Enforcement Rights of Trustee
Provisions Binding on Successors
and Assigns
Trustee's Consent Required for
Modification
Signs on Leased Premises
Key System
Right to Sell Goods and Services
Lease Agreement Constitutes Entire Agreement
Lease Agreement Not To Waive Sovereign
Immunity
Appropriations by General Assembly
Option to Purchase Leased Premises
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LEASE AND AGREEMENT
This LEASE AND AGREEMENT made as of October 1, 1979, by
and between the CITY OF FAYETTEVILLE, ARKANSAS ("Lessor" or "City").
and THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ARKANSAS ("Lessee");
WITNESSETU:
WHEREAS, Lessor is a duly organized and existing
municipality, a city of the firstclass, under the laws of
the State of Arkansas with full and lawful power and authority
to enter into this Lease and Agreement, acting by and through
its Board of Directors, in the public interest and for a public
purpose in securing and developing tourism, providing employment
and adding to the welfare and prosperity of the Lessor and its in-
habitants, all pursuant to the provisions of Act No. 380 of the .
Acts of Arkansas of 1971, as amended (the "Act"); and .
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 to be performed •
under and pursuant to this Lease and Agreement; and
.WHEREAS, Lessee is not prohibited under the terms
of any outstanding trust indentures, deeds of trust, mortgagees,
loan agreements or other instruments or evidences of indebtedness
of whatever nature from entering into this Lease and Agreement
and discharging and performing all covenants and obligations on
its 'part to be performed under and pursuant to this Lease and
Agreement (or if so, a proper waiver has been obtained) and a£fir--
atively so represents to Lessor; and
WHEREAS, the Lessor is undertaking the acquiring and
constructing of a continuing education and convention center
consisting of lands, buildings, improvements and facilities (the
"Project"); and
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'..'ICPLAS, Lessor one
sec
that Lessor has und_rcaken to Purais'.a oermancit _mane. m: o`
Proiect costs and expenses of aut.`.orioin7 and issuing the 3oncs
by the issuance of Tourism Revenue Bonds ,...der the Act (the
"Fonds");
NOW, THEREFORE, for valuable consideration, receipt
of which is hereby acknowledced by Lessor and Lessee, and in
consida_acion of the mutual benefits and covenants hereein. con-
tained, Lessor and Lessee AGREE as follows:
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ARTICLE I
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:
"Act" - Act No. 380 of the Acts of Arkansas of 1971,
as amended.
"Bond Fund" - The fund created by Section 501 of the
Indenture into which moneys
are to be deposited and out of which
disbursements are to be made for paying the principal of and interest
on the Bonds in the manner and for the purposes specified in Article
V of the Indenture.
"Bonds" - The
Revenue Bonds, dated as
City of Fayetteville, Arkansas Tourism
of October 1, 1979, issued under and
secured by the Indenture, in the principal amount of $4,475,000.
"Construction Fund" - The fund created by Section 601
of the Indenture into which the portion of the proceeds of the
sale of the Bonds specified in Section 601 is to be deposited and
out of which disbursements are to be made for Project costs in
the manner and for the purposes specified in Article VI of the
Indenture.
"Indenture" or "Trust Indenture" - The Trust Indenture
between the City and the Trustee, of even date herewith, which is
recorded in the office of the Circuit Clerk and Ex Officio Recorder
of Washington County, Arkansas and which sets forth the details
pertaining to the Bonds, the provisions pertaining to the issuance
of additional parity 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.
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"Lease Agreement" - The within Lease and ,Agreement.
"lease term" or "term" - The term of the Lease
Agreement set forth in Section 302.
"Leased Premises" - The lands, buildings, improvements,
and facilities covered by the Lease Agreement and defined in
Section 301 hereof.
"Lessee" - The Board of Trustees of the University of
Arkansas, governing body of the University of Arkansas.
"Lessor" - The City of Fayetteville, Arkansas, a city
of the first class and located in Washington County, Arkansas.
"permitted encumbrances" - (1) This Lease Agreement
and the Trust Indenture, (ii) utility, access and other easements
and rights of way, restrictions, reversions and exceptions that
the Lessee certifies will not interfere with or impair the opera
tions being conducted in the Project,.and (iii) such minor defects,
irregularities, encumbrances, easements, rights of way, and clouds
on title as normally exist with respect to properties similar in
character to the Project, and as do not materially impair the
property affected thereby for the purpose for which it was acquired
or held by the City.
"Project" - The lands, buildings, improvements, facilities
financed out of proceeds of the Bonds and leased under this Lease
Agreement. The lands included in the Project are described as
Exhibit A attached hereto. Attached hereto as Exhibit B are plans
and specifications for the buildings, improvements and facilities
to be included in the Project.
"rent" or "rents" - The Basic Rent (provided for in
Section 303(a)(1) hereof) and the Additional Rent (provided for
in Section 303(b) hereof), unless the context clearly indicates
both are not intended.
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"Trustee" - The Trustee for the time being, whether
original or successor. The identity of the Trustee shall be
furnished to the Lessee by Lessor.
Section 102. Words of the masculine gender shall be
deemed and construed to include the correlative words of the
feminine and neuter genders. Unless the context shall otherwise
indicate, words shall include the plural, as well as the singular,
number.
