HomeMy WebLinkAboutContract 56459���v �����r��v
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PA12KiNG GARAGE SiTSLEASE
WITH ASSYGNED 4PT�ON TO PURCHASE
between
CITY OF FORT WORTH,
as "Snb�andlurd",
GP�F CD M[J�,TI LLC
as "Ga.rage Unit � Sub#enant",
GPIF CD OFFICE LLC
as "Garage Unit � Su€btenant"
and
GPIF' CD HOTEL LLC
as "Garage Unit 3 Subtenant"
Octo6er 6
2021
"Effective Date"
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_ . _ .. __.�_, ._ -
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CONTENTS
Sublease
Exhibit A — Defnitions
E�ibit B-1 — Description of Garage Unit l Premises
Exhibii B-2 — Description of Garage Unit 2 Premises
Exhibit B-3 — Description of Garage Unit 3 Premises
Ex.hibit C— 380 Grant Agreement
Exhibit D-- Fo�-m of Memorandum of Subl�ase Payment and Commencement Date
E�ibit E —1Vlaster Lease
Page 2 o.f 51
Parking Garages Sublease
PARHING GARAGE SUBLEASE
WITH ASSTGNED QPTION TO PURCHASE
This Parking Garage Sublease with Assigned Optinn to Purehase ("Snblease") is rnade and
entered into as of the Effective Date, by and between Sublandiord, Garage Unit 1 Subfenant,
Garage Unit 2 Sub�enant and Garage Unit 3 Subtenant. A� ihe con�ext reqUir�s, "Subtienant" rnay
collectively or individualIy refer to each of Garage Unit 1 Subtenant, Garage Unit 2 SUbtenant
and/or Garage Unit 3 5ubtenant; provided, however, for purposes di this Sublease, the parties
acknowledge and agree, unless expressly stated to the contrary herein, any rights or obligations set
forth in this Sublease re%rring �o "Subtenant" and the "Premises" shall mean the rights or
obligations of Garage Unit 1 Subtenant with respect ta Garage Unit 1 Premises, the rights or
obligation� of Garage Unit 2 Subtenant vvith respect to Garage Unit 2 Premises and the rights or
obIigations of Garage Unit 3 Subtenant vt+ith respect to Gaxage Unit 3 Premises.
RECITALS
A. Subienant will develop property Located at the intersection of Camp Bowie Bouie�ard and
Van Cliburn Way for the Project, and to facilitate t3ze Project, Master Landlord ir�tends ta
�urchas� the fully-constructed Parking Garages and thereafter lease the Parking Garages to
the Sublandlord pursuant t� that certain Parking Garage Lease with Option to Purchase dated
contemporaneously herewith (the "Master Lease"), which Master Lease requires
Sublandlord to enter into this Sublease to Subtenant;
B. Master Landlord intends to fmance the acquisition af the 1'remises by the issuance of Bonds
in an amount to be d�termined., axid the Rent far the Master Lease is in an amount equal to the
greater of the Debt Service Rate for such Bonds and the fair market rental rate for the Premises;
C. A public bene�t for the use ofthe Parking Garages by the publie wili be preserved by reqUiring
a mini��am of 400 Public Spaces available for public parking �se, to be allocated among
Garage Unit 1, Garage Unit 2 and/or Garage Unit 3 pursuant to the terms of this Sublease,
during the m'rnimurn hours of 6:00 p.m. to 7:00 a.m. on weekdays and all day an weekends,
wifh tke understanding t,�iai fees may be collected by Subtenant for s�ach parking; and
D. Sublandlard and Subtenant understand that the co�tinued success of the Project is dependent
on the ability of the users of the Project to use the Parki�g Garages (as defined in the Master
Lease} and Sublamdlord desixes to support the continued operafions of the Pro�ect by entering
into this Sublease.
AGREEIV�NT
N�W, T�IEREFORE, foz' and in consideratian of the abave and foregoing premises and
the rnutual covenants a�d agr�ements set forth herein, togetf�er with other good and valuable
consideratioz�, the receipt a�d sufficiency afwhich is hereby confirmed and acknowledged by each
Page 3 of 51
P�l�ng Gara�es Sublease
of fhe parties hereto, Sublandlord hereby subleases the Garage Unit 1 Fremises to Garage Unit 1
Subtenant, Sublandlord hereby subleases the Garage Unit 2 Premises to Garage LTnit 2 Subtenant,
and Sublandlord hereby suhleases the Garage Unit 3 Pre�ises ta Garage Unit 3 Subtenant, each
pursuant to t�ie terms and conditions s�t forth belovv.
ARTICLE 1— MA�TER LEASE
l.1 Subordinate to Master Lease. Except as specifically set forth herein, this Sublease is subject
and subardinate to all of the te�ns and conditions of the Master Lease hetween Master Landlord,.
as "Landlard", and Sublandlord, as "Tenant'', thereunder. Subtenant hereby assumes and agrees to
perfornn the obligations o�Tenant under the Master Lease to the extent incarporated herein. Unless
otherwise de�ined herein or in the attached Exhibit A, all capitalized terms used herein shall have
the same naeanings as gi�en them in the Master Lease. A copy of the Master Lease is at�ached
h�reto as Exhibit E and incorparated h�rein by this refer�nc�. Subtenarit shall not commit or
knowin.gly per�nit to be co�nnrtaitted any act or o�ni5sion by or on behalf of Subtenant which would
violate any term ar conditian of the Master Lease. 5ubter�a.nt shall neithar do nor knowingly permit
anything to be done by ar an behalf of Subtenant which would cause the Master Lease to be
tezminated ar f.or�eited by reason of any right of terminati�r� or forfeiture reserved or ves�ed in
Mastar Landlord under the Master Lease. Subtenant shall indernnify and hold Sublandlord
harmless from and against all claims, liabilities, jud.gments, oosts, demands, penalties, expenses,
and damages of any kind whatsoever, including, without limitation, attorneys' fees, cansultants°
%es and costs and court casts, ("Claims"} by reason oi any failure (which continues beyand
applicable notice and cure periods) on the part of Subtenant to perform in any material respect any
of the obligations af Tenant under the Master Lease which Subtenant has become obligated
hereunder to perform, and such inde�nity and hold harmless obligation shall survive the expiration
ar saaner termination of this Sublease for a periad af two (2) yeacs thereafter, except ta the extent
{i) any such Claims directly or indirectly arise out af or are attributable to the gross negligence or
willful misconduct of Sublandlord or Master Laridlord, (ii) the acts or arr�issians of Sublandlard
or of its agents, employees or contractors have impaired Subtenant's ability to so perform the
an.aterial obligations of Tenant u�zder the Master Lease which Subtenant has becoz�e obligated
hereunder to perform, or (iii) the obligations of Tenant under the Master Lease have increased as
a result of the acts or a�nissions of Sublandlord or of its agents, empIoyees ar contractors (e.g., the
triggering of an indemnity obligation to Mast�r Landlord for certain actions of Sublandlord), bu�,
far the sake of claxity, not including the general actians of Sublandiord t�ken in its capacity as a
regulatory or Iegislative body which are dane in good faith and are not specifc to th� Property.
However, Sablandlord agrees not to exercise an.y righ� o�terraination contained in Section 1 I.2 ar
113 of the Master Lease without tha expr�ss prior written cansent of Subtenant and the Leasehold
Mortgagee. Subtenant represents and warrants to Sublandlard that it has read and is familiar �with
fihe Master Lease as of the Effective Date hereo£ Subtenant hereby agrees not fio unreasonably
withhold consent to Master Landlord and its agents, employees, coniractors, suppliers,
representa�ives, guests, Lieenses, and invitees, having rights of ingress and egress to the Parking
Garages as may be reasanably required in connection with Master Landlord's rights under the
Master Lease.
Page 4 of �1
Parking Garages Sublease
f.2 Applicable Provisions. A11 ofthe terms and conditions contained in the Masier Lease a5 they
may apply to the Prean ises are incorparated herein and shall be terms and conditions of this
Sublease, except thase directly contradicted or modified by the terms an.d conditians contained in
this Sublease or those covenants of Sublandlard under the Master Lease which are personal to
Sublandlord and �e performance thereof by Subtenant would be in:apracticable, a�d speeiiically
except for the following Paragraphs of the Master Lease which arc not incorporated or are
ineorporated as modiiied herein: Section 2.2, �:rticle 3, Article 4, Article 5, Section 6.6.4, Section
6.12, Article 8, Article 9, Article 1 �, Article 12, Article � 5, Article 17, and Ar�icle 19.
All references to "Renf" in the Mastex Lease not specificaily amer�ded herein shall be incorporated
herein to mean Sublease Rer�t, snblect to the provisions of Section 3.1 herein, including tlae
payment nf t�e Sublease R�nt Remainder. All af the incorporated terrns of tbe Master Leas� as
referenced and qualified in this Section 1.2 aIong with aIl of the following terms and conditions
set for�h in this document shall constitute t�e coznplete ternas and conditions oithis ��ablease.
13 Obli�atians of Sublandlord.
i.3.1 Notwithstanding anything herein contained, filie only services ar rights to which
Subtenant is entiiled hereunder are those to which SuhIandlard is enfitled under the Master Lease
or which Sublandlord agrees to provide pursuantto the express terms af this Sublease. Sublandlord
agrees to provide copies to Subte�ant of ali notices received or sent by Sublandlord under ar with
respect to f.he Master Lease and the Premises, or the operations o� Subtenant conducted at the
Prernises. �ublandlord shall diligently pay and perfo�m, within the time requ�red under the Master
Lease, all of the Master Leas� covenants applicable to Sub�andlord, and Sublandlord shall
diligently enforce the payment and performance by Landlord, within the fime requiared under the
Master L�ase, of all of Master Landlord's obligations under tkie Master Lease to th� �xtent not
required under this Sublease to be satisfied by Subtenant. Wiihout Subtenant's priar written
consent (vvhich consent may ba withheld in Subtenant's soIe discretion) and the prior written
consent of an.y LeasehaId Mortgagee, Subland�ord shall not undertake any acts in respect to fhe
Master Lease nor do anything ihat �vould cause or result in a defau�t by Sublandlord �,tnder the
Master Lease, except to the extent due to any act or omission by Subtenant which results in a
default of Sub�andlard's obligations under the Master Lease. Without Subte�ant's prior written
consent {which cvnsent may be withheld in Subtenant's sale discreiion) and the priar written
consez�t of any Leaseho�d Mor�gagee, Suhlandlard shall not make or enfer inta any amendment or
modification of the Master Lease or voluntarily agree ta the termination of the Master Lease. The
parties acl�awledge that SUbtenant has no privity of contracf with Master Landlord and there%re
Sublandlord shall cause Master Lan.dlord to perform all of its obligations und�r the Master Lease.
If SublaindIord fails to perform its obligations under this Sublease as a result of the fa�Iure of Master
Landlord to perfarm said obligations under the Master Lease (regardless ofwhether ar not such
failure is the result oi Sublandlord's breach of the Master Lease), then Subtenanfi may consic�er
such failure a default under �his Sublease. With respect to any obligation of Subtenant to be
per�arrned under this Sublease, when the Master Lea�e grants Sublandlord a specific number of
days to perform its obligations thereunder, Subtenant shall ha�e ih� same number of days to
perforzn such Qbligation. With respect ia approval required to be obtained by "Landlord" under
Page5of51
Parking Garages Sublease
the Master Lease, such consent must be obtair�ed from Master Landlord and SubIandlord and the
appraval of SublandIord wi�l be deemed withheld ifMaster Landlord's consent is nat obtained.
Sublandlard will duly notice Master Landloxd of requests for consent by �ubtenanfi, but retains the
right to make its awn independent determination of cor�sent pursuant to the terms of this Sublease.
Sublandlord shall prazxiptly provide written notice to Subtenant with capies oiany notices received
from Master Landlord by Sublandlord under the Master Lease. In the event Sublandlard is entitled
to any payments, proceeds or amounts t�nder the Master Lease (including, withaut limitatian,
dainages, insurance proceeds and Candemnation Proceeds), and Subtenant is entitled to sazne
pursuant to this Sublease, Sublancilord assigns to Subtenant the right to collect such payments,
proceeds or amounts, and Subtenant shall have the right to receive same in t1�� manner set forth in
the Master Lease, and �ubtenant is hereby subrogated to Sublandlord's righis under the Master
Lease to direcily receive such payments, proceeds ar amounts.
1.3.2 Sublandlord will provide to Subtenan# annual grants �"380 Grants") pursuant to
Chapter 380 of the Texas Local Government Code in aecordance with thc provisions o�the 380
Grazrt Agreement, the farm of which is attached hereto as E�ibit "C" {the "380 Agreement").
Upon the Effective Date af this Sublease, Sublandlor�l and Tenant shall deliver ta the o�her part�
executed eopies of tY�e 380 Agreement. The parties agree that the 38Q Grants may be terminated
or suspended under certain circumstances as pro�ided in. the 3 SO Agreement, and such termination
or suspension of the 380 Grants wi�l not cause an event of defanit under, or termination af, this
Sublease.
ARTICLE � — TERM
2.1 Initial Term. The initial tarm of this Sublease ("Inifiai Terna") shall commence on the same
date as the Commer�cement Date under the Master Lease ("Commencement Date'°), and shall
continue far a period of twenty {20) years thereafter, subject to any earlier ter�ination as
specifically pro�ided for in tk�is Sublea.se.
2.2 Renewal Terms. The Tnitial Term of this Sublease may be rener�ved and extended for up to
four (4) additionaI 20-year terms (each a"Renewal Term"}, by Subtenant giving writ�en natice to
Sublandlord of �ubtenant's election ta renew and extend no later t�an thirty (30) days prior to tha
expiration date of the Initial Term or Renewal Term, as then applicable. The Initial Terrn, as
extended by any Renewal Terr�a, is k�exeinafter referred ta as the "Term", Notwithstanding
anythizig herein to the contrary, priar to the �xpiration of the Term on aecount of Subtenant's failure
to ti�nely deIiver vvritten notice eleetuag to exercise a remaining Renewal Term here�ander,
Sublandlord skall first deliver writt�n notice to Subtenant and Leasehold Mortgagee providing an
additional ihirty {30) days in which to exercise such option and speciiying, in large, conspicuc�us
type, that Subtenant's iailure to respond and �xercise r�ithin such 3fl-day period will be deemed io
be Subtenant's election not to renew t�e Term of this Sublease for anofiher Renewal Term. If
Subtenant fails ta respond within such additional 30-day period by delivering written notice to
S�abland�ord, then-, subjectto LeasehoId Mortgagee's rights underArticle 16, the Term �fihis Lease
shalI e�pire on the later ta occ�ar of (i) tihe end of the 30-day period folIowing Subtenan�'s receipt
of SubZandlord's written notice, or �ii} th.e end of the �en-current Term.
Page 6 nf �1
Parking Garages Sublease
2.3 Subtenaant Termination. In tk�e event the Purchase and Sale Agreement (as defined in the
Master Lease) is teiminated for any reason, this Sublease shall automatically terminata effeetively
immediat�ly upon termination of the Purchase and Sale Agreement.
ARTICLE 3— RENT AND REVENUES
3.1 Rent. Far the usa and oecupancy of the Premises herein granted, total rent sha11 be the Su6lease
Rent, provided, however, that Sub�enant shall pay tn SubIandlard the Sublease Payment on a
monthIy basis, and the Sublease Rent Remainder shall be credited to Subtenant upon the annual
payrrient of the 380 Grant on behalf of Sub#enant, which amo�nt shall be paid by Sublandlord to
Master Landlord. Upon the execution by Sublandloard o� the Mernora�duzn of Rent and
Commencement Date required under the Master Lease, Sublandlord and Subtenant shall also
axecute a Memorandum of Sublease Payrnent and Co�nmencezx�ent Date far this Subtease, in tk�e
form set farth in Exhibit "D", attached hereto and made a part hereof for all purposes. Tha iirst
Sublease Payment shall be due and payable as set forth in tk�e Memoxar�durr� of Subiease Payrnent
and Commencennent Date, and each additional Sub�ease Payment shall be due rnnnthly on or
befor� th� fii�h (5�'} day of the month. Tne Sublease Paynnent shall be paid to the Sublandlord,
without notice or demand, at the address inciuded in this Sublease under the notica section
contained in Article 11, or as otherwise specified by Sublandlord in writing. In the event of a
termination of the 380 Grant, Subtenant shall hecome liable for ihe entirety of the Sublease R�nt,
and the Sublease Rent Rernainder must be paid on a montl�ly basis on the sazne ternns and
conditions as the Sublease Payment.
3.2 Failure to Pay. If Subtenant fails to pay the Sublease Payment in accordance with this section,
the Sublandlord shall provide Subtenant a thirty (30) day written notice to make the Sublease
Payment, and if Sublandlord delivered such wriiten nntice, and Subtenant fails to make such
Sublease Payrnent �within ihirty (30) days of receipt of such written notice, the Sublandlord znay
consider such failure an even.t of default undex this Sublease.
3.3 Net Revenues. Subtenant shall pay Sublaricilard annually an amount equal to 25% of an�
Short-Tertn Parking Nei Revenue collected by Subtenant from the Public Spaces in the Premises
during the first fi�e (S) years of the Term and 5U% of any Shart-Term Parking Net Revenue
callected by Subtenant from the Public Spaces in the Premises for all subsequent years af the Ternr�.
3,4 Major Events. Sublandlord shalI have the right to reserve fil�e use of the Ptlblic Spaces during
the hours specified in Recital C above or at othe�' mutually agreerl dates and times for use by the
public in relation to no mare than ten (14) Major Evenis per caIendar year; provided, howe�+er, in
order to pro�ide parking for the Praject ciuriu� the Majot• Events fo�• parking unrelated io sucl�
Major Eveuts, at least 5D of the Public Spac�s inust remain avaiIable to ihe geileral puhlic at all
tirnes and at least 100 of tlie Public Spaces must rezxyai�i avai�able to the gei�eral public during
evei�ings and on weekends. Subtenant �nay collect fees for parkin� du�•ing Major ��ents at the
then prevailin.g mac�Cet rate.
Page i of �1
P�rking Gairages Sublease
ARTICLE 4— MA.INTENANCE OF PRENIISES
�.1 Premises Maintenance. Sublandlord shalI not be respansible for any repair, replaceme�t, or
maintenance of the Prernises, including but not limited to regular maintenance, capital repairs and
replacements, buiIding systerns repairs and znaintenance, roafs, sta�rwells, faundatian, or walls.
The parties agree thai repair, replacement, and ma.intenance of the Premises shall be perfortned by
ar on behalf of the Cando Assaciatian in accordance with the docwnents �ertaining to the
op�ration or governance of th� condominium. However, to the extant any repair, replacement or
main�enance of the Premises are nat performed hy or on behalf of the Condo Assaciat�on,
Subtenant sha11 repair, replace, anci maintain the Premises. If Subtenani vr Subtenant's contractors
fail to repair, replace, ar maintain the PreFnises as required in this Seetion 4.1, S�blandlord w�i�l
provide notice of necessary repairs, replacements, or maintenance ta Subtenacit, and such repairs,
replacennents, ar maintenance shall be completed within thiriy (30) days of receiving such
nntification or if such repairs are incapable af being complet�d wit�in �hirty {30) days, within a
reasonable time thereafter, so long as Subtenant is diligently pursuing or causing the diligent
pursuit of such repairs. I� Sabtenant fails to effact tha required repair, replacament, or maintenance
in aecordance with fhis Article 4, SubIandlard h.as the right to send a second notiee stating in
conspicuous type that Subtenant's failure �o make such repairs within ten {10} day�s will giv�
Sublandlord the right to r►�a�Ce suei� repairs at Subtenant's cast. If Sublandlord delivers such a
second notice and Subtenant fails to make such repairs after such additional ten (10) day period,
then Sublandlord may elect to self perfoz�a the nrxaintenance. Subla�dlord's cost to perforrrG the
maintenance may be invoieed to Subtenant as additional Rent in an amount equal to the actual cost
of Sublar�dlord, and such addit�onal Rent shall be paid by Sublandloxd in addition to the S�blease
Payment and shall not be subject to any 380 Grant payments.
A�.2 Assignment of Intangible Personal Properiy. Upon the execution and delivary of this
Sublease by Sublandlard and Suhtenant, any and all right, title and interest of Sublandlard in amd
to the Intangible Personal Property (a5 defined in the Mas�er Lease) are l�ereby assigned and
assumed by Snbtenant until such titne as this Sublease expires ar is tertninated in accordance with
the prpv isions af this Sublea�e.
4.3 Assignment of Condaminium Rights. Upon the execution and delivery oithis Sublease by
Sublandlord and Subtenant, any and aIl rights (including a11 voting rights and the right to appoint
directors} and alaligatioz�s {including the abligations ta pay assessments as pravided in the
Condominium Declaration), liabilities, Iimitati.ons, rigt�ts, waivers, bene�its or burdens that are
vested or th�t may in the fuhate become vested in or upon the Owner (as defined in the
Condominium Declaration) of Garage Master Unit 1, Garag� Master Unit 2 ar Garage Master Unit
3, pursuant to the Candominium Dacuments are hereby assigned and assumed by Subtenant and
will automatically be the rights and obligations {including th�e obligations to pay asse�sments as
defined in the Condominium Declaration), liabilities, Iirnitations, rights, waivers, benef�ts or
burdens o� Subt�nant, unti� such time as this Sublease expires or is terminated in accordance with
the pro�isions of this Sublease.
Page 8 of 51
Parking Garages Sublease
ARTICLE 5 �- TAXE�
5.1 Taxes. Ma�ter Landlord owns the i'remises as a transgortation facility as set forth in the Texas
Transportatian Co�'poration Act, Chapter A31 of the Texas Transportation Code, and Suhlandlord
leases t1�e Premises for the governm�ntal function af operating a parking facility as descrihed in
Section ip1A21S(a)(2S) af the Texas Civil 1'ractice and Rernedies Code. The Premises are
anticipated to be tax exernpt; however, Subtenant is obligated to pay any real estate taxes or
payments in lieu of taxes if the tax exernpt status cha�ges. Sublandlord agrees to use alI reasnnable
means to obtain and maintain the tax exempt status of fihe leasehold interest under tne Master
Lease. Sub�enant ac�owledges that the Sublease may create a possessory interest subject �o
property taxation and the Premis�s may then be subj�ct to the payment of property taxes 1e�ied on
such in#erest. Subtenant agrees to pay or cause to be paid taxes of any kind, inc[uding possessory
interest ta�es, that may be �awf�ully assessed an the [easehold interest herehy created and to pay all
other t�es, excises, licenses, perz�ait charges and assessments based on the usage of the Premises
that may be imposed by law, all of which shall be paid when the same become due and payable
and before delinquency.
ARTICLE 6 -- ENVIRONMENTAL INDEMNIFICATION
6.1 Environmental Costs; Indemnification. Ez�cept to the extent due to the grass negligence
or wilIful misconduct of �he SubIandlord or Master Landlord, Subtenant shall pay any jud�nents,
fines, charges, fees, damages, Iosses, penalties, demands, �Ct10IIS, eosts, and expenses (incl�ding,
withaut limitatinn, legal f��s and �xpenses), rernedial and response costs, remediation plan
preparation casts, and any continuing monitorin.g or closure costs arising fro�n or pertaining ta the
application of any Applicab[e EnvironmentaI Law to the Prernises due to a breach of Subtenant's
obligations under this Section 6.1. EXCEPT TO THE EXTENT CAUSED BY THE GROSS
NEGLIGENCE OR WII.,LFUL MISCQNDUCT OF THE SUBLANDLORD OR MASTER
LANDLORD, �UBTENANT SHA.LL �NDEMNIFY AND HC}LD HARNII.ESS THE
SUBLANDLORD OF AND FROM ANY AND AI�L LIABILITIES {INCLUDING STRICT
LIABILIT�, 7UDGMElVTS, FINES, CIIARGES, FEES, DAMAGES, LOSES, PENALTIES,
DEMAI�llS, ACTIONS, COSTS, AND �XPENSES {INCLUDING, WITHOUT LIMITATIQN,
LEGAL FEES AND EXPENSES}, REMEDIAL AND RESPONSE COSTS, REMEDTATION
PLAN PREPAR.ATION COSTS, AND ANY CONTINUING MOr]ITORING OR CLOSURE
COSTS INCURRED �R SUFFERED BY THE SUBLANDLORD (OIt ASSERTED BY ANY
THIltD PARTY AGAIl�IST THE �UBLANDLORD) DUE TO THE BREACH OF
SUBTENANT°S OBLIGATIONS SET FORTH IN THIS SECTION 6.1, BUT NOT I� DUE TO
SUBLANDLORD'S OR MASTER LANDLORD'S GROSS NEGLIGENCE OR WII.,LFUL
MISCONDUCT.
