HomeMy WebLinkAbout05-85 RESOLUTIONRESOLUTON NO. 5-85
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE A MODIFICATION OF LEASE AGREEMENT WITH
LORENE O'DONNELL FOR THE AIRPORT RESTAURANT TO
INCREASE MONTHLY RENTAL PAYMENTS.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYE'ITEVTLLE,
ARKANSAS:
That the Mayor and City Clerk are hereby authorized and directed
to execute a nwdification of lease agreement with Lorene O'Donnell
for the Airport Restaurant. A copy of the modification authorized
for execution hereby is attached hereto marked Exhibit "A" and made
a part hereof.
PASSED AND APPROVED this 22nd day of January
APPROVED
1985.
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IWIFICATION OF LEASE AG HTC
This agreement made this 22nd day of January , 1985
by and between the City of Fayetteville, Arkansas, a municipal corporation,
hereinafter called Lessor, and Lorene O'Donnell, hereinafter called
Lessee.
WHEREAS, Lessee hereto has entered into a lease dated December
15, 1980, with Ward -Power Management, Inc., a copy of which is attached
hereto, marked Exhibit "A" and made a part hereof; and
WHEREAS, said lease was assigned by Ward -Power Management, Inc.,
to Lorene O'Donnell by an assignment dated October 7, 1981,. a copy
of which is attached hereto, marked Exhibit "B", and made a part hereof.
WHEREAS, the parties desire to enter into a new agreement modifying
or supplementing the provisions of said lease.
NOW, THEREFORE, the parties mutually agree as follows:
1. Effective December 15, 1984, and continuing through December
14, 1985, Lessee shall pay Lessor as rent for use of the demised premises
8% of Lessee's gross sales per month on the demised premises or $1,417.00
per month, whichever is higher. The term "gross sales" as used herein
shall mean Lessee's actual selling price for all goods, merchandise,
food and beverages sold on the demised premises, including beer and
light wines, and excluding any taxes or imposition billed separately
to the purchaser. The term "gross sales" shall also include receipts
from electronic games located on the leased premises. Said rental
shall be payable within. twenty (20) days after expiration of each
month under this Lease and shall be accompanied by a sales report
on forms to be prescribed by Lessor's Airport Manager. In the event
said rental is not paid on or before the due date, Lessee shall pay
a penalty equivalent to 10% of the amount due, said penalty to be
compounded monthly until the rent and penalty are paid in full.
2. All provisions of the Lease are incorporated herein and
are hereby modified or supplemented to conform herewith but in all
other respects are to be and shall continue in force.
EXHIBIT A
4.0
IN W1 SS HEREOF, the parties have executed this Modification
of Lease on the day and year first above written.
CITY OF FAYETTEVILLE, ARKANSAS
A Municipal Corporation
dib g 17
Mayor
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Lorene O'Donnell