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Home My WebLink AboutContract 53469 CITYSECRETARY �p`l0 CONTRACT N0.�jkq: I Q� g0 ` �P� LEASE AMENDMENT TO LAKE WORTH RESIDENTIAL LEASE AGREEMENT -This LEASE AMENDMENT TO LAKE WORTH RESIDENTIAL LEASE AGREEMENT ("Amendment') is entered into by and between Sand Mates LLC a Texas limited liability company ("Tenant')and City of Fort Worth,a Texas home rule municipal corporation("Landlord"). WHEREAS, Landlord entered into a ground lease ("Lease") on February 1, 1982 with the original lessee under the Lease Agreement for property located at 8616 Heron Drive, with a legal description more particularly described as Lot 26 Block 29 Lake Worth Leases Addition,Fort Worth,Tarrant County,TX (the"Leased Premises"), said Lease attached hereto as Exhibit"A'; WHEREAS, through assignment(s), the Lease is now between Landlord and Tenant for the Leased Premises,and such Lease has a fifty year term ending on January 31,2032; WHEREAS,pursuant to Section 272.001(h)of the Local Government Code,Landlord is authorized to sell the property to the person leasing the land for the fair market value of the land as determined by a certified appraiser; WHEREAS, Landlord and Tenant desire to effect a sale of the Leased Premises from Landlord to Tenant under Section 272.001(h) of the Local Government Code for the fair market value of the land, and, contemporaneously with this Amendment,is entering into a Purchase and Sale Agreement for the purchase of the Leased Premises by Tenant within eighteen(18) months of the execution of the Purchase and Sale Agreement; and WHEREAS, the existing Lease does not provide for terms of disposition of the Leased Premises in the event of a sale or for the terms of the termination of the Lease in the event of a failure to purchase the Leased Premises under the Purchase and Sale Agreement, and the parties desire to amend the Lease to provide for such terms. NOW THEREFORE, in consideration of the mutual agreements herein and other good and valuable consideration,the parties agree as follows: OFFMAL RECORD) COF SECRETARY 1. Term. The term of the Lease is hereby amended to end upon the closing of the sale of the Leased Premises under the Purchase and Sale Agreement, which shall occur within eighteen(18) months after the Amendment Effective Date("Closing Deadline"). If the closing of the sale of the Leased Premises has not occurred by the Closing Deadline,this Lease shall expire on the Closing Deadline. 2. Expiration of Lease. Section VII EXPIRATION OF LEASE is hereby deleted in its entirety and replaced with the following: "VH.EXPMATION OF LEASE A. Any buildings, improvements, additions, alterations, and fixtures (except furniture and trade fixtures)constructed,placed,or maintained on any part of the Leased Premises during the lease term are considered part of the real property of the Landlord and must remain on the Leased Premises and become Landlord's property when the Lease terminates. B. Before the Lease terminates, Tenant shall remove all personal property, furniture, machinery,or equipment in,under,or on the Leased Premises.Before the Lease terminates, Tenant must repair any damage to any buildings or improvements on the Leased Premises resulting from the removal.Any such items not removed by the lease termination date will become Landlord's property on that date." 3. Ownership of Improvements. Section X OWNERSHIP OF IMPROVEMENTS is hereby amended by adding the following sentence at the end of the Section: "Upon expiration of this Lease through the closing of the sale of the Leased Premises under the Purchase and Sale Agreement, Tenant shall retain all right, title, and interest in the improvements on the Leased Premises; however, upon the expiration of this Lease without a closing of the sale of the Leased Premises under the Purchase and Sale Agreement, all right, title,and interest in the improvements on the Leased Premises shall vest in Landlord without further payment by Landlord to Tenant for the improvements, and Tenant shall not have any right to enter upon the Leased Premises." 4. Continued Terms and Provisions. All of the terms and provisions of the Lease between the parties shall remain in full force and effect except as specifically amended herein. Executed to be effective as of the date this Amendment is notarized by the City ("Amendment Effective Date"). LANDLORD: CITY OF FORT WORTH,TEXAS, a Texas municipal corporation By: Kevin Gunn, tnterim Assistant City Manager APPROVED AS TO FORM AND 7ALITY s istant City Att ey M&C: L-15964 '"�"'' '" 1295:N/A ' ATTEST: ZX City Secretary City of Fort Worth Contract Compliance Manager: By signing I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. Nan e o mployee: Jean Petr Title. Lease Manager TENANT: Sand Mates, L , a Tex i it liability company By: i Clyde Austin, Member-Manager UFFMAL COrY ECRU E�'ARY FT WORTH, �j-' STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on the day o 2020,by Kevin g Gunn Interim Assistant CityManager of the City of Fort Woxas municipal corporation, on behalf of that entity. MARIAS.SANCHEZ * *` My Notary ID#2256490 1 oV:+y` Expires December 19,2021 A 4 4� Nota$y Public STATE OF TEXAS § COUNTY OF TARRANT § T is Alivi , tr4ment was acknowledged before me on the �� day of14hUG1 , 2019, by CI Mev�1�e�-/�1rnh� �f Sc,nal �l�s,�u,Gn b�h�l o f i'`/ compAr-J. WENDY WRIGHT * * Notary Public,State of Texas e Comm.Expires 05-28-2021 Notary ID 12943734-0 Notary Pu STATE OF TEXAS § COUNTY OF TARRANT § This instrument was acknowledged before me on the day of , 2020, by (Seal) Notary Public j i i