ARTICLE 7 -- LIENS
7.1 Liens. Subtenant agrees not to allow or suffer any mechanics' or materia�men's lien to be
imposed upan the 1'remises or upon any equipment, improvements or property located thereon
owned by Master Landlard or Sublandlord by, tivrough or uzader Subtenant withaut promptly
discharging ihe same, provided that Subtenant, if so desiring, may have reasonable opportunity to
Page 9 of �1
Par�Cing Garages S�blease
contest the validity of the same. Further, Subtenant shall inform its own contractors and require
such eontrac�ors to inform their subconiractors, that the Pre�nises is public property and is not
subject to mee�anies liens or other encumbrances. SubIand3ord agrees not to allow or sUff�r any
mechanias' and rnaterialmen's lien to be impvsed upon the Premises or upon any equipment,
impravements or property loeated thereon occurring by, through ar under Sublandlord.
SUBTENANT AGREES TO INDEMNIFY, DEFEND AND HOLD MASTER LANDLORD
HAI2MLESS FROM �ND AGAINST .ANY CL.A.iMS FOR MECHANICS', MATERIAL
SUPPLIERS' OR OTHER LIENS IN CONNECTIDN WITH ANY ALTERATIONS,
REPAIRS OR CONSTRUCT�ON ON Tf�E PREM[�ES, OR MATERIALS FURNI�HED
OR OBLIGATIONS INCURRED SY OR FOR SUSTENANT.
ARTICLE 8— INDEMNTI'Y AND INSUR.ANCE
$.1 Indemnity.
8.1.I SUBTENANT SHALL AND DOE� AGREE TO INDEMNIFY, PROTECT,
DEFEND AND HOLD AARMT.ESS MASTER LANDLORD ANll SUBLANllLORD FOR,
FROM AND AGAINST ANY AND ALL CLAIM�, LIABILITIES, DAMAGES, LOSSES.
LIENS, CAUSES OF ACTLON, �UITS, JUDGMENTS ANll EXPENSES, (INCLUDTNG
COURT COSTS, REASONABLE ATTORN�YS' FEES AND REASONABLE COSTS OF
INVESTTGATTOlV), OF ANY NATURE, KTND OR DESCRIPTION ARISING OR
,ALLEGED T4 ARISE BY REASON OF INJURY T4 OR DEATH OF ANY PERSON OR
D�MAGE TQ OR LOSS OF PROPERTY (l.) RELATING TO THE USE �R
OCCUPANCY OF TI�E PREMLSES SY SUBTENANT, ITS EMPLOYEES,
CONTRACTORS, AGENTS OR INVITEES; (�) BY REASON OF ANY OTHER CLAIlVI
WHATSOEVER OF ANY PERSON OR PARTY �CCASIONED �R ALLEGED TO BE
OCCASIONED IN WHOLE OR IN PART SY ANY ACT OR ONIISSION ON TFIE PART
OF SUBTENANT OR ANY INVITEE, TENANT, EMPLOYEE, DII2ECTOR, OFFICER,
SERVANT, OR CONTRACTOR OF SUBTENANT, OR ANYONE SUBTENAN I'
CONTROLS OR EXERCISES CONTROL OVER, EXCLUDIN'G, HOWEVER, CLAIMS
WHICH DO NOT RELATE TO THE PREMISES OR THE SUBLEASE, OR (3) BY .�N Y
BREACH, V'IOLATZON OR NONPERFO�tMANCE OF ANY MATERIAL COVENANT
OF SUBTENANT i1NDER THIS SUBLEA�E (COLLECTIVELY, "LIABILTTIES"),
EVEN IF SUCH LIABII,�TIE� ARiSE FROIVI OR ARE ATTRIBUTED TO THE
CONCLTRRENT OR PARTIA.�, NEGLIGENCE �F MASTER LANDLORD OR
SUSLANDLORD. NOTWITHSTANDING ANYTHING IN THIS SUBLEASE TO THE
CONTRARY, 7�E ONLY LIABILITIES W�TFI RESPECT TO WHICH SUSTENANT'�
OBLIGA'TION TO INDENIlV�Y THE MASTER LANDLORD OR �USLANDLORD
DOES NOT APPLY IS WITH RESPECT TO LIAEILITIES ARISING OUT OF OR
RESULTING FROM EITHER (n THE BREACH, VIOLATION OR
NONPERFORMANCE OF ANY MATERIAL COVENAN'1' OF MASTER LANDLORD
UNDER THE MASTER LEASE OR THE SUBLANllLORD �CINDER THIS SUBLEASE,
OR (In THE ACTIONS, NEGLIG�NGE OR WILLFUL NIISC4NDUCT 4F MA.�TER
LANDLORD OR SiTBLANDLORD. �F ANY ACTION 4R PROCEEDING SHALL BE
BR4UGHT BY OR AGAINST MASTER LANDLORA OR SUBLANDLORD IN
CONNECTION WITH ANY SIICH L�AB�LI'T�ES V�'I�CH .AR� COVERED BY THIS
Page 10 of �1
Parking Garages Subl�ase
INDEMNITY, SUBTENANT, ON NOTTCE FROM MASTER LANDLURD �R
SUBLANDLORD, SFIALL DEF�ND SUCH ACT�ON OR PROCEEDING, AT
SUSTENANT'S EXPENSE, BY OR THROUGH ATTORNGYS REASONABLY
SATISFACTORY TO MASTER LANDL�RD �R SUBLEI,NDLORD, AS APPLYCABLE.
THE PROVISI�NS OF THIS PARAGRAPH SHALL APPLI' T� ALL ACTIVIT�E� OF
�i]BTENANT WITH RESPECT TO TFIE USE AND OCCUPANCY OF THE PRENIISES,
WI�ETiiER OCC�JItRING BEFORE OR AFTER THE CONIlV�NCEMENT DATE OF
TIIE TERM AND BEFORE THE TERIVIINATION OF T�S SUBLEASE. THIS
TNDEMNiFICAT�4N �HALL NOT BE LINIITED TO DAMAGES, COMPENSATION OR
BENEFITS PAYABLE Y3NDER IN�iJRANCE POLICIES, WORKERS'
COMPENSATION ACTS, DISABiLITY BENEFIT ACTS OR �THER EMPLOYEES'
BENEFIT ACTS.
8.1.2 IT IS AGREED WITH RESPECT TO ANY LEGAL LIlVIITATIONS NOW OR
HEREAF I ER IN EFFECT ANll AFFECTING THE VALIDITY OR ENFORCEABILITY
OF THE INDEMNIFICATION OBLIGATION XJNDER THrS ARTICLE 8, SUCH LEGAL
LINIITATION� A1�E MADE A PART OF THE IlVDENINIFICATION OBLIGATION AND
�AALL OPERATE TO AMEND THE INDEMNII� ICATION OSLiGATION TO THE
MINYMUM EXTENT NECESSARY TO BRING THE PROVISION INTO CONFOR�VI[TY
WITH THE REQUIltEMENTS OF SUCH LIlVIITATrONS, ANll AS �O MODIFIED, T`HE
INDEMNYFICAT�ON OBLIGATION SHALL CONTINUE IN FULL FORCE AND
EF'FECT.
$.2 Waiver of Liability. NE1Ti�R MASTER LANDLORD NOR SiTSLANDLORD SHAI.L
SE LTASLE IN ANY MANNER TO �UBTENANT, ITS EMPLOYEES, CONTRACTORS,
OR INVITEES IN CONNECT�ON WI'TH TnE USE OF T13� PREMCSES BY ANY OF
TIIEM, FOR ANY INJURY TO OR DEATH OF PERSONS UNLESS CAUSED BY THE
WILLFUL NIISCONDUCT OR GROSS NEGLIGENCE OF EITI�R MA�TER
LANDLORD OR SiTBLANDLORD OR THEIR RESPECTIVE ElVIPLOYEES,
CONTRACTORS, AGENT� OR INVITEES. EXCEPT AS OTHERWISE �ET FORTH
HEREIN, IN NO EVENT SHALL MASTER LANDLORD OR SUSLANDLORD BE
LIABLE IN ANY MANNER TO SUBTENANT, ITS EMPLOYEES, CONTRACTORS,
AGENTS OR INVITEES AS TI� RESULT OF THE ACTS OR OMISSIONS OF
SUBTENANT, ITS EMPLOYEE�, CONTRACTORS, OR INVITEES, IN CONNECTI�N
WITH THE USE OF THE PREMCSE� BY ANY OF THEM. ALL VEHICLES AND ALL
PERSONAL PROPERTY WITHIN VEFIICLES USING THE PRENIISES, WnETHER
PURSUANT TO, TffiS SUSLEASE OR OTHER''4VISE SHALL BE AT THE RISK OF
SiTST�NANT ONLY, AND EXC�PT TO THE �XTENT C.A.USED BY THE GRDSS
NEGLIGENCE OR WILLFUL NIISC4NDUCT OF MASTER LANDLORD OR
SUBLANDLORD OR THEIR RESPECTIVE EMPLOYEES, CO�I'I'RACTORS, AGENTS
OR INVITEES, NEITHER MASTER LANDLORD NOR SUBLANDLORD SHALL BE
LIASLE FOR ANY LOSS OR '�I�FT OF OR DAMAGE TO PROPERTY UF
SUBTENANT, ITS EMPLDYEES, CONTRACTORS AGENTS � OR INVITEES,
�'age ll of 51
Parking Garages Sublease
REGARDLESS OF WHETHEIt SUCH PROPERTY �S ENTRUSTED TO EMPLOYEES
OF MASTER LANDLORD OR �UBLANDLORD OR SUCH LOSS OR DAMAGE IS
OCCAS�ONED BY CA�UALTY OR THEFT.
83 Insurance.
8.3.1 Commercial General Liability Iasurance. Subtenant sha�l �aintain at all times
cammercial genez�al liability insurance insuring tha Sublandlord and the Subtenant against al�
claims ar demands for personal injuries to or deafih of any person, and damage ta or destruction or
loss of property, �hat nnay be clairned to have occurreci on the Prcrnises. The policies shall cover
cornbined single limit for bodily injury a,�d property damage per occurrence o�noi less than Two
Millian Doliars {$2,O�a,000.Q0}; provided, hovc+�ver, Sublandlord from time ta ti�ne (not more
irequent than �very �'ive yearsj may request commercially reasonable changes to the amounts and
co�erages �ander such policies, provid�d that such changes are consistent with the insurance
requirem�nts of landlords for comparable projects to the �reznises. The Suhtenant's insurance
shall be issued by an insUrer licez�sed to business in the Stafie pf Texas and sha�I contain a waiver
of subrogation endorsement. T`ha Subtenant shall deliver ta the Sublandiord certifica�es af such
insurance coverage and evidence of pa�ment af ail premiums within thirty (30} days after demand
by the Sublandlord or within thirty (30) days after renewal of 5ach in.surance programs, which
certificates shall shaw the Sublar►dlord as an additional insured and Subt�nanti shall reasonably
endeavor to cause such insurer to shall pro�ide a thirty (30) day notice af cancellation ta
Sublandlord, exeapt with respect ta non-paymeni of prerr�ium.
8.3.2 Property Insurance. During the Term, Subtenant shaIl maintain or cause to be
maintained in force, at its orvn expense, property insurance covering its respective interest in the
Premises as required to be carried by Suhlandlord under the Master L�ase, narning Sublandlard
ar�d Master Landlord as additianal insureds tllereunder; provided, however Subtenant may, as
required under the Condorr�inium Declaratian, cause the Condo Association to carry such portion
af �he insurance rec�uired herein. Subtenant shall detiver #o Sublanciloz�d promptly u}�on dernaud,
eertificates evidencing all such insurance. Suhlandlord, at its soie cost and expense, may maintain
property insurance covering its respecti�e interest. Th� sat�sfaction of the insurance reyuzrennents
set forth in this Sublease and in the Condorn:iniu�n Declaraiion held by any of Tenant, Subtenant
and/or the Condo Association shall be deemed to satisfy tlze in�urance requirements of Subtenant
pursuant io this Sublease.
8.4 Subtenant's Failure to Maintain Insurance. Subtenant shall secure the insurance coverages
and provide evidence thereof to Sublandlord as r�quired by this Sublease in accardance with tlae
time periods se� forth herein. If Subtenant fails to abide by this sectiQn and fails ta cure same
within ten {1 D) days af receipt af written notice �rom SubIandlord, Sublandlord may consider such
iailure a ci�fauIt under this Sublease, and as Sublandlord's sole and exclusive rernedy for such
breach by Subtenant, Sublandlord shall have the right to obtain such insurance and Subtenant shall
pay to Landlord t�e commercially reasonable pretr�iuxn casts thereaf and such ama�nt shall be paid
to �ublandlord in addifiion to ihe Sublease Payment and shall not be subject to any 38Q Grant
payments.
Page 1� of 51
Parking Garages Su�lease
ARTICLE 9— SUBLETTING AND ASSIGNMENT
9.1 Sublease. Subtenant may anter into agreements (including, without tia�itation, sub�-subleases)
with other owners of the Project, residents of the Praject's residential unit, and guests, tenants and
occupants oi any of the Project's retail, office or hotel units, without the prior consent of
Sub�anc�lord, for the purpose of allawing same to use parking at tiie Premises, on such terms and
conditions as deter�ninad by Subtenant in their sole discretion. Further, without the prior consent
af Sublandlard, Subtenant nnay cQntract with � th�rd party tq manage the Parkin� Garages in
accordance with the terms and conditions set forth in �ection 6.4 ofthe Master Lease. Subtenant
fu�ther agrees to preserve the public purpose hy offering the Public Spaces as set forth herein.
Subtenant r�aay sub-sublet the Prernises to any other partiies with Sublandlard's written consen�, not
to be unreasonably withheld, conditioned or delayed. Any a�d all sub-subletiing shall be
subordinate to t�is Sublease. Any subl��ting sha11 not release Subtenant of its obligations under
this Sublease. Subtenant shall be solely respansible far all suh-sublease �greements and the
collection of any rents due to Subtenani under sueh agreements. Subtenant's failure to collect rents
due �nder any sub-sublease shall not reiease Subtenant of i�s ohligafiions to pay a11 atnounts due
under this Sublease.
9.2 A.ssignmen�, Subtenant may not sel�, assign, transfer, or otherwise convey any of its rights or
abligations under this Subl�ase, either in whole or in part, prior to eompletion of the Project, exc�pt
to an af�liate of Subtenant, provided, howe�er, Subtenant may collaterally assign the Sublease
and pl�dge and encumber Subtenant's subleasek�old interest in the Premises ta a Leasehold
1Vlortgagee in accorda.nce with Article 16. After completian of the Project, Subtenant may se�l,
assign, transfer, ar otherwise convey any of its rights or obligations urider the Sublease Agreement,
either in whole or in part, to any entity fhat acquires a11 or a portion of the Projec� witlaout the
consent of Master Land�ord, excepi as provided in Article 15; for all other assignments, the conseni
of Master Landlord is raquired, such cnnsent not to be unreasonably withheld, conditioned, or
delayed. If ownership of Iess than all of the Premises is transferred by Subtenant thraugh a sa1e,
the parties w'rll reasonably caoperate in good iaith to negotiate to assign all ar part ofthe Sublease
and the 380 Agreement as n�cessary to support the split 'vn owraership and execute such
ageement(s) (including a new sublease and 38D agreement on substantialiy the same terms as
pravided herein, to ih� extent applicable to such portion af tk�e Premises) as may be reasonably
request�d by Subtenant. Notwithstanding anything tn the contrary, any assignmant expressly
requiring Sublandlard's Qr Mast�r Landlard's eonsent Uzacier this S0Ct1dT1 �.2 will reQuire the
execution of a consent to assignznent between the Subtenant, its assign��, Sublandlord, and Master
Landlord, which consent wiIl not be unreasonably withheld. Such Consent may be granted
administratively by Sublandlord and Master Landlord, except vvhere nnted i�erein.
93 Snblandlord Sublease and Assignment. Sublandlo�d shall not be allowed tn ass�gn this
Sublease, without the p�•ior writt�n consent of Subtenant and the Leasehold Mortgagee (if any).
This Sublease is hinding Upon and inures ta the benefit of any of SublandIord's suecessors and, to
the extent assignment may be approved by Subtenant hereunder, Sublar�dlord's assigns.
Page 13 of 51
Parking Gaxages Sublease
ARTICLE 10 — NON-DISCRIMINA'T�ON
10.1 Subtenani Shall No# Discriminate. Subt�nant, as part of the cansiderat'ron herein, agrees
that in the performance of Subtenant's duties and obligations hareunder, it shaIl not discriminate
in the treatment or employment of any individual ar group of indi�iduals on any basis prohibited
by law. IF ANY CLAIM ARISES FROM AN ALLEGED VIOLATION OF TH.�S NON-
DISCRIMINATION C4YENANT BY SUBTENANT, ITS PERSONAL
REPRESENTATIVES, ASSIGNS, CONTRACTORS OR SUCCESSORS IN INTEREST,
SUSTENANT AGREES T� INDENINIFY AND DEFEND MASTER LANDLORD ANII
SUBL.ANDLORD AND HOLD CITY �LMT�ESS FROM SUCH CLAYM.
ARTICLE 11— NOTICES
11.1 Nohees. A�y notice pursua�nt ta this Sublease shall be given in writing by (i} perso�al
de�ivery, ar (ii) rep�atable overnight delivery ser�+iae with proof of delivery, or (iii) United States
Mail, pastage �ially pr�paid, registered or certified mail, return receipt requested, or (iv) by
electronic mail and followed by written notice outliz�ed ab�ve, sent io the intended addressee at
the address set forth below, or to such other address or to the atter�tion of such other p�rson as the
addressee shall have designated by r�vritten notice sent in accordance herewith, and shall be
deemed to have been given either at the time of eIecironic mail receipt, personal delivery or, in
tl�e case of expedited delivery service or mail. UnIess changed in accordance with the prececiing
santence, the addresses far notices given pursuant to this Sublease shall be as follows:
Ii to Gara�e Unit 1 Subtenant:
GPIF CD Multi LLC
c/a Crescent Real BState LLC
777 Main Street, Suite 2260
Fort Worth, Texas 76102
Attn: �.sset Manager
Email: jgrant@crescent.com
With copies ta:
GPIF CD Multi LLC
c/o Crescent Real Estate LLC
777 Main Street, Suite 22G0
Fort Worth, Texas '76102
Attn: LegaI Department
Email: alornbardi@crescent.com
and to:
Wins�ead PC
272$ N. Harwood Street
Suite �OQ
Paga 14 of 51
Parking Garages Sublease
nauas, Texas �s2a1
Attn: Mike Alessio
Emaal: maiessio@winstead.com
If to Garage Unit 2 Subienant:
GPIF CD Office LLC
c/o Crescent Real Estate LLC
777 Main Street, Suite 2260
�'ort VVorth, Texas 75IO2
Attn: Asset Manager
Email: jpir�le@crescent.com
With copies ta:
GPTF CD �ffice LLC
clo Crescent Real Estate LLC
777 Main Street, Suite 2260
Fort Worth, Texas 7G10�
Attn: Legal Department
EmaiI: alombardi@crescent.conn
and to:
Winstead PC
2728 N. Harwood Street
Suite 500
Dallas, Texas 75201
Attn: Mike Alessia
Email: malessio@winstead.com
If to Gara�e Unit 3 Subtenant:
GPIF CD Hotel LLC
c/o Crescent Real Estate LLC
777 Main S�reet, Suite 22b0
Fort Worth, Texas 761Q2
Attn: Asset Manager
Email: tcabilao@cresceni.com
Page �.a af 51
Parking Garages Sublease
With copies to:
GPIF CD Hotel LLC
clo Creseent Real Estate LLC
777 Main Street, Suite 2260
Fart Worth, Texas 76102
Attn: Legal Departrnent
Email: alomb�rdi@crescent.com
and to:
Winsteacl PC
2728 N. Harwood Street
Suite 500
Dallas, Texas 75201
Attn: Mike Alessio
Email: malessio@winsiead.carn
Zf to Sublandlord:
City of �'ort Worth
Attn: Praperty Management Office
900 Monroe St�eet
Fort Worth, Texas 76102
Email: Mark.Brown@fortworthtexas.gov
With Copy to:
City Attorney's Office
City nf Fort Worth
Arin: Leann Guzman
20Q Texas Street
Fort �V'�rth, Texas 76102
En:�ail: Leann.Guzman@fortworthtexas,gav
ARTICLE 1� — CITY'S FISCAL FUNDING OUT
12.1 Non-aPpropriatiau of Fands. In the �vent no funds or insufficient £�unds a�re appropriated
by Sublandlord in any fiscal period for any financial obligat'rons of Sublandlord hereunder,
Sublandlard will notify Subtenant in writin� of such oecurrence and Subtenant shall be allowed to
take over any nhligatio� Sublandlord rriay have under this Sublease or the Mast�r Lease for vvhich
na �unds ar insufficient funds have been identified; provided, however, in the event Subtenant
expends funds on behalf of Sublandlord to satisfy Sublandlord's obligation under this Suble�se or
the Master Lease, then Subtenant shall be entitled to offset any Sublease Renf or other payments
payable by Suhtenantto SUblandlord under the Sublease until Subtenant has recov�red all amounts
so incurred by Subtenant o� bahalf of Sublandlord.
Nage 16 of �1
Parking Garages Sublease
ARTICLE 13 — OPTION, EXTENDED QPTION, AND RIGHT OF REFUSAL
13.1 Assignment. SubIandlorci assigns to Subtenant the Option, Extended Option, and Right of
Refusal as set forth in Article I9 of the Master Lease, and Subtenani shall have the right to exercise
each in the manner set forth in the Master Lease. Sublandlord shall cause Master Landlord ta
agree in the Master Lease (i} that Subtenant shall haue the right to directly exercise each of tk�e
Option, tiae Extended Op�ion, and the RO�R Option (as such terms are de�ned in the Master Lease)
granted to Sublandlord under the Master Lease, and (ii) that Master Landlord will accept such
direc# exercise hy Suhtenant as though S�btenant was �lie Tenant under the Master Lease.
ARTICLE 14 — NIISCELI.ANEOUS
14.1 Rule of Construction. �u�landlord and Subtenant ackno�vledge that each has reviewed and
revised this Sublease, and SUblandlord and Subtenant hereby agree that the normal rule of
construetiot� to tha effect that any ambiguities are to be resolved against the drafting party shali
not be ernployed in tlte interpretation of this Sublease or any amenclments or e�ibits hereto.
14.3 Authority. Each person ��ec�ting this Sublease, by its execution hereof, represents and
warrants that he is fia11y authorized to do so, and that no further actian or consent on the part of the
party for whom it is acting is required to the �ffectiveness and enforceability of this Sublease
against such party foIlowing such execution.
14.4 Counterparts. This Sublease �nay be executed in any number of counterparts, each of which
will for all purposes be deemed to be an original, and all of which are identical.
14.5 Applicable La�cv, Place of Perform�a�rce. THIS �UBLEASE SHALL SE CONSTRLJED
UN13ER AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS. ALL OF
TI� OBLIGATIONS CONTAINED TN THIS CONTRAGT ARE PERFORMABLE IN
TARRANT COL]NTY, TEXAS.
14.6 Venue. Ven.ue of any a.cti�n braught under this Sublease shall be in state courts located in
Tarrant CoLmty, Texas or the United States Distriei Court far the Narthern District of Te�as, Fart
Worth Division.
14.'7 Entire Agreement. This Sublease and the exhibits attached hereto constituies th� entire
agreernent betvveen Sublandlord and Subtenant, and there are n�a other covenants, agreements,
pramises, terms, pra�isions, conditions, undertakings, or understandings, either oral or written,
between theiaa concerning ihe Premises other than thase herein set forth. No subsequent alteration,
amendment, change, deletion or addition to this Sublease shaIl be binding upon Sublandlard and
Subtenant unless in wri�ing and signed by both SUblandlord and Subt�nant.
14.8 Headings. The headings, captians, numbering sys�exn, etc. are inserted anly as a�atter of
convenience a�d rnay under no cireumstances be considered in interpreting the �rovisions of this
Sublease.
14.9 Binding Ef%ct. AlI of the provisions of tk�is Sublea.se are hereby made binding upon the
personal representatives, heirs, successors, and assigns af both parties hereto. Where reauired for
proper interpretation, words in the singular shall incIude �he plural; the masculine gender sha11
Page 17 qf 51
Paricing Garages Sublease
include the neuter attd the f�rninine, and vice versa. The terms "heirs, executors, adminisirators
a.L1CI �551gt15" shaIl include "successors, lagal repres�niat�ves and assigns."
14.10 �everability. If any clause ar provision of this Sublease is nr becornes illegal, invajid or
unenfarceable because of present or future laws or any rule or regulation of any governrnental
hady or entity, effective during the Terrn, the intention of the parties hereto is that the remaining
parts ofthis Sublease shall not be affected thereby.