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ARTICLE II
CONSTRUCTING AND EQUIPPING OF PROJECT
Section 20L. The Lessor has acquired the lands to be
included in the Project and has undertaken and will complete
the acquiring, constructing and equipping of the Project in
accordance with the plans and specifications attached hereto
as Exhibit B, and has executed, or will execute necessary con-
tracts and purchase orders therefor. All expenditures made by
it in connection with the acquiring, constructing and equipping
of the Project will be paid from the Construction Fund (and
Lessor shall be reimbursed therefrom for all such expenditures
made by it from other funds to the extent provided in the Indenture).
Title to the lands, improvements, machinery, equipment and facilities
paid for out of the Construction Fund (either by direct payment or
by virtue of reimbursement to the Lessor) shall be placed in the
Lessor.
Lessor, with the cocperation of Lessee when necessary,
shall obtain all necessary approvals from any and all governmental
agencies requisite to the constructing and equipping of the Project,
and the Project shall be constructed and equipped in compliance
with all State and local laws, ordinances and regulations applicable
thereto.
Section 202. Costs incurred by Lessor under Section 201
hereof and in other sections of this Article II shall be referred
to as "Project costs". Project costs, as that term is used in
this Lease Agreement, may include all costs and expenses of every
nature incurred by Lessor in acquiring, constructing and equipping
the Project, all costs and expenses incidental thereto, and all
costs and expenses incurred in connection with the issuance of the
Bonds, including without limitation, the following:
(1) All amounts paid for lands and paid under all
constructing, engineering, architectural or other contracts
and all purchase orders;
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(2) A11 amounts paid for extras, changes or addi-
tions;
(3) All payments incurred in acquiring and installing
machinery, equipment and other personal property;
(4) All amounts necessary to reimburse Lessor for
any payments made by Lessor out of funds other than Bond proceeds
for items of Project Costs;
(5) All costs and expenses, including attorneys fees,
incurred by Lessor in connection with the authorization and issuance
of the Bonds;
(6) Any cost or expense, not otherwise provided for
herein, incurred by Lessor pertaining to the acquiring, constructing
and equipping of the Project.
Section 203. Lessor covenants that the Lessee, upon
paying the rentals and performing all.ccvenants, obligations and
agreements on the part of Lessee to be erformed under this Lease
Agreement, shall and may peaceably and cuietly have, hold and enjoy
the Leased Premises for the tern of this Lease Agreement, subject
to the rights of the general public as _rovided in Section 601.
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ARTICLE 117
DE (7 CL`U :s DC':.'r:c:I 07 r„:SE
Section 301. Lessor, for and in consideration of
the rents, covenants and acreemen-s herein rescrvod, mentioned
and contained, on the part of Lessee to be raid, kept and per-
formed,
erformed, 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 situated 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 or in any wise appertaining 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 untc the
Lessee for the term of this Lease Agreement as hereafter set
forth.
Section 302. The term of this Lease Agreement shall
commence upon substantial completion of the Project in accordance
with the plans and specifications attached as Exhibit B hereto
and shall run for a period of twenty-three years.
Section 303. (a) Basic Rent.
(1) Lessee covenants to pay to Lessor, in the manner
hereinafter provided in Section 304, Basic Rent of $122,000 per
year. Basic Rent shall be payable in equal semiannual installments
of 561,000 each, the first such installment to be paid six months
after commencement of the term and subsecucnt installments to be
paid each si:: months the__act_r.
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(b) i:ddlt_cnal acne. Durinc tho term her_e.,
shall pay.as Additional Rent all expenses. iiao._itis ,
and Other payment_ of 'whatever nature which Lessee has ag_eec
to pay or assume under the provisions of this Lease hcreement.
_f at any tine any amounts paid by Lesfee a- *dd4 ional Rent here-
under are or become in excess of the amounts required for the
purpose far which they were paid, such excess amounts shall be
refunded to the Lessee.
Section 304. Payments of Basic Rent shall be made
to Lessor by Lessee renit`=ng the same directly to the Trustee,
for the account of Lessor, and shall be deposited by the Trustee
in the Bond Fund provided for in the Indenture, to be used by
the Trustee as provided in the Indenture. Additional Rent
specified in Section 303(b) shall be paid by Lessee either making
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direct payment in the case of impositions and other costs, expenses,'
liabilities and payments assumed and agreed to be paid by Lessee
under this Lease Agreement, or reimbursing Lessor if, pursuant
to the provisions of this Lease Agreement, Lessor shall make
payment thereof.
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sole cost and expense,
insured:
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A. Each party ;hall, at that ,-r_. s
keen its interest in th^_ Lcas^_c _'remises
(i) Against the perils of fire and the hazards
ordinarily included under bread form extended
ccverace endorsements in amounts necessary to
prevent the application of the co-insurance
provisions of the applicable policies but net
less than 80% 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 valde as
shall be determined from time to time at the request cf Lessor,
Lessee or Trustee (but not more frequently than once in every
forty-eight (48) months) by one of the insurers selected by
Lessee.
B. At all times during the term, Lessee shall, at
no cost or expense to Lessor, maintain or cause to be maintained:
(i) General Public Liability insurance against
claims for bodily injury or death occurring upon,
in or about the Leased Premises, with such in-
surance to afford protection to the limits of not
less than $500,000 in respect of bodily injury or
death to any one person and to the limit of not
less than $1,000,000 in respect of any one acci-
dent; and
(ii) Property damage insurance against claims for
damage to property occurring upon, in or about the
Leased Premises with such insurance to afford pro-
tection to the limit of not less than $100,000
in respect of damages to the property of any one
owner.
