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HomeMy WebLinkAbout162-90 RESOLUTIONSCANNED RESOLUTION NO. iti-)_an A RESOLUTION AUTHORIZING THE HILTON PARKING GARAGE LEASE. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the Mayor and City Clerk are hereby authorized and directed to execute a lease agreement with the FourTen South Broadway Corporation .for the use of 180 parking spaces in the parking garage. A copy of the Lease Agreement authorized for execution hereby is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 16th day of October , 1990. r."aN By: ATTEST: By: X&"kW 4�:�Sw� 'City C37erk LEASE AGREEMENT THIS LEASE made and entered into effective the 16 %� day of &4t_e�, 1990, by and between CITY OF FAYETTEVILLE, ARKANSAS, hereinafter referred to as the "Landlord", and FOURTEN SOUTH BROADWAY CORPORATION, hereinafter referred to as the "Tenant". W I T N E S S E T H: The Landlord, for and in consideration of the rents hereinafter reserved, and of the covenants and agreements hereinafter set forth, to be kept and performed by the Tenant, does hereby grant, demise and lease to the Tenant, and the Tenant does hereby hire, take and lease from the Landlord, that parcel of land situated in the County of Washington and State of Arkansas, and more particularly described as: One hundred and eighty parking spaces located in a multi-level parking deck located upon real property more particularly described as: A part of Block Numbered Fifteen (15) in the original plat of the City of Fayetteville, Arkansas, described as follows: Beginning at a point 127 feet west of the northeast corner of said Block Fifteen; and running thence west 177 feet; thence south 206 feet; thence east 177 feet; thence north 206 feet to the place of beginning. :i said parcel of land and parking spaces hereinafter referred to as the "Leased Premises". 1. Term of Lease. This Lease shall be effective as of the 1st day of October, 1990 and shall run for a period of fourteen (14) years, ending on 30th day of September, 2004. 2. Right of First Refusal. If at any time during the term of this Lease the Landlord receives an acceptable bona fide offer to purchase the Leased Premises, or any part thereof, the Landlord shall submit a written copy of such offer to Tenant giving Tenant thirty (30) days within which to elect to meet such offer. At the expiration of the term of this Lease representatives of the Landlord and Tenant agree to enter into discussions regarding the feasibility and desirability of the Landlord selling and the Tenant purchasing the entire multi-level parking deck. 3. Parking Spaces. This Lease shall be for the entire first level of the Leased Premises consisting of Ninety -One (91) parking spaces, Forty -Nine (49) parking spaces on the third level of the Leased Premises and, as leases to third parties of parking spaces on the third level of the Leases Premises expire, such spaces shall be rented by Tenant until Tenant's total rented parking spaces is One Hundred and Eighty (180). 4. Rent. The Tenant shall pay to the Landlord as rent for the Leased Premises the following: (a) From October 1, 1990 through September 30, 1993 the sum of twenty-five dollars per month per parking space rented on the first level of the Leased Premises and the sum of twenty dollars per month per parking space rented on the third level of the Leased Premises. (b) Following the initial three years of the term of this Lease and every three years thereafter until the termination of this Lease, the Landlord shall adjust the amount of rent to be charged for the next three years of the leased term, provided however, the rent charged shall never be in excess of the monthly rental per parking space that is being charged to third parties. The monthly rental shall be payable in consecutive monthly installments payable in advance on or before the first day of every calendar month. 5. Use. From and after the Possession Date, the Tenant and his subtenants or occupants shall have the right to use the Leased Premises, or permit the Leased Premises to be used or occupied for any lawful use permitted by present and future building codes, zoning and other laws. 6. Repairs. The Landlord shall, during the term of this Lease and any renewal or extension thereof, at its sole expense, keep the Leased Premises in as good order and repair as it is at the date of the commencement of this Lease, reasonable wear and tear and damage by accidental fire or other casualty not within the control of Landlord excepted. The Tenant shall not knowingly commit or willfully permit to be committed on the Leased Premises any act or thing contrary to the rules and regulations prescribed from time to time by either federal, state or municipal authority. 