HomeMy WebLinkAboutResolution - 3848 - Amendment #2 To Lease Agreement - LICC Inc - Report, & Contract Extension - 04/09/1992Resolution No. 3848
April 9, 1992
Item #6
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock BE and is hereby authorized and
directed to execute for and on behalf of the City of Lubbock a Second
Amendment to Lease Agreement by and between the Lubbock International Cul-
tural Center, Inc. and the City of Lubbock, Texas, attached herewith, which
shall be spread upon the minutes of the Council and as spread upon the
minutes of this Council shall constitute and be a part of this Resolution
as if fully copied herein in detail.
Passed by the City Council this
etye uoya, city secreta
APPROIXED AS TO CONTENT:
Larry 'J nning Ci Manager
APPROVED AS TO FORM:
4 v7w.
��
J n C. Ross, Jr.,, 1ty Attorney
JCR:da/AGENDA-D2/A-C ULCNT. res
9th day of April , 1992.
c
. C. MCMI N, AYOR
Resolution No. 3848
April 9, 1992
Item #6
SECOND AMENDMENT TO LEASE AGREEMENT
STATE OF TEXAS §
COUNTY OF LUBBOCK §
WHEREAS, a Lease Agreement was made and entered into upon
the 11th day of May 1989, by and between the Lubbock Interna-
tional Cultural Center, Inc., hereinafter called "Lessor" and the
City of Lubbock, hereinafter called "Lessee"; and
WHEREAS, Lessor and Lessee did amend the above Lease Agree-
ment on the 26th day of September, 1991, allowing Lessor, subject
to conditions set forth in said Amendment, to locate the facility
to be constructed by Lessor on the campus of Texas Tech
University; and
WHEREAS, negotiations are currently underway between Lessor
and Texas Tech University for the location of said facility upon
the Texas Tech University campus; and
WHEREAS, the Lessor has requested that the time to commence
construction of the facilities described in Exhibit "A" to the
original lease be extended one year; and
WHEREAS, the City Council finds that such request is reason-
able; NOW THEREFORE:
WITNESSETH•
1. That paragraph XIII of the original Lease Agreement
between the parties is hereby amended to read as follows:
XIII.
Both parties to this lease understand that Lessee
intends to make public use of the facilities to be
built upon the Demised Premises, all as heretofore set
forth in this lease, and that Lessee is agreeing to
make payment as required by paragraph IV of this lease
from its Hotel -Motel Tax Reserve Capitol Projects
account. Both parties further agree that the use and
occupancy of the facilities to be built on the Demised
Premises as set forth in this lease by Lessee will
directly enhance and promote tourism and the convention
and hotel industry within the City of Lubbock. Both
parties further agree that if the facilities to be
constructed upon the Demised Premises are not built or
not completed, then in such event the public use to be
made of the facilities to be constructed fails and this
lease would not be effective to discharge the public
use contemplated by the parties hereto. Under such
circumstances the parties hereto specifically agree as
follows:
(1) In the event the facilities described in
Exhibit "A" attached hereto are not under
construction within four (4) years from the
date of this lease agreement, then in such
event this lease shall become void and of no
further force or effect between the parties
hereto and Lessee shall have no obligation to
pay the consideration described in paragraph
4 of this lease.
(2) In the event that construction is started
upon the facilities to be built upon the
Demised Premises but such construction is not
completed within a period of six (6) years
from the date of this lease agreement, then
in such event Lessee shall be relieved of
making any further payments to Lessor as
contemplated by paragraph 4 of this lease and
Lessor shall return to Lessee all monies paid
to Lessor by Lessee under paragraph 4 of this
lease.
2. Except as amended hereby and the first Amendment
executed on the 26th day of September, 1991, the Lease executed
on May 11, 1989, is and shall be in full force and effect between
the parties hereto.
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LUBBOCK INTERNATIONAL CULTURAL
CENTER, INC.
BY: U -- 't3�.--
President
ATTEST:
Secretary
JCR: da/INST-D8/CULCNT2D.doc
- 3 -
CITY OF LUBBOCK, TEXAS
`` C
B.C. McM , MAYOR
ATTEST:
an tte Boyd,
Cit Secretary
APPROVED AS TO CONTENT:
Larry Cunnin ha ,
City Manager
APPROVED AS TO FORM:
hn C. Ross, Jr.,
City Attorney