C. The insurance required by this Article IV shall
be maintained in full force and effect at all times during the
term of this Lease Agreement, except:
(i) The insurance required by Section 401 A. (i)
need not be placed in force and effect until the
completion of the construction of the Project; and
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(ii) The Insurance r=_cuir:d by Sec i';n 401 2.
need not b ?lace: _into force and cffocc until
Lessee cOT___es the Project, oithec ❑son eo.tt-
oloticn or __`_ore ettoletion in the =.enc Lessee
undertakes to per'_or= ,vor;, or store materials and
supplies in she Prcent prior to cams:Lotion as
permitted ;.:7 the provisions of Article 11 hereof.
D. Conies cr certi`_ cate_s of the insurance provided
for by this Article cr elsewhere in this Lease Agreement shat_
be delivered to the _a -ties ani the Trustee. And, in the case
of e::piring policies throughout the term, copies or certificates
of any new or renewal policies shall be delivered to the parties
and the Trustee.
E. A11 insurance re•_uired by this Section 401 shall
be effected with insurance cortanies qualified to do business
in the State of Arkansas and acceptable to the Trustee. Appropriate
provisions shall be inserted in each insurance policy making each
policy noncancellable withou
t least ten (10) days prior written
notice to Lessor, Lessee and t==_ Trustee.
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P_PAl S .SID ;1?.I=4:Cu (.. C1' 1,721/437.-.2
PFLLdi5:r ASD 1C"_7:\rIr`;I„
Section 501. Lessee shall throughout the term, at
no cost and expense to Lessor, maintain, or cause to bt main-
tained, and at the expiration of the term hereof, yiclii up cr
cause to be yielded up, in good and tenantable repair, order
and condition, reasonable wear and tear excepted, the improve-
ments 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 im-
provements.
Section 502. 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 Premises and
shall have the right to construct new improvements. It is under-
stood 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.
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Section 503. All structural improvements and altera-
tions 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 payrent therefor by Lessor but subject to
this Lease Agreement. All machinery and equipment, trade fixtures,
movable partitions, furniture and furnishings and other oroperty
installed at the expense of Lessee shall remain the property of
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the Lessee with the richt of removal, whether or not affi
ancier attached to the real estate, and
Lessop shall, so
lcng as it is not it default hereunder, be entitled but snail
not
obligated to remove the same, or any Dart thereof, durir.c
tho term, or within a reasonable time thereafter, but Lessc-.
shall at its own cost and expense repair any and all damages
to the Leased Premises resulting from or caused by their removal_
therefrom.
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Section 601. Subject to the following nra•.ici:;s
of c..__ Section, Lessor and Les ee agree that
use the Leased Promises for continuing education and related
purposes. Lessee shall during the torn
ono,'; ,orn1_
all valid statutes, laws, ordinances, orders, judgment:, dec-=
regulations, directions and requirements of all federa'_, state,
local and other governments or governmental authorities, now or
hereafter applicable to the Leased Premises. Lessee shall,
ever, have the right to contest any of the foregoing, and if
compliance therewith may legally be held in abeyance during such
contest without incidence of any liens on the Leased Premises,
Lessee may postpone compliance until final determination' of such
contest, provided such contest shall be prosecuted with due
diligence; and even though a lien against the Leased Premises
nay be incurred by reason of such non-compliance, Lessee may
nevertheless delay compliance therewith during contests thereof,
provided Lessee, if required, furnishes Lessor reasonable satis-
factory security against any loss by reason of such lien and
effectively prevents foreclosure thereof. 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.
The Leased Premises and portions thereof shall be
made available by Lessee for use by the general public at such
times as the same not needed for continuing education and related
purposes so long as such uses do not conflict with the public
use policies of Lessee for off -campus facilities.
Fees charced
by Lessee for use by the general public shall not exceed the cost
to Lessee of custodian, janitorial and other special services
(e::c!us lye of utility services) in connection with suet Use.
n1UC2 754
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i',_. Lessor ro::.,,',*arc
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e::t permitted by law, it will not act^^,nt to 1::cos.i rcn
rho or occupancy of the LLased ^remises by the Les e any
hors, ordinances, rules or regulations mor' burdensome or
team those in effect upon the data of execution of tis L_asc t:y_
went.
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Scot 'O1 La.szee shall nod iIn or LrC Lt O, ^_r
C.^.CCr ..5 cont_:_ to dc any/ wnr:: on the Llama P__ml ;5 r^_cG Ln.l
to any _epair, _=nuilding, altorati On or o: ac1di._cn to :.'1_
nt._.�\- er, "9-: - mart t•
._ LS CC uLinc ,.�_ _ of the Leased Pr?..^..1s Cs UL'_ s
Lass SGa it have first procured and paid for all rec'ui_i=o
n'unicipal and o= -ter governmental permits and aut."Ariza`_ions.
Lessor shall join in the application for any such pernit or
au_hcrizaticn whenever recuired, but Lessee shall indcnnify
and hold Lessor harmless against and from all costs and expenses
which may be thereby incurred by Lessor. All such work shall be
done in a good and workmanlike manner and in compliance with all
applicable building, zoning and other laws, ordinances, covernner.tal
regulations and requirements and in accordance with the reasonable
requirements, rules and regulations of all insurers under the
policies recuiredi to be carried by the provisions of this Lease
Acree-.ent.
