HomeMy WebLinkAboutEXHIBITFOURTH AMENDMENT TO LEASE AGREEMENT
THIS FOURTH AMENDMENT TO LEASE AGREEMENT ("Fourth Amendment") is
made as of the day of2010, between THE CITY OF MIAMI, a
Municipal corporation of the State of Florida (hereinafter referred to as the "City"), as
Lessor, and BEASLEY-REED ACQUISITION PARTNERSHIP, LLC a Delaware
general partnership (hereinafter referred to as "BRAP or "Tenant"), as Lessee.
RECITALS
A. The City .and Hemstadt Broadcasting Corp. ("Original Tenant") entered
into that Lease Agreement dated September 3, 1982 (the "Lease"), pursuant to which
Original Tenant leased certain premises consisting of approximately two and two-tenths (2
2/10ths) acres, located on Virginia Key, City of Miami, Dade County, Florida (the
"Property");
B. Original Tenant assigned the Lease to Howard Broadcasting Corporation
("Successor Tenant"), pursuant to an Assignment of Lease dated October 17, 1986, which
assignment was approved by the City by letter dated November 24, 1986;
C. Successor Tenant assigned an undivided one-half (1/2) interest in the Lease
to Sunshine Wireless Company, Inc. pursuant to an Assignment of Lease dated
August 31, 1987, which assignment was approved by the City on August 10, 1987;
D. Sunshine Wireless Company assigned its undivided one-half interest in the
Lease to BRAP which assignment was approved by the City by Consent to Assignment and
Assumption dated August 14, 1996.
E. With the City's consent, Successor Tenant assigned all of its remaining right,
title and interest in and to the Lease to BRAP pursuant to a Consent to Assignment and
Assumption dated August 11, 2000; and
F. Section 29-B of the City's Charter, authorizes the city commission to grant a
lessee of city -owned property a one-time extension during the last five years of its lease,
- - without the necessity for a -referendum, for the purposes of funding additional capital
improvements, for an extended term not to exceed 25% of the original term or 10 years,
whichever is less, and provided the lessee is not in default of its lease nor in arrearage of any
monies due the City.
G. Pursuant to Resolution No. 06-0332, adopted May 25, 2006, the city
commission, by 415 votes, authorized the extension of the term of this lease for an additional
term of 6 years under the terms and conditions set forth hereinafter.
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Document Amendment 1 to Beaslev-Reed lease3-15-2010
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H. Lessor and Tenant have negotiated to extend the commencement of the
parties' mutual right to terminate the Lease prior to the lease's termination date of
September 2, 2013 from June 3, 2010 to June 3, 2011.
I. This present Fourth Amendment extends to June 3, 2011 the
commencement of the parties' mutual right to terminate the Lease prior to the lease's
termination date of September 2, 2013 and in no way extends said term and therefore
complies with the requirements of 29B of the City Charter.
TERMS
NOW THEREFORE, for Ten Dollars ($10.00) and for the covenants and
conditions of this Fourth Amendment, the receipt and sufficiency of which are
acknowledged, Lessor and Tenant agree as follows:
1. Recitals. The foregoing recitals are correct and are incorporated herein by
this reference.
2. Terms. All undefined capitalized terms used herein shall have the
same meanings as defined in the Lease, as amended.
3. Section 36: ("Termination") Section 36 is hereby amended as follows:
(a) Termination by the City. In addition to the termination provisions
provided in Section 17 of the Lease, the City shall have the following
termination right: from and after June 3, 2011. the City may terminate the
Lease, upon not less than sixty days prior written notice to BRAD,
which notice may not be provided sooner than June 3. 2011.
(b) Termination by BRAD. From and after June 3. 2011. BRAP may
terminate this Lease upon not less than sixty &O� days written notice to
the City, which notice may not be provided sooner than June 3. 2011.
(c) In the event the Extension Term is terminated pursuant to the
provisions of this Section 36 on a date that is earlier than the expiration of
the Extension Term, the Annual Rent shall be pro -rated accordingly.
Upon such termination of this Lease, all rights and privileges derived
from, and all duties and obligations created and imposed by the
provisions of this Lease, shall terminate and have no further force or
effect, including but not limited to Tenant's requirements to make any
capital improvements to the Premises as provided herein.
(d) The Citv ManaLer is hereby authorized. without the necessity of
further City Commission action. to administratively extend at the City
Manager's sole discretion the parties' mutual termination date of the
Aoreement upon sixty(60) days prior written notice from Tenant, but such
date shall not be later than September 2.2013.
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4. Entire Agreement. The Lease, as amended by the First, Second, Third and
Fourth Amendment, constitutes the entire agreement and understanding among the
parties with respect to the subject matter hereof.
5. Miscellaneous.
a. In the event any term or provision of this Fourth Amendment be
determined by appropriate judicial authority to be illegal or otherwise invalid, such
provision shall be given its nearest legal meaning or be construed as deleted as such
authority determines, and the remainder of this Fourth Amendment shall be construed to
be in full force and effect.
b. In construing this Fourth Amendment, the singular shall be held to
include the plural, the plural shall include the singular, and the use of any gender shall
include every other and all genders.
C. Descriptive headings contained herein are for convenience only
and shall not control or affect the meaning or construction of any provision of this Fourth
Amendment.
d. This Fourth Amendment may be executed in any number of
counterparts and by the separate parties hereto in separate counterparts, each of which
shall be deemed an original, but all of which shall constitute one and the same
instrument.
e. This Fourth Amendment shall be deemed a part of the Lease, but .
shall take precedence over and supersede any provisions to the contrary contained in the
Lease.
[THIS SECTION INTENTIONALLY LEFT BLANK]
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Document Amendment 3 to Beasley -Reed lease3-15-2010
Document No. 226165
IN WITNESS WHEREOF, the parties have executed this Fourth Amendment as
of the day and year first written above.
Witness:
Print Name:
Print Name:
ATTEST:
Priscilla a. Thompson, City Clerk
Approved as to Form and Correctness:
10.31=1 i
BEASLEY-REED ACQUISITION
PARTNERSHIP, a Delaware limited
partnership
Print Name:
Title:
THE CITY:
CITY OF MIAMI, a municipal
Corporation of the State of Florida
IN
Carlos A. Migova, City Manager
Julie 0._Bru, City Attorney
Approved As To Insurance Requirements:
Gary Reshefsky, Interim Director
Risk Management Department
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Document Amendment 4 to Beasley -Reed lease3-15-2010
Document No. 226165