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HomeMy WebLinkAboutResolution - 2003-R0538 - Amendment To Lease Agreement With Wolfpen Associates, Inc. - 12_08_2003Resolution No. 2003-RO538 December 8, 2003 Item No. 17 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 d to execute for and on behalf of the City of Lubbock an Amendment to the Lease vent with Wolfpen Associates, Inc. at Lubbock International Airport. Said lment is attached hereto and incorporated in this Resolution as if fully set forth and shall be included in the minutes of the Council. Passed by the City Council this 8th day of December , 2003. MARC MclJOUGAL, MAYOR TTEST: Garza, City Secretary OVED AS TO CONTENT: rN . Director of Aviation [ZOVED AS TO FORM: 01 L. Chamales, Supervising Attorney Practice Section and ccdocs: Res-Wolfpen Lease Amendment Resolution No. 2003—RO538 December 8, 2003 Item No. 17 STATE OF TEXAS § KNOW ALL MEN BY THESE PRESENTS: COUNTY OF LUBBOCK § AMENDMENT TO LEASE AGREEMENT This Agreement is entered into by the CITY OF LUBBOCK (referred to herein as "Lessor"), a Home Rule Municipality of Lubbock County, Texas, and WOLFPEN ASSOCIATES, INC. (referred to herein as "Lessee"). WITNESSETH: WHEREAS, the City of Lubbock (hereinafter called Lessor) and Hallmark & Associates, Inc. executed a Lease Agreement on the llth day of May, 1995, which granted Hallmark & Associates use of approximately 115,500 square feet of land located in the air cargo complex at the Airport for the purpose of constructing buildings and other improvements; and WHEREAS, said Lease was assigned by Hallmark and Associates, Inc. to Wolfpen Associates, Inc. with the consent of the Lubbock City Council May 9, 1996; and WHEREAS, Wolfpen Associates, Inc. (hereinafter called Lessee) desires to extend the initial term of the Lease nine years; and WHEREAS, Lessee desires to lease an additional 106,450 square feet of land for the purpose of constructing a parking lot; NOW THEREFORE, Lessor and Lessee agree as follows: I. Article I, Section 1.01. LEASED PREMISES is amended to read as follows: "The Leased premises shall consist of (a) approximately 115,500 square feet of land located in the air cargo complex at the Airport, as shown on Exhibit A; and (b) an additional 106,450 square feet of land for the construction of a parking lot as shown on Exhibit B. Lessor hereby represents and warrants unto Lessee that Lessor is the owner of good and marketable title to the Leased Premises." Amendment to Wolfpen Associates, Inc. Lease Page 1 i II. Article II, TERM is amended to read as follows: "The term of this Agreement shall be for a period of twenty-nine (29) years commencing on the date of execution (May 11, 1995) of this Agreement; subject, however to earlier termination as hereinafter provided under Article VI. If this Agreement is not terminated pursuant to Article VI, Lessee may extend this Agreement for two (2) additional and consecutive periods of ten (10) years each by written notification to the Director of Aviation of the Lessor that an extension is desired at least thirty (30) days prior to expiration of the term of this Agreement or expiration of the first ten (10) year period, if in effect." Article III, Section 3.01, RENTAL is amended to read as follows: "In consideration of the rights and privileges herein granted, Lessee shall pay to Lessor an annual rental for the 115,500 square feet of leased Premises of ELEVEN THOUSAND SIX HUNDRED SEVEN AND 75/100 DOLLARS ($11,607.75), which rental shall be due and payable, in advance, in twelve (12) equal monthly installments of NINE HUNDRED SIXTY-SEVEN AND 31/100 DOLLARS ($967.31), on or before the tenth (loth) day of each month following completion of the Airport's ramp and taxiway to the Leased Premises. Lessee shall pay to Lessor, commencing on the first day of the calendar month after substantial completion of the parking lot, an additional annual rental for the 106,450 square feet of Leased Premises of TWELVE THOUSAND SIX HUNDRED FOURTEEN AND 33/100 DOLLARS ($12,614.33), which rental shall be due and payable, in advance, in twelve (12) equal monthly installments of ONE THOUSAND FIFTY-ONE AND 19/100 DOLLARS ($1,051.19), on or before the tenth (IOth) day of each month. The aforesaid rental rate shall be adjusted upward or downward on January 1 of each year this Agreement is in effect in direct proportion to the percentage increase or decrease for the preceding twelve (12) months in the Amendment to Wolfpen Associates, Inc. Lease Page 2 Consumer Price Index published by the Bureau of Labor Statistics of the United States Department of Labor." Executed this 8th day of December , 2003. CIT?ARC?Kcb-6UGAt, BB K WOLFPEN ASSOCIATES, INC. a BY: BY: MAYOR ATTEST: Q&4��,� 32��e_ _ Re ecca Garza, City Secretary APPROVED AS TO CONTENT: r ' InoTm Director of A iation LC:cityatt/LindaAVolfpen Amendment November 14, 2003 Title: Date: Z0, zc©�3 APPROVED AS TO FORM: Linda Chamales, Supervising Attorney — Office Practice Section Amendment to Wolfpen Associates, Inc. Lease Page 3