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S•3ction 301. If any lion _..___ br_ ____d ar.ai.s
the incorest of Lessor, Lessee or the 7rustn_n_in ;he LOasn_d
Premises or asserted against any Z?P._5 a'f abL2 .ter, eU. rl O'_^, 5_'
reason of work, labor, services or m_____als su_tiicd or
claimed to have been supplied on or tc the Leas as Premises at
the re C'1eSt or with the De n.15STO P. 0= Lessee, __ anyone C121IIi.-=
under Lessee, Lessee shall, within thirty (30) days after receipt
Of notice of the filing thereof or tca asserticc thereof against
such rents, cause the same to be discharged of record, or effectively
prevent the enforcement or foreclosure thereof against the Leased
Premises or such rents, by contest, par;..ent, de_osit, bond, order -
of Court or otherwise.. Nothing contai;ed in this Lease Agreement
shall be construed as constituting the express -Zr implied consent
to or permission of Lessor for the performance cf any labor or
services or the furnishing of any materials that would give rise
to any such lien against Lessor's interest in t::a teased Premises.
This Section shall not apply to claims arising from the acquiring
and the constructing of the Project.
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Section On. __ L�'..^r Ce .Shall fall to :u -r, Or
P-`rform any of its obl_jacions as provided in this Lease
,�R r.�C•"C-" in respect of (a) ma±nt?r. nc C' of LnurunC]: (h)
recairs and malntcnanc of the Lea.ec PrCmises; (c} ctn,z li a.^.C^_
with lecal or insurance requirements: (d) kee_ my the Leased
Premises lien free; or (e) making of any other payment of per-
formance 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 pay-
ment or perform any such obligation (not under circumstances where
such payment or performance would defeat any rights, herein specif-
ically given to Lessee, to withhold such performance Cr 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 obli-
gation shall be deemed Additional Rent and shall be paid to Lessor
on demand, or at Lessor's option may be added to any installment
of Basic Rent thereafter falling due, and if not so paid by Lessee,
Lessor shall have the same rights and remedies as in the case of
default by Lessee in the payment of the Basic Rent.
£1302 758 Is
50
_. oR5L_C I:^T. T. - ': iJD C:i isi qc::
section 1001. Luncc^" aarocs to nai% or cause to sc
Daid ail charges for water, gas, sewer, electricity, light,
heat or ?ewer, telcpnona or other service used, rendcrr_d or
supplied to or for the Lessee upon or in connection with the
Lased ?remises throughout the term of this Lease Agreement•
759 19
51 -
,.._::C?:o.,
.,
_ s
,.. ':z: , .
S: c"cr. 1' )' Lasso,_ shall pernit Loaor and :o
Tr_'.:tto Cri r of tticm, by th'21r r'2sr1(:c.n 2 u':hor1_CG r;-
rescntativ_s, to er.tJr the L335C. Pro:^Lsgs at al_ _^_i•]0nab
times during usual business hours for t,.c p'acpoze of lns iC`..1C^.,
and for the per_or:r.anca of any work therein made necessary by
reason of Lessee's default under any of the provisions of t :s
Lease Agreement. Lessor may, during the progreess of any such
work, keep and store on the Leased Premises all necessary material,
supplies and equipment and shall not be liable for reasonable in-
convenience, annoyance, disturbance, loss of business or other
damage to Lessee suffered by reason of the performance of any such
work or the storage of materials, supplies and equipment.
52 �IL'�2 is� 20
$?_Q Lion 1_01. A. Lece covenants and 2c:ie_'s
that in the event of damage to or dcstruc'.:ic❑ of th.c _',eased.'
Prcaiscs, or any part thereof, by fire or other casuait_:, th•_
Lessee shall imediately notify the Lessor and the Trustee.
If the Leased Premises sustain "major damage or do-
st_uction," (as hereafter defined) either party may terminate
this Lease Agreement by written notice to the other party and
the Trustee given within 45 days after the casualty and rents
shall be paid to the date of the casualty.
If the damage does not constitute major damage or
destruction, Lessor shall 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 V hereof.
C. All insurance money paid on account of such damage
or destruction shall be paid to the Trustee and applied as here-
inafter set
forth to
the payment of
the cost of the aforesaid
restoration,
repairs,
replacements
or rebuildinq, including ex-
'C:Y itures made for temnorary rP:Lrs or for the )rotcc Lion of
'M1G'C2 7W.
53 21
propert7 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").
®1�C2 762
54
ti;.
See _con i:O L A. If durinc the term of this:
Lease Agreement title to all or substanLiall-, all of Li^_ Leased
Pri'.mises shall be taken or condor:ed by a ccmp.^tent aka bent_
for any public use or purpose, the net amount awarded as damages
or paid as a result of such taking (being the gross award less
attorneys' fees and other expenses and costs incurred in the
condemnation proceedings, hereinafter referred to as the "net
award") shall be paid to Trustee for the account of Lessor and
this Lease Agreement shall terminate and rents adjusted as of
the date of taking. For purposes of this Article, "title to
all or substantially all of the Leased Premises shall be taken
or condemned" shall be deemed to mean a taking of all of the
Leased Premises or a taking of such substantial portion of the
Leased Premises that the Lessee cannot reasonably operate in
the remainder in substantially the sane manner as before.
