HomeMy WebLinkAboutResolution - 4117 - Amendment #3 To Lease Agreement - LICC Inc - 6 Month Extension, TTU Facility - 04_08_1993Resolution No. 4117
April 8, 1993
Item #5B
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 Third Amendment
to that certain Lease Agreement existing between the City of Lubbock and the
Lubbock International Cultural Center, Inc., which Third Amendment extends for
a period of six (6) months the time allocated for commencement and completion
of the structure contemplated by the original Lease Agreement, attached here-
with, 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 det- "
Passed by the City Council this
ATTEST:
et�tyyM'. Jo n on, City Secretary
APPROVED AS TO CONTENT:
BobCass, Acting City Manager
APPROVED AS TO FORM:
n C. Ross, Jr., City'Attorney
JCR:js/3RDAMDMT.RES
D2-Agenda/March 31, 1993
Resolution No. 4117
April 8, 1993
Item #5B
THIRD AMENDMENT TO LEASE AGREEMENT
STATE OF TEXAS §
COUNTY OF LUBBOCK §
WHEREAS, a Lease Agreement was made and entered into upon
the lath 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 an additional six months; 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 by November 11, 1993, 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 by November 11, 1995, 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, and the Second
Amendment executed on the 9th day of April, 1992, the Lease
executed on May 11, 1989, is and shall be in full force and
effect between the parties hereto.
THIRD AMENDMENT TO LEASE AGREEMENT
LUBBOCK INTERNATIONAL CULTURAL CENTER -- PAGE 2
LUBBOCK INTERNATIONAL CULTURAL
CENTER, INC.
BY:
President
ATTEST:
Secretary
JCR: da/INST-D8/CULCNT2D. doc
revised 3/31/93
ATTEST:
l3ettyu M. Jo son
City Secretary
APPROVED AS TO CONTENT:
20 C'ss
Bob Cass
Acting City Manager
APPROVED AS TO FORM:
"1-7� C- �'�.
ifc)hn C. Ross, Jr.,
ity Attorney
THIRD AMENDMENT TO LEASE AGREEMENT
LUBBOCK INTERNATIONAL CULTURAL CENTER -- PAGE 3