1�.1 i Exhibits. All Exhibits attached hereto are deemed incorporated herein by reference as
thaugh rnad� an integral part hereof.
14.12 Lease Memara�dum. Subtenant may elect, at its sole eost and expense {including tha
payrnent of aIl recordation £ees), ta recard a short farm or memorandum of th.is Sublease (bu� not
the Sublease itselfl, which may include a description of the purchase option and rights of first
refusal granted hereunder.
14.i3 Governmental Powers. It is understood and agreed that by execution oi this Sublease,
Sublandlord daes not waive or surrender ar�y of its governmental powers or immuni#ies.
14.14 Third Party Beneficiaries. Nothing contained in this Sublease shall he canstrued so as ta
confer upon any other party the rights of a third party beneficiary e�cept rights cantained herein
for the benefit of Leasehold Mortgagee.
14.15 Force 1VIaj eure. The parties shaLl be exeused for the period of any deiay in the performance
of any obligations hereunder when prevented from doing so by cause or causes b�yand tlie parties'
absolute cnntrol, �vhich shall include, without litnitation, all labor disputes, civil commotion, civil
disorder, riot, eivil disturbance, �var, �vvar-like operations, invasion, rebellion, hostilities, military
or usurped power, sabotage, go�ernmental regulations, orders, moratoriums ar controls, fiure or
other casualty, inability ta obt�in any material, s�rvices or fznancing or Acts af God.
Notwithstanding anything herein contained ta the �antrary, th� provisions of this section �4.IS
shall not be appIicab(e to Subtenant's obligations to pay Sublease Rent or any o�her sums, monies,
costs, charges or expenses r�quired to be �aid by Sublandlord nr Subtenant under this Sublease.
14.16 Independent Contractor. It is expressly understood and agread that Snbtenant shalI
perform its obligations and responsibilities hereunder as an independent contractor and nnt as an
o�£icer, agent, repxesentativa or employee of Landlord ar Sublandlord; that Suhtenant shall have
e�clusive control of and the exclusive right ta control the cieiails of its obliga�ions and
responsibilities and all persons perfarming same; that nothing herein shalf be construed as creating
a partnership ar joint enterprise between Sublandlord and Subtenant. Any intention to creaie a joint
venture or partnership relation between the parties laereta is hereby expressly disc�a�med.
i4.17 Sub[a�dlard Ope�ating as Governmental Funciion. The parties acknowledge that all
references to "Sublandlord" herein shall refer only to Sublandlord in iis capacity as landlord.
pursuant to this Sublease. The term "Sublandlord" and the duties and rights assigned io ii under
this Sublease, thus exelude any action, omission, or duty of Suhlandlord when performing its
govert�tr�ental functions. Any aetian, ornission, or circumstance axising aut of the required
perforFnance of Sublandlord of its �overnmental functions may prevent Sublandlord from
performing its obligations under this Sublease and shall nat cause or constitute a defaul� by
Page 18 nf �1
Parking Garages Sublease
Sublandlord under this Sublease or give rise to any rights or claims against Sublandlord in its
capacity as IandIord, it being acknowledged that Subten.ant's remedies %r any injury, damage, or
ather claim resulting from any s�ch action, o�nission, or circurnstances arising out af any required
governnlental function of Subiandlord shall be governed by the �aws and regulaiions co�cerning
claims against Sub]ancilord as a chartar city and a governmental autharity. In a.ddition, na setoff,
reduation, withhalding, deduction, or recpupment shaIl be made in or against any payrz�ent due by
Subtenant to Sublandlord under this Sublease as a result of any action ar omission of Sublandlord
when perforrning its governrnental functions.
ARTICLE 1� — INTENTIONALLY ONIITTED
ARTICLE 16 -- LEASEHOLD MORTGAGE�
16.1 Leasehold Mortgages Authorized. Subtenant wiil be entitled, at any time and from time to
time, withaut Sublandlord's consent or approval being required for same, on terms and conditians
deterrnined by Subtenant in Subtenant's sole discretion to be appropriat�, fo mortgage, pledg�,
g�rant deed{s} of tr�ast, or otherwise encumber all or any portion of the leasehold estate created
hereby and a11 or any �aortian of the right, title, and interesi o�' Subtenant under this Sublease
(including Subtenanf's interest in the improvements and alI rights to purc�ase hexeunder), and ta
mortgage, assign, hypothecate, or pledge it as s�curity for the payment af any debt to any k�older
of a promissory note or other evidence of indebtedness (such notes, mortgages, deeds of trust, and
other documents evidencing az�d securing such loans hereinafter referred to as a"Leasehold
Mortgage" and any holder(s) of a Leasehald M�rtgage as a"Leasehold Mortgagee"), aIl ofwhich
shali be subordinate to the Sublandlord's interest under this Sublease. Sublandlord sha11 coaperate
wi�h requests for additional documentation required by any Leasehold Mortgagee in connection
with Subt�nant obtaining the Leasehold Mortgage or Leasehold Mortgages and, without limiting
the generaflty afthe foregoing, Suhlandlorc� shall, npon request, exec�te, aeknowledge and deliv�r
to each Leasehold Mortgage ati agreement (satisfaetary in form and content to each Leasehold
Mortgagee) between Subiandlord, Subtenant and such Leasehold Mortgagee {or progosed
Leasek�old Mortgagee) evidencing, ratifying and confirming all the provisions of this Aarticle 16;
provided, ho�ever, the provisions oithis Article lb shalI be self-executing without the necessify
of any additional instrurnent.
Afier the execution and recordation of any Lease�old Mortgage, Subtenant or the
Leasehold Mortgagee must notify the Sublamdlord i� writing that a Leasehold Mortgage has been
given and ���cuied by Subtenant and naUst furnish the Su�la,ndlord with �he address to which
copies of notices should be mailed. The Sublandlord agrees �at it will fihereafter give to the
Leasehold Mor�gagee, at th� address so given, duplicate copies of any and all not�ces in writing
that the Sublandlard may frnm time to time give or serv� �zpon Subtenant under and pursuant to
the ternr�s and pravisions oithis Sublease. No notice of default ar notice of intentian to terminate
this Sublease given by Sublandlord to Subtenant shall be valid or effectiee unless a copy af each
such notice is given to each such Leasehold Mnrtgagee.
Na Leasehold Mortgagee will be ar become liable to the Sublandlord as an assignee Qf this
Sublease or otherwise until it expressly assuFnes sueh liability 'rn writing, and no assumption may
be inferred or result from foreclosuxe or o�her appropriaie praceedings in the nature thereof, ar, as
the resuIt o� any other action or re�xiedy pravided far by any Leasehold Mortgag� or other
Page 19 of 51
Parking Garages Sublease
instrument executed in conne�tion with the Leasehold Mortgage or from a conveyance from
Sub�enant pursuant fio which the purchaser at foreclosure (or g�rantee or transferee in lieu thereo�
acquires the righ#s and interests of Subtenant under the ter�ns of this Sublease, provided the
obligations of Subtenant are fulfilled.
Sublandlard agrees that upan the occurrence af any event of default under the Leasehold
Mortgage, Leasehold Martgagee, its designee, or nominee, may (but shall not be obligated) to
assume, or cause a new Subtenant or purchaser of the leasehold estate creaied hereby to assurne,
all th� interesis, rights and obiigations of Subtenant thereafter arising ur�der this Sublease;
provided, hovvever, that any defau�ts by Subtenant raust be cured purs�aant to this Sublease as
herein provided (other than a�y such de#'ault rela#ed ta [i] the 1I15tltllt101] of bankruptcy or
i�nsolvency proceedings vvith respact to Subtenant, [ii] the appointmenfi oia receiver or trustee for
the whole or any part of Subtenant's property, [iii] th.e dissolution ar winding up, in whoie or in
part, of Subtenant, or [i�] any other evant of default that is speci�c ta �ubtenant and not c�arable
by Ehe LeasehoId Mortgagee). Sublandlord further agrees that it shaIl not termin�.te this Sub�ease
during any tirr�e tk�at a Leasehold Mortgag�e is either attemp�ing to foreclosa upon the leasehold
estate or obtain possessian of the Fremises or is in the process of comm.encing to exercise or is
exercising any other remedies granfied to it under its Leasehold Martgage, provided that: (A) such
LeasehoId Mortgagee is attezx�ptzng in goad faiih and vvith due diligence to exercise its rexnedies
or obtain possession of the Premises; and (B} such Leasehold Mortgagee pays to Sublandlard all
sums {including applicabla late ch�arges imposed hereunder) necessary to cure any monetary
default hereunder, Sublandlard hereby agrees to provide noi'rce of any default by Subtenant under
this Sublease to each Leasehold Mortgagee whose name and address has been provided to it and
is designated as Leasehold Mortgagee pursuant to this Article 16. In the event of any default hy
Subtenant (after exhaustion of the cure periods), Sublandlord shall refrain frnm exercising any
rennedy with respect to such default unless and until (� with respect ta any default concerning the
obligatian to pay Ren#, Sublandlard shalI give a further written notice thereof to Leasehoid
Mortgagee and sueh default remains uncured at tl�e expiration of forty five (45) daYs after
Leasehold Mortgagee°s �eGeipt of Sublandlord's r�ritten notics af such default; and (I�) with res}�ect
to any other default, Sublandlord shall give a furth�r written notice thareof to Leasehald IVlartgagee
and such defauIt remains uncured at the expiratian oininety (90) days after Leasenold Mortgagee's
receipt a� SubIand�ord's written notice of s�xch deiault; provided, hovvever, that if such non-
monetary default cannot with diligent efforts be cured within ninety (94} days, Leasehold
Mortgagee shall have additional time to cure so long as Leasehald Mortgagee commences action
to remedy such failure promptly following such notice and diligently prosecut�s such action to
completion. Sublandlard agre�s to aceept perfarmance by Leasehold Mo�tgagee of any covenan�,
conc�ition or agreernent on Subienant's part to be performed under thzs Sublease (whetl�er prior to
or after any de�ault by Subfienant) vvith the same force and effect as though performed by
Subtenant. It is un.derstood that L�asehold Mortgag�e is not obligated to cure defaults by Subtenant
under this Sublease.
16.2 Nevv Parking Garages Lease. Notwithstanding any contrary provision laereof, upon
termination of this Sublease for any reasan (including, without liu-�itatian, bank.ruptcy of
Subtenant) otHer than by expiration of �lae Term, Leasehold Mortgagee shaLI have the exclusive
right and option, exercisable by delivery af natice to SubIandlard within thirty {30) days following
recaipt by Leasehold Mortgagee of notice from Sublandlord of the termination hereof, to elect to
Pag� 20 af 51
Parking Garages Subfease
receive, in its owr� name or an affiliate, from Sublar�dlord a new parking garage lease (the "New
Lease") for �li.e �'remises for the unexpired ba�ance af tha Term. The New Lease will be on the
same terms azad conditions as herein pravided and executed to be effective as of the date of
t�rmination ofthis Sublease by Leasehold Mortgagee and SubIandlord within sixty (60) day� af
receipt by Leasehold Mortgagee of such natice frorn Sublandlord of the termination hereof;
provided, however, thai in snch event, Leasehold Mortgagee shall pa� to Sublandlord at the time
ofthe execUtion and delivery of the New Lease any and al� sums (including applicable Iate charges
imposed hereunder) necessary to cuxe any monetary default pursuant ta this Sublease but for such
�ermination. It is understood that Leasehald Mortgagee is not obligated to cure defa�alis by
Subtenant under this Sublease.
After ar�y ternnination of this Sublease after which Leas�hold Mortgagee has the right to
obtain a New Lease as pro�ided in this �ection I6.2, For sa long as Leasehold Martgagee has such
right, Sublandlard shall not terminate any subleases or the rights of any subtenant except in the
case of a default under any suc�i sublease. During said time period Sublandlord will nat callect ar
receive rents from any subtenant.
1b.3 Antomatie Stay. If, during the period described in Sections J 6.1 and 16.2 above, Leasehold
Mortgagee shal! be pr�cluded by the bankruptcy laws of the United States or by process or issue
of any court having jurisdiction in cannection with any bankruptcy, insolvency or other similar
proeeeding, fram commencing and pursuing to campletion all necessary steps a�d proceedings
reyuired for the fareclasure or transfer in lieu of foreclosure of the LeasehoId Mortgage, then
Sublandlord shall extend said peri�d so lnng as �nay reasonably be required, provided that
Leasehold Mortgagee is diligently and in gaad faith exerting aIj reasonabie efforts to obtain an
appropriate release from any applicable court order ar res�raint, and fiYrther pro�ided that upon
such reIease, Leasehold Mortgagee shall in good faith immediately comrnence and diligently
pursu� to completion all steps and proceedings for consummatinn of such foreclosure.
16,4 Limit an Leasehold Mortgagee's Liability. Except as pro�ided belo�, Leasehold
Martgagee shall no� be liable �o perfortn SUbtenant's obligatio�as under this Sublease untii
Leasekold Mortgagee acquires �ubtenant's rights by foxeclQsure or by transfer in lieu of
foreclasure, provided, howevar, Leasahold Mortgagee shali be required ta cure Subtenant's
defaults under this Sublease (o�her than a.�y such defau[t reIated to [i] the institution of bankruptcy
or insolvency proceedings with respect to Subtenant, [ii] the appointment of a receiver or trustee
far the whole or any part of Subtenant's praper�y, [iii] the dissoIution ar winding up, ir� whole or
in part, of Subtenant or [iv� a�y other event of deiault tihat is specific to Subienant and not curable
by the Leaseholc� Mortgagee) oceurring befare its acquisition oi the Premis�s by foreclosure or
transfer in li�u o� foreclosure ai�er it acquires the Premises pursuant to such foreclosur� ar 1�ansfer
in lieu of forecIasure as contemplated b� Sections 16.I and 16,2 I� is understood tha� Leasehold
Mortgagee is not obligated to cure defaults by Subtenant under this Sublease with resp�ct to this
Sectian 16.4, After acquiring Subtenant's rights by foreclosure or tramsfer in lieu of foreclosure,
Leasehold Mortgagee sha11, st�bject to the pravi5ions of this Article 16, be liahle ta perform
Subtenant's abligations under this Sublease only until Leasehold Mor�gagee transfers or assigns
t�e leasehold estate to a persan which expressly assumes the obligations of Subtenant under this
Sublease, and such liability of Leasehold Mortgagee shall terminate upon such transfer or
assignment for obligatians f�rst accruing from and after the date of such transfer or assignment.
Page 21 af Sl
Par�cing Garages Sublease
No holder af a Leasehoid Mortga�e shali acquire greater rights or interest than Subtenant has under
this SUblea.se.
I6.5 N� Voluntary Cancellation. No �oluntary cancallation, termination, surrender, amendment
or modifieatian of this Subleasa hy Subt�nant or voluntary cancellation, termination, or surrender
of tha Masfer Lease by Sublandlord shall bin� any Leaschold Mortgage� if done without the prior
written consent of each such Leasehald Mortgagee.
16.6 Requirements for Transfcr�e. Notwithstanding anyt�ing cantained in ihis Sublease to the
ca�trary, no purchaser or transferee at any foreclosure sale, iransfer in lieu thereof or otf�er transfer
authorized by 1aw or this Sublease of Subtenant's interest snall acquire any right, title or int�rest
in ar to SUbtenant's interest in the Premises unless (i} said purchaser og trans%ree snaIl, in th�
insirument transferring the same ar immediately after acqc�iring the same, assume and agree to
keep, observe and per%rm all of t�e terms, covenants and provisions of this Sublease an the part
of Subtenant to be kep�, observed and performed (incl�ding the obligatian ta cure defaults arising
prior to such assumption); provided, howevar, Leasehold Mortg�gee's obligatians upan its
acc�uisition af Subtenant's rights shall be subject io the terrns of this Article 16, and (ii) a duplicate
original of sa�d assum�ation agreement, duly executed and acknowledged by said purchaser or
transfaree, shall be delivered fa Sublandlord promptly %llowing the consummation of such sale ar
transfer.
16.7 Sublandlord Mortgage. This Sublease and any Leasehald Mortgage gratited by Subtenant
shall be superiar to any deed of trust or other secUrity instrument navw ar hereafter placed on
Subland�ard's int�rest in the Premises by Sui�landlord and to all ad�ances rnac�e thereunder and to
all renewals, modifications, consolidations, replacetnents and extensions fhereof. If a�y holder of
any mortgage, indenture, deed of trust or other similar instrurnen.t succeeds to Sublarzdlord's
intecest in the Premises, Subtenani will pay to such holder all Rent payabie to Subtandlord which
is snbsequently payable under this Sublease. Subtenant shall, upon request of such persan
succeeding to the interest of Sublandlord, aUtomatically become th� tenant of, and attorn ta, such
successor-in-interest without changing this Sublease. Upon request by Sublandlord ar such
successor-in-interest, Subtenant will execute, aclinowIedge and deIiver an instrument ar
'rnsf.ruments confirming the at[ornment. Further, Sublandlord shall not rnartgage, piedge, grant
deed(s} of trust, or otherwise encumber all or any portion of 5uhlandlord's estat� in the Premises
vaithout Sublandlord's mortgagee first executing a�ubardinatia� of its interest to this Sublease and
any Leasehold Mortgaga, and the rights of the Leasehold Mortgagee thereunder, in accardance
with this Section 16.7.
16.8 No Merger, There shall b� no merger �f this Sublease ar the leasehold estate hereunder with
the £ee estate iri the Premises by reason of fihe fact that this Sublease or the leasehald estate
hereunder may be k�eld, direcily or indirectly, by or for the account of any entities who hold the
fee estate. No such znerger shall oceur unless a11 entities having an interest in the fee estate and all
entitias (incIuding Leasehald Morigagee) having ari interest in the New Lease or ihe leasehold
estata hereunder join in a written statement ef%cting such merg�r and duly record the same.
16.9 Damage or Destruction. If the cost to restore improvements exeeeds the avaiIable insurance
proceeds, Subtenant, Leasehold Mortgagee and Sublandlord agree to use good faith efforts to
Page 22 of 51
Parking Garages Sublease
arrive at a mutually agreeable soIution to addressing this additional cost; provided, however, nn
such good faith efforts shall negate or diminish Subtenant's obligations and liability to 5ublandlard
and Leasehold Mortgagee and Leasehold MortgagEe's obligaiions with respect to such reskoration
shall be governed under the terms of the documents evidencing ar securing the ioan made by
Leasehold Mortgagee to 5ubtenant,
I6.10 Amendment or Modification. In the event a Leasehold Mortgage is then in effect with
respect to the Premises, (i} this Sublease may not be mQdified or amended wil�hout the prior written
consent of the Leasehold Mortgag�e, and (ii) the Master Lease may not be modif ed nr amended
to unpair the rights of Subtenant or Leasehold Mortgagee under the termns of this Sublea�e withnut
the prior written consent af Leasehold Mortgagee.
16.11 Additianal Pravisians. To the extent the Leasehold Mortgagee requests revisions to this
Article, the Master Lease, or a di�eci agreement with Sublandlord, the Sublandlord and Subtenant
wi11 agree to reasonably accommadate such revisions to the axtent they are consistent with
cammercially reasc�nable lending standards, subject to any required 5ublandlord approval of the
amendme�t. Either party shall, without charge, at any time and from time-to-iime hereafter, within
ien (10} days after written request by the ather, certify by written instrument duly executed and
acknowledged to any Leasehold Mortgagee, purchaser or subfe�ant or prospeetive Leasehold
Mortgagee, purchaser or subtenant as to: {i) whether this is a true and correct copy af this Sublease,
whether this Subleas� has been supplemented or a�nnended and, if so, the substance and manner o�
such supplem�nt or amendtnent; (ii) the validity and force and effect of this �ublease; (i) the
exis�ence af any default hereund�r; (iii) the existence of any offsets, countexclaims or defenses
thereto on the part of such pxrty; (i�r) the commencement and expiration dates of the Term of this
Sublease; (v) the address or addresses for notice of Sublandlard, Subtenant or any Leasehold
Mortgagee; and (vi) a�y other rnatters as rnay reasonably be so reyuested. Any such certificate or
dir�ct agreemenf may be re�ied upon by the party requ�sting it and any other person, firm or
corparation to whom the same �nay be exhibited ar deli�vered, a�c� the contents of such certificates
shall be binding upon the party executing the sa�ne.
X6.12 Subordination of Sublandlord's Lien. Sublaradlord hereby subardinates any lien and
security interest it may ha.ve or acquire by operation of law or otherwise upon the property of
Subtenant �r any subtenant under Subtenant �rotn time-to-time situated Upon the Preraises to each
Leasehold Mortgage which, from time-ta-time, encumbers Sub#enant's or any s�btenant's interest
in the Premises or ir�aprovements and/or other prope�ty thereon. Such subordination shall be
self-executing and effective without the necessity for execution af any fi�rther instrument by
Sublandlord; provided, however, withzn �en (10) days oia reques� of a L�asehold Mortgagee or a
subtenant from time to time, Sublandlord shal� execute such instruments as may be reasonably
requested tQ ratify and confirm or evide�ce such subardination.
[Remainder of page intentionall� left blank.)
Page 23 of 51
Parking Garages Sublease
IN WITNESS HEREOF, th� parties hereto have executed this Sublease ta be effec�ive as of the
Effective Date.
SUBLANDL�RD:
CITY OF F�T WORTH
Sy: � r
Name: " � �_
Title: R � �y `�i JI��-� ��,_.'
��
GARAGE T]NIT 1 SUBTENANT:
GPIF CD MULTI LLC,
a Texas lirnited liability campany
GARAGE iJNIT 2 SUBTENANT:
GPIF CD OFFICE LLC,
a Texas limited liabiIity cornpany
By:
Name:
Titie:
GARAGE UNIT 3 SUBTENANT:
GPIF CD FIOTEL LLC,
a T�xas limited liability colnpany
By:_
Na�ne:
Tit1e:
Page 24 of 51
Parkin.g Garages Sub]ease
By:
Name:
Title:
� - - -- --- - - - ���,D
_____ .����►4�if
�_ rR�H, T�.
IN WITNESS HEREOF, the parties hereto have executed this Sublease to be effeetive as of the
Effective Date.
SUBLANDL�RD:
CITY OF F�RT WORTH
By:
Name:
Title:
GARAGE LJNIT 1 SUBTENANT:
GPIF CD MULTI LLC,
a Texas 1' ited liabili� co any �
By: — - 'l �
Name:��NC�F�E1N �p�VIBAI��i '
Title: �VP, [��N��, .�I C':��tN���
GARAGE UNIT Z S[TBTENANT:
GPIF CD OFFICE LLC,
a Texas 1' it d liabi[it� corr�ny r�
By. — 1 ` a
Name:
`['itle: P, GEIVER L CC}UNSEL
GARAGE TJNIT 3 SUBTENANT:
GPIF CD HOTEL LLC,
a Texas 1'rn' ed liabil` y ca ny �.
By:
• �1 � r� : ,
Name• N
`['itle: �VP, GE
-- -. - �
��. .._. ___- -
` � ��� ._ �_ _
�f �!f(�R1��, �'�;
Page 24 of �1
Parking Garages �ublease
ADDITIONAL CITY OF FORT WORTH REQIIIRED SIGNATURES:
Con�ract Com�liance Manager
By signing, I acknowledge tha� I am the persan responsible
far the monitoring and adrnrnistration of t�is contract, inc�uding
ensuring all performance and reporting requirements.
►
Name: , •�
'r1i10. �[' � f✓ " �r��,rrC,,,�7"
APPROVED AS TO FORM AND LEGALIT�:
� _ �_ � .. ��G%�/Lcy� —
'�eann Guzznan
Deputy City Attorney
Form 1245:
A TED BY:
, r
�-�3`Yc _+�. �
�.
onald P. Gonzale�
Acting City Secretary
M&C #
DATE:
��'� � " ��
,�G� �
` � . ��
� � �'
� , �� -
l� _ � � �
�-
��l� �
( .►� � �: — _�.�
Fage 25 o.f 51
Parking Garages Sublease
��� � _ ' `�����D
� � ' �'AR'Y
� � � - _, �.�,
�
-- __ ��,
JOINDER OF CULTURAL DISTRICT CONDOMINIUM ASSOCIATION, INC.
Cultural District Condominium Associ�tian, Inc., � Texas non-profit corporation {the
"CondoAssociation"} here6y joins in the execution of this Sublease for purposes of acknowledging
Condo Association's agreement that, for so long as this Subl�as� r�mains in effect with respeci t�
any or alI of Garage Master Unit 1, Garage Master Unii 2 or Garage Master Unzt 3, the Condo
Association agr�es that aIl rights, obligatians and duties that the awner of such unit othervvise is
pzo�ided or x•equix•ed to disck�arge puz-suant to the terms and pravisions af the Candaminium
Documents shall be, pursuant to Section 4,3 ofthe Sublease {as and to the, extent pro�vided therein},
the rights and obligations of, exercisable by and. enfarceable against, ,the �p�licable Subtenant
hereunder of Garage Master Unii 1, Garage Master Unit 2 or Garage Master Unit 3, respecti�ely.