E. If less than substantially all of the Leased
Premises shall be taken or condemned by a competent authority
for any public use or purpose, neither the term nor any of the
obligations or either party under this Lease Agreement shall be
affected or reduced in anyway, and
(i) Lessee shall proceed to repair; rebuild and
replace the remaining part of the Leased Premises
as nearly as possible to the condition existing
prior to such taking, to the extent that the same
may be feasible, subject to the right on the part
of the Lessee to make alterations which, in the
reasonable judgment of Lessee, will improve the
efficiency of the Leased Premises for the purposes
of their intended use under this Lease Agreement;
and
(ii) The net award shall be paid to the Trustee
and by it to the Lessee, and the Lessor hereby
assigns the same to the Trustee for the use of the
Lessee in repairing, rebuilding and replacing as
provided in (i) above. The net award shall be
clCC2 763
s6
N./
_...n____rn C. ::o the ..�..;'n ❑'::n r'Ic1 - of i
(:l :TIG=r Jai.;r-C...i :. ._:
a1:Ca ar,= .i::., ld
(�)•Lcr;. aq the proci0_'.3 o. :h. roLora a [n:
raoair work;
,c) s-at_nq that zilch s.ecifiG am nt �G 1 Q ' i 'r^ t
._ 0.. _; .O
e:(ceec: th'a 3tim.ardd cast of th^_ b:or:: a(:d mat9riais
in cOnnectjcn with the restc .ration, includinc as
part thereof the estimated fees of any archir_ct or
engineer, i_` •an_; and
s ta::n that no part of such cost has prs-
viously been made the basis of any request for the
withdrawal under this Article.
If the net award is in excess of the amount necessary
to repair, rebuild and replace as specified in (i)
above, such excess shall belong to and shall be paid
to the Lessee. If the net award is less than the
amount necessary for the Lessee to repair, rebuild
and replace as set forth above, the Lessee shall
nevertheless complete the repair, rebuilding and
replacement work and pay the cost thereof.
C. In the event of a taking under either A or B
above, the Lessee shall have the right to participate in and
to prove in the condemnation proceedings and to receive any
award (by way of negotiation, settlement or judcment) which
may be made for damages sustained by Lessee by reason of the
condemnation.
D.
If the temporary
use of
the
whole
or
any part
of the Leased
Premises shall be
taken
by
right
of
eminent
domain, this Lease Agreement shall not be thereby terminated
and the parties shall continue to be obligated under all of
its terms and provisions and Lessee shall be entitled to
receive the entire amount of the award made for such taking,
whether by way of damages, rent or otherwise.
®2CG2 764
_ . 56 2'1
77
• l
"1 - LI 'PC
S .c eon L1.. A. ;essec may not assi,rn. t::'.13 Leas
or sublet the Leas^_d Premises or part ,`,her=oi for
a cerlou longer than. 60 days withcut the prior written ccns nr
of Lessor, which shall not be unreasonably withheld. No such
assignment or subletting and no dealings or transactions between
the Lessor or the Trustee and any sublessee or assignee shall
relieve the Lessee of any of its 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. - -
B. It is understood and agreed that this Lease
Agreement (and the Leased Premises and rents hereunder) will
be assigned to the Trustee as security for the payment of the principal of premiums, if any, and interest on the
Bonds, but otherwise the Lessor shall not assign, encumber,
sell or dispose of all or any part of its rights, title and
interest in and to the Leased Premises and this Lease Agreement,
except to the Lessee in accordance with the provisions of
the Lease Agreement and to the Trustee, but subject to the
provisions of Article XVII hereof, without the prior written
consent of the Lessee. -
®1002 765
S7 25
(
ARTICLE XV
H l'.I O flI .'Y CC L=:.3Z
Scti 1ui. Thin Leash Cr._C'?.^.id t (and :ILI
aLQn d:ad !t or suc=lemcnt hereto e::e o'J L,d in a:zor1Cnce wi Ch
any: pursuant to the provisions of t"._3 Lease 4cr_emc:.0 and
the estate of Lessee hereunder are and shall continua to be
superior and prior to the Indenture (and all supplements
thereto).
a�lOQ2 766
{ r
v•
- or
r.-:i
C_ C
• -iir-. .
..... .� /I
9'¢.!_D__S :\R CC2i:'_.':'C I'i - NO r?1DLIED iAiVfl
ctiJn. 1C',l. LGssor, Lessen and the Trust -"5
shah_ each be entitled to s_ecific ore _r _ormancn, and in-
junc ivc or other appropri_ca equitable relief for any
bra=d: or threatened breach: of any of the provisions of this
Lease Agreement, notwithstanding the availability of an
adequate remedy at law, a± each party hereby waives the
right to raise such defense in any proceeding in equity.