7. Casualty. If at any time the Leased Premises or the building which forms the principal component of the Leased Premises should be damaged by fire or any major casualty to the fault of the Lessee and the cost of repairing the damage does not exceed 35% of the value of the improvements of the premises herein leased or the building which forms the principal component part of the Leased bmndaWayeae.la - 2 - Premises, then Lessor shall as soon as reasonably practical repair the damage caused by said fire or other casualty. If, however, the damage should exceed 35% of the value of the improvements of the premises herein leased or the building which forms the principal component part of the Leased Premises, then Lessor shall have the option of either repairing said premises or terminating this Lease as of the date of said fire or other casualty by notice to lessee within thirty (30) days after said date. If the damages should render the Leased premises untenantable for the use of Lessee's business as set forth herein, the rental from the date of said fire, or any major casualty not the fault of the Lessee, to the date of the completion of the restoration of the premises shall be abated, such abatement being figured on a pro rata basis of the rentals, herein provided. In the event the damage should exceed 35% of the value of the improvements of the premises herein leased or the building which forms the principal component part of the Leased Premises and the Landlord makes the decision not to repair the Leased Premises such a decision must be submitted in writing to the Tenant. Upon receipt of the notice from Landlord the Tenant has thirty (30) days to elect either, or both, of the following options: (a) To purchase the entire Leased Premises from Landlord at its then fair market value and/or (b) to repair the Leased Premises at Tenant's sole and exclusive expense with all terms of the Lease Agreement, except for abatement of rent provided for herein, continuing in effect. 8. Lighting and Painting. Landlord shall, during the term of this Lease and any renewal or extension thereof, at its sole expense, keep, in the same manner as it is as of the date of the commencement of this Lease, the Leased Premises lighted, have all parking spaces properly striped and the premises painted. 9. Parking Attendant. Landlord shall, during the term of this Lease and any renewal or extension thereof, at its sole expense, provide a parking attendant for the Leased Premises who shall be an employee of Landlord or Landlord's management company. The parking attendant shall be present at the Leased Premises seven days a week during the hours between 6:00 a.m. and midnight each day. In lieu of a parking attendant the Landlord has the option to install and maintain a mechanical device to control the ingress and egress from the Leased Premises. 10. Insurance. The Landlord will maintain and pay for such liability, fire and extended coverage insurance on the Leased Premises, including any improvements, as Landlord deems to be necessary for its own protection. Tenant shall insure his interest btcnd&vo)vAte.m — 3 — in the Leased Premises and improvements for his protection and will not participate in any insurance carried by the Landlord. 11. Taxes. The Landlord shall pay all real estate taxes and special assessments, if any, during the term of the Lease. 12. Utilities/Janitorial. The Landlord shall pay for all utility service and janitorial service in the Leased Premises. 13. Nuisance. The Tenant covenants and agrees that Tenant will not use or allow the Leased Premises to be used for any purpose or in any manner which would constitute or create a nuisance, which would constitute waste, which would interfere with the lawful rights of owners, tenants or occupants to adjoining property or which would in any way be contrary to the law, ordinances, orders, rules, regulations or requirements of the federal, state, county or municipal governments or any department, board or bureau thereof. The Tenant further agrees that Tenant will promptly comply with the requirements of any of the aforesaid authorities with reference to the installation, erection, construction, use, repair or modifications or any improvements situated upon the Leased Premises during the term of this Lease. 14. Holding Over. An occupancy by the Tenant of the Leased Premises beyond the expiration of this Lease as herein provided shall be a tenancy from month to month. 15. Notices. All notices, demands and requests provided for or permitted to be given under this Agreement must be in writing and shall be deemed to have been properly given or served by depositing the same in the United States Mail, addressed to the Landlord or to the Tenant, as the case may be, prepaid and certified mail, return receipt requested, at the party's last known address. All notices, demands and requests shall be effective seventy-two (72) hours after being deposited in the United States Mail. Rejection or other refusal to accept or the inability to deliver because of changed address of which no notice was given shall be deemed to be receipt of the notice, demand or request. Either party shall have the right from time to time and at any time upon at least ten (10) days written notice thereof, to change their respective addresses and each shall have the right to specify as its address any other address within the United States of America. 16. Memorandum of Lease for Recording. From and after the Possession Date, at the request of the Tenant, the Landlord and the Tenant shall join in the execution of a Memorandum of Lease in proper form for recording in the proper office or offices wherein the property is situated. 