Loading...
HomeMy WebLinkAbout09168RESOLUTION NO. 9168 A RESOLUTION APPROVING AN AMENDMENT TO GROUND LEASE BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND THE GREATER PUEBLO CHAMBER OF COMMERCE RELATING TO THE LONG -TERM LEASE OF THE LAND LOCATED UNDER THE PUEBLO CHAMBER OF COMMERCE'S BUILDING AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The Amendment To Ground Lease dated December 11, 2000 between Pueblo, a Municipal Corporation and the Greater Pueblo Chamber of Commerce relating to the land located under the Pueblo Chamber of Commerce's building, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. SECTION 2 The President of the City Council is hereby authorized to execute and deliver the Amendment To Ground Lease in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. ATTEST: City erk INTRODUCED: December 11, 2000 By Rich Golenda Councilperson APP VED: W 4L_�_ President of the City Council 0 DECEMBER 11, 2000 COUNCIL AGENDA - RESOLUTION APPROVING AN AMENDMENT TO GROUND LEASE BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND THE GREATER CHAMBER OF COMMERCE RELATING TO THE LONG -TERM LEASE OF THE LAND LOCATED UNDER THE PUEBLO CHAMBER OF COMMERCE'S BUILDING The attached Resolution approves an amendment to the Ground Lease dated December 1, 1998 between the Greater Pueblo Chamber of Commerce ( "Chamber ") and the City for the land located under the Chamber's building. The Chamber has requested the Ground Lease be amended to permit assignment to a financial institution for financing with respect to its modifications and additions to the Chamber's building. The Amendment authorizes such assignment without however mortgaging or encumbering the City's interest in the land or subordinating the City's interest in the land to any such lien or mortgage. IIIIII IIIII IIIII IIIIIII IIIII III IIIIIII III IIIII IIII IN 1370785 02/23/2001 11:47A AM LS Chris C. ML 1 of 2 R 10.00 D 0.00 Pueblo Cl,y Clerk 8 Rec AMENDMENT TO GROUND LEASE THIS AMENDMENT TO GROUND LEASE ( "Amendment ") entered into as of December 11, 2000 by and between Pueblo, a municipal corporation ( "Landlord ") and the Greater Pueblo Chamber of Commerce, formerly known as the Pueblo Chamber of Commerce, a Colorado nonprofit corporation ( "Tenant "), WITNESSETH: WHEREAS, Landlord and Tenant entered into a Ground Lease dated December 1, 1998 with respect to a portion of Lot 1, Block 21 and vacated 3rd Street in that part of the City of Pueblo, Pueblo County, Colorado, surveyed and platted by H. M. Fosdick, Civil Engineer, for the probate judge of Pueblo County in March 1869 (the "Ground Lease "), and WHEREAS, Tenant has requested that the Ground Lease be amended to permit Tenant to obtain a loan secured by Tenant's interest in the Ground Lease and improvements, and WHEREAS, Landlord is willing to so amend the Ground Lease upon the terms and conditions contained herein. NOW, THEREFORE, in consideration of the foregoing and mutual covenants hereinafter set forth, Landlord and Tenant agree as follows: 1. The Ground Lease is hereby amended by the addition of the following new paragraph 24. 24. Tenant Financina Landlord consents to Tenant assigning its leasehold estate created hereby (the "Leasehold Estate ") to a financial institution (the "Lender ") as collateral security for the repayment of a construction and /or permanent loan from Lender to Tenant for the purpose of financing the acquisition, construction and installation of the Improvements (the "Loan "). For purposes of such Loan, Landlord further consents to Tenant mortgaging or otherwise encumbering its right, title and interest in the Improvements as security for the Loan (the "Mortgage "), provided, however, that at no time shall Landlord's right, interest or title in and to the Premises be or become subordinate or subject to any such Loan and Mortgage. If Tenant so assigns its Leasehold Estate and mortgages or otherwise encumbers its interest in the Improvements, the Lender or any subsequent holder of the Loan may cause the Mortgage to be foreclosed in any lawful manner, or by instrument of conveyance in lieu of foreclosure, acquire Tenant's title and interest in and to the Leasehold Estate and Improvements subject to the terms, covenants and provisions of this Lease; provided, that subject to approval of Landlord, which approval will not be unreasonably withheld or delayed, the Premises may thereafter be used for office purposes compatible with the public use of surrounding properties; and further provided, that the Lender or any subsequent Tenant of the Premises shall pay Landlord rent in an amount equivalent to the fair market rental value of the Land and Easements over the remaining term of this Lease. 11111111111111111111111111111111111111111111111 IN IN 1370785 02/23/2001 11:47A AM LS Chris C. 2 of 2 R 10.00 0 0.00 Pueblo Cty Clerk & ROC 2. The Ground Lease as amended and modified by this Amendment shall remain in full force and effect and be binding upon and inure to the benefit of Landlord and Tenant and their respective successors and approved assigns. Executed in Pueblo, Colorado, the day and year first above written. TENANT LANDLORD GREATER PUEBLO CHAMBER PUE V OF COMMERCE s" ,PA By � Name R61 Sl yhoF r, ;� � r -� A t A MU;i lly I AL CORPORATION h � �/`-�•. )fA `City Council [SEAL] Title: I'' yt •, A#-4nT -- [ $,E �. '� pproved. as to form: . Att U �C City Attorney -2-