Cultural Distri�t Condominiuin Assaciaiion, Inc.,
a Texas non-proiit corporation
By:_
Name:
Title:
Page �6 oi�1
Parking Gara�es Sublease
JOINDER OF CULTURAL DISTRICT CONDOMINIUM ASSQCIATION, INC.
Cultural District Condominiurn Assaciation, Inc., a Texas non-profit carporation (the
"Condo Association"} hereby joins in the exeeution af this Sublease for purposes of acknowledging
Condo Associatian's agreement that, For sa long as this Sublease remains in effect with respeci to
any nr all of Garage Master Unit 1, Garage Master Unit 2 or Garage Master Unit 3, the Cor�do
Association agr�es that all rights, nbligations and duties that the ovwner of such unit otlzerwise is
provided or required to disc�arge pursuant to the terms and provisions of the Condominium
Document,s shall be, pursuant to Section 4.3 of the Sublease {as and to the extent provided therein),
the rights and obligativns of, exercisable by and �nforceable against, the applicable Subtenant
hereur�der of Garaga Master Unit 1, Garage Master Unit 2 or Garage Master ilnit 3, respectively.
CuItura� Di rict Condominium Association, Inc.,
a Texas rye�profit corporation
. . ' �
�B • r '., �t.�ii �.z r,l�'��/'
m Sh�res�a Cab lao . .T^
T�tIe: President
�����:�€�� �aga.tir�r�c�
�,�;`� ��C�E�'�R�'
� ���,. �1Y � ' • { �I �"
Page 25 of 51
Parking Garages Sublease
EXHIBIT A
Definitio�s
°`Claims" has the meaning set forth in Sectian 1.1.
"Condomintz�m Declaration" means the Declaration of Candaminium Regime for CuItural District
Master Condominium recorded as Document No. D22124QG0� , of the Of�icial Public Recor�s
of Tarrant County, Texas, as may be anaended, supplernented or modified from time to time.
"Conciaminiurn Documents" m�ans, individUa3ly or collectively as the case may he, the
Condominium DecIaration, fihe Plat and Plans, the Certificate, tlie By�aws, the Rul�s, the
Allocatiion Document, and the Act, as eaeh term is so d�fu�ed in the Condominium Deciaration
and as each may b� amended from time to time. An appendix, attachment, schedule, or
certif�caiion accompanying a Condominium Docum�nt is a part of that Condaminium Docurnent.
"Debt Servace Rate" means the amoun� of the full debt ser�iee for the bonds issu�d by t�e 1Vlaster
Lazadlord for the acquisition of �he Premises.
"Ga�age Unit 1 P�ernases"' naeans Parking Garage Masier Unit 1(as defined in the Master Lease),
as described on Exhihit B-I.
"Ga�age Unit 2 Pr�emises" means Parking Garage Master Uni# 2(as de�ed iz� the Master Lease),
as describ�d on Exhibit B-2.
"Garage Unit 3 Prerrrises" m0ans Parking Garage Master Unit 3(as defined in the Master Lease),
as described on Exhibit B-3.
"Ma� jor �vent" means an eveni at Dickie's Arena on a Friday or Saturday evening with more than
10,00Q projected or anticipated attendees for which Sublandlord has provided not less than thirty
(34) days prior written notice to Su6tenant.
"Master Landlot�c�' or "Landlos�d" means the Landlord under the Master Lease.
"Mr�ster Lease" has the meaning set for�h in Recital A,
"Net Revenase" means the annual revenue, after deduetions for amounts payable by Subtenan.t
under tl�is Sublease, as weIl as reasonable operating and ma�ntenance expenses directiy related to
repair, replacement, maintenance, management and operation of the Premises (subject to an annual
cap nn Subt�r�ant's attorneys' fees in the a�nount of $25,000), coItected by Subtenant from parking
fees for the Public Spaces.
"Premises" means either {i) the Garage Unit 1 Premises, as relates to Garage Unit 1 Subtenant's
rights or obligations hereunder, (ii) the G�.rage Unit 2 Premises, as relates to Garage Unit 2
P�ge �'� of �1
Parking Ga.xages Sublease
Subienant's rights or obligations hereunder, or {iii) the Garage Unif 3 Premises, as relat�s to Garage
Unit 3 Subtenant's rights or obligations hereunder.
"Renewal Te�-m," has the meaning sei forth in Section 2.2.
"Short-Ter�m Parkarag" means visitor and pUblic self parking within the Parking Garages,
excluding any valet parking services, contract parking, and parking by employee�, ag.ents,
residents and ter�ants of the affice, residentiai and retail portions of the Proj ect.
"Sublease Pay»aenP' means $8a0,000.00 per year, to be paid by Subtenant (which Subtenant, in
Subtenant's soIe discretion, may allocate a,�ong the entities comprising �ubtenant) ta Sublandlord,
and is the maximum amount Subtenant is required to pay of the total 5ublease Rent, with the
rernaining amaur�t credited through the 380 Grant as set forth in the 38d Agree�nent, excepi that in
the event ihat the 380 Grant is terminaied, farfeited, or equitably reduced as expressly pravided
for in the 380 Agreerrient, an amount equal to the 380 Grant if terminated, ox to the reduction in
the 38Q Grant due to for%itur�, or equitabl� reduction shall be added tQ the $800,QOO.OU per year
arnount set forth abo�e.
"Sublease Rate" mean.s the greater of $800,000 per year or the fair market rentaI rate.
"Sublease Renf" meaaas �he Sublease Rate pl�s �he Debt Service Difference (as defined in the 38Q
Agreement).
"Sublecase Rent Remainde�" means the amount of Sublease Rent minus the Sublease Payment.
"Terrra" has ihe meanin� set forth in �ectic�n 2.2.
Page �8 of 51
Parking Garages Sublease
EXHIBIT B-1
Description af Garage Unit 1 Premises
Garage Master Unit 1 of Cultural District Master Condominium, a condorninium proj ect in Tarrant
Cou�ty, Texas created pursuant fo Cand�zxainium Declaration, together wit� an undi�ided interest
in and to the Common Elements (as defined in the Condaminiutn Declaration) appurtenant thereto.
Page 29 of Sl
Parking Garages Sublease
EXI�.ISTT B-2
Description of Garage Unit 2 Premises
Garage Mas�er iTnit 2 of Cultural Dis�riet Master �andaminium, a candominium project in Tazxant
Cour�ty, Texas created pursuant to Condominium Declaration, toge�her with an undividec� interest
in and to the Caanmon Elements (as defined in the Condominiu� Declara�ion) appurtcnant thereto.
Page 30 of 51
Paridng Crarages Subleasa
EXI�IR�T B-3
Description of Gara�e U�it 3 Premises
Garage Master Unit 3 of Cultural District Master Condominium, a candominium project in Tarrant
County, Texas created pursuant to Condominiu�n Declaratian, tog�ther with an undivided interest
in and to �ie Common Elernents (as defined in ihe Condominiunn Declararion) appurtenant thereto.
Page 31 of �i
Parking Garages Sublease
EXHIBIT C
380 GRANT AGREEMENT
This 380 Grant Agreemenf ("3$0 Agreement") is entered into by ar�d between the City of
Fort Worth, Te�cas, a home rule municipality organizeci under the laws of the State of Texas (
"City"), and GPIF CD HOTEL LLC, a Delaware l'united liability company ("Hotel
Subtenant"), GPIF CD MULTI LLC, a Delaware limited liability campany ("Mul�i
Subtenant"}, and GPIF CD OFFICE LLC, a Delaware limited liability company ("Office
Snbtenant"}; collectively re%rred to herein with Hotel Subtenant and Multi Subtenant as
"Subtenant"), and is authorized pursuant to Chapter 380 of the Texas Local Governm�nt Cod�e.
1.
In addition to terms defined in tk�e body of this 380 Agreement, the follouvin.g ter�ms shal�
have the definitions ascribed to thezn as fallows:
��Business Eqaity Firm(s)" has the meaz�.irkg assigned to it in Schednle 2#o this
Agz�eem�nt, which is attached hereto and incorporate herein for all p�arposes.
°�CCLGC" means Central City Local Goverr�ment Carparation.
"Completion Da�e" rneans the date as of which Substantial Completiian of the Project has
been aci�ieved.
"Campletiou Deadline" means June 30, 2�24, as may be extended by �arce Maje�re.
"Farce Majeure" naeans (i) with resp�ct to Subtenant, an event beyand Subtenant's
reasanable control, including, without limitaticar�, acts of God, fires, strikes, national disasters, wars,
riots, material or labor restrictions, deiays caused by unfareseen structural issues, weather delays,
injunctions ar other legal proceedings brought by third parties, unr�asonable delays by the City in
i�suing any permits, ec�nsents or certificates of occupancy or eonducting any inspections of or with
respect to the Project, delays caused by unfareseen consfiruction or site issues, but shall not include
eonstruction delays due ta purely financial matters involving Subtenan�, such as, without Limitation,
delays in the obtaining af adequate financing, and {ii) with respect fo the City, an event beyond fihe
City's reasonable contral, including, without limitation, acts of God, fires, strikes, natinnal disasters,
wars, riots, rnaterial or labor restrictions, or acts of third parties.
��For� Worth Cnitaral District" shall mean the area designated by the City as the Cultural
Distric�JWest Seventh Urban District.
��FF&E" means fi�rniture, fixtures and equiprnen�, operating supplies and eyuiprnent,
kitchen equipmen�, and IT.
"Hard Constructipn Costs" means t�e aggregate af the payments to the general
contractor for the cnnsiruction ofthe Project, including general contractar's and its subcontractors'
direct costs and �ees and general contractor's and its subcantractors' Soft Canstruction Costs.
Fage 33� of �1
Parking Garages Sublease
However, "Hard Canstruction Costs" excludes {i) ufiility infrastructure costs, and (ii) any "Hard
Cost Contingency" under the general can�ractar construction contract to the extent nat allocated
to the ganeral contractor as of the Carnpletion Date.
"Hotel" means a hotel with, among other things, approximately two hundred (2�0) guest
roa�ns; minimum 4,500 s�uare foot full-service xestaurant; a Iobby bar; approx��nately 5,500
square feet of cornbined meeting space {which rnay include ballroam, conference room, and/or
boardroom space); and other supporting facilities commensurate with a fuIl-set•vice hotel. The
�arking Garages, multi-family apartments, and office building are nat part of the Hotel.
"Major Even�" means an event at DickiO's Arena on a F�iday or Safurday evening with
mare than 10,00� projected or anticipated attendees.
"Minimum Hotel Operati�g Standards" mea►is the operating criteria of at least either a
(i) full-servic� Forbes Travel Guide �our Star Hotel; {ii} a fulZ-service four {4)-diamond rating by
the Ameriean Automobile Assoczation; or (iii) an equival�nt 1u�ury hotel standard.
"Parking Garages" means Garage Master Unit 1, Garage Master Unit 2 and Garage
Master i7nit 3, lacated in the Project w�ich wilI contain an aggregated minimum of 804 parking
spaees.
"Praject" means the mixed use development located at the intersection of Camp Bowie
Boule�ard and Van Cliburn VVay, featuring the Hotel, Parking Garages, a minimum of 169 units
of multi-family apartments, and a minimum i 50,000 rentable square foot office building.
"Publie Improvement�" means upgraded facilities that are intended for public u�e that are
constructed for the benefit of the Project or are o�herwise performed pursuant to (i) that ceirtain
Community Facilities Agj•eeme�lt dated August 31, 202I, betr�een Sublandlord and HoteI
Subtenant, Gity Contract Nuinber 562�7, a��d (ii) that eertain Community raciliiies Agree�nent
daCed August 30, 2021, betvveen 5ubla��d.lord and Off ce Subt�nant, City Conti•act Nuinber 56229,
which may ii�clude, without liinitation, d.emolition, enviranrnental remediaiioi� iiz the public rigllt-
of-way, streetscaping, site and street lighting, hardscape and landscape, and otlSer publio-
placeinaking, including patio or plaza aceas in the Project tliat are accessihle to tl�e public.
"5oft Canstruction Cnsts" shall mean all costs that do not invalve the physical
construction of the Project.
"�ubstantial Com�pl�tian of ihe Project" means tlzat a finai or temporary certi�cate o�
occupancy has been issued for all of tl�e Proj ect, including but not Iimited to the Hotel, rnultifaz�aily
apartments lacated west of Van Clibu�n Way, affice building, Hatel (including, but not limited to,
all gues� rooms and public areas) and the Parking Garages, and al! partions of the Project, other
than �he mu�tifamily apartments located east of Van Cliburn Way, are lawfully open ar are lawfuSly
able to open fnr business to the general public (or, in the case of the office buiIding, completed to
core az�d shell condition pending com�letion of tenant irnpra�ement work).
"Total Development Casts'" tnea�is the aggregate of Hard Constructian Costs and all othar
Pag� 33 of �1
I'arking Garages Sublease
costs directly expeilded foc the Pro�{ect including, wi�liout lirr�itatioi�, the foliowing: engineea•ing
fees; arcliitectural and design fees; real estate colnmissions; costs of tliird�party consultants,
inehiding attqrneys and environmental cotisultants; developer fees; zoning fees; perinit fees;
marketing costs; insurance; taxes; financing costs, including loan fees and capitalized interesi;
FF8�E, and the cbsts exp�nded fnr Public ltnprovements, but excludes land acc�uisitian cosCs for
t�1e various parcels that malce up ihe Project.
2. SiTBTENAN'T OBLIGATIONS AND COMMITMENTS.
�.I. �ubiease. The City and Subtenant shall execute a subi�as� for the Parking Garages
simultaneously upon execu�ion of this 380 Agreemen� {"Sublease"). The Sublease shall include,
arnong ather terrns and conditians, the following provisions (which terrns and conditions are
recited her�in for convenience and are nat intended to amend or modify th� Sublease, and in the
event of a cc�nflict betwe�n the following provisions and the pra�isians of the Sublease, the
pro�isians of the Sublease shall control):
2.1.1. Snblease e m. The term of t4ie Sublease shall be an uutial 20-year term
and may be renewed and extendcd for up to fol�r add.itio»aI 20-year renewal ter�ns by
Subtenant giving written notice to City of Subtenant's election to renew and extend the Term
no later tha�� t�ai�-ty {30) days prior to the thei� e�cpiration date of the Terin ("Sublease Term"),
sublect to addifional notice and ct�re rights �arior to expiratiion in tkie avent Subtenant fails tQ
deliver notiee of �e�tetzsion, as set farth iii fih� Svblease.
2.1.2. Sublease Rent T��e total rent for the sublease af the Pa.rking Garages
will be equal to $800,0OO.OQ, e�cept as oth�rwise n�cessary to achieve ti�e faz�� market
value, as determined i�1 tlie Sublease, for the ��se o�'the Parking Garages ("SubleaseRate"),
pl��s the difference between the CCLGC's anr�ual debt service ainount on the bonds issUed
to acquire th� Par�Cing Garages and the Sublease Rate ("Debt Service Diiference")
(collectively, "Sublease Rent").
�.1.�.1. Su6lease Rate. Tl�e S.Ublease Rate is based upon a t�•iple net
lease with Subtenai�t being responsible for the casts oioperatian oftlie Parking
Garages and the payinent of all pz•operrty taa�es, insur•ance, and maintenance of
the Parking Garages.
�1.2.2. Suhlease Pavment. Oi tlie total Sublease Rei�t, Subten�lt v�i11 be
responsible far paying a tot�l of $800,000.00 per year to the City for tlie sublease
of ihe Parking Garages (each a"Sublease P�yment"), with t11e remaining amaunt
to be ccedited through 3$0 Grants as set %rtlt b.elow.
2.L2.3. 380 Gran�s. City will provide an annUal g�rant to Subtenant in an
amount equal to the amount by wliich the Stiblease Rei�t exceeds the S�.lblease
Payments ("380 Granf"). The annuaI 380 Grant will be applied as a credit against
tlie Sublease Rent and will be paid to CCLGC.
Page 34 of 51
Parking Garagas 5ublease
2.1.3. �ublic Parkin� Snaces. St�btenant, as part of its operatiotl ofthe 1'�a�ing
Garages, wi1l make a min�muin of �q0 spaces ("Pu61ic Spaces"} avaiiable for public
use d�u-ing �e rninimum lloius of 6:00 p.rr�. ta 7:00 a.in. fln weekdays and aIl day on
we�kends (vvith ihe understand'tn.g that Subtenant inay collect fe�s for such parking).
2.1.31. Maior Even�s. The City shall liave the rigl�t ta reserve the use of
the P�iblic Spaces during the hours specified in Section 2. �.3 above for use by tl�e
public in relatia�� to no more tllan ten (10) Major Events per calenda�• year;
pz'ovided, Iiawever, in order to provide parking for the Projec� during the Majo�•
��ents far parking ��nrelated to sUch Majnr Events, at least SO of tlie Pubiic
Spaces inust re�nain available to the general publie at alI times aild at least l00
oFthe Public Spaces must reinain avaiiable to tl�e general public during evenit�gs
and on weekends. Subtenant may collec� fees for parking during Nlajor Events.
2.1.4. Net Rev�enues. Sltbtenant will pay City annually an amo�ant equal to 25%
of any Shart-Term Parking net reve�lue coliected by Subtenant fiom the 1'ublic Spaces in
the Parlcing Garages during ti�e first five (5) years of the Term and SQ% of such Shot�-Term
parking net revenUe frnm the Pubiic Spaces for all subsequent years of the Teril�, each after
deductions for amaunts payable hy Subtenant under the Sublease, as well as reasonable
operating and maintenance expenses direcily related to repair, repiacement, maintenance,
management and aperation ofthe Parking Garages (subject to an annual cap on Subtenant's
attorneys' fees in the amount af $25,000) ("Net Revenues").
�.1.5. eeo� . Upon written notice, Subtenant will provid� Ciiy with reasonable
aceess to financial records relating to the Net Revenues in a form and on terms speci�eci
wrthin the Subleas�.
2.L6. Purchase of' Parkin� Gara�es.
2.1.6.1. Option. During the 20t1i ai�d �r�al year of the initial tern� of tlie
Sublease, Subtenant shall have the rigllt to ptarchase tlie Parkirzg Garages for a
purcl�ase price equaI ta the price paid by CCLGC to purchase the Parking Garages
mint�s (i) the net ptesetrt vaitie, based upon a discount rat� equal to six percent
(6°/a) per annum, of all Sublease Payinents (specifically exclttding �.ny 380 Grant
payments) a�d (iij the total Net Revenues paid by Subterzan� to City as of that
daie. If the Sublease is extet�ded beyond its initial 2d-yea�- term, Subtenant
shall have an ongoing option to pux•chase any ar all of th� Pat•ki.ng Gara�es at
th�ir iair inarket value. The Sublease wil� terminate as to the Parking Garages
col�veyed ta Subtenant. Fu��tl�er, i:�a tk�e event af a ter3nitiation o.f the Parking
Garage Lease with Op�ion to PurciSase between CCLCG and the City (the
"Master Lease") by ihe Landlord, Subtenant will have the rigl�t ta exercise
the applicable purchase option desctibed herein. The purchase options
desc�•ibed in this S�ction will be gra�ted by CCLGC to tite City in the Master
Lease and wi�l be assigned by City to SuUtenant.
Page 35 of �1
Parking Garages Sublease
2.LG.2. Rrght nf First Refusal. Sub�et�a�t will l�ave a riglit af firsi
refusal to pu��chase the Parking Garages in tlie event CCLGC or tlle City
desires to sell atay or ail of t}�e Parking Garages. The right of fust reEusal io
purchase the .Parkii�g Garages described in this Section wil� be granted by
CCLGC to the City in tlle Ma�ter Lease atld will be assigned by City to
Subtenant in the Sublease.
�.1.7. �s' t of . Subtenant's rights to sell, assign, transfer, or
otl�erwise convey any of its rights ar obligations under the Sublease are go�erned by the
terms and conditions set forth in the Sublease.
�.�. Construction and Comvletion of Praiec�.
�.�.1. Suhtenant agrees that on or before the Completion Deadline (i) at ieast
$1 b5,000,000 in Hard Canstruction Cos�s and FF&E shall have baen expended or incurred
for the Project; (ii} at least $20Q,000,000 in Total Devalopment Costs shall have been
expended or incurred for the Pr��ect; (iii) at l�ast $1,230,OQ0 in Total De�elapment Costs
shall have been expended ar incurred for Public Improvements for the Project; and (iv)
Substantial Co�npieiion of the Project shall have occurred (collectively, the "Co�s�ruetian
and Completion Commitment"). For a.ny sums incurred but not yet paid as of the
Cot�npletion Deadline, Subienant shal! provide the City with prnofthat such amounts were
paid prannptly following actual payment.
�.3, Proiect Reauirements.
�..3.1 The following minimum requirements wi11 apply to the Project:
(1) The Parking Garages shall contain an aggregated minimuxn of 80Q spaces.
(2) The Hotel shall have a minimum of 200 hotel rooms.
(3) The Project shall have a n:�inir�um of S,SOQ square feet of combined meeting
space (vvhich may include balIroom, co�ference room, andlor boardroam
space).
(4) The Project shali have a minimuz�n 4,SQ0 square �'�ot fuIl-service restaurant.
{5) The Pro�ect sha11 ha�e a minimum of 1.G9 units of multi-farni[y aparttnents.
(6) The �ffice Buildi�g sha11 �ave a minimum of 15�,OOa renta.b�e sc�uare feet.
�.3.2. The City acknowledges its receipt and consent to the preliminary pians and
specifcations attached hereta and made apart hereof as Schednle 1 depicting the Parking
Garages (collectively, the "Pl�ns"). The City's consent to the Plans shall not be a
representation or warranty of the City that such plans are adequate far any use or comgly
with any law, nor shall it be construed as the City mandating construction aneans ar
methods. Subtenant reserves the right to make rnodifications, amendments, and updates to
tne Plans in Subtenant's sole discretion, other than any Major Change which requires the
writ�en approval af the City. "Major Cb�ange" means any changes to ihe Plans which
diminishes the aggregate number af parkin.g spaces in the Parking Garages to l�elow 800
Page 36 of 51
Parking Garages Sublease
parking spaces, materially revises the footprint of the Parking Garages, or znaterially
diminishes the mechanical, structuraI, or architectural integrity of the Parking Garages.
2.3.3. Subtenant shall enter into a nlaintena�lce agreement with the City, upon the
City's custoinary form and reasonably acceptable to Subtei�ant, far S�ibtei}ant io maintain
any �ortiail of the Public Improver�ei�ts to be Iocated within a public right-of-way.
�.4. BEF Construction Spending Commitment.
�.4.1. By the Completion Date, Subtenant agrees to have spent or incurred 1S°/n
af Hard Construction Costs wi�h Business Equity Firms (the "BEF Construction
Spending Commitment"}. Far aray sums incurred but not yet paid as of the Completion
DeadIine, Subtenant shali provide tl�e Cit� with proof that such amounts were paid
pramptly following actnal payment.
2.�. Hotel �uerations.
2.5.1. Upon substantial compietion and within twelve (12) m.onths af opening to
the puhlic, the Hotel ibust oper.ate and tnarl�et itself at a�i ti�nes d�.uing the Sublease
Term at or abave the Minimum Hotel Operating Standards (as such term is defned in
tl�e Sublease). Failure to meet these requiremezlts, after commercially reasonable
notice and cure riglrts, wi�l constitute a default under this 3 SU Anreemenf under Section
4.4 belaw.
�.5.�. Throughout the Sublease Term, Hotel Subtenant will make available to the
City {or to a duly designated economic development partner organization of the City as
indicated in writirig) up to 50 raom nights per ann:um in standard hotel ron�ns on an as-
available basis withou� charge to the City or the City designated guest iar p�arposes of
prozxaating the econornic development of the City or region, including but not limited ta
business guests, site selectors, real estate brokers, and dignitaries. Request o� the rooms
wi11 he at the sole discretion oi the Gity pra�vided that sufficient advance notice is given
and that reasor�able conditians will apply, such as room availability. and restricted dates.
Hotel Subtenant shall be perrriitted to charge City-designated guests far ancillary items,
amenities, food and beverag�, damages to I�o'tel raoms and other property of Hof�l
Subt�nant, and other ser�ices generally charged ta g�ests of the Hotel Subtenant in
ennnection with the utilization of �e 50 raam nights pravided herein. Fail�are to meet the
requirements under this Section 2.5.2 will not constitute a default under this 380
Agreeme�tt.
