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2023-080 Resolution
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2023-080 Resolution
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8/17/2023 3:38:55 PM
Creation date
8/17/2023 3:25:05 PM
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North Olmsted Legislation
Legislation Number
2023-080
Legislation Date
8/15/2023
Year
2023
Legislation Title
Fourth Amendment to Option and Ground Lease at Recreation Center
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follows: <br />1. The above recitals are true and correct and are incorporated herein by this reference. <br />Lessor and Lessee hereby ratify and confirm Lessee's interest in the Lease. <br />2. Term. Sections I l and 12 are hereby deleted in their entirety and replaced with the <br />following: "The term of this Lease shall be forty-three (43) years commencing <br />November 2, 2020." <br />3. Consideration. Section 13 is hereby deleted in its entirety and replaced with the <br />following: "Upon the full execution of the Fourth Amendment, Lessee shall pay <br />Lessor a lump sum payment equal to Four Hundred Thousand Dollars ($400,000)." <br />This lump sum payment shall be made in lieu of the Rent payments as provided in <br />Section 13 of the original Lease agreement. The above aforementioned rent increase <br />shall be subject to the annual two percent escalation per the terms of the Lease. <br />4. Sublease. Section 16 is hereby modified as follows. Lessee shall continue to pay <br />Lessor the Co -Location Rent, as provided for in Section 16, for the Dish Wireless <br />Sublease. In the event Lessee subleases or licenses to Verizon Wireless, AT&T or <br />another national wireless provider, Lessee shall pay to Lessor the Co -Location Rent, <br />as provided in Section 16. The remaining terms and conditions of Section 16 are <br />hereby affirmed. <br />5. Notice. The purpose of this Fourth Amendment is to give record notice of the Lease <br />and of the rights created thereby all of which are hereby confirmed. <br />6. Agreement in Full Force. Except as expressly amended hereby, all terms and <br />conditions of the Lease shall remain in full force and effect, and, in the event of any <br />inconsistencies between this Fourth Amendment and the terms of the Lease, the terms <br />set forth in this Fourth Amendment shall govern and control. Defined terms used <br />herein without definition shall have the meaning given to them in the Lease. The <br />covenants, representations and conditions in the Lease are mutual and dependent. <br />[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] <br />OH0391 <br />
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