The specific remedies provided for in this Lease Agreement
are cumulative and are not exclusive of any other remedy. --
The_failure of either part_ to insist in any one or more
cases upon strict performance shall not be construed as a
waiver or relinquishment for the future. No acceptance of
rents with knowledge of an; default shall be deemed a waiver
of such default. -
CM1OO2 767
59
.4-'
U. -11- -„.. r .;
:irtlOn L7'.^.1. 1.≥ : OII--WIPIg shali :;e 'yn.'1•- :C
:
aa:GU .-n under n:a Lea uo :\qr rcmon[ and the t'" .:i "r.: O.
dau ft or "durauit" ..'.hill moan, :ah❑?vc: the ar'-, - in
this Lease Agreement, an_' O::2 Or mor0 of ti:fo_low1
events:
(a) Failure by the Lessee to pay the Basic Rent or any
part thereof whe^ due and (i) ccati!:uatior. of said
failure for a pericd of three (3) days after
notice by telegram or if telegraphic service is
not available after notice by mail given to it by
either the Lessor or the Trustee that the rent
referred to in such notice has not been received
or (ii) continuation of said failure for a period
of seven (7) days.
(b) Failure by the Lessee to observe and perform
any covenant, condition or agreement on its part
to be observed or performed, other than as rer
ferred to in subsection (a).of this Section, (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 or the Trustee unless the Lessor and the
Trustee 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 1702. Whenever any event of default shall
happen and then be continuing, the Lessor or the Trustee may
take any of the following remedial steps:
(a) The Lessor, with the prior written consent of the
Trustee, or the Trustee 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.
60
�ICC2 768 2S
C' C
th❑ Tip..: tce, or the .:11Jte'≥ may e :1.1 etr c Ch r.
x
term, ecla[^ the LO ce3Ce :CCs: p:.:; ::e£:5 V)n of .1:^
Laasr_d Premises and use its best efforts to _asc
ti:c Leased Pro:nisas to anot!:cr for t e account at
•
the Lesser, holding t'r2 Lass,≥^ liabl_ for all ton:
and other oa.mcnts due up to the off^ -cove C_ca of
any such leasing. -
(c) The Lessor or the Trustee shall have acc_,s to
.-
and inspect, e::amine and make conics of the books
and records relating to the Leased Premises.
•
(d) The Lessor, with the prior consent of the
Trustee, or the Trustee may take whatever action
-
at law or in equity may appear necessary or desir-
_
able to collect the rent and any other amounts
•
payable by Lessee hereunder, then due and there-
after to become due, or to enforce performance and
observance of any obligation, agreement or covenant
of the Lessee under this Lease Agreement.
-
Any amounts collected pursuant to action taken
under this Section shall be applied in accordance with the
- ^-
provisions of the Indenture.
•
Section 1703. No remedy herein conferred upon or
reserved to the Lessor or the Trustee is intended to be
exclusive of any other available remedy or remedies, but
each and every such remedy sha11_be cumulative and shall be
,
in addition to every other remedy given under this Lease
.r...
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 1704. 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.
1002 789 29
61
l
Section 1?0L. All no cite, rinl%ic .nd _ .;.etc
which ma_: or ar^_ rcquir^_d to be given by e:r::_r pcct7 co t'.^_
other or to the Trustee shall be in writing, and each shall
be daemed 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 Cr 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:
Office of the President
University of Arkansas
Fayetteville Administration Building
Fayetteville, Arkansas 72701
With copy to:
Vice President for Fiscal Affairs
University of Arkansas
Fayetteville Administration Building
Fayetteville, Arkansas 72701
If intended for Lessor:
City Manager
City Administration Building
Fayetteville, Arkansas 72701
If intended for Trustee:
(to be supplied by Lessor)
Any party or
the Trustee may change the
address
and
the
name of addressee
to which
subsequent notices
are to
be sent
by
notice to the other
parties
given as aforesaid.
62 1OQ2 770
30
\a_ _::L:: ..
q `o..:,. la0l. This Lease
assicr:ucRt and modification thereof
office of the Circuit Clerk and Ex-
was:hingtOn County, Prkanaas.
63
Agroement and cY^_ry
vhall be recorded in the
officio Recorder of
®1C92 771
31
I
ccrea L
S c"'rn 20'1_' This Leas •' Agr:om nt shall ...
construed and enforced in acc'srdanc_ with the laws cf tG^_
St.:. of Arkansas. Wherever in this Lease ,lgr3e..nent it is
provided that either party shall or will make any pa_ment or
perform or refrain from performing any act or obligation.
each such provision shall, even though not so e::pressed, be
construed as an express covenant to make such payment or to
perform, or not to perform, as the case may be, such act or
obligation. All factual representations set forth in the
whereas clauses of this Lease Agreement shall be construed
as express representations and covenants on the part of the
party to which each such recital is applicable to the same
extent as though set forth as an express representation and
covenant by that party.
Section 2002. If any provision of this Lease
Agreement or the application thereof to any person or cir-
cumstance 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 circ_m-
stances 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 2003. The Article captions in this Lease
Agreement arc for convenience ar.d reference only an.;: in no
way define, limit or describe the scope or intent of this
Cr1UC2 772
7n
64
C_ I
Lc3se Agreement Or 3i.' part ther^_Or, or in an, 'a„C affect:
this ;case .lgroetacnt and -flail not be cQinGider'd in _ny
construction thereof. .
Section 200Q it 13 agreed that after the Boras
are full_:' paid and discharged, or adequate provision is made
for their payment and discharge, and all proper and reason-
able fees and expenses of the Trustee and Paying Agent are
pain or adequate provision made for their payment, the
Trustee shall cease to have any right, title and interest
in, to or under this Lease Agreement. Thereafter, all
rights of approval or other rights herein specified with
reference to the Trustee shall inure to the benefit of and
be applicable to Lessor.
