The URL can be used to link to this page

Home My WebLink AboutContract 31737 CITY SECRETARY CONTRACT NO. 1 MEMORANDUM OF LEASE This Memorandum of Lease(herein the"Memorandum") is executed by and between the CITY OF FORT WORTH,TEXAS, a Texas home-rule city("Lessor") and OMNI FORT WORTH PARTNERSHIP, L.P., a limited partnership organized and existing under the laws of the State of Delaware("Lessee"). RECITALS: A. The parties hereto have made and entered into that certain Ground Lease Agreement(as described and defined hereinbelow). B. The parties desire to record a Memorandum of Lease to provide notice to third parties of the Lease. AGREEMENTS: NOW,THEREFORE,Lessor and Lessee do hereby make and enter into this Memorandum for the purposes described above: I. Description of Leased Premises. Lessor and Lessee have made and entered into that certain Ground Lease Agreement (as same may be hereafter renewed or amended, the "Lease") dated effective as of April Z7, 2005,covering the Leased Premises described hereinbelow,providing for the lease by Lessee from Lessor of such Leased Premises upon the terms and conditions set forth in such Lease. The Lease applies to all of that certain tract or parcel of land situated in the City of Fort Worth, Tarrant County, Texas, which land is more particularly described in Exhibit"A"attached hereto, incorporated herein by this reference, and made a part hereof for all purposes(the"Leased Premises"). 2. Term of Lease. The Term of the Lease commences on the date Lessee obtains a building permit from the applicable governmental authorities relating to the construction of the Hotel and continues for ninety-nine (99)years thereafter. Lessor and Lessee will execute a Memorandum of Commencement Date confirming the actual Commencement Date and the expiration date of the Term. 3. OQption to Purchase. Lessee has the option to purchase the Leased Premises commencing on the tenth (10`h) anniversary of the opening of the Hotel located thereon, and expiring one (1) year thereafter. Lessee's option to purchase is subject to the terms and conditions more particularly described in Article IX of the Lease. 4. Lease Amendments. The Lease may not be orally amended. 5. General. Nothing contained in this Memorandum shall be deemed or construed to amend,modify, change, alter, amplify, interrupt or supersede any of the terms or provisions of the Lease. In the event of a conflict between the terms of the Lease and the terms of this Memorandum, the terms of the Lease shall prevail and be controlling. This Memorandum may be executed in multiple counterparts,and each counterpart shall be deemed an original hereof. Accordingly, this Memorandum shall become binding, notwithstanding the execution of separate originals hereof,one by each of the parties hereto. Capitalized terms used but not defined in this Memorandum will have the definitions ascribed to such terms in the Lease. [The remainder of this page is intentionally left blank] Off , TEK Memorandum of Lease —Page 1 IN WITNESS WHEREOF,the parties hereto have executed this Memorandum on the dates set forth in the acknowledgments attached hereto,but to be effective as ie the LVk day of April,2005. Q� LESSOR: CITY OF FORT WORTH, ! 1, AST`i`U i O :t1 A"D LL'�Ar ITY: a Texas home-rul city s k:'.R07L� By: .3-2 �l-OS Name: A _— Title: City anger LESSEE: Attested By: OMNI FORT WORTH PARTNERSHIP,L.P., a Delaware limited partnership By: Omni Fort Worth GP Corporation, Marty Hendrix a Delaware corporation, City Secretary its general partner By: Y Name: Scott Johnson Title: Vice President -I I RICO Memorandum of Lease —Page 2 FT, WAR1b, TEX. STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on the ((t-, day of April, 2005 by OIL.- the City Manager of the CITY OF FORT WORTH,TEXAS, a Texas home-rule city, on behalf of said ci . [SEA �pE77y J.TANNER '- My COMMISSION EXPIRES N tary PuVic, to exas ;I ;j Q, ':` March 31,2006 My Commission Exp-6. (Printed Name of Notary Public) STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on the (I L:k day of April,2005 by Scott Johnson, the Vice President of Omni Fort Worth GP Corporation, a Delaware corporation, the general partner of OMNI FORT WORTH PARTNERSHIP, L.P., a Delaware limited partnership, on behalf of said corporation and limited partnership. [ S BETTY J.TANNER ti1Y COMMISSION EXPIRES AotPu , to of Texas -z March 31,2006 My Commis` (Printed Name of Notary Public) �� •j WON q Memorandum of Lease —Page 3 ��, :••��: t `� EXHIBIT A Leased Premises Sections 7 and 8, TARRANT COUNTY CONVENTION CENTER, an addition to the City of Fort Worth, Tarrant County, Texas, according to plat thereof recorded in Volume 388-59, Page 14, Plat Records of Tarrant County, Texas. CITY EXHIBIT A—Leased Premises—Solo Page Dallas—1 4145553v.1 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 3/29/2005 CONTINUED FROM A PREVIOUS WEEK DATE: Thursday, March 24, 2005 LOG NAME: 170MNI LEASE REFERENCE NO.: C-20618 SUBJECT: Authorizing Execution of Ground Lease of Blocks 7 and 8, Tarrant County Convention Center Addition, to Omni Fort Worth Partnership, L.P. RECOMMENDATION: It is recommended that the City Council authorize execution of the attached Ground Lease of Blocks 7 and 8, Tarrant County Convention Center Addition, to Omni Fort Worth Partnership, L.P. DISCUSSION: Under the attached Ground Lease (the Lease), the City will lease Blocks 7 and 8, Tarrant County Convention Center Addition (the Leased Premises), to Omni Fort Worth Partnership, L.P. (Omni). Omni proposes to construct, among other things, a full-service hotel and associated parking garage on the Leased Premises, which are located directly to the west of the Fort Worth Convention Center. The City also intends to construct a separate parking garage with ground level retail and commercial space to the north of the hotel and hotel garage on a portion of Block 7. The exact description of the Leased Premises is subject to a survey that will be completed once architectural and design specifications for the hotel, the hotel garage and the City-owned garage are completed. The Leased Premises will be replatted prior to initiation of any construction so that the City-owned garage will be on a tract of land that is separate and apart from the Leased Premises. The term of the Lease is 99 years. However, during a one-year period comencing after the tenth anniversary of the hotel's opening, Omni will have an option to purchase the Leased Premises for the then- fair market value of the land. The City will also have the right during that same time period to put the Leased Premises to Omni for the same purchase price. Rent for the Leased Premises for the first 5 years of the term will be $283,500 per year, which is the fair market rent that has been established for the Leased Premises in accordance with the City's standard appraisal procedures. Thereafter, rent shall be subject to adjustment in accordance with changes to the consumer price index for all urban consumers, published by the Bureau of Labor Statistics of the United States Department of Labor for Dallas-Fort Worth, Texas. Omni will be required to maintain and keep in good repair the Leased Premises and to provide full insurance coverage and pay all taxes assessed on the Leased Premises. The Fort Worth City Parking Garage will be located in Council District 9. FISCAL INFORMATIONMERTIFICATION: Loaname: 170MNI LEASE Paae 1 of 2 The Finance Director certifies that the Finance Department, Treasury Office, is responsible of collection and deposit of funds from this lease. TO Fund/Account/Centers FROM Fund/Account/Centers GG01 443453 0252000 $0.00 Submitted for City Manager's Office by: Joe Paniagua (6191) Originating Department Head: Tom Higgins (6192) Additional Information Contact: Kirk Slaughter (2501) Peter Vaky (7601) Loaname: 17ONINI LEASE Paize 2 of 2