17. Legal Representatives, Successors and Assigns. It is further covenanted and agreed by and between the Landlord and the MendaWayUte.1a - 4 - Tenant, that all covenants, agreements, provisions, conditions and undertakings in this Lease contained shall extend to and be binding upon the heirs, executors, successors and assigns of the respective parties hereto, the same as if they were in every case named and expressed, and shall be construed as covenants and conditions running with the land and the reversion; and that wherever in this Lease reference is made to either the Landlord or the Tenant hereto, it shall be held to include and apply to (wherever and whenever applicable) the heirs, executors, successors, personal or legal representatives and assigns of the Landlord or the Tenant, the same as if in each and every case so expressed. 18. Condemnation. If during the term of this Lease, or any renewal thereof, all or substantially all of the Leased Premises shall be taken or condemned by a competent authority for any purpose or use, then the Lease shall terminate immediately after the vesting of title in such authority and rent shall be paid to and adjusted as of that day. The term "all or substantially all" shall be deemed to mean a taking of all of the Leased Premises or a taking of such portion of the Leased Premises that the Tenant cannot reasonably operate in the remainder in substantially the same manner as before. 19. Right Upon Default. Whenever the Tenant shall do either of the following: (a) Default in the payment of any installment of monthly rent and continue in default for thirty (30) days after the Landlord gives the Tenant written notice specifying the default; or (b) Fails to timely pay monthly rental payments for four or more months during any consecutive twelve (12) month period during the term of this lease may, at the discretion of the Lessor constitute default. (c) Default in any other covenant of the Tenant in this Lease and fail to commence (subject to unavoidable delay) to take steps to remedy same within twenty (20) days after the Landlord gives the Tenant written notice specifying same; then the Landlord may terminate this Lease upon ten (10) days written notice of his intent to so terminate, provided the termination shall not be allowed if either of the following provisions are complied with during the notice period or at any prior time: (i) The Tenant proceeds to cure same or takes remedies to cure same; or (ii) The Tenant contests the amount claimed to be due or any other item for which an amount could be estimated (definite or estimated), and the Tenant deposits the contested amount in an escrow account with instructions to the escrow agent b=nd&Wayette.la - 5 - to disburse the amount in accordance with the written agreement of the Tenant and the Landlord or in accordance with the order of a court exercising jurisdiction over the controversy. 20. Assignability. Tenant shall not, without the written consent of Landlord, assign this lease, or any rights thereunder, or sublet any part of the Leased Premises, provided however, Tenant is authorized to assign this Lease as part of any sale of the hotel that is located adjacent to the Leased Premises provided that, at the time of the closing of the sale, it is the intention of the purchaser to continue to operate the purchased improvements as a hotel. Upon any assignment of this lease by the Tenant the Tenant is released and discharged from any further obligations or liabilities it has hereunder and any assignee of the Tenant shall have all rights belonging to the Tenant under this Lease. 21. Entire Agreement. All previous negotiations and understandings between the Landlord and the Tenant, or their respective agents and employees, with respect to the Lease Agreement set forth herein are merged in this Lease Agreement which alone fully and completely expresses the parties' rights, duties and obligations. 22. Amendments. No waivers, alterations or modifications of this Lease shall be valid unless written upon or attached to the fully executed copies of this Lease and further executed by both the Landlord and the Tenant herein. 23. Binding. This Lease shall be binding upon the parties and upon their heirs, successors and assigns. This Lease shall be construed under the laws of the State of Arkansas. IN WITNESS WHEREOF, the parties have caused this Lease to be executed the day and year first above mentioned. LANDLORD: CITY OF FAY,,ETTEVILLE, PRICANSAS BY: TITLE: I TENANT: FOURTEN SOUTH BROADWAY CORPORATION r Lr�— BY •j,// TITLE: Acf- 1 1Z?eA— ATTEST: ACKNOWLEDGMENT STATE OF ARKANSAS ,1 ) COUNTY OF Ul)15�I�i%(DI� ) ss. ) On this day before me, a Notary Public, duly commissioned, qualified and acting with}n and for said county and state, appeared the within named � R dot i�} and �{C� LA S , being the noio�itn (L -and _ , respectively, of CITY OF FAYETTEVILLE, ARKANSAS, and who had been designated to execute the above instrument, to me personally well known, who stated they were duly authorized in their respective capacities to execute the foregoing instrument and further stated and acknowledged that they had so signed, executed, and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN—+TESTIMONY WH D this ,(day of OCT I have hereunto set my hand and seal 1990. i -� My commission expires: NOTARY PUBLIC bmoaarreyetL..1a - - STATE OF /(OGS! COUNTY OF )t t/ ACKNOWLEDGMENT ss. On this day before me, a Notary Public, duly commissioned, qualified and acting within a d for said county and state, appeared the wit in named and ac101-c.