�.6. Deleted bv aereemen� of the narties.
�.7. Re�orts and Filin�s.
2.'�,1. Plan for Use of Business Eauitv Firms. Suhtenant's plan as ta how if will
attain its construction spen�iing commi#ments for Business Equity �irms, as
c�utlined in Sectian 2.4.1, is to reasonably �ndeavor to reqUire the selected general
contractor fo comply with such requir�ments. Subtenant shall also monitor the
Page 37 of 51
Parldng Garages Subleas�
general contractor's compliance with s�ch rEquirements.
�.7.�. Monthl_y_Spendin� Renarts. From the iater to occur af (a) the Effective
Date or {b) the data as of which Subfenant racei�es a permit ta initiate construction
of any portion of the Project, until the Connpletion Date, in arder to enable the City
ta assist Subtenant in meeting its commit�nent for construotian spending with
Business Equi#y Firms, Su%tenant wi11 provide the City with a monthly repor� (due
no later ihan the last day of each month far the preceding calendar manth) in a form
reasonably acceptable ta the City that specifically outlines the (i) then-current
aggregate Ha�rd Constrnetion Costs expended by and on behalf af Subtenant for
construction of th.e Project as well as such �-Iard Construction Costs expended since
the last date reported in the previous mont�'s report (th� "Increamental
Construcfion Exp�nditures") and (ii) th� ihen-current aggregate Hard
Construction Costs expended by and on behalf af Subtenani witk� Bus�n�ss Equity
Firms for consttuction of tne Project. If �na� information is not available when the
monthly report is filed, such information shall be included on the next monthly
report �ollowing availability of such information. Subtenant agrees to m�et v�ith
the City's Off�ce of Diversity and Inclusion from� time to time as reasonably
necessary for assistanc� in implementing such plan and reasonably endeavor to
address any concerns that th� City may hav� with such plar�.
2.7.3. Construction S�endin� Reports. Once Subtenan# has caused to be
expended at leas� $X6S,a40,000 in Hard Construction Costs and FF&E for the
Projeet, Subtenant wi11 make available to the City, to the ez�tent not previously
provided, data that specifically outlines such expenditures, together with supporting
invosces and other documents neeessary to demons�rate that such a�nounts were
actually paid by Subt�nant.
In additinn, as soon as practicable but within one hundred eighty (180) calendar
days following the Completion Date, Subtenant will provide the City with a repo�t
in a£arm reasanably acceptahle to the City that speci�ically outlines all Hard
Constxuction Costs expended by Subt�nant for construction of the Proj ect, tagether
with supporting invoices and other documents necessary to demonstrate that such
amounts were actually pa.id by Subtenant. This report shall also include Hard
Canstruction Costs expendeci by Subtenant for construction of the Project with
BUsiness Equity Firms, toget�aer with supporting invnices and of,her documents
necessary to demonstrate that such aacx�aunts were actually paid by Subtenant to such
com�anies. This repart is required in order far the City to assess Subtenant's
comptianee �with its construction spending comznitments far Business Eq�aity Firms,
and for purposes of calculating 380 Grants paid by the City in accordance with
Section 3 of this 380 Agreement.
2.�. �nspecfion of Proieet. Subject to the rights of any tenants or accupants of the
Project (including, without limitatian, guests of the Hotel), during the Terna of this 3$0
Agraement (but no more frequently than four (4) times per year), following rea.sonable
advance notice to Subtanant, the City shall have, and Subtenant shall provide ar cause to
Page 38 of 51
Parking Garages Sub�ease
be provided, access to the Project in nrder for tha City io inspect the same ta ensure
eotnpliance with this 380 Agreement. Subtenant may requira that any indi�iduals
inspecting the Project on beh.al£ of t4ie City be escorted at al� times by an employee ar
authorized representative of Subtenant and such entry shall be subject ta the City's
compliance with all on-site entz�y restrictions, safety protocals, timing restrictions,
protocols and other limitations, requirements and restrictions imposed or required by
Subtenant or Subtenant's general contractor, any o#her contractor or any go�arn�nental
authority (including, without litnitation, �hose regarding proper apparel, safety equipment,
safety rules, and any other ins�ructions regarding aecessibility to portions of the Project).
However, Subtenant, its officers, agents, servants, employees, contrac�ors and
subcontractars, shall reasonably cooperate w'rth th� City during any such inspection.
�.9. Audits. For a period ending one (1) year aft�r the Completion Date, Subtenant
agrees that tha City wi11 have the right to audit, at the City's own expense, the financ'ral and
business recards of Subtenant that directly relate to the Tofia l De�elopm�ni Costs expended
by Subtenant in cons�ructing the Project, ineluding Hard Constraction Cost expenditures
with Business E�uity Firms (collectively "Project-Reiated Records"). Subtenant shall
make all Project-Related Records availabie for review by �he City at tI�e Project ar at
another location in fihe City acceptable to both parties following reasonable advance notice
by the City and shall atherwise reasonably cooperate with the Gity during any audit,
3. 380 GRANT. Suf�ject to the terms and conditions af ihis 38Q Agreement, the City will
pay Subtenant a grant ("380 Granf"} each year thrnughout the Sublease Term, beginning with the
first full year following the Conn.pletion Date, as follaws:
3.1. Amount of Each 3$0 Grant. The amount af each annual 3$0 Grant shall equal
tl�e amoun� by which tlze Sublease Rent e�ceeds the Sublease Payments (the "Grant
Amount" �f each 38U Grant).
3.2. City Creciits Sublease Rent. Notwithsta�ding anything to the cantrary herein, the
Grant Amount shall be applied as a credit against the Sublease Rent, and Subtenant hereby
directs and autk�orizes the Grant Amount to be paid directly to the CCLGC.
3.3. Deadli�e for Pavment of 38U Grant; Nature of Funds. Each az�nua1380 Grant
ovved pursuant to and in accord�nce with tlzis Section 3 will be paid by t11e City ta CCLGC,
as authorized herein, on or before the for�y-fifth (45th) ca�Endar day following the end of
the previaus calendar year. It is unders�ood and agreed that all 38Q Grant payments paid
puxsuant to this 3 SO Agreement shaIl come from currently availabl� general revenues of
the City and nnt directly from any specific taxes or tax revenues, including, but not limited
to, any hotei occupancy tax or sales tax revenUe generated by the Project.
4. DEFAiTLT, TERM] �TATION, SUSPENSION OF OBLIGATIONS AND FAIL�CIRE
BY SUBTENANT TO NI�ET VARIOUS COMNIITIt'IENTS.
4.1. Failure to Meef Canstruction and Completion Comnnitz�acu�ts. Subtenant shall
be in default under this 380 Agreement if it does not meet the Construction and Campletion
Page 39 of 51
Farking Garages Sublease
Commitments by the Completion. Deadline. In such an event, ihe City 5ha11 natify
Subtenant in writing of the existence af sUch defauIt. If Subtenant has not cured such
default within ninety (90) calendar days following receipt of such notice, the City shall
have the right, as its sole and exciusive remedy and as app�icable, �o eitHer (i) equitably
reduce the anaount ofthe 380 Grants praportionate to the aznaunt bywhich Subtenant failed
to satisfy any spending commitments, or (ii) if the default relates to failure to timaly
complete construction., ternninate this 380 Agre�rnent by notifying Subtenant in writing.
4.2. Deleted b�v a�reement of the narfies.
4.3. F�ilure tio Pav City__Taxes. An event of default shall occur under t�is 380
Agree�nent if any (i) real property taxes attributable ta �he portions of the Projeat owr�ed
by Suhtenant; (ii) any personal property ta�es arixibutable to personal property ownad or
leased by Subtenant in the Pro�ect; (iii) any hotel occupancy taz�es attribUtable to the Hote3
and owed to the City pursuant to Chapter 3 S 1 of the Texas Tax Code and Chapter 32 ofthe
City Code; or (iv) any municipal sales taxes attributable to the Hotel and owed to the City
pursuant to Sectior�s 321.10I(a) and 321.103 of the Texas Tax Code become d�linquent
and Subtenant does not either pay such ta�es ar properly follow the legal procedures fQr
protest and/or contest of any such taxes. Upon the occurrence of such default, the City
shall notify Subtenant in writing and Subfienant shall have (i) thirty (30) calendar days to
cure such default or (ii) if Subtenant has diligently pursued cure of the default but such
default is noti reasonably c�rable withi� such time, then sueh amount of time that the City
�easanably agre�s is necessary to cure such default. If the default has not been fully cured
by such time, the City, as its sole and exclusive remedy, shall have the right to terminate
this 3$0 Agreement irnmediately by pro�iding written notice to Subtenant and shall have
aIl other rights and rernedies that rnay be available to it under the lavcF with respect to the
collection of any such delinqu�nt taxes.
4.4. Failure to Com�lv with Minimum Hotel Oaeratir�g Standards. If at aft�r tha
first (1 �`) year of the opening of the Hotel, the City beIieves that the Hotel has ceased to be
ap�rat�d in accardance with all Minimum Hotel Op�erating Standards, and if such failure is
not cur�d v�+iihin the time periods set f4rth in this Section 4.4 fallo�ing receipt of written
nofiice from the City, then such faiiure shall be an event of default under tl�.is 380
Agreement, and the City shall provide written notice to Subtenan# and Hotel fhat
specifically s�ts forth the basis of the City's opinion. Hotel shall have ninety (90) days
from the da.te af the City's notice to bring the HofeI into operating campliance with all
Minimuan Hotel Operating Standards, during which iime the City will continue to pay all
38Q Grant payments in accordance with this 380 Agreeznent. If Hotel has not cured such
default within nir�ety (90} calendar days following receipt of such notice, �he City shalI
have the right to suspend any future 380 Grant upon written notifcation to Hotel and
Subtenant �til the Minimum Ho#el Operating Standards are met, and all such suspended
380 Grant payments shaIl be forfeited by Subtenant. Provided, however, if the failure to
aperate in accordance with all Minirnum Hatel Operating Standards is of a temporary
�ature that will be remedied in na m ore than �$0 days, Hotel will not be considered to ha�e
ceased o�erations in aceardance with all Minimurn Hotel Operating Standards. Onee Hatel
Page 4� af 51
Parking Garages Sublease
kas resumed operating in accardance with all Minirriuzn Hatel Operating Standards, Hotel
wi11 not'rfy the City in writing.
4.5. Failnre to Submit Reports flr Mal�e Data Available fo fhe City, If Subtenant
fails to submit all or any reparts or make data available to the City, as the case may be and
as requir�d by Section 2.7, the Ciiy will notify Subtenant in writing, and the City's
obligation to �ay any future 380 Grant shall be sus�aended until Subtenant has pravided
such report(sj or made such data a�ailable for review by tf�e City.
4.6. Other Breaches. In the event that Subtenant breacl�es this Agreement and such
6reach is nat covered by Sections 4.1- 4.S above, tile City shall notify Subt�nant in writing,
which. notice shall specify th� nature of the breach, and Subtenant shall ha�ve thirty (30)
calendar days ta cure the breach, or if sueh breach is not reasonably curable vvithin thirty
(30) calendar days, such additianal time as may be reasonably necessary to cure the breach
provided that Subtenant is diligenfly p�rsuing cure. If the breach has not been fully cured
within sucI� tirne, the City shall have all rights and remedies available under the law ar in
equity other than terzx�ination. of this 380 Agreem�nt, including, b�t not li�ited to, �he right
to demand specific perfarmance to cure the breach and to collect damages plus reasonable
attorneys' fees incurred in the enforcement afthis 380 Agreem�nt.
4.'�. Equitable Reduc�ion of 380 Gra�t. Notwitbst�nding anything in Secrion 4.J
above �o the contrary, if Subtenant fails to meet the BEF Construction Spending
Cammitment, this shall not be a default nnder this 3$0 Agreement, but the 380 Grant
payrnents shall be reduced by the percentage by which Subtenar�t failecl to rneet the BEF
Construction Sper�ding Commitment; provided, however, such proportiouate reduction of
the 380 Grant payments shall be eapped at ten percent {lU%) in the aggregate.
5. Assz�nment of 3�Q Asreemen�. Subtenant may not se11, assigr�, transfer, or atherwise
convey any of its rights or abl'rgations under this 380 Agreement, either in rvhole or in part, prior
to the Completion Daie, except to an aft'iliate a� Subtenant; pro�ided, however, Subtenant may
collaterally assign this 3&0 Agreement (a "Collateral AssignmenE"} ta any Subleasehold
Mor�gagee (as defined in the Sublease) and shall execute a consent to such colla#eral assignment
in a form and subst,�nce reasonably acceptable to the City. After the Completion Date, Subtenant
may assign, transfer, or otherwise convey any of its rig�ts or obligations under this 380 Agreement,
either in wh.ole or in parfi, to any �ntity that acquires all or a portion oithe Prvj�ct without the
consent of the City or CCLGC; except as provid�d in any ColIateral Assig�ament and consent
�xecuted by the Ciiy witk� respect thereto, for all other a5signments, the consent of CCLGC and
City is required, such consent not ta be unreasanably withheld, conditioned or delayed. Tf
awnership of any c�f the Parking Garages is transferred by Subtenant through a sale, the parties
wili reasonably cooperate in good faith to �egotiate to assign a11 or pari of this 380 Agreem�nt as
necessary to support the split in ownership and execute such agree�ent(s) as may be r�asonably
requested by Subtenant {include one or nnore new agreernents on substantially the same fernns as
provicied herein, to the exfient appIicable to a Parking Garage). Notwifihstanding anything to the
contrary, any assignment expressly requiring CCLGC's or City's consent will require the
execution of a consent ta assignm�nt beiw�een �ubtenant, its assignee, City, and CCLGC, which
Page 41 of 51
Parki�g Garages Sublease
eonsent will not be unreasonably withheld. �uch consent may be granted ad�ninistratively by
CCLGC and City.
6. Rule of Construction. The Gity an.d Subtenant ackr►owledge ihafi each has reviewed and
re�ised this Sublease and agree that the norinal rule of eonstruc�ion to �he effect that any
ambiguities are to be resol�ed against the drafting party shall not be employed in tne interpreia.tion
ofthis 380 Agreeffien� or an� amendments or exhibits hereto.
'�. Authori . Each persan executing this 3 80 Agreement, by execution hereo� represer�ts and
warrants that he or she is fully authorized to dn so, and that no further actian ar consent an the part
of the party for whom he or she is acting is required to the effactiven�ss and enfarceability of this
380 Agreement against such party following such execution.
8. Caunterparts. This 380 Agreement may ba executed in anynumber of counterparts, each
of whick� wi[� for all �urposes be deemed ta be an ori�inal, and all ofwhich are identical.
9. Applicable Law, Place of Performanee. THIS 380 AGREEMENT SHALL BE
CONSTRiJED UNDER AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS. ALL OF THE OBLIGATIONS CONTAINED HEREIN ARE PERFORMABLE IN
TARRANT COUNTY, TEXAS.
10. Venue. Venue o� any action brought under this 380 Agreement shall be in state cour�s
located in Tarrant Coun�y, Texas or the United States Disirict Court for the Northern Disirict of
Texas, Fort Worth Division.
ll. Entire A�reement. This 380 Agr�ement and i�he Sublease constitutes the entire agreernent
between the City and Subtenant, and there are no other covenants, agreements, promises, terrns,
pca�isioz�s, candirions, unc�er�akings, or understandings, either oral or written, between ��em
coneerning the 380 Grants other than tI�ose herein set forth. No subseyuent alteratian, am�endment,
change, deietian ar addition to this 380 Agreemeni shall be binding upon the City and �ubtenant
unless in writing and signed by bo#h the City and Subienant.
l2. Headings. The h�adings, captions, nurnbering systenn, etc. are inserted only as a matter of
con�enience and may under no circ�mstances b� considered in interpreting the provisians of this
380 Agreement.
13. Bindin Effeet. All of the provisions ofthis 380 Agreement are �iereby made binding upon
the successors, Iega1 representatives, and assigns o�both parties hereto.
14. Severabilitv. If any elause or provision of this 380 Agreement is or becomes illegal,
invalid or unenforceable because of present or future laws ar an� rule ar regulation of any
governmental body or entity, effective during the Term, the intention of the parties hereto is that
the remaining parts of this 380 Agreement shall not be at�ecied thereby.
15. Governmental Powers. By execution ofthis 380 Agreement, the City does not vvaive or
surrendex any o� its gove�nmental powers or immunities.
16. Third Parlv Benefciaries. Nothing contained in this 38� Agreement shaIl be co�strued
so as to confer upon any ather parry the rights of a third pariy beneiiciary except rights cantained
herein iar the ben�fit of any Project mortgagee.
Page 4� of �1
Parking Garages Sublease
IN WITNE�S HEREOF, the parties hereto have executed this 38Q Agreernent to be effective as
of the Effective Date.
CITY:
CITY OF FORT WORTH
By:
Name:
Title:
G.AR.AGE UNIT 1 SUBTENANT:
GPIF CD MULTI LLC,
a Texas Iimited liability company
GARAGE i]N1T � SUBTENANT:
GPIF CD OF�'ICE LLC,
a Texas limited liability company
By: By:_
Name: Name:
Title: Title:
GARAGE UN�T 3 SUSTENANT:
GPIF CD HOTEL LLC,
a Texas limited liability cnmpany
By:_
Name:
Title:
Page 43 of 51
Farking Garages Sublease
ADDITIONAL CITY OF FORT W�RTH REQIIIRED SIGNATURES:
Confract Compliance Mana�er
By signing, I acknowledge that I am the person responsible
far the monitoring and adrninistration of this eontract, including
ensuring all perforrriance and reporting requirerrie�ts.
Name:
APPROVED AS TO FORM AND LEGALITY:
Leann Guzman
Deputy Cit� Attorney
Page 44 of 51
Parking Ga��ages Subleasa
Schedule 1 to 38Q A�reement
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Sched�le 2 ta 380 A�reement
DEFINITION OF BUSINESS EQUITY FIRM
"Business Equity Firm" sIaall ar�ean a contractor, subcontractor, vendor, or Independent Firm that
is a Certifed MBE and/ar WBE with a Significant Business Presence in the City's
Marketplace.
"Certified" shall mean tHose firms identified by the Nortl� American Industry Classification
System (NAIC�) that have been determined to �e a bona fide MBE or WBE by the North
Central Texas Regianal Certification Agency (NCTRCA), the Da11as/Fart Warth Minority
Supplier Development Council (DFWIMSDCj, Women's Business Council-SW (WBCS),
Texas Department of Transportatian (TxDOT) ar other certifying agency �at the DVIN
may deem appropriate and accepted by the City.
"City" sha11 mean the Ci#y of Fo�t Warth, Texas.
"Disparity Study" shall rnean the City of Fort Worth Disparity �tud� finalized and presented �o
city council on June 16, 2020.
'DVIN" The City's department of di�ersity and inclusion.
"Independent Firm" shall mean a f�rm whose viability does not depend on its relatior�ship witl�
another firrn.
"3oint Venture"' shall mean a business entity formed by two ar more independent Persons for the
purpose of pursuing a eammon ob�ective, such as a prime contract. The resulting business
entity has additiona! resources and capacity, enhancing its ability to compete for Iarger
awards. A Joint Venture is generally characterized by sha�r�d o�wnership, shared returns and
risks, and shared governance. Iza a Joint Venture, the prime managing partner holds 51%
or more interest in the business. Partner(s) hold less than 51% i�teres� but in rnost cases,
not less than 20°/a.
"Marketplace" shall mean the geographic area as defined by the City's Dispari�y Study.
"Minority Individual" shall mean a Person who is a membar of any of the following:
(1) 'Black Americans," which incl�ades persons having origins in any of the Black racial
groups of Africa;
(2} "Hispanic Americans," which includes persons o�' Mexican, Puerto Rican, Cuban,
Dominican, Central or South Aznerican, ar other Spanish or Portuguese cul�izre ar origin,
regardless of race;
(3) "Native Americans," whic� includes persons whd are enrolled members nf a faderally or
State recognized Indian tribe, Alas�Ca Natives, or Native Hawaiians;
(�L) "Asian-Pacific Arr�ericans," which includes persons whose oxigins are from Japan, China,
Taiwan, Korea, Burma {Myarunar), Vietnam, Laos, Caanbodia (Kampuchea), Thailand,
Malaysia, Indonesia, t�e Philippines, Brunei, Samoa, GUaa�, the �CT.S. Trust Territori�s of
Page 46 of �1
Parking Garages Sublease
tha Pacific islands (Republic of Palau), Repuhlic of the Northarn Marianas Islands, Samoa,
Maeao, �iji, Tonga, Kirbati, Tuvalu, Nauru, Federated States oi Micrnnesia, or Hong
Kong;
(5) "Suhcontinent Asian Americans," which includes persons whase origins are from India,
Pakistan, Bangladesh, Bhutan, fhe Maldives Islands, Nepal or Sri Lanka;
"Minority-Owu�d Business Enterprise {MSE)" shall mean a business entiiy, including but not
limited to a sole praprietorship, pa�tnership, corporation, lirnited liability co�rapar�y,
association or 7oin.t Venture:
(1) W�ich i� at least Si% owned by one or rnore Minority Individuals, or in the case of a
publicly tradad business, at least 51% of all classes oithe stock of which is awned by one
or rnore Minority Individuals; and
(2) Whose mana�ement, policies, major decisions and daily business operations are
independently rnanaged and controlled by one or more such more Minority IndividuaIs;
"Person" sha1I mean a natural person or business entity, including but nat limited to a sole
proprietor�ip, partnership, corporation, Iimited liabijity cornpazay, assaciation or Joint
Venture.
"Signifeant Business Presencc" shall mean a Persan (1} vvhich has its principal place of business
loca#ed inside the Mark�iplace; (2) whieh has its principal place of business located ontside the
Markeiplace but has been verified to be in existence for a minimum of 24 montY�s and frorr� which
at least 2p% of the business's workforce is based in the Marl�etplace; or (3) which has cumulative
business receipts greater than $1,QOO,QUO for wark done in ihe Marketplace since January 1, 2013.
"Woman" shall mean an adUlt Person of the female gender.
"Women-Owned Business En�erpxise (WBE)" shall mean a business entity, including but not
limit�d to a sole proprietorship, partnership, carporation, limited liability company,
asspeiation or Joint Venture:
{1} Which is at least 51% owned by one or more Wa�nen, or in the case of a publicly tracied
business, at least 51 % of aIl classes ofthe stock of which is owned by or�e nr rnare Wornen;
and
(2) Whose management, policies, majar decisions and daily business operations are
independently rr�anaged and controlled by one or more such Women.
Page 47 of 51
Parking G�rages Sublease
EXFIIBIT D
Form of Mem�ora�dum a� Sublease Payment and Commencemenf Date
202
GP�F' CD �ffzce LLC
GPIF CD Hotel LLC
GPIF CD Multi LLC
c/o Crescent Real Estate LLC
777 Main Street, Suite 2�6a
Fort Worth, Texas 76102
Attn: Legal Departrnent
Re: Parking Garage Sublease with Assigned Optian to Purchase (the "S�blease") dated
, 2021, between Tt�e City of Fort Worth ("Sublandlord"), GPTF
CD MULTI LLC, a Delaware limrited liability company ("Garage Unit 1
Subtenant"), GPIF CD OFFICE LLC, a Delaware limited Iiability company
("Garage Unit � Snb�enant"),and GP1F CD HQTEL LLC, a Delaware Iimited
liability company ("Garage Unit 3 Subtenant"}. Capitalized te�ns used herein
but nat defiried s%all be given ihe meanings assigned ta them in the Sublease.
Ladies ar�d Gentlemen:
Sublandlord and Subtanant agree as follows:
1. Acce�ntance of Prem�ises. Subtenant has accepted possession of the Prezx�ises
pursuani to the Sublease.
2. Co�nmencex�ent Dafe, Notwithstanding anything to the conirary set forth in �lie
Sublease, it is haraby agreed that the Connamencement Dat� of the SUblease shall for ail purposes
thereunder be hereafter deemed to be , 2d2�.
3. Ex�iration Date. Notwithstanding anything to the contrary set forth in the
Sublease, it is hereby agreed that the �nitial Term is sched�led tn expire on the last day of t�ae 20tk�
year after the Commencement Date, r�hich date is , 204� subject to the
Renewal Terms set forth in the �ublease.
4. Binding Effeet; Governing Law. Excepi as modifed hereby, fihe Sublease is and
shall remain in iujl force and effect and this letter shall be binding upon S�bla�dlord and �ubtenant
and their respecfiive successors and assigns. If any inconsisiency exists or arises between the terms
of this letter and the terms of the Sublease, the ternr�s of this Ietter shall prevail. This letter shall
be gavez�ned by the laws of tha State of Texas.
