HomeMy WebLinkAboutContract 36169 CITY SECRETARY
CONTRACT NO
FIRST AMENDMENT TO GROUND LEASE
THIS FIRST AMENDMENT TO GROUND LEASE (this "Amendment") is entered into
as of October 30, 2007 (the "Effective Date"), by and among the CITY OF FORT WORTH,
TEXAS, a Texas hone-rule city ("Lessor"), and OMNI FORT WORTH PARTNERSHIP,
L.P., a Delaware limited partnership ("Lessee").
A. WHEREAS, effective as of April 27, 2005, Lessor and Lessee entered into a
Ground Lease Agree*nt, referred to as City Secretary Contract No. 31736, for certain Leased
Premises located in Fort Worth, Tarrant County, Texas, as more fully described therein (the
"Lease"); and
B. WHEREAS, Lessor and Lessee entered into that certain Memorandum of Ground
Lease dated April 27, 2005, and recorded under Instrument Number D205136078 in the Real
Property Records of Tarrant County, Texas, and also referred to as City Secretary Contract No.
31737, evidencing the Lease; and
C. WHEREAS, pursuant to Section 4.5 of the Lease, the parties have reached an
agreement regarding the location of the Improvements to be constructed by Lessee and the
location of the parking garage to be constructed by Lessor; and
D. WHEREAS, pursuant to Section 4.5, Lessor has caused the Leased Premises to be
replatted and has caused the replat to be recorded in Cabinet A, Slide 11331 of the Deed Records
of Tarrant County, Texas; and
E. WHEREAS, pursuant to Section 4.5, the parties desire to amend the Lease to
replace Exhibit A attached to the Lease with the legal description of the land upon which the
Improvements and the parking garage are to be located.
NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound hereby, Lessor and Lessee do
hereby agree as follows:
1. Defined Terms. Unless otherwise defined in this Amendment or the context
otherwise requires, each term used in this Amendment with its initial letter capitalized which has
been specifically defined in the Lease shall have the same meaning herein as given to such term
in the Lease.
2. Legal Description. The parties hereby agree that the legal description attached
hereto as Exhibit A shall replace Exhibit A of the Lease for all purposes. All references to
Leased Premises in the Lease are hereby amended to refer to the new Exhibit A.
3. No Other Effect. Except as expressly amended by this Amendment, no term or
provision of the Lease is or shall be amended, modified or supplemented, and the Lease, as
amended hereby, is hereby ratified and reaffirmed by the parties and shall continue in full force
and effect. ((��i 1 �i5 U n
FIRST AMENDMENT TO GROUND LEASE—Page 1
4. Count r arts. To facilitate execution, this Amendment may be executed in as
many counterparts as may be convenient or required. It shall not be necessary that the signature
of, or on behalf of, each party, or that the signature of all persons required to bind any party
appear on each count rpart. All counterparts shall collectively constitute a single instrument. It
shall not be necessary in making proof of this Amendment to produce or account for more than a
single counterpart containing the respective signatures of, or on behalf of, each of the parties
hereto. Any signature page to any counterpart may be detached from such counterpart without
impairing the legal effect of the signatures thereon and thereafter attached to another counterpart
identical thereto except having attached to it additional signature pages. Delivery of an executed
counterpart of this Amendment by facsimile shall be binding upon the party so delivering.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
FIRST AMENDMENT TO GROUND LEASE—Page 2
IN WITNESS WHEREOF, the undersigned have executed this Amendment effective as
of the Effective Date.
LESSOR:
Approved as to form:
CITY OF FORT WORT Texas home-rule city
By:
City Attorney Name:
C-2 0 � 18' Title: City a
3
ATTEST:
City Secretar
[SIGNATURES CONTINUE ON FOLLOWING PAGE]
FIRST AMENDMENT TO GROUND LEASE—Signature Page 1
LESSEE:
OMNI FORTH WORTH PARTNERSHIP, L.P.,
a Delaware limited partnership
By: Omni Fort Worth GP Corporation,
a Delaware corporation,
its General Partner
By: lts�
Name: - 1a.e.I G= !
Title: V t cA K a,,d.A
HOOD �
FIRST AMENDMENT TO GROUND LEASE—Signature Page 2
AAF.�
EXHIBIT A
LEGAL DESCRIPTION
Lot 1, Section SR, FORT WORTH CONVENTION CENTER ADDITION, an Addition to the
City of Fort Worth, Tarrant County, Texas, according to plat recorded in Cabinet A, Slide 11331,
Deed Records of Tarrant County, Texas.
Dallas_1\5101492\3
42379-1 9/26/2007
EXHIBIT A—Solo Page
Page 1 of 2
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 INFORMATION/CERTIFICATION:
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
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 11/28/2007
Page 2 of
GG01 443453 025 000 $0.00
Submitted'for Cfty Mana is Office b Joe Paniagua (6191)
Originating Department H ad: Tom Higgins (6192)
Additional_Information C tact: Kirk Slaughter(2501)
Peter Vaky (7601)
http://www.cfwnet.org/council_packet/Reports/mc_print.asp 1 1/2R/?On7