33-18 Authorize Mayor to Renew Lease with Iceland USA-Lakewood, LLC for Winterhurst

Home Browse Search

(A) Section 1.02 of the Amended Lease is hereby amended to read as follows: Section 1.02. Key Terms. The following are certain of the key terms of this Agreement, cross - referenced to the sections of this Agreement in which they are more fully discussed. (a) Premises (as particularly described Gross area of approximately 150,354 in Exhibit A attached hereto and incorporated square feet of land. herein by reference): Ice Rink building of approximately 59,355 square feet of enclosed area ( "Ice Rink Facility "). Parking lot of approximately 57,250 square feet. (b) Original Term: Ten (10) years. [See Section 3.02.] (c) Renewal Terms: Two (2) Renewal Terms of five (5) years each. [See Section 3.03.1 (d) Rent to Landlord: Rent shall be paid to the Landlord as follows: Eighty-Five Thousand Dollars ($85,000) during the first Lease Year (as defined herein), increased by the sum of One Thousand Dollars ($1,000) each Lease Year thereafter. [See Section 4.02.] (B) Section 3.02 of the Amended Lease is hereby amended to read as follows: Section 3.02. Original Term. The "Original Term" of this Agreement shall commence (the "Commencement Date ") on September 1, 2018. The Original Term shall continue for the number of years set forth in Subsection 1.02(6) hereof from the Commencement Date. (C) Section 3.03 of the Amended Lease is hereby amended to read as follows: Section 3.03. Renewal Terms. The Original Term of this Agreement may be renewed and extended at the option of the Tenant for two (2) additional five (5) year periods (each period a "Renewal Term "), each such option to be exercised by the Tenant with written notice to the Landlord no later than sixty (60) days prior to the expiration of the Original Term or Renewal Term as applicable. (D) Section 4.01 of the Amended Lease is hereby amended to read as follows: Section 4.01. Definitions. (a) (Reserved.) (b) (Reserved.) (c) Definition of Lease Year. For the purposes of this Agreement, the term "Lease Year" shall mean September I to August 31, with the first Lease Year being September 1, 2018 to August 31, 2019.