Page 48 of 51
Parking Garages Sublease
Please indicate your agreement to the abov� matters by signing this letter in the space
indicated below and retUrning an executed original to us.
S incerely,
City of Fort Worth
By:_
Name:
Title:
ADDT�"IONAL CITY OF FORT WORTH REQU�.ED SIGNATXJRES:
Contract Compliance Manager
By signing, I ackno�vledge that I am the person responsible
fox �he manitoring and administration of this contract, including
ensurizxg all perfnrmance anci reporting requirements.
Name:
Title:
APPROVED AS TO FORM AND LEGALITY:
Leann Guzman
Depuiy City Attorney
�orm 1295; N/A
ATTESTED BY:
RQnald P. Gonzalez
Acting City Secretary
M&C #
DATE:
Page 49 of �1
Parl�ing Gara.ges Sublease
Agreed and accepted:
GARAGE UNIT I SUBTEN�N'I':
GPIF CD MLJLTI LLC,
a Texas liznited liability company
GARAGE U1VIT � SUBTENANT:
GPIF CD OFFICE LLC,
a T��.s limit�d liability company
By: Sy:
Name: Name:
Tit1e: Title:
G�RAGE i7NIT 3 SUBTENANT:
GPIF CD HOTEL LLC,
a Texas li�nited liability company
By:
Name:
Title:
Page SO of 51
Parking Garages Sublease
EXHHIBIT E
Master Lease
[Follows this cover page.]
Page 51 of SI
Parking Garages Sublease
4823-806A-97D3v.13 591fi�4-83 9/S3/2021
�� t. �f�����
„�
��rr�..� ,
h.�,
PARI�ING G�RAGE LEASE
WITH OPTION TO PiT�C.HASE
between
CEN"I`R,AL CITY LOCAL GOVERNMENT C(}RPORATION,
as Landlord
arkd
CITY OF FURT WORTH,
as Ten�nt
October 6, , 2p2I
CONTENTS
Lease
Ex,hibit A -- Definitions
E�hi6it B — �'remis�es D�scnptzon
Exhibit C-- Mernoran.dum of Rent and Cornmancement Date
Page 2 of 40
-Parkin� Garages Lease-CCLGC..& CFViT .. _
This Lease is made and entered inta as af the E�ecti�ve Date, by and between the Landlard az�d
Tenani.
RECITAT,�
A. Subtenantplans t� develop �ronerty lncated at th.e intersection ��#'C�n�a �owie Boulev�rd and
Van Cliburn Way for the �'rajent, and ta Facilitate i;he Project., Landlard, contemparaneously
with this Le�se, has e�atezed into (i} a purchase and sale agreemenfi with Subtenant to purc�ase
tha fully-constructed Parking Garages ("Purchase ���� �A!� �greement"), and (ii) the
Sublease of Parkivag Garage Master Unit I to GPTF CD M�lti LLC, ��P�rking Garage Master
Unit 2 to GPIF CD Office LLC, �nc3 n_FParkin� Gac�ge Master Unii 3�o (ii �`3' �D Hotel LLC;
B. GPTF CD Ho#el LI.0 has established s�ox3do�7titTa►.1::; �S�u'V;B±tu:: �nr fihr�: 1� ���± l«[r�n.��
A.S50c1�ti0B"}, �inC� [i�A ��'UjBCt WsVf ���SiSt 4f ;,]nd��i�ium uzatts, 7T]ci�.��in� � hol,al unit, a
multifxpnily unit, an office uniY, and ane or mar� sepa�t� �ar�:±s f��• �ac� ot rh� �arkin�
Garages; �
C. ]..andlord :ntonds Ca � nanti:e tk�e �cquisitiotn of th� Premises by the issuance and sa.�e o3` �.�ase
Revenue [3o�ds UF;.�!�iect to Gl�apter 1208 of the Texas Gov�!m�+�i ���P i:: an �moun# t� Lc
determined, in �n� or m�r� secies �s a„rha�r"ized ��::i tir::� ��r t'sme �y t��e �n�,�!r,rcEpursuantt�
one or rnore Hand Resniati�ns +�uly �clopted by Landlord's l�oarc� o�' Tl��ators;
D. i�c fiarther faci!ita*w t��e Projeot, L-a*�diord i� e� *PXi�'�� Orita Lhis 1_�s� �*,i;�iti i�r.an# far thp
P�ei171565, r�.:l(� T�I18�# �g �irrmriYfanan��ety 0I7#�I'lIli� 1::?"^ thAt �Y;lr?in j�*W,rtrin�r (iryx'a�B u'��IIP?CP
Ag�eement ;�+ith fissi�neci �7�tivn ro Yurchase with Subtenant i�or �h.e P:�::;:cP� C`Suble�se"),
each with an effec�ive d��p rnntP!T1,13Q�'ax3�US 'Vbli�'1 �Y11S T.ease anci �-rii!� a term commencing
a�r c�rnpletion of t�hw P�t�ject, as �iar+?�Y�• s�i f�,•r?� in thw L��,se an� Sublease;
-L7, As �urther described herein, a public benefit for the use of tlle Paxking G�rages by the public
�x�ill be r�reserved by e�;�s"ri::ag a r.:infm,!m a:�'ann Puhlic Spaces availahle for nublic parking
1,15�, tCl �'}B 3�i+0�8�E� 8lI10?;� [�?E �dT�C1J]� �+?C�,��S k34f ��l�hY�nanr �ryl1CgLlYlllt #:] flr:w C��hlr����. �«�rin�r
the minimum haurs of�:I�i1 n,m. tn 7'.��} �,��7. Q17 �i'�E�{C.�$�c wnr,;i �41 ria�� n;� ;uVVi}tin.aS .:':t�'l [�l'�
r ' ----
understanding that t�es in�y ��� ;,;qlie��f�d by �ub#enanE �or 51[GFI �narkin�; ar,�i
F. Landloed and Tenant �n�P!�.�ari� ��ai' t�a yr,^:lt�n�ti;Pr� 5::���e3 �ft�F:Y Pr.7]eC� !S C��iyP.t�[iPitt s*1!� ��l@'
r -„--...
ability of the ��sers of the PF�leG1 l�(3 klS� ��'1� �31'}{[?'!g C.iara�es and Landlord and 'Tez�ant desire
to supporl th? cnntinuecf �neratir�r,g �;f�rh� ���9��t �� ;,�r�fi�,� ��t�, i•�„c Y:eace, �ncl rPr�t�irjna
�
Tenan# and �±»btenanl .,t�ter ��nto �h�: S��hlPase.
NO�.', 'i �?�.�FN'fIRT.{ fnr and in considerali�n of �:he above ?�?�i faregoi�g premises and
the rnutUal covenant� and agreements set forth herein, together with other good and valuable
consideration, fhe reaeipt and sufficie�cy of which is herreby confirmed and aCknawledged by each
ofthe parties herato, �he undersigned Land(ord and Tenaa�t do hereby agree as %llaws:
AGREEIV�NT
ARTICLE 1--- PREMISES
Page 3 of 44
1'arking Garages Lease CCLGC & GFW
1.I LeasE of Premises. As of the �ommeneetnent Date, and subjeat to �he pro�viszons �ereafier
set forth and in considexatian of ihe rent ta be paid and of the cavenants and agxeement ts� be
performed hy Tenar►t herein set forth, Landlard does hereby leas� ta � Pnant, snd Tenant leases
from Lax�dlord, t�e Premises. Th� Premises shall be �set? fat' #he naxking �i�' �rPhic�es and anciilary
activities related th.e�eto.
1.2 Par#�ing Space AIlocation. The pariies agr�e that �,�� �'ollowing covenant shall apply to the
parking spaces contain�d v�rith� the i�*Pn,ises:
1.2.� ;� m;nims�m �f �p0 Public Sp�aces shall �: m�d� ��aillable duxin� 1he
minitnum hou�rs �f �:aU �.rn. t� 7��� ��. on weekdays andr��] day +�n r�vewkends; �rovided,
however, it is exnressl� ��knawledged and agreed by � anr�lnrri a�,ei �'enant that fe�s in ax�
a�►aaunt ��► �a#-e�r �rh„,►; �revailing market r�e may b� coYlected by �!�btenant s�or s.acl�
parking pursuant to the ta;�.�+.� �f *.�!P ��.:��Pase.
Subject to the terrns and conditions of Sectior� 1!, !. r�t` this Le�se, ancluding, without �innitation, all
applicahle ;;�;tice and ���;p perzc�d�: Tenant's failure t� ab��e �;r :he narkin� covenant outlined in
this Sectior� I.Z [�!AIL �e �onside*pd ».*� FVP„t ��` default �nder this l..�ase; provided, however, a
defaultshall n^F�Gi;L�rt�J ti::: E7:t�rtstunr.nmkn,iianc:r* *tl ��'t' �'��4.IlI@117k'r17t-4 ��l�i:S �:',.''..�Ti �.� DGG�!TS
Wi+F I �w
during p�riods af rp:s�nr?#ion fO[lowitlg �+Ca�ualty or �ondcrtt�ation a: AI� �r �.ny �ortion c� ihe
Parking Gar�ges (sa lang �s ��rnant or Subtenant is proceeding with �asonable and dilig�nt effaxts
to connmence af such r�:s*.^r?±i�n �nGe insurance praceeds have heen made available, and thereafter
reasonaf�ly pursues such restoration to �v�':pi�ion., �s:�L�iect te �e?�ys fox ior�'P mR;e�re and other
delays beyond reasanable control of Tenant or Subtenant [as applica��ej}, �x during periods of
t�mporary closure relating :W mairntenance activities, capital repairs ar �a protect ehe agents,
ezx�.ployees, C011tI'ACtOr3, �lAeStS� �SCBrIS��S, i1T1(� IV1V1tEe5 O� �'10 �rPmicPq �rnm 3�y C�aII�eTO[1S
canditions e�sting at the Premisea.
1.3 Cv�dition of Premise�. '1 �1e 1'remises t�re t�aS�L�. 5U�}��C� FJ aI] 'LOri1C1� l'BSl1'IC�141'i3, City of Fart
Worth cod�s and �r��t�an�es, l�.;it;�ing r�s�'ict�o�s, and other sEaie �::� �ederal laws and�regutations
now in effect or hereafter adopt�d by any governrn�ntal autnority i��,ving ;,l,�sdictinn ov�r t�ae
Prernises, anci in their present condition +�vithau# repres�ntatiQn ar ��arra.nty by ���ndlord, �tnant
or Subtenant talcin� no�session of #he Premises shaJ]_ be conc�usive evidence Chat (�; f,�'!P prPmiePc
are suitabl� f^r the p��rnoses an� e�ses �'or which �AY:�±� W�e leas�d; �n� �i} '�'enan� waives any e^d
a�l defects o� �t?�� ��+ the Fr�m�e5, �its apnurtenances, and Yn all the ?nuurtenanc�� th�reto. :�'e�ant
B,gI'ee5 �,L1$l �:{l�� »r�: tYlc.:?�� �1� �i�migp� iti j� �»rrant °`r�.5 �S'� CC�ri�Ili:IOT! 'W'I�FI 77p fr�Ax�SCriLatioIl3 �}i
wa�ranti�s of a.�.y �atuxe whatsaever by Landlard. L�.ndlord has not ra�ade and �ces no�t m��� and
specifcally disclaims any representations, guarantees, premi�es, covenants, agree;nents ax
warraz�.ties of any land or c�aracter �:'�'28#SU�VGT, 'W�;vf�7P.1' G'X�1'�55 4:� l::1Y IierJ� x;ra� .�1' WT11f£Ti, �UaCt�
present, or future of, as to, Cnnr.a.rnin� Oi Wl�l Y�SrSeCL t0 1.u0 11817II'�, �ualiry �r candition vi �he
�'rer�nises, the incQxne to be derived, tne suita�ility of the Prernises for uses allowed under this
Lease, or merc�antability Ar fitness for a particular purpose.
1.4 r'�iterations or Im�provements. Tenant may make alterations or im�provements to the Pre�ises
as may be necessary, in Tenant"s so�e discret�on, to raaintaizi and operate the Premises as paa�king
Page 4 oi 40
-Parking�Garages-Lease GCLGC.& CFW
garages; pravided, however, any aIteration or irnpravement tn the Frertuses tliat reduces the
parking spaces in the Parking Garages, in the agg,regate, by 10% or greater rnust be appro�ved in
writing by Landlord {such approvai not ta lae unreasonably witlaheld, canc4itioned mr �elayed}, and
Lar�dlard may xequire th� submissian e;�:� qians and specificat�ons reasonably necessary in
canneation ��i+� I.�ndanrr��G appro�aL The ��prc�val of Landlord of any plans or spec�catio�►s
shall r�pt eonstitutE. �p�roval oi't�.e architectural �r �ngineering design, and Landlord, by apprvving
the plan,s and speci�cataans, ass�rn�s no liability �r responsibiliry far the archrtectural or
engineering desigrk nT tor anv resulting defect in any bui�din� ar impravemant construct�d fram
such plans trr specificat�ons. Landlord agrees tl�at Tenant may ;n�t�Yl and remov�, in Tenant's sofe
di.screiion, entry and exit gates, payment eguiprr�ent and related eq��iprr3ent, ,�C++rit� �;arn��•�g gnr�
related equi�ment, sienage, or o#He: fX�?�rPG �n �rder to fa.cili#ate and control p�arking �vi*!:in t�e
Parking �:t�rages. �s3y ::�nage t�Yus1 �:i��p�ly wi±h �'.i J� €;f F`c.�.': �c�rt�y ordinaEices ar ::::v other
applica�le law. All Alteratio�ts, additions, and ;i7lY�'�?vPm�nfe m�r�P to, c�: Fix±�ar�s �!ace� in or
upon, the �'remises shaii be dees�zed a part of the � r:�ic?s �w„:'1 �h� pra�crty of Landlard at th� ent�
of the Term af the Lease; provided, rnw�ver, ��t� L,aaxdlo�'d' ��riar written ap_pxoval (sach
approval not to be unreasonably withheid, r^n�9ition�d �: d�?�yedl; Ten�n# ��y �Ieci to retnove
sua�. alteratians, addit�ons, imgrovernents or fixtures ��rins t� tl�e �xpiratio;E or rermir�atinn of this
Lease and shall repair any damage to the Premises caus�d �� such �**,�U�!; r1FOV1��L� FL'rt1�Pr�
however, Landlord's approval shall nat be required in connection wi±h '?'enant's remaval of any
branding �r signage attached to the Pr�mz�P-s �o the extent Guch remnval ��P� ��t nPr.��jt���
structural alteratioz� tv the Parking Gara�es. �►li w::ch �?ip:»*:�,�:+�, xdc�itions. ir�provem�nts, ancf
iix�ures not so removed by Tenant �hall remain LyOdYI �i1Cr �.'*P cirrr�n�iPrPr� �,Vlt}: ��'te �:u!:'::�.f;g aR €!
part thereof at �he termination af this Lease.
ARTICLE � — TERM
2.1 Term. The initial �erm af this Leasa (the "Term"} �ha11 be for a period of iwenty (20} years,
svi�ject to any �arlier terrnination of the �.c.}xse �s �neci�cally orovided 'ua fhis Lease, corr�mencin�
on the acquisition crt #h� PrPmISOS L�v �.AI1�IU� �i0?!7 �L'�3#P�i�17f. '4rt��r �t�:P �LliG�1HS� anri �;g4�
Agreemenf ("Commencement D�te"). Upon the estab�ishrri�nt �►f :!:e actual Commencement
Date, and oiRent as set forth in Sec±is�n .�,1, �andlord and Tenant �hali rxec�te ��;�!?xn��randum
af Rent and Camm�ncement Date in the form set farth in Exhibit "C", attached hereCo and mad�
a part hereof for all purpo�es.
2.2 Renewal Term. Tenani nnay renew and e�tend �h� Term of this Lease far up to four (4)
additional 2Q-yea�r terms (eaci�, �"�es�ew�;! �'ere�t "j, and each such renewal shaIl be automatic
upan the renewa,l o£ the Subiease far additional 2�}�year Renewal Te�n in accozdazace with the
terms or t?:Y ��?�,�»�e.
2.3 Termfnatic�� of Pur�hase and 5ale Agr�ement. In the e�ent the Pua•chase and Sale
Agreezxtent is terminated for any reason, ihis Lease may be terminated by Landlord effective
immediately upon Landlard pxaviding written notice of terminatinn to T�nant.
ARTYCLE 3 — RENT
Page 5 of 4Q
Parking Garages Lease CCLGC & CFW
3.1 Rent. For the use and occupancy of the Premises herein granted, Tenant agrees ta pay
Lara„dloxd �Fhe Re�t. The R�nt is calculated by determining the amount that is hi�er of � Debt
Service Rate and the �air Market Rent� ��� �11ii]�'•�ny"P cA��at �� calculated uu�til aftar both the
Subs�antial Complefion oi the construction o�f rt,P Purkin� ��rµ��s and th� sale of the Bonds.
"Subs#antial Co�upletion°' Wh�I1. hR�p thP mcar�in� �.�s;ened ro i# in the Purchase and Sale
Agreement. ��i� u,�?rP than 45 days f�]l�w;�g a�hP. f��#P. c:� �abstanta�� Complet�on af the Parking
Gaxages, Landlord and Tenant shall �:ht.�in An appraisal or broker's price opinion to deterntine the
Fair Market Rent for the Prerni�es, U�pqn. determinatio� of th�: Debt S�rvice Rste $nd th� Fair
Mar�Cst 1[�ent �::d *.he actual Cornmencement Date as �et fort� ��n ��ctinn �. i T i,:andlar�d and �'en.ant
shall execc�te ��Pmnrs�ndt�trl ��' ���nt g��[ ��mmPnre:rnem� 7ate, The first Rent paym�nt shail be
paic! �n �ccurdance with tkx� l�Pmoranc�uxn �f �R Pnt; and eaah a�ditiona.! -R�nt aaynnent shai� be c��.!�
rnonthly on ar before 't�he fifth �5�} dav of the �m�;;rr�, RPnt ch3l E�E S7�1C� $G *,he La�dlord, r�uiYhc�ut
�vtiee or dem�nd, ati thg address :::c1���p�� �n �?�is �? Se ui]deC ?}1e r10t1C� ��Gt►C7�t .:�lntailled m� r:':�!�
12, or as otherwise specifect by Landlnrd L*� ��r:*in�.
3.2 38� Gran#. '� ��P garties ag:ree that tl�e 380 Grantprovided �y "I'en�nt �a �ubtenant as set forth
in the �ublease shai� �S� ;�aid d���f�y ta L?ncilnrrl, and Landlard �.hall credit thc amaux�t o!'ti�e 3��
Grant ta the amo�utt of Rent e:ue!�. i'he Sub�ease �ti��l cnntain a nmvisinn ���i�rtin� t1�e payment
ofthe 380 Grant �iram: �ubtenans c�:�-P�+.ly t� r:n�l�*�.
3.3 Failure tn Pay Rent. if T`pnant fai�s ta pay Rent u:: �Y�OP[Iai1CC 9;��th �7.15 SBC�LOri, the Landlord
shall provide r{',nan� a�hir�•i (3�) �y wr�rtYn � vtiv�� t� �:�afc� tt�nl ��aymenis; and if Landlc�rd
deli�ers suc�s ��ritten �:�.;�:�-,.�.�, a::d "E'en�r�t �a��s ta m�� such ]ft:ert payment txl:*�:�:� �thirtY (3U} c��ys
of receipt of such writtex.i i�o*ir�, �he i.andlord naay �onsider such failure an event of default under
this Lease, �d Landlord shall have tbe zight �n terrnin�te this Lease in accarda�.ce with the
terfninat�an nravision uzxder Sectian 11.1 ofthis irease.
ARTICLE 4— iVfA7NTE:N'?�N�-'E OF PRENIISES
4.1 Premise� 1Vlainten��nce. L�radloxd s�a�i �ot �w reY;�ansibl� for �*��r ��,pair, rc;placer�t�ix#., or
rnaintenane� ofthe �'rezx�i.ses, includangbttt �;V� !:::::tP� tn rV�ularmaintenance, capi#�.l �'�pairs �ra
replac�ments, �.+»s'lr�in� systexxl5 r8p�]PS �ri[� �ryAintenance, l�u0i3, 9#Ar`rw�119, �Oi:I3C�At1Dn; �+�` [�Vgilg,
an.d shail maintain t�c �: Vmises ir� �aod condi#io� 'wnrl rPp�, 'j'j;,fi, tn,at-1'i[:g sf �g� ��?t r.prFair� rQ�7}�j��
replacement, and maintenance a#" t�e �pzemises �lialf �e p�rforrned hy �r ��*? h�half v,{` �hP ��;;���
Association in accorciance with the c�flcuments pe�ining to the operation or gorrernance of tkxe
Condorninium. !K�wever, to the sxtent any re�air, replacer�nent c: 17!?!T!tP?71IIG� *^� rhY 1Premises
are not perfoxrned �y w: o:n la�p�?�lf c��` th� C.G'nrin ���e�oiation. '��nant ,h�l� sx;pair, u'epiacs, �nd
maintain the Pz•ena%ses, pmvided �thxt. `fenant may assign all or ,� �orCion c�f ics :�bligations under
this Section 4.1 to Subtenan�, T�'Tenant ax `�'e!?An#'s contractors or'Fe::�n±'s Suhtenant f�±l t� r�naiX,
replace, or maintain the Premises a� ::�uiired �:n t�:s ��'e:t�n� 4.i, 1�w*����� �.��il pravid� ::�t-ic� oi�'
necessary repairs, replacements, or maint�nance to ?'pr?�nf; An�3 c,�ch �nairs, :r?placements, ox
maintenanc� shall be comp�eted �vi*�:en tr�irty (30) �3ays �� re}Yivir.g s��!h ??nri�'ieatinn �r ;f �„��,
repaiurs--are--.incapaale__of being_completed VV�f�7]il $�:?rFv �]x�.� G�w}rSy S'Vl�hin a rPacnnahl� :L'7!P
thezeafter, so long as Tenant is diligently puz`suing w: �ausing ;tne di�igent �vursuit of such repairs.
If Tenant fails to effect the reqt�ired repair, replacern�nt, ar rnain#enar�ee in accordance mvith this
Page b of 4f?
Pari�ing Garages Lease CC�.GG& C�W
Article 4, Landlord has the right to send a second notice stating in conspicuaus type that Tenant's
failure to nnake such xepairs within ten (10) days will giv� Lancilord the right to rnalce such re�airs
at Tenant's cost. rf Landlord delivers such a second nn�ice and Tena�t fails to make such repairs
after s�ch additional ten ( w�, �Ay n�riod, then Landlord may elect ta self-perForm the inaintenance.
Landlord'� ctist �;� perfUrin �he r�a�ntex�anee r�ay ba ia�voiced to Tenant as additional Ren# i�i an
amount �qUai to the actual cost nf r�andlord.
4.2 Assi�nme�t oiIntangible PersonalProperfy. Upon the execution and delivery oftYtis Lease
by Landlard �nd '�enant, all c,f Landlord`s right, title and interest, if any, in t�nd t�, fihe i�A}r�wing
izatangible perso��al property, btrt �n�y to the ex#ent direc#ly r�Iated ta or Used sel el� in cannection
rvith the Prennises: {�} copies of the final as-built plans and specifioations and all u±her architectural
at�d engineerin� cirawings, s�tc� pi�ns and renderin�s for the Prernises (to the extent �ssi�nablel. to
be prbvid��+ en �iigita] �'ormat; (21 any wanrantiss and guaranties (including for wvrl�anship,
mate�ials and perfnrmance� whi�h e�ist or za�ay exist �vi#h r�pect ta the Premises against arn:y
architects, cantractors, subcantractors, :���npliers and othe� ��o L�f� extent assignable); (4� copies
of final surveys, �S-�71111� `1IAtS, anrl. �jzc!-pariy en�ineerin� re�orts; �ncl (�) �avemmental pez�its,
approvals, fi���ns��, or siz�nilar �+nr.��rr��11t5� if any ancl �,::►y ta th� ext�nt ��si�nable, exc[uding any
of T.�ndlnrd'a ri,ghts ind 'nnterests und�r t�++� Lea�e, includityg, �a tl^.� extent �p�licable, capies of al1
si��ed permits; ahe #�n:�l C@YC1tiCa�� +G�F QCCEl�}ill'1CTj�t ?n� 1hP ��cessibility review per�c�rmed 'by a
Registered Accessibility Specialist and appxoved �y �the `I`exas Depart�nent of Licei�sing and
Regulatic�ns (ca����r1VY!v. the "l�xi�an�ibl,e Personal 1=r�o�eriv"j ar� h���, �cs;ened and assuzx�ed
by T'�;nanz unl7i : uch tirne a� ±his L.ease expires or is tex�ncunatec� in a�cordance �Y�ith the pro�isians
nf this Lease.
