HomeMy WebLinkAbout85-82 RESOLUTIONRESOLUTION NO. g� 4oL,
A RESOLUTION' AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE AN AMENDMENT TO THE CITY'S LEASE AGREEMENT
WITH TYSON'FOODS; INC. FOR LAND AT DRAKE FIELD TO
PROVIDE FOR THE PAYMENT OF GROUND RENTAL.
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 an amendment to the City's lease
with Tyson Foods, Inc. for land a Drake Field to provide
for the payment of ground rental. A copy of the amendment
authorized for execution hereby is attached hereto, marked
Exhibit "A", and made a part hereof.
PASSED AND APPROVED this 6K{ day of
APPROVED:
MAYOR
1982.
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AMENDMENT TO LEASE AGREEMENT
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THIS AMENDMENT TO LEASE AGREEMENT made and entered into
this .0191Aday of C , 1982, between the CITY OF
FAYETTEVILLE, ARKANSAS, a Municipal Corporation, hereinafter
CALLED "Lessor", and TYSON FOODS, INC., an Arkansas Corporation,
hereinafter called "Lessee".
WHEREAS, Lessor and Lessee have heretofore entered into
a Lease Agreement dated October 3, 1973, whereby Lessor'has
leased to Lessee for a period of twenty (20) years a certain
tract of land eighty feet by one hundred feet (80' X 100')
located at Drake Field; and
WHEREAS, Lessor and Lessee desire to amend certain
provisions of said Lease Agreement.
NOW, THEREFORE, Lessor and Lessee hereby mutually agree
as follows:
1. That Paragraph 3 of the aforesaid Lease Agreement
between Lessor and Lessee dated October 3 1973, is hereby
amended by adding the following:
As further consideration for this lease, Lessee
agrees to pay Lessor ground rental in the amount of
Sixty-two Dollars and Fifty Cents ($62.50) per month
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payable by the 10th of each month. In the event of
late payment, a ten per cent:(10%) penalty, compounded
monthly, shall be due and payable immediately. The
rental amount due is month to month and in the event
that the Lessee vacates the leased premises all rentals
due the Lessor -will cease.
2. --This amendment`shall"be retroact'ive-`to'January-1,
1982, and all rentals and penalties due Lessor from said date
to the execution date hereof shall be payable immediately.
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IN WITNESS WHEREOF, the parties have executed this
Amendment on the date first above written.
4ATTEST i n
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CITY OF FAYETTEVILLE, ARKANSAS,
A Municipal Corporation
'C •TY-ECLERK,
TYSON FOODS, INC. (Lessee)
By Attetli