HomeMy WebLinkAboutResolution - 3778 - Amendment To Lease Agreement - Nortec Specialty Steels - Warehouse, LIA - 12_19_1991Resolution No. 3778
December 19, 1991
Item #16
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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 an Agreement
to Amend Non -Aeronautical Lease with Nortec Specialty Steels Co., Inc.,
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 19th day of December , 1991.
ATTEST:
i
Kanmte boya, pity becretrary
,APPROVED AS TO CONTENT:
1
�4�
j erne, Director of Aviafion
APPROVED AS TO FORM:
jiHarold � Assistant City
Attorney
Resolution No. 3778
December 19, 1991
Item 9#16
THE STATE OF TEXAS
KNOW ALL MEN BY THESE PRESENTS:
COUNTY OF LUBBOCK
AGREEMENT TO AMEND NON -AERONAUTICAL_ LEASE
This Agreement is entered into at Lubbock, Texas, by and
between the City of Lubbock, a Texas Home Rule Municipality,
hereinafter referred to as "Lessor," and Nortec Specialty Steels
Co., Inc., formerly known as Texas General Steel Co., Inc., and
hereinafter referred to as "Lessee."
WITNESSETH:
WHEREAS, Lessor and Lessee's predecessor executed a Non -
Aeronautical Lease on the 24th day of December, 1984, in which
Texas General Steel Co., Inc. leased certain buildings and
unimproved property at the Lubbock International Airport from the
Lessor for manufacturing and storage purposes; and
WHEREAS, both the Lessor and Lessee, for good and valuable
consideration, now desire to amend portions of the Agreement
previously executed and attached hereto as Exhibit No. 1 and
incorporated herein by this reference;
NOW THEREFORE, the Non -Aeronautical Lease attached as
Exhibit No. 1 is hereby amended in the following manner:
1. ARTICLE I of said Lease is amended to read as follows:
ARTICLE I
NOW THEREFORE, in consideration of the covenants
and conditions herein contained and other valuable
consideration, the Lessor authorizes the Lessee to
exercise the rights, powers and privileges hereinafter
set forth and does hereby lease to the Lessee the
premises hereinafter described and being:
Buildings #710, #712, #714, and #718, the
land immediately surrounding each such
building, all of which are located in the
Industrial Section of Lubbock International
Airport and are depicted on "Exhibit All
attached hereto and made a part hereof for
all purposes.
The Lessor also herein gives the Lessee a right of
first refusal to lease Building #716, as shown on
Exhibit A, on such terms and conditions as the parties
may mutually agree to in the event that such building
ceases to be occupied by its present tenant at any time
during the term of this Agreement. In the event that
Lessor and Lessee execute an agreement for the lease of
Building 1716, Lessee shall then have the option to
reconvey its leasehold interest in Building #718 to the
Lessor and thus be relieved of any further obligation
to pay rentals for said Building 1718.
The Lessor further herein gives the Lessee a right
of first refusal to lease Tract A, also shown on
Exhibit A, on such terms and conditions as are
agreeable between the parties in the event such real
property is to be leased by the Lessor.
The original term of this Agreement shall be for a
period of twenty (20) years, commencing upon the 24th
day of December, 1984. Lessee shall have the option to
extend this Agreement for one five (5) year period.
Such option must be exercised in writing at least sixty
(60) days prior to the expiration of the original term.
If the Lessee desires to exercise said option, the
rental rates for the buildings and land herein leased
shall continue to be calculated in accordance with
Article II of this Lease.
2. ARTICLE II of said Lease is amended to read as follows:
ARTICLE II
In consideration of the rights and privileges
herein granted, Lessee shall pay to Lessor a building
rental of $1,753.42 per building per month, payable in
advance, by the tenth (loth) day of each month.
The parties hereto mutually agree that the rental
rates set forth above shall be adjusted upward or
downward for each ensuing year beginning January 1,
1992, in direct proportion to the fluctuation of the
U.S. Department of Labor, Bureau of Labor Statistics
Consumer Price Index (CPI). For the purpose of
computing all adjustments, the CPI as of January 1,
1991, shall be construed as the base period.
Executed this 19th day of
December , 1991.
�NORTEC SPECIALTY STEELS CO., INC. CITY OF LUBBOCK, TEXAS
RICHAM 0. SMITH, PRESIDENT . C. McMINY, MAYOR
ATTEST: ATTEST:
Ran tte Boyd, C1 Secretary
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D-8;A-NORTEC
APPROVED AS TO CONTENT:
-Bern Case,
Director of Aviation
APPROVED AS TO FORM:
.G
arold Willard,
Assistant City Attorney
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