4.3 Assignment of Condominium Rights. Upon the ex�curion and delivery af thzs Lease by
Landlord and Tenan.t, any and ail rights and obligations (including the wb�igations to pay
assessments as pzovided in C�:� rundominium Declaration}, Iiabilities, Iimitations, rights, waivers,
benefits or bvrd�ns that are v�sted �rr +h»* mav ie; ±h� futvre become v�sted in or vpon W�t� (};xmPr
(as defined in th� i�ond�ominiu�r� �3e�!�tatian� �i' �'���;ng Garage 1v'las*.pY Uni� 3,]'�:+�in� Gw: aee
Master U�nit 2, and Far�cin� Garage 1Vlaster Unit 3, pursuant to the Ce�ndozniniutn ?��;� .�:?Plit.S �'�
hereby assigned and assumad by Tenant az�d will a�tomatica!(y L; 4h� r��hts and o��iigations
(including the obliga�ions ta pay assessments as defined in tlta Conc�ominiura Beciardtian),
I'sabilities, Iimitations, r; �hts. waivers, henefits or burdens of Tenant, until suah ti�e as thia i�Las�
expires a�� is terminate� in ac:,..^r��:?�? w;rh rhP �rovisions of this I..ease.
ARTI�L-�� 5 — "�`Ah��
5.1 Taxes. I.andlord owczs tlae P�mtsp� Afi � t�'�?t?cnprtation fa.cility as set fork� in the T�xas
T�'ansportation �orporation Act, Ch�.pter 43 f a�f fi!?e Texas '1'�-anspc�rt�tiorl Code, �:�d T?rrant leases
tlae Premises far the go�ernmentai funetion af �perating; a par�cing facility as describ�d fn �Prt�on
lO1.Q215(a)(25) of the Texas Gi�il Practice and Re�nedies Code. �'h� Premises are anticipated to
be �ax exerr�pt; ho�wevar, Tenant ls obligated ta pay any rea� estate t�xY� n* �ay�aaents in [�P„ nf
ta�ces if the tax exernpt status ci�anges. Landlord ageees to use aII reasonable nleans ?� abtain and
maintain th� t�� e�cerrnpt �t�t?rs �;.�f the Premises. Tenant reaagnizes and understand� t�at the
Suhlease ;::�y c: ��±e a�Qss�ssory �ntezest s�bject to praperty taxation and the Frernises mayt t�en
Pag� 7 of 40
Parking Garages i�ease CCI.GC & CFW
be subject ta tl�.e payrnent of property taxes levied on such interest. Tenant a�es to pay or cause
ta be paid taxes o�any kind, including possessory interest taxes, that naay be Iawfuliy assessed on
the leasehold interest hereby c:�K:Yd �nd ta �ay x!1 at�er ��,x�s, excises, lice�nses, per�.zt charges
&tld ��ce«rr►�ntS i�t35�C� t7tt i•hP �s�sage �: f f w"� �� ti+,7..�:S�S th�t n�-?� L�w ::::posed by 1�W,111 Of Wh�ch SI�11
be gaid when �the �ame 1a�come due �rid payable r�nd LFfore deYinquency.
ARTICLE G— GE1�iERAL CaV�NA,NTS OF TENAS'�l'T.
6.1 Compliance with Le�a1 �?p�uire�nents, �.fter fihe Commenceme►�t ��te� (�1, T�nant c?�R11
eomply with a_n_y and all applicable laws related ta the use, operation, renair, maint�nar�ca,
replacem�nt, 3n[j 4Ge:��Ygnr_.y �;4 tl;.w. �'i@�l]]5�5 ill�C� T�'1�' C�YV:;��lit'.�S e11�d ya�'rt�r tl�pr�n�� �nr�j ��'1'� ��?nant
shalI be the res�onsible entity as be�reen Land�ord ar�d '�'�szant knr inctiti �t'tn4 S piSri Of +C0111pIlaI1CB
ta ensure that l`hp �ramicr:$ f�??'!�lti ::: �4?±'?'!j7�IR�1C� 'vVl� t�?.E`. it°�:1 G�y� XJtFiPF u::^:�w: !�;!�:'.'''.� �;' St�r�
law �piti_r.ahle t� #1'�� �remi�?�. `Tenant aclznnwledges t�� Premises a:-p sub�ec# to �11
Governmental Y?»1es at �.nv tim� �pplica6le ta :he P'renvs�� k��d i�!At �:•w*.h�n� 3n thiv ��QP c_h_�I
cpn3titt�te Or be cleBrned ta Vor�ti�z�te :::r3ivel' 1]y #?:e Laz�dlord of atiy' sueh �*n�arnmPntal Ri�lec=
Te11Srit $�e5 �Q �3�'l�ae �y L::y tx^ .��;:+�!??T!L&1 Y?;.�1Y ;::fi�i:i e: re�n��ble �une �±�P* recezvin.g noti�a
firoTn L�ndlc�rd �u�f arty a;alati�r� �f ir���rnmenta] R�Ies_ fienant sh�yl �pay all the c��r*s, �penses,
fines, penalties �nd dar.:��es �Et rit rri�y be impvseci ��on Landinrd ��y :easos� �#' �.�r arisin� out ef
Tenant's failure to fEully a�a� prozx�pily ao�a�ply with �::c± ��serve Gv�+ernmental Rul�s or that
� BTlC��4iC� 11]8V 111Gl�T �18 @ Te3!!�� Uf `l'Pnant�$ }�re8c}� p-F ��7� �hnvA �s�vFE;ant9, '�'Pns�nt chal� �r�V�
pzompt r+n?ia� Ga L�ndlord af any �!nr;�� "T�nant rp��iveg ��::� w;:v �ovemzx�.ental body r�r cntity
vvith jnrisdiction o�er the Premises regarding �e v R4 �a*ic�;! rf Cirover�z�entat �ules wit1� respeat to
the Premises or ±he use or occupancy thereo£
6.2 Ten�nt's 1?,•��a ��nd ]R�gulations. :�nant �hpl� rav� ti�,� ri�lxt irom 4iTI:� ��4E::� �o devei�p,
irnplement, and enforce .feasonable rules and regulations far the use and cara of �?�� Premises.
6.3 En�oxcement of Parkin� Garages CJ'�V. Tu.^,a::± s�:a?] b� responsible far any azid all
enforcezneni �gainst e�s�rs �4f i.h� P�rlring Garages nf any ��:n1at�on�s of the ��xles �d segulatio�
therefoz�, includiung but nci 4::I311t�C{ ;'^� ticic�fiin�. towing, az booting �f VPh��!Ps. A�y �icketi�lg,
towing, �i' �14�tYi1� J�'` vehic�e� sha11 �e per�oxzzaed in ac4ot�tia�ce with �11 appl'scabi� 4aws. �►!hiect
to the terms and c�nditiot�s c�f Sectaon i I.t of t�is Lease, Inr-liir��n�, without limitation, all
applicable notic� and cure periods, I':nant's �cuntinuecf �ai�u�x�� ��F�Ylow �e 3Aw as r� r�ta#: ���
ticketiag, towutg, or booti�t�.g �± �vehiclss shall be considered an e:ru:�C u`:�f�i�l� t�nr�e!r thj� �,�&5e;
provided, hawever, to Elae a�tent Landi�rd �ives '!"w::�.*:* :x�::+�.�;� notice of T�nant's F�ilure �c► follow
the law as it relates to ticketing, towing, or booting, and T�nant na�i�ies Landloxd that Tena�rt is
taking. actioit tn ensure future cr�m�liance wifil�. suck� laws, na ei�fA»�t �hall exist.
6.4 M�n��ement cf �rem���. �'�nan# hereby cvven�ants �nd ��rees that it vY �li �erform e�: rAase
to be performed all aspects ot �*±anagement for the aperation af the premisas as a p�rl�ing f;;u:!ity
in a cleaza aaad ord�rly manner consistent with cn.r►�parable parkin� facilities �:�ithin Fort Warth,
in_cluding_but_nat_Iimited .� khe m�n�gement �f sui�leases� ��A;+�±?pnanc� �af fh� Premifies. and all
improvements thereon, caYlccti�n ��' rpn� FnC �L1�7�6a5e5, an.d �the �.Y*±;�lementation of rules �n�
reguIations appIicab]e ta the P�e�nises. T'er�arit rnay aontract with a�.�?Tr� party �a mrina�e th�
Page 8 af 4{�
... k'ar�ciaag_Garages Lease..CCLGC_&..CEW
Parking Garages. Tenant shall bc responsib�s for any and ali mana�ement of the Premises, and
shaIl ensure th�i; an� third pat�y hired to rnanage ar operate the Premises shall abide by all
applicable tercns arid eondi�ians contained in this Lease. If a third party cont��actor hired by Tenaxit
fails to manags or opE�rate the �remises in aacordance with this Lease, �u�i� issu�� wi11 �� bronght
to Tenant's attention in writing, and Tenant s�all correct t�ie �r�btem within �h�:?Y �?�?) �ays or as
qu'sckly as �assible thereafter if imprac�icable to correct suoh problem within �hirty (�n; days.
Subject to t}�e terms and conditions of Section 1� l. I of this Lease, including, �ithaut Ii;nitation� e.il
applicable notice and ct�re periods, failure of Tenant to pra��rly manage ��:p P!'Pmicr?c {�
accordance with the fi,�rms and condi�ions of this Leasc shall be considered an event o#' �efav�t
under this Lease. Any and all casts a�sociated with th.e xnanagement of #:�� :Premises s!:a�1 f�e naid
by Tanant.
6.5 Eni�r+y and Inspectxau; Ingress and Egress. Landlozd, i�s agents. employees, or servants, or
any person authnrized b; f,-anrilnrrl, �ay enter the Premises #or the �tar�ose of inspecting the
con.d'ztion af sam� in a manner :hat .s1ha11 nnt t�nreas�nahlw �n#er�'ei`e wlth 1�� no�rrr►a'1 business
Qperations of Tenant, Except +:�it� :esneet Ya l.�ndIe�rd's �el� �i}!p ri�hts expressly autihoriz�d in
�ecEion 4.1 and SecCion 6.6.� ofthis Leas�, �??��lo�d sha11 n�t. periarm �*;y work e�n t�e Premises
withaut the prior written cansent of Tenant at�d �uhten�nt, �nc�, i� approved, such. wark sh�ll hP
oonducteci in a manner that shall not unreasa�ably xnter.tere r;r:t}S in� normAl L�usiness vperations
of Tenant. In th� event Laradlozd causes interference in Tenan�'s �Ys� ��f the Pcemises, �ame shall
be aonsidered an event of default under this Leas�. Tenant expres�ly �:�ee5 �;;d ��:V?? �n.��.:!'P rin��
S�abtenant �x�ressJy ��rees ±�c}l to �.:nrr:s�cnnably ti5^thhold e.�risent ta ��as�dlard anc� �i� aqent�,
employees, con�aetors, s�up�liers, representatives, �xcsts, licen�es, and ir��vitees, such rights o�
ing7ress and egress ta the Parking Garag�s as may he �-e»sw�nably requzred under thzs Lease.
6.6 Lnviron�nental. As used herein, "Appiicable Enviranmental Lar�v" �P�Y�S µ::�� ;±At�,t�,� l��y�
xegUla�ion, or case law p�rtaining to he��th or the environmen�, or ozl or �etroleum products, or
Hazardous Subst�nces, includin� without Iimitation: (il CERCLA; (ii) the Hazardous Materials
Transpoz� Act as codified at �2 lJ.�.C, +� l3U 1�t �Pc�,. �,s amencted; {;iil �he i�esource Canservat'ton
and Racovery Act as codi�ed at 42 U.�.C'. & 69� 1 et seq., as arr�ended; and any sa-called
"Supe�und" or "�u�+��iie-n" law, ��' -!ny ather arplicable lega[ r��uirem�nt presently r;� ��P�# ��r
hexeafter enacted. l�:� ��P,� hPrP;n t�!� terms "Hazardous Substances" ��tIC� "Release" shail havP
the meaning specified for such �erms in �ERCLA; nra,�icled, however., �haf. {a} i� ���CLA i.s
amende�t ta hraader� th� mea�g o� any tertn def ned there6y, �:�»�5 r?! nariPnr:t,, mPanin� sha11 ap�ly
&�teT t�le Bffecflve daYc� nf c7�rh amnnrlmPni-; Cb� �c� t,hP ex*?11l $h� �]'�xag ��� cst,���.5hes a trreaning
for "Ha��rdous �uhatanee" or '°�e�ease" 'that �s �rnar#er than �hat speeified in CERCLA, :s.»h
broar�er rn�aning shall apply, and (c) "�azardous �ubstances'" EhaYI also 6e ���*�ed ia �nalude
oil, petrolewnn products, e�re�nely f�az�ntnable s�bstances, explosives, and ;�di+�acti�e �Ynaterials.
6.6.1 No Releases. Tenant sha11 not suf�er, aZlo�av, permit, or cause the generation,
accumulation, starage, possess?nn nr Relea�e of Haza�tdous Substances; pXOVI(���, however, the
�Oie�Oftlg �!"�hibition shall not �v applicable ta ��1 ;�=Iazardous :�u�stances t�fft urP �resent on. t�e
Prem�ses befc�re the Cammencemen� �3�+�, provided that Tenant a�al1 have the bi.ude� �f ���?v;n�
tl�at such Hazardaus Substances were present �n ?he Pxeznises before the Commencernent Datx , o;�
Page 9 of 40
Parking Garages Lease CCLGC & CFW
(ii) normal and reasanable amounts nf nieaning and pest coni�ol supplies necessary for normal
maintenanca of the Premises as a parking garage so long as such matenals are properly, safeIy,
ana lawfully stored and used by T�nant and the quantity af same does nat exceed a"reportabie
quantity" ns �efined unde�• �IL� �`.F;R. 302, as �mencied.
6.6.2 Natifcatian r�f �?pteasea. TPrr�nt chall p�ntity �;An�]prd ;nromntly upan a�aining: {il
that �ny duty desaribed in Section 6.6 nf this Y��ase has l�een vialat�d; (ii) that �.here has been a
Release, �}SCiI?;'ge, ar disposa] �f any Hazardous �»�'±cYan�P nn any �7� �F;h� PrYmigPgf �r �iii�
that the Prenaises or i�peovements �ereon .are �ubaect to any third pa.rty claitn or Lr��on because
of az�y environmental conditiqn at the Pre:mices �; ��t �: �ry�it�atin� fram the �r.:rr�ises ar erisin� in
ean.nection �with the use a�f the ¢remuses, Tenant �a1! �prornptly pro�ide Landlord ��ith copies o�
all correspondence to or from t.�ird parties regarding such clairns or actions or regardi�.g
envitvrunenta'1 conditians in �r origir�ati�g fram tha Pre�ni�es.
6.6.3 Remediation. In the event of a#�e�aase of arly H$z3? ��?�3 �a�bs1'anc� on, in, or �'u: n
the Premises that was caused by Tenant or any �� ��5 invltBeS �r ���?�*_Pn�nts and not cau�ed by
LSIldlord, �'Pr!�n_t s#1a11 pxomptly C��.:� [�e remediatir�n �� si��h �eZease: r�±d restare th� �'rw:t?��es
ta ���t2dit�nn that compli�S wV"sth .�.�±P pravicinn5 nf this �;�inn 5.5. in #ize �vent of � I�eledse Ox
any Hazardaus �ubsi�a.�ce an, in, or from if-�c ir�::�:ises �!�At �uas ��+,�P� �y Landlord or fi�y �f
Landlord's emplayees ox cvntra.ctars, �andlnrd shal] �ror�nptly �':?�!sp r_,pm171ei� i�ry]e�]Arinr� �?' ci�r.h
Release a.�d xestore the Premises tc� k�±� c:��,^�;*ion that e-austed �rior ta �.'�.e �?�1_��GP. �t Terant fails
to co�aannenc� �:cmediation s�vit!�tn a r�A�nnable *�me ��'er 4e��tking c:f :ti���M �t��ewsV �r
noncampliance with Applicabl� L*?�±r�+:n��nt?!1 LawS� Landidrd ar±� i*s ��ents shall have �!;w ri�t,
but not the obligation, to e:�ter tl�e �r�snises t� cr�mm?nce and �iligently pursue rern�diation nf �riv
environmentaj conditian on the �'remises t� compiy with a?1 A�licabYe En^vironrnentaa ���3ws
durutg which tix►i.e �"enant c.haf i not be entitl�d �a an.y i�batement ��f Rent.
6.5.4 Costs. Tenanx shall, pay any judgxnen�G: fines, char�es, %es, da�nnages, losses,
�]�I�alties, c�?tnanc��, �Ct��n.s, �:;�5[S� �3t�d �x�ellses (iric��rling, �;x.;th�,,,�; �imitatinr�, 1��s1 �ees and
expenses), remedial rand t'�spanse costs, ::med'zatian �lan preparatioz� ���rs, annd any contim�in�
zn.onitoring or clo�ure cost5 �.ris�ng ��*n c: �el�ining t0 the app�icatio�i �:� Wny Anplicable
En�ironmental L�� �.� th� 1?remises �ue to �t breach cnf Ternaxi.t`s obligations u�nder thi4 �;er_.tion �4. �.
Tenant shall release Q:� L�.n�lurd �f �;!] a�r�m any Qnd a11 I;Ahi�;rrP� �jt�c:Iu�di�lg �+4'±�t Iia�i�:±y�:
sudg�nents, fuaes, �barges, fe�s, ci�ma�es, ]�ases, nenalti�:s, �+�a*!�.nrls, �_r.tinn�t �pstst and eXT181�S�5
(including, wi�tlaout Iimi�tion, legal €ees �nd exnenses), remedial r�zz� r�s�anse ���r�, rPmt�rliRtin�ry
plan prepaxatian costs, and any continuing �m��„r��n� �r u!�c�a*; �;asts incurred �,:� :Ta�Y:� b�r t►;p
Landlard, or wssV�e� by any tiaird narty agamsl lh� T-An.dtoxd, ���P to the breach of � enan.t's
0�711�S�I01]S 5�t ��TC�'! !!� Li!*5 �Prtinn �,�.
6.6.5 Surrendex. A# the ea�ira#ion or earlxer termination of this Lease, Ten.ant shall
return the Prenni�ses ta Landlord fi�ee o£ any known Hazardo�s Substances iva, c��; nr fr�m the
Pret�r�ises that were nof placed on #he Premises by Landlord �:' �rPca�nt nn the ��emises �rior Lo t�?�
— -Commencement-Date�--
Page 1Q of 40
Parking Garages_Lease_CCLGC & CFW
6.6.6 Survival. ThP provisions ofthis Section 6.� sha11 sUrvi�e the expira#ion or earIier
#er�a�ina�ion of this Lease un�l such time as Tenant 1�as provided an enviranmental site assessrnent
from a cornmercially reasonable Yhi�d party venc�or stating that there are nn recogciized
environment,�� r_.nnditions at the Y�?micPs j]��t wtvrry nni- in P�ietPnrP as ���rhe Cc�mmencementDate.
6.�I COIId�R[]l$tlplli L�F '�'��ing. Zf aIl pT HTl� ���'l. Q� Ck]� �t'f,'7T1.15e5 5�18.�� �ti �U�}j�Ci t0 � �'8�;ng, khr.n
in any such event, th� entire �ompensafion awat�i therefor {aollectively, the "Ca�nde�annatian
Procecds"} si�all he riivided as folla�:rs: �i� 7.'enar.t sh��� �eee.ive 3�or�tion. of such Condemnation
Proceeds sufficient t�.� �uliy cornpensateT�nant �w: #i10 �!min��Yint� „� ;��d�e o£tlxe �easehc�id created
hereby, plas the diminutian in �alue of the other ,r.�+,�r;�?n� s�f �hr Proiect �::�nted �y a�y ����+��arit
that was entitled to the us� af the Pretr�ises ta th� �xtent �uch diminution in 'VBiUE �'�';?R �:u!�4ed by
the Taking; and (ii) I.andlord shall receive any remaining ;►c,rr�n�, c,fthQ c:n„r�PnnnatianProceeds_
if substantially all o�tfne Pxemises zs subject ta a'rak�n�, [��e I.��a�� �iz] Pri;i as �� the ��te ofthe
Taking, and all Rent Will hP �hatP� Ac ofsuch date; pYovt[�eCl� Mn;;,�:r�.•, Lha# c�irh tarymingtinn ti�all
6e vv'ithoui prejudice to the right� nf Landlc�rd an� Tenant {ar Subtenant) to rp�nv�r just and
adecjuate ,�::��ensatian fram any c�n�emnn.r. T#' IY�; ih�n ;,ubstanfii�lly fhe ert±:.�� �'s•Pmis�s i.� ih�
subject of �'rakin�, �nd .�'restaration of th� impro�em�nts �s p��nitte� or ret�uireci r�ursuant la t�►�
Candominium �na�,r�irantS, Tenari� Ck�11 h� E+rif�1-�Pr� Mr� T�'r.�i�Mr �:�V� ('[pn�r+rr;na$inrE t�71•o��ds and
shall pronnptly camrnei�ce and praceed vc�ith �iiigence .�a :�: pair e�� recanstruat t�n� rernairnitzg
irripmvements to a complete architecturai �tnit ox units, including, ��ithnu# l�rrmxta�ion, temnorary
repairs, changes and installations reyuireci to ac��mmndate the Subtenan� �.�:�+ �11 �;hPr �xrnrlt
ineidental to and in connectian ��vi#h all of the fare�a�ng; F������d, hawever, 'f�nz�ni �h�l i:t r;a
event be required to restore any portion oF t�e eommon elements unless sueh restora�ion is
express�y reyuir�c� to be perfortned by the Owner of the Premises pursuant t� the Condntninium
Dna�ments. I� less than substantially th� entir� Premi�es is the subj�ct oi a��k`r_�,�. tt�P ��nt �.;�ri14
be syuitably adjusted as of th� date of the Taking and this Lease will vthe�rvvise �r�ntinu� in full
fa�rce and effect. Notwi�.standing fii�e �azegoing, if a Taking accurs of so sUbstantial :� ��rr_ �f the
Prernises lh�±TV::�::. r�n�1���Pe� rn ir_4 reasonable discreticsn+hai :± �� �a??prac#icabie to u�ntinue k:a
operate Che Premises, then '1'en�nt, a# its option, r_rray tex�ninate this L,eas� hv notzfyin� Landlnrd
and specifying a date not earlier than thirty (30) days a.fter the date of such notice �s ��f which date
this Lease will terminate. Dn the ierr�ination of this Lease under this Section 5.7, :�!1 � en± 5wiL1 be
ahated as af the date af terminatie�n, Tn addition, I:1 �'nnn�*.rtinn with anv 'T'aTcTn�, Ter���� shall have
the rigI�t to claim and xecover �ri-n?*s t�e �:�ndemnin� �+.Y�hori�y {:uch e+�nnpensataan as x�xay ?�P
separate�y awarrded or r�covezable by 'i eran# in Tenant's �wvn rigbt nr� account of any az�d sll
damage t� 'i'�r�ant°s business by reasoa� o� t�:p T?king Wn� For �r on ut cQunt af any eost or loss that
Tenant mi�ht Lni'�!i ir� remaving Tenant's merclhandise, F�.�rniture, f ixti�res, �was�hold
i�provernents a,.^.d e�iiipment (collec�i�ely, "T�nant's �?���•�p•-�,};}, hTor.�,ri,cta�nrl;,,� rh�
foregaingta t�� �.��rir.r�ry, �ft�te �ondo�inium Aocuments rec�uir� t�k�� the ��s?n��mnation �r��,.p��s
be deposited wi�s :� condemna�ion trust� under the Condorninium Docunnents, �hen Landlord and
Tenant shali cazz�ply with such z�equzrements in accordance with t�:� L'�ndominium Docutnents. Tf
the proceeds of the Condet�ation Proceeds are r_lenosited ��?�! � trastee purseaant ta fhe
Candoinir�ium Documents, ther� tiis Canderrtrzation �raceeds ;�;:=�11 be distributed pursuant ta the
Candominium Doeu�nents. Tf either Tenant or Landlord recei�es natice of any proposed or
Page 11 of 40
Parking Garages Lease CC[.GC & CFW
pending Taking of aIl or any �art of the Premises, t�a pariy receiving �ucb, notice shall proiaapt(y
natify the other, alnng with Subtenant and the Subleasehold Mortgagee, in v�rriting. Thereaftez,
Landlor�i and �'enant shall cooperate witli each other, ax�d with Subtenant and/or Subleashold
Martgage�, to �opeax �^� �*�.icipate in any and all hearings, trials and �pp�ais relatin�g to s�ch
cond�mnatian uroceeding to protest �Yme ��^d/nr tn rr�aximi�e the cqtnpensatian, awards and fhe
lik�; p�uvidec�, ��WPVPr, th�+' sacw party shall be responsible Tc,r its owr� eh�*.Q snd �xpenses
IYLCUCCeIi I� rn�TPl:�"1F1T1 #}�HrPwith 4including, without limitatian, R�kOIlTl�y3` :f,.�5 w::;� s�.;^.3fic n�ct�it)_
,-
Landlard an� Ten�nt a�re� tlr�at t�Prp sh��! �� a�a �ettlemen.t of any candemnativn avvard or
p�roceeding vyithout ±he nzxor ��!-±ffert c:^nsent of 5vb�enant �rid the Subleasehojd Mortgagee, such
consent not f.o be �nreasanabiy w;+�!�1e��, w�r�ditior�er� c�r �; �.�yed.
b.$ Amendnn�eats. TbiS Lease may not be changed, modified, discharged or extanded except by
written instrunaent cfuly ex�cuiad by an au�laorized represenfative of Lan.dlord ana� 1'��naut or as
othe��is� �rovideci he:�;::.