Section 2005. It is agreed that in the event of
any non-payment of rent by Lessee or the failure or refusal
by Lessee to observe, keep or perform any other covenant,
condition, promise or agreement set forth in this Lease
Agreement to be observed, kept or performed by the Lessee,
i the Trustee shall be entitled, in the name of the Lessor, or
in its own name (in accordance with the provisions of the
Trust Indenture), to enforce each and every right or remedy
herein accorded in this Lease Agreement to Lessor in the
event of the non-performance or non -observance by Lessee of
4 .
any such promise, covenant or agreement.
Section 2005. The provisions of this Lease Agree-
ment shall bind and inure to the benefit of the parties
hereto and their respective successors, assigns and sub-
lessees (it being understood that assignments and subleasing
are governed by the provisions of Article XIV hereof).
®1JQ2 773 33
65
Lc e.; ::: shall not Ater, 7.1,'d i'y jr am.,n:: in' of t::2 :.2 r- .:` .._
Les ';rl eamenc without tic prior written. a') :t;i1 o: thr
which torment will not ICJ= unCnasonab!v withheld.
Sec:i:m 2002. Lszee Shall have the v: e]nt t^- err:
signs on the exterior of the Leased Premises, said signs to be
OC a diyni_fied nature and identifing the facility as a facility/
of the University of Arkansas. All such signs shall be in
compliance with applicable ordinances of Lessor.
Section 22009. Upon completion of the Project, Lessor
will furnish locks and keys for a key system, and deliver
possession of all keys to the Leased Premises to Lessee.
Section 2010. Lessee and its assigns shall have the
sole right to sell goods and services upon and within the Leased
Premises.
Section 2011. The within Lease Agreement constitutes
the entire Agreement between these parties relating to the
Leased Premises described herein, and recites the entire con-
sideration given and accepted, paid and to be paid, by the
parties, and no representations not expressed herein have been
made by either party or their agents, and no representative
of either party shall have any authority to bind the party
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.
Section 2012. Nothing in this Lease Agreemont shall
be construed to waive the sovereign immunity of the State of
Arkansas or any entity thereof and nothing herein shall be
00n:3trned to :1iaive the etatu o r•r tort 1m:n::nit-, of Lessc_.
sb ®1r02 774
34
•
C--
S
tiff
•••n -'11_. 3 oh!ic:a ti'sns to -,a;' .l..v
1".'.0 u:.cs duo` for those bienniums (herein de_lac'1 is the
tw:o-year periods ending June 30 of each odd numibeced year)
succeeding the current biennium are Contingonr loon apprO-
priation Cr approval of funds for that purpose by the General
Assembly of the State of Arkansas. Therefore, Lessee may
terminate this Lease Agreement and its fut'_r'e monetary
obligations hereunder effective as of the end of any succeed-
ing biennium (the "termination date"). All obligations o£
Lessee to make payments due after the termination date will
cease and all interest of Lessee in the Leased Premises
will terminate as of the termination date.
Notwithstanding the foregoing, Lessee agrees to
the following:
(a) Not to terminate this Lease Agreement under
this provision if sufficient funds are appropriated to it
for the acquisition, by either lease or purchase, of property
functionally similar to the Leased Premises for the biennium
in question; and
(b) That it will use its best effort to obtain
appropriation of the necessary funds to avoid termination of
this Agreement by taking all appropriate action including
the inclusion in Lessee's budget request for each biennium
during the term hereof a request for adequate funds to meet
its obligations and to continue the Lease Agreement in force, and
(c) That it will not give priority in -
the appropriation of funds to any other properties functionally
similar to the Leased Premises.
Lessee represents that it has adequate funds to meet
its obligations hereunder during the current biennium.
t�1uC2 775 35
Section 2014. A. Lessor hereby grants to Lessee an
option to purchase the Leased Premises dcscribed in Section 301
hereof at the termination of the lease term as set forth in Sect-cr.
302, provided all bonds issued to finance the Project have been
retired. It is agreed that should Lessee desire to exercise said
option that the purchase price shall equal the amount of hotel,
motel and restaurant tax funds and general funds required by Lessor
to construct and finance said Project (including the payment of
debt service on bonds) less any amounts received as a result of
this Project by Lessor under the provisions of Act 763 of 1977 as
amended by Act 212 of 1979, or as hereafter further amended. Should
receipts to Lessor under the provisions of Act 763 of 1977, as
amended by Act 212 of 1979, or any further amendment of said
Act equal or exceed the hotel, motel and restaurant tax funds and
general funds required by Lessor to construct and finance said
Project, then Lessor will convey the Leased Premises to Lessee
by warranty deed for a purchase price of $10.00.
B. Lessor shall, on or before November 1, 1960, and on
or before each November 1 thereafter, give written notice to Lessee
of the amount of hotel, motel and restaurant tax funds and general
funds theretofore expended by Lessor to construct and finance the
Project, and the amounts theretofore received as a result of this
Project by Lessor under the provisions of Act 763 of 1977, as amended.
ss o1CC2 776
�s
i
3
'♦J
2
11
l
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
4 Mayor
ATTEST:
♦ 4 J'L
(SEAL):
69
BOARD OF TRUSTEES OF THE
UNIVERSITY. OF A
RKANS
AS
V
Chairman
APPROVED:
ARKANSAS STATE BUILDING SERVICES
By / C�����,G/Y/ V p ., E 9
State Leasi Officer )kTBy
I /
Director
10C2 777
ACR:;o JLEDGMEN'1'
STATE OF ARKANSAS
COUNTY OF WASHINGTON
Qt {
On this - day of , 19 '7, before
me, a Notary Public duly commissioned, qualified and acting,
within and for the County and State Jaforesaid, `_gqappeared in
person ,I the within named Axi_ Ux-� 4 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 they
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
197g.