-L -• 110,�G , being /Olce//�c�r� •anr r -e} , " of FOURTEN SOUTH BROADWAY CORPORATION, and who had been designated to execute the above instrument, to me personally well known, who stated they were duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said corporation, and further stated and acknowledged that they had so signed, executed, and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF I have hereunto set my hand and seal this / day of L�7-0t3Ez , 199. '% NOTARY PUBLIC My commission expires: N M1lkY SMV swim X " � � LEASE AGREEMENT AMENDMENT WHEREAS, a LEASE AGREEMENT dated October 16, 1990, exists between the CITY OF FAYETTEVILLE, ARKANSAS, known as "Landlord" and FAYETTEVILLE HOTEL VENTURES LIMITED PARTNERSHIP, known as "Tenant" for the use of one hundred eighty (180) parking spaces in a multi-level parking deck located upon real property more particularly described as: A part of Block Numbered Fifteen (15) in the original plat of the City of Fayetteville, Arkansas, described as follows: Beginning at a point 127 feet west of the northeast corner of said Block Fifteen; and running thence west 177 feet; thence south 206 feet; thence east 177 feet; thence north 206 feet to the place of the beginning. said parcel of land and parking spaces hereinafter referred to as the "Leased Premises". WHEREAS, an improvement project is planned for construction during 1999-2000 on the south side of the downtown Fayetteville square, which is commonly called the Town Center. WHEREAS, construction of the Town Center will result in the temporary loss of parking spaces. Be it hereby agreed that the Landlord and the Tenant do hereby agree to the following amendments to the LEASE AGREEMENT: 1. Effective on the first day of the month following the date when the Fayetteville City Council approves a contract for the construction of the Town Center, the Tenant will allow the Landlord conditional use to sixty (60) spaces located on the third level of the Leased Premises until the last day of the month in which the Town Center and associated parking facilities are open for public use except as noted below. In return, the Tenant will not be charged rent for the sixty spaces used by the Landlord during the period that the sixty spaces are used by the Landlord. 2. Tenant will maintain exclusive use to the sixty spaces on the third level of the Leased Premises for the months of September and October of each year during which this amendment is in place plus certain other days on which special events are occurring that will require full use of the sixty spaces by the Tenant. Every effort should be made on the part of the Tenant to inform the Landlord at least two (2) weeks in advance of such special events so that alternative arrangements and notification procedures may be carried out by the Landlord. The Tenant will not be charged for the usage of the sixty spaces on the third level of the Leased Premises on the days the third level of the Leased Premises are used for special events parking. Monthly charges will be incurred by the Tenant for usage during the months of September and October. 3. Landlord agrees to send letters at least once per quarter to each person assigned parking on the third level of the Leased Premises identifying the dates during said quarter on which the sixty spaces utilized by the Landlord will not be available. , 4. Landlord will erect temporary reserved parking signage on the sixty spaces to be utilized by the Landlord prior to occupancy by the vehicles authorized by the Landlord. The signage will either be removed or covered on the evening prior to special events as designated by the Tenant. In addition, a sign will be erected at the entrance to the third level of the Leased Premises on the evening prior to special events indicating that reserved parking is not available on said day. The reserved parking signs will be restored on the evening of the last day of the special event. 5. Landlord will provide special rearview mirror hangtags to those who will be assigned spaces in the third level of the Leased Premises during the construction period of the Town Center. Samples of said hangtags will be furnished to representatives of Republic Parking. 6. Landlord will instruct the representatives of Republic Parking to allow vehicles with the special rearview mirror hangtags to enter and exit the Leased Premises in an unrestricted manner. 7. All other provisions of the agreement dated October 16, 1990, shall remain in full force and effect unless specifically changed hereby. IN WITNESS WHEREOF, the parties have caused this LEASE AGREEMENT AMENDMENT to be executed this day of March, 1999. ATTEST: By: c Title: City Clerk ATTEST: By: Title: LANDLORD CITY OFF YETTEVILLE, ARKANSAS By: Title: Mayor TENANT - FAYETTEVILLFEOTEL VENTURES LIMN P�?(RTNERSHIP LIM Title: 015 04 2ity of Fayetteville Maintenance/Inquiry 5/10/2017 17:15:17 Document Item Action Reference Date Ref. Taken Brief Description ADM 3/23/1999 CO VENTURE LIMITED/HILTON PARKING DECK - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Keywords ............... LEASE AGREEMENT HILTON PARKING DECK PARKING GARAGE VENTURE LIMITED PARTNERSHIP FAYETTEVILE VENTURES LIMITED TOWN CENTER TEMP. PARKING CONSTRUCTION 60 SPACES/ USE OF AMENDMENT TO CONTRACT 10/16/90 File Reference #......: Security Class......... Expiration Date........ Date for Cont/Referred: Name Referred to......: Retention Type: **** Active **** Press Cmd 6.to Update Cmd1-Return Cmd2-Check Out Cmd8-Retention Cmd3-End Press 'ENTER' to Continue Cmd5-Abstract Yes No (c) 1986-1992 Munimetrix Systems Corp. U rYJl7t7�. 'IF A L . /Ori t��v p l4i �On� LEASE AGREEMENT AMENDMENT WHEREAS, a LEASE AGREEMENT dated October 16, 1990, exists between the CITY OF FAYETTEVILLE, ARKANSAS, known as "Landlord" and fAYETTEVILL HE OTEL--�] WENS TURES'LIIVITTED PARTNERSHIP;lknown as "Tenant" for the use of one hundred eighty (180) parking spaces in a multi-level parking deck located upon real property more particularly described as: A part of Block Numbered Fifteen (15) in the original plat of the City of Fayetteville, Arkansas, described as follows: Beginning at a point 127 feet west of the northeast corner of said Block Fifteen; and running thence west 177 feet; thence south 206 feet; thence east 177 feet; thence north 206 feet to the place of the beginning. said parcel of land and parking spaces hereinafter referred to as the "Leased Premises". WHEREAS, an improvement project is planned for construction during 1999-2000 on the south side of the downtown Fayetteville square, which is commonly called the Town Center. WHEREAS, construction of the Town Center will result in the temporary loss of parking spaces. Be it hereby agreed that the Landlord and the Tenant do hereby agree to the following amendments to the LEASE AGREEMENT: 1. Effective on the first day of the month following the date when the Fayetteville City Council approves a contract for the construction of the Town Center, the Tenant will allow the Landlord conditional use to sixty (60) spaces located on the third level of the Leased Premises until the last day of the month in which the Town Center and associated parking facilities are open for public use except as noted below. In retum,'the Tenant will not be charged rent for the sixty spaces used by the Landlord during the period that the sixty spaces are used by the Landlord. 2. Tenant will maintain exclusive use to the sixty spaces on the third level of the Leased Premises for the months of September and October of each year during which this amendment is in place plus certain other days on which special events are occurring that will require full use of the sixty spaces by the Tenant. Every effort should be made on the part of the Tenant to inform the Landlord at least two (2) weeks in advance of such special events so that alternative arrangements and notification procedures may be carried out by the Landlord. The Tenant will not be charged for the usage of the sixty spaces on the third level of the Leased Premises on the days, the third level of the Leased Premises are used for special events parking. Monthly charges will 'be incurred by the Tenant for usage during the months of September and October. 3. Landlord agrees to send letters at least once per quarter to each person assigned parking on the third level of the Leased Premises identifying the dates during said quarter on which the sixty spaces utilized by the Landlord will not be available. 4. Landlord will erect temporary reserved parking signage on the sixty spaces to be utilized by the Landlord prior to occupancy by the vehicles authorized by the Landlord. The signage will either be removed or covered on the evening prior to special events as designated by the Tenant. In addition, a sign will be erected at the entrance to the third level of the Leased Premises on the evening prior to special events indicating that reserved parking is not available on said day. The reserved parking signs will be restored on the evening of the last day of the special event. 5. Landlord will provide special rearview mirror hangtags to those who will be assigned spaces in the third level of the Leased Premises during the construction period of the Town Center. Samples of said hangtags will be furnished to representatives of Republic Parking. 6. ' Landlord will instruct the representatives of Republic Parking to allow vehicles with the special rearview mirror hangtags to enter and exit the Leased Premises in an unrestricted manner. 7. All other provisions of the agreement dated October 16, 1990, shall remain in full force and effect unless specifically changed hereby. IN WITNESS WHEREOF, the parties have caused this LEASE AGREEMENT AMENDMENT to be executed this day of March, 1999. LANDLORD CITY OF FAJETTEVILLE, ARKANSAS By: N A��' Title: Mayor ATTEST: I: Title: City Clerk TENANT - FAYETT MLLE HOTEL VENTURES UrNM4 TNERSHIP By: Title: Aroc '�� ATTEST: By: Title: FAYETTEILLE THE CITY OF FAYETTEVILLE, ARKANSAS March 23, 1999 Mr. Alex Jerde Hilton Hotel - Fayetteville 70 North East Avenue Fayetteville, AR 72701 Dear Alex: Enclosed, please find two original copies of the lease agreement amendment concerning use of a portion of the third level of the parking garage during the construction of the Town Center. The agreement has been through the City's in-house contract review process without any changes being made. I simply need for you to sign both originals and return them to me. We then will get Mayor Hanna and the City Clerk to sign both. One original will be returned to you for your files. If you have any questions, please contact me at 575-8292. Sincerely, r-- Brian Swain Special Projects Analyst 113 WEST MOUNTAIN 72701 501-521-7700 FAX 501-575-8257