6.9 Ope� R�cnrds Act. Each p��y acknow}edges that the Cen�ral City Local Government
CQ�]OTatil7n ant� IC}l� Ckt�+ Ct� i OT!� �Ur�rt17 15 ,�„!�i(;CL E�J L}:� TF.YA� Wlifl�l� �nf��at�on �1G# OT ��..Y!�
OC�LL1V81EII� ;�i 'gti_r.r.eC�t'iT 4�-_•.-1tY�LP L.�il� �n�l tk::w i��85G !v rnnciclrar�� ��hlic in�nt�t�Arinri �'j � pl]b�lC
record for �urpases of ihe "��ac,�s f�whi:� 3n��,�!,Ar;�,n ��:.1,
6.I0 Intentiona�y Omified.
6.1 �. No Obno�rious ��or'�+ ^r ��icavtir�+� '�',�riant ����5 �Il� !t $I'!„�� L�Q�
6.1 ]..1 Cause or permit obnaxious or affensive odors ar £umes to emanate or be
dzpelled frorn the Premises;
b.11.2 �ause a�* pennit undue �t�umulafions of �arbage, �r�.sh, r�h��ch �* any other
refuse in, on or about t�e Premises; or
6.i1..3 Cause, ereate, �±aintain cr pezmit :.�y �u�blic o; nXivate naisanae inM �n n�'
about the Pzemises.
612 L'rens. Tenant agrees �ut �� µllnvv n,r e��fFPr any ����;n:Ygt �1' m�rr:riaimPn'S �;:il t0 '�.�
imposed upon the Pr�mises or upun. any equipment, improvernents or pr��ert� ownecf h; �� Y:;�IYr+�
lacated thereon by, thr�ugh ar iunc�e�•'l-�,nant withot�t promp�ly discharging t!:: samc:, pro�ideci �.�: :�.
Tenant, if so desiring, rn�v have reasonable oppartunity to contest the �validity ar�E rt,�: �At??Q,
Landlord agrees not to �xllnw o: w»?�?�T � tiTTI�G}:�.^.��s' ot� *naterialmen's iien to be i::��osed �:pon #�:�
Premis�s or upon. a�ay equipmeni, impravements ar property �oeated thereon �����rring !�y, ihrough
flr �nclPr T,anc�lnrc�_ TENAI�T AGREES T� ��LEASE ?,d?vnr.nun _r,unM ae►�v �:T.arrvr�
FOR 1VIEr�.�1I��C'S, i��TERIAG ST.TPPI1�ER'S, �rr �,nrrr�u �,1E1�� .�i �O_�1i1'�i]�CTiQN
'WITH A]l�Y �LTEXtA'I'�ON�, REYAlR,S �R CONSTRUCTIO�T ON THE PREM_ISES, OIt
MATERIALS FURNISH�D OR OBLIGATYONS I1�CURRED BY OR FOR TEN.�NT�
. _ ARTICLE .q -- UTILITIES; SE�'VICE�i
7. i ProvisiQn af U�ilxties. Ten�nt shall be �responsible for praviding to tl�e Pxemises a'll publie and
private utilities deemed n�cessary by Tenant for the narmal operation of the Parking Garages,
Page l.2 0#' 40
Parking Garages Lease GCLGC.&_Ck'W
izicluding evmmunications, eleciric, water, heati�g and airr conclitioning (as appropxiate for ±hP
seasc�n in th� ele�ator), taash removal and nther utility servi.ces to #he Premises desired by Tenant.
Tenant shall be tesponsible ��* �11 costs related to the installation af oz• modification to all utilities
and any an.going cosis related t� }��v;r�,ng such utilities ta the Premises.
ARTYCLE 8— INDENi1�ITY AN"D Ili��II�.tANC�
S.1 Indenr�nily. [Dalete�l by agreement oi�e parties.]
8.2 Waivear of Liabxlity. LANDLORD SHALL NO'I' BE LrABLE iN ANY MANNER TO
TENANT, ITS AGENTS, ��?!+�r:n'S'FF�, (�'ONTRACTURS, OR ANY OTHER PART�Y �Y
CONNEC�OI�T WITI� TN.E �JSE i7F 'T?��; pR�;NJrSE� �Y ANY pF TF�+;M; F�R A,ivY
INJURY TO ORn�ATH �.yaN PL�I�n�� C+NL�•�S [: 4L�4Kri1 ��?�.�I,Y I�v '�'i� �'�l.L➢,r+�rrr.
NICSC4NDUCT OR GRp�S NFGLIGENCE UF LA1�fDL[��R..L�, IN 1V[) EVENT SHAILL
LANDL�RD BE L�ABLE TN A�Y N��NER TO TENAN'E" C���� �►1�i 1� ��'1'H�N11� �'���'i"Y A�
T�F. R�SULT UF THE ACTS f�R aMISSI�NS OF TEhA�IT, iTS AGENTS,
E11�LOYEES, CONTRACTORS, OR ANY OTHER PART�', E'N CON�CTrON W�TH
TFI� USE OF THE PREIVMTS:�+�S BY ANY �F T�.�]VX, ALL '�:A_TCL,F� ANi) ALL
PE12.S[)�VAL PR{�]�P'�:�Y'�'�' �!'?'�l11�1 !�?-�3IC'i�r-� �.;�il�It: �'� P�•N�TS�1�:5� �uF;'!`NFYt
PUkSY1AN�' 'lCn �rNiS L�',ASE OR �TAERWISE SH.r�I_,L ��, :�'�"�HT u1c�r �F TE1�Ai�IT
OR �USTENANT ONLY, ,ANaI LAIYDLORD SHAZaL NUT BE LI.l�f3Li+t Ff��t A��Y �,��5�
OR THEFT OF OR iIAMA��'. '�"n pROPERTY OF '�EN�V'�', 1't'� L��[��li:�'��*
AGENTS, PATRQNS, INViT�E�, �R "1'�? �►TH�:RS, ItEGA3tDL�:55 OF WHE'I'HER
SUCH PROPERTY rS ENTRUSTED �?'� ��N1P1..flYEE� OF LANDLURD OR SC7CH LOSS
ORDAMAGE IS OCCASIONED BY CA,SU��j,"]'Y; 7'�;�'; nn ANv nTUFR r�USE OF
WHAT50EVER NATURE.
831nsurancc.
$.3.� C+ommercial �eneral Li�bility L��s�r�nce. The City af �e� warth is basically a
self fundeci entity and as �!��h, generaliy, it does not maintain a coxnmercial liability insurance
poiicy to cover pret7ttis�s liabiiilty. fJ�arnages for which the City of Fort Worih would ultimately be
found liable would be paid directly and primariiy by the Citq af Fort Worth and not by a
caxn.�a�ercial insurance company.
8.3.2 Proper4�v inaux�nce. During the term of the Lease, Tenant �hail caUs� to k��
rnaintained in force, �t r�a exp�nse tt� !.1-�e Ia�;�dlnr�, a�o�icv ��' i;�surdnc� �gainst �;�.s,s c.• da�aga
by �re and such other perils as are covered by a"extended covera�e" or "'hroad peril" endorsement
SV31��E]JB �1'1 �!?n ,`���3T.� O��t'8xac} �}?�]G':'�W�� j34W�:'P�', ti�g�'� �nant �iA� pe�y� il�] �: 3�70Z'ilOtl u^f ]�9
Ol7I1g2t1DY13 !�T!�?C T�ll� ��Gtinn $,3,� to �ubtenant, �d �u�btenant may, �n ��rr! �nd as zequired under
ihe Condaminium Declaratian, w�ause the Condo Associa�ion fio cax�y such portion of tiie insura�ce
requirad herein. Lan�ord shali be �nmed as an additivna.l insured €�n such policy af insur�nce,
and �e Subleasehold Mortgagee shall be ::an:� �s required by its laa� doauments,
8.3.3 Subtenant �usuranee. Notwiths#anding ax�ything to the cantra�ry he�reiz�, the
satisfaction of the insurance requireme:nts s�t farth in the Suhlease atxd ��e Condominium
Yage 13 a£ 40
Parking Garages Lease GCLGC; c� CFW
Declatation by Tanant, SUbten,ant and/or the Condo Assaciaiian shall be deenn.ed ta satisfy the
insurance require�ex►is of Tenant puxsuant tn thi� L�a��.
A]L�'TIC�E � _ �TJBLL+��!'�?� r'�1�D A�SIr11T1_VIENT
9.1 Mandatory Subleaae. At all times du�in� the 'Term, Tenan� �r��l sublet the Premises to
Subtenant on the ta�zn,s and conditions set %xth below. Any an.d aU subletting �hall be subardinate
to this Lease.
9.1.1 Subtenant shall pay the Sublease Payrnent, with the difference betrveen the
Sublease Paym�nt �:?r1 f�!P �,jhle�ce R.ent p�id on behalf of SubterRnt through the 380 Gr�nt.
9.1.2 The Sr�biease slaall be irinl� net, �:li±l: ��.:�*�::�*:± ?�eir�� resnonsi6le for the casts �f
the aperation of �he T�,,,;�Ps and the payrnen# �f all property �ax��s (if �ny)�, 1�!�,,,•A��H, a::�
maintenance of the P:'em;s�s .
9.1.3 Subtenant shall pay tcr �ublandlord annually t�.e Garage Rcvcnues (as defined in
the s�3� Agreement).
9.1.4 �x�btenani :h"1�, �pon �t!Fn nptice Lrem S�ihtan�l;,.;d, �rovide �ta '�ublandlord
reasonable �oce5� t� �nanr_,�a! rctr_.nr�.y rclatir�g :� [.he Nperation ti^f#he P�rkin� �,�,��gs� i� s t�cr::i
and on terms specified in the �ublease.
9.1.5 T'i�e Sublease sh.al] ca^*.ai:� a rY,j,�;r�,��t �'�:-Pr�C�S�r �paces.
9.1.6 T?ne Sublease shall �contain an assi�nrnent �n�'the aption �.�c� �Rig�t o��'irst Refusa.l
set fort�a in ArtioIe 19.
9.� �ublsase anr� Assignment. Tenant shall not be al.lowed to sublet or assign this Lease, except
as se# forth in Section 9.1, v�ithout the prior wiritten c�nsent of Landlord, vvhich consent wi.11 not
unreasonably be wi�held. Tiais Lease is binding upon and inuras to the ��::�ft of any of Tenar�t's
saccessors and, tn tha extent assignment rnay ba approvecl �y L.�dlord herenncier, '�'e�ar�t's
assi;�ns. Nothing avntazned herein shall prohibiti Tenant or SubTen�.n.t fromE licensing �r subleasing
parking spaces £ar the pu�rpnse nf parking vehicles in eoxnpliance with the allowed use of the
�rernises in accordance with the provisions herein.
AItTICLE 1� —�?�r;-�?r��"RTMINATfnN
�p,i TPnant ��!�'E� f�'n#' I?is�rimin�te Tenant, for itself, its pexsonai ���tesentativ�s: assi�ns;
coniractors 2.nd S[l'�r.Pccnrc it1, �intPrPetx 3S q3['t Of 1C�lE c;onsideratio�n hprF;n, 1��Y'�e5 �i18t !il 7he,
�]�OTtri�T3CB O�TE11�.Yii�S 4��tigg �r,ri ��h11�3�1Ot1S 'L'?PrPitiw�r��r, it Sh2�ll 17Rt discriminate inihe treatrnenl
or employment ����!y i*+�aa±�»al :n• �rc��n o�individuals on z�v �+�sis proh�bited �y l�w.
ARTICLE 11 itE1�EDIES, SURREXil'IlER, .AND RIGHT OF RE-E1�iTRY
11.1 L�ndloxd's Remedies. Upan tha occurrence af wny e:r�ri± �� �ef��t by Tenani rander �rhis
Lease,-if suc�a event of defaull. oonCinues-for-a �eriod of s�Y?�y ��[_1) da-ys after Tisnant receives ��viritten�
natice of such default frarn Landlord (or if the sa�me cannot re�svnably 1�,�� cur�d within such 6U-
da� p�riod, then such 60-day period shal! he extended fnr such Ionger period of time as is
Page 14 of 40
I'ark'sng.Garages Lease.CC:I,GG-& CFW
xe�sonably n�c�ssary to cure sucla de�ault, so long as Tenant com�z�r�ences such cure within such
d0-ds.y peri�d artd thereaft�r continnausly prosecutes f.he same with diligence to cornpletion, but
in no e�ent mt�re �han an additiana.l 180 days), Landlord's sale remedies against Tenant sha(I l�e:
(i) to speci�ically enforce the abligations of Tenant urzder this Lease and recover a11 costs, expense4
and reasonable attarneys' fees incurred b.y Lanc�lord in cani�ection Lxr'l�] �"C;�^T;;�ll� LQ1IS L�`dtiB; { Il�
recov��� L,ar�dl�rd's acival damages For such event of default and xecovex a�9 ���1-5, �xp��.s�5 �nd
reasonable �ttorneys' fees ir�curred by Landlord in connection with such recovery, ar(iii} perfarm
or cause to be performed any act or obligatic�zG Gr� N�c: nerformed by Tenazxt undez this Lease and
recover fra�n T�nant all costs a.nd ex�enses pazd or incurred 6y Lar�dloxd in cozu�ection with such
perfnrmarrce:; FxcA�� ��x�ressly set faz�tla �elow, Lan�lord shaFl not �a.ve the right to termina�;
th�s i:L'•.`'�.CP. f1Y jflj'_P.1'fPl'_P. �,Y7;� ��nani's rightto possess the Prernises.
Landlord shall have the optic�n to terniin�te tlryis Lease �in t(�.e eve�1 a�' Tena�t's defauIt for failure
to pay Rvilt, ac riPcr.riHpr� 12'L Sf:C�10I1 �3 aUove, 3Il(� Z'eIl&Ilt's breach of Te;na��'a nhlioaYinn tn
�. ..-...
provid� puhlic �arking �ursuant �n Section 1.2 above, subject to the giving a� al1 �iotic�s and
T��ant's f::]zire to c�are ��vithin any a.pplicable cure periods out�ined in this Lease. �inless otherwise
ex�ressly s�i. �rth i�. ¢his i,ease, (i) a�ter suoh ev�nt of defaul� �'ar iailure fia pay �ezzt, Landlord
will pro�+ide Tenant sixly (6Q) days' wz�tten notice af Landlord's intentiaz� to te�nainate this 1LtiR..�P,
and � i i� att�r �»rh �vent of default far Tenazti's breach of the pui�Iic p�rlcirig t�ec�u�irements set Fa*l.kx
in 5�cti�n 1.2, L�uadlord v�rill provide Tenant I80 days' written no#ice oi Landlord's intention to
�GIiR1E1�i6 i�11S �flSE; whic� wrilYe�tn nn#icP frnm T,a,nril�rrl ghall r.iparl� i�eritl� AlI 1II���CI i�O�SlYl�5,
and ��I �Ile�ed re;��Iired �,�rative �ctYans. I�' Tenant. �ubtenant ��r �ny �»�bleasshold �I!�qrtgagee
cures fhe def.a.ult t,�ith;n tk�u� periad described abave, Landlord shall n4 E�+?��ec n€�.ve ihe rigl7t to
terminate this Lease wn �: ��^ant c�� �uch default.
In the event of a termination of the Lease under this SCC$101] �1,1 and provided eith:er (i} a
Subtena�nt is :::;# in default a� its Subiease or (ii} a Suhleasehold Mortgagee (as defined in the
Sublease} pxx.s prflvidecl natice vf the assumnti.on: of the 5ublease by Subleast;hold Mor�gagee or �;y
another persan identiii�d '�vy �.zb[ease�nJd 1�axtgagee under Arli�;le i� vi' �ie 5t�blease, Lr�ndlord
sh�ll gi�e written notice to 5�tst�nant anci �ny Subleasehold �!�n�gagee of the termination and
allow Subtenant or �ub[eas�hnlrf Mort�agee, ��� anp9icable an� ::. ��nnrd�nce �T„:� ta� �,�biease,
to attarn tn T,anc�inr� �nc1 :� �.�ntariu� i�� use, possess_ and occupy the Premises u�pon al] of the
��iIY18, CQYST1�11tS, CC^�]t!L?'tS, 3.*!� A�1�eiT1E11�5 5YL �'41'k�l L''� ��?P �'vJ�'1�P.ACP. f�T �� rPmainder �f �'te
�C�17 0��1e �::}sl�aca, i.sanrif��rel 1�?,�h_y rP�n�izas th� ri�ts and Yimitatic�ns vfa Sub�easehold
MOTtgBgee LO dSSliI11� G'7 C� CAlyS� �TlOtil@?' 17�P5011 �O �ec�Ymp th� nhY,gaL'1[]T:S nf ti�� ���b%nant under
Artiele Ib ofthe 5ublease.
Notwithsta�nd7ing anything herein to the cantrary, zn YIas event �,andlord r:�ects ta terminate this
Lease under this Sec#ion 1 I.1, Landlord hereby ack�aaw�edges and agrees that fi,�►��Pnant shall have
th� right, irrespective a�' t�e expiration af any a,pplicable cure period described abova and the
provision in Section 19. i below restricting the exercis� of ih� Option set forth in �ection 14, �
b�tow until the ZQ�' yea.r c�l' the iaruitiall"�4xm, �a exercise such Op�ion ta purchase the Prer�.ises i�z�
accord�nce with Section i9..1.2 below, by delivering written notice to Landlord of Subtenant's
election �o ex�rr_,ice r�� Option to purchase tl�a Prexnises. The applicable defau€I� notice and cure
Page I� of 40
Parking Gaxages Lease CCLGC & CFW
period set forth herein above (and, as a result, �lae Term of this Lease) shall ba extended as
necessary ta afford Subtenant the ahility to exercise the Optio� in accordance with the appii�ab�e
terms and provisions sefi fortl�. in Sectian 19.1 below.
11.2 Terminatian by Tenan#. After twenty {20} years, iP::s T��sP Y!??;v be t�rminated by Tenant
at anytimewithoutcause afterprovidingtheLandlord si� t'�f!) days' notice 4�:�'i�?nant�c itZtPfltj(an
to terminate this Lease. Further, in the event the Purchase and Sale Agreement is terminated for
any reason, this �,ease sl�all automatically tczr�:inate.
11 _3 T�rmination by Agreement of the Parties. The parties may agree at any �im� to tertninate
tkiis Le�se. Any agr�eraezzt rn �en�ninate must I�e written a�nd signed by an authorized represez�tative
af both parties, s�I specify a terrnination date a;:d mus� includs Che �oinde:r of consent from at�y
Subtana�r�t and Subleasehold Mor�gagee.
11.4 No Ref��nd af Re�t i3pon Termination. Any Rent paid under this Lease will nat be refunded
upon te�nrzination of the Lea�e iio r!�att�r thc raason .fox ternaination. Any fees or ouistanding Rcnt
due upon terminaxion of t�e Laa�e shall �e ���.id immediately by � e�:an� upon rec�ipt af natice to
terminate.
] 1.5 Sut°rend�r, iJnot� �rminatinr� r.f �his Lease 4r �non s.xpiratioxr e� Khe T��, 'i'enant �.h���
vaaate tlie Premises and sut7render �'!�Pm+�?c tn �.�ndInrd i,n good condition and rPpair (ordinary
weax and tear �.r� �an,�e by fixe ant� �th�r p�r�ls covere� �y stanc�ard �re and e�:tended c�ver��e
insu�rance c::�� �RYvpred), r;�hj�ct ��ection 1.� �.bove, �!I s��:� �!teratior►�, a��?nons,
improvements, and f� *ure� sha.11 rzm�;r, �lpon �ne� be surrendered with �he Premises �s L�aYt
thereof at the termination of f.his. LeasE. A�1 �f Tenant's pexsonal property shall be rernoved ;�m
the Premises upon expiration ar te�nxai�ation of this Lease.
11.6 Wavi�r nfLandlord's Lien. Landlard here}�y waives any �nd all ���hts :; may have io assert
a lien against, or seourity znterest in, any of Temant's personal property, w�xett�.zx �i#uat�d on #he
Pre�ises or not� 1Lnrl�irlin$� Wlti1011l �:my��atinn� fi�'lE S�.tlYtOi;+ �8I1(��4Ta'e lia.n Al1i5Llarit t4 �:1:',�I�i ��
af the Texas Prnperry Code, and any .�iFC�IYLy IliLeiS�+St tiln�t�'-.T #hp Unit'arm �;omtn,ercial �a.de �;;
effect in the State af Texas.
11.7 Landlord Default; '1Ceaant Remet�ies. ZfLandlord is in de�ault oi iis �bligations undeX thi�
Lease, Tenant �r �ny S�uhieasehald �Ylortga�ee may �ot�y i,�ndlard, in Tvv�'itin�, o�` ��.zet� �efault
and Landiard shall �!ave -t�iriy C�Oj .�OPn[�ar t1H.y9 ��er recR�p# �f such wnitten r:oti�� ir� ��hich �'o
cu�e such ds�au�lt (vr suaF. short�r t�eriod �f �ime �s m�y oth�z'wise b� expressly ,sLt Fw�?h in �;k�
Lease); pravided, however, that if such default is not reasonably capable of bein� cured within
such thirty {3Ul ca[endar day period, then Landlord shall ha�e such additional tima as shall be
reasanabiy nececsary ia f'emedy such default, pra�ided that during such time ?� ,^�1��� i�5
cor�tinuat�sly �n� ��ii�gentty puursuing ��!P rP*n?�y necessary to cure s�ch default. '1 _�e fatlure �f
Land[ard to cuxe the defaul� ��vithin such :hiriy (301 calenc��r day period, or continuously ?*��
diligez�tly to pxoceed to cure such default ifsuci� de�ault is �:ot c:���hIe of b�ing cured within such
Jthiurty-(30)-ca�lendar�day period; sha11 �v'A�! Tenant ta �I� rPmE•.rli�s availabl� �? �a;�v a�nrl ?r,"��;��i.tv•as
well as �he right to recover al1 costs, expena�es and attarneys' fee� ��ncurred by Tena��t i�rt canrxection
with such recavery.
Pa�:e 16 of 40
Par�Ci�ng..Garages..Le�se �r'.�.[,�r �: CFW
Notwithstanding aa�ytning in ihe �oregoing to the contrary, if Lac�dlord fails to cure any
breach or default by Landlord under this Lease within the time periods set forth aba�re in �Y,his
Sectio� 1�.7 af�er receipt of written notiee frorr� Tanant (except in the instance af an emergency
event that t�reatens ihe health of saf�ty aiany narennr ir� whirh Pvr:nt nrinr writtPn nn#ice chall flnt
be required), thett Tenant may cure any such b.r�aci� c�x dei�auYt, and th� coinnn.�rcia.f�y reasc��.hl�
out-of-pocicet funds cosis a�nd expe�as�s expended by Tenaztt to effectuat� sach cur�, plus ten
percent (I O%} of s�ch out-af poeket expenditures for speoial handling, supervision, ar.:± ^.�e:!���
("Tenant's Self Help Cast") sha11 he due and payable by Landlard to Tenan,t fii�i_rtv (3fi� c�;�ys
following Landlard's receipt firozrz Tenatit of a reasonably detailed invoice o� Te;:?*?t°s Selt-Help
Cost�s expend.ed by Tenant ("Tenant's rnvoice"). At Tenant's electi�rn, Tx::�n# r:::� -.1'Lly�p:
Tenant's Tnvoices as Tenant's Seif Help Cost are expended or ��>>n k���»nt'� �elf'-�elp Casts as
Tenant may ch4ose, Notwi�hstanding the faregoing, if Tenanl's ��I!'-%leip C�st� �� nai p�id wh�n
aba�e provided, Tenant may o�'set against ihe Rent tiaereafte�r becarrking due hereunder, the