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HomeMy WebLinkAboutTHIRD AMENDMENT LEASE AGREEMENTU, THIRD AMENDMENT TO LEASE AGREEMENT THIS THIRD AMENDMENT TO LEASE AGREEMENT ("Third Ainendment") is made as of the :zo'-• day of$rbc+ r`� 2009, between THE CITY OF MIAMI, a Municipal corporation of the State of Flon'd (hereinafter referred to as the "City,"), as Lessor, and BEASLEY-REED ACQUISITION. PARTNERSHIP, a Delaware general partnership (hereinafter referred to as `BRAP" or "Tenant"), as Lessee. RECITALS A. The City and Herri!�tidt $r64dcastingCorp. ("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 asst errtwas'a' roved b the Cit on August 10 1987; ., approved Y Y � 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,, 2'000,;and F. -___Section 29=8 oftl d 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 *`0670332, adopted May 25, 2006, the city commission, by 4/5 votes, authorized the -extension of the term of this lease for an, additional term of 6 years under theterms and conditions set forth hereinafter. L Document Amendment 3 to Beasley -Reed leasel 1-11-08 i._ 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, 2009 to June 3, 2010. I. This present Third Amendment extends to June 3, 2010 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 Third 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. T 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 Secti6n 17 of 1the Lease, the City shall have the following termination right: fr©m and =after June 3, 2010, the City may terminate the Lease, upon not Iess'than hih6ty (90) days prior written notice to BRAP, which notice mAy n&fi e provided sooner than June 3, 2010, (b) Tennination'by BRAP. From and after June 3, 2010, BRAP may terminate this Lease upon not less than ninety (90) days written notice to the City, which notice may not be provided sooner than June 3, 2010. - — - -- - - -- -- --- - ----- - --- — 4. Entire Agreement. The Lease, as amended by the First, Second and Third Amendment, constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof. 5. Miscellaneous. a. In the evetit fairy tens or 'provision of this Third 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 Third Amendment shall be -construed to be in full force and effect, b. In construing this Third 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 Third Amendment. d. This Third 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 Third 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. - Document Amendment 3 to Beasley -Reed lease] 1-11-08 IN WITNESS WHEREOF, the parties have executed this Third Amendment as of the day and year first written above, BRAP: BEASLEY-REED ACQUISITION PARTNERSHIP, a Delaware limited partnership Witness: Q0A ' VITHIRI"O) By: %rte P 'n Name: E FI I I koupf_ l ,5 Print Name; Title: tVP ICED Print Nait4e. NzolE:7, THE CITY: CITY OF MIAMI, a municipal corpora��e State of Florida ATTEST: B j".) / .. By: V\ 1 Priscilla A. Thompson, City Cler Pedro G. Hernandez, City Manager Approved As To -Form And Correctness: -- - ulie Approved. LeeAnf> R. Risk ana ty Attorney v c Ins rafice Requirements: l Document Amendment 3 to Beasley -Reed lease] 1-1)_08 ., �F 666 • - � ' ,