Ytjy! gommission expires:
q:
•.J II(SEAL)
;L�
Not ry Public
70 775
`r, e
•
1 t�
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF PULASKI
On this 22nd day of October , 19 79, before me
a Notary Public duly commissioned, qualified and acting within
and for the County and State aforesaid, appeared in person the
within named Louis L. Ramsay, Jr. , Chairman of the Board of
Trustees of the University of Arkansas, 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
Board and further stated and acknowledged that he had so signed,
executed and delivered the foregoing instrument for the consider-
ations, uses and purposes therein mentioned and set forth.
tiESTIMONY WHEREOF, 'I have hereunto set my handand
1 /
ptffcial S.(p,. is 22nd day of October -' , 19..
/�n `G ��. Nbtary Public
\My commissi,gh expires: -
9_1_81, -
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
On this day of (S/ 0-64 , l97, before me
a Notary Public duly commissioned, qualified and acting within
and for the County ..�and State aforesaid, appeared in person the
within named c%JtPd S. )'4�.(ts, Vice President for Fiscal Affairs,
of the University of Arkansas, 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 University and
further stated and acknowledged that he had so signed, executed
and delivered the foregoing instrument for the considerations,
uses and purposes therein mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and
Y✓?.•..
official seal this _ _ day of ' 19—. ;•`,a":::::.I.; "••'.,'�
:::.........
aioakfy`
Noca Public:- t• •
Gr oil
My Commission expires: • 71 '
Cc� l3 M"'- h71OC_2 770
EXHIBIT A
TO TIIE LEASE AGREE!IENT BY AND BETWEEN TILE CITY
OF FAYETTEVILLE, ARKANSAS AND THE DOARD Or TRUSTEES OF THE
UNIVERSITY OF ARKANSAS:
The following described real estate situated in
Washington County, Arkansas, to -wit:
(1) A part of Lots numbered six (6) and seven (7)
in Block numbered fifteen (15) in the original plat of the
town, now City, of Fayetteville, more particularly described
as follows: Beginning at the Southeast corner of said Lot
seven (7) and running thence North One hundred six and one-
half (1061) feet, thence West thirty-five and three -fourths
(35 3/4) feet, thence South one hundred six and one-half
(106) feet; thence East thirty-five and three -fourths (35 3/4)
feet to the place of beginning.
(2) A part of Lots 6 and 7 in Block 15 in the
Original Town (now City) of Fayetteville, Arkansas, more
particularly described as follows, to -wit: Beginning at a
point 35 feet and 9 inches West of the Southeast corner
of said Lot 7, and running thence North 108 feet across said
Lots 6 and 7, thence West 28 feet, thence South 108 feet,
thence East 28 feet to the point of beginning.
(3) Part of Lots Six (6) and Seven (7) in Block
Fifteen (15) of the original town (now city) of Fayetteville,
Arkansas, and being more particularly described as follows,
to -wit: Beginning at the Southwest corner of said Block 15
and running thence East 89 feet 4-1/2 inches; thence North
98 feet; thence West 11 feet 3-1/2 inches; thence North 10
feet; thence West 51 feet 1 inch; South 10 feet; thence West
27 feet; thence South 98 feet to the point of beginning.
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EXHIBIT B
The plans and specifications for the buildings, improve-
ments and facilities to be included in the Project are on file in
the office of the City Clerk of Lessor and in the office of Arkansas
State Building Services and are incorporated herein by reference
thereto. Said plans and specifications have been prepared by
Warren D. Segraves and Associates, Architects and Engineers, Inc.,
Fayetteville, Arkansas and consist of: - _
Drawings: A-1 through A-25, S-1 through S-16, P-1 through
P-7, M-1 through M-7 and E-1 through E-13. Dated July 26,
1979.
Specifications: Bidding Requirements, Form of Bid, Schedule
of Drawings, Contract Forms, General Conditions, Divisions
1 through 16, Addendum No. 1 dated August 20, 1979, and
Addendum No. 2 dated August 24, 1979.
With the following modifications:
(1) Alternate Bid No. 2 (Section 1C.1.2 at page 1C-1 of
the specifications) will be used.
(2) Alternate Bid No. 11 (Section 1C.1.11 at page 1 of
Addendum No. 2 to the specifications) will be used.
(3) On the Drawings and in the specifications, delete all
references to sixth floor; the structure will. consist
of five floors.
(4) At page i0N-1 of the specifications change Modernfold
Acousti-seal 402 to Modernfold Divisiflex 301-A and
311-A.
(5) On Drawing Sheet M-7 of the Drawings change cooling
tower No. 1 and No. 2 to Marley Model No. 7736;
(6) On Drawing Sheet E-13 change 800 Amp Plug-in-bussway
to 600 Amp Plug-in-bussway.
(7) On Drawing Sheet M-7, on flow diagrams, change all 6
inch pipe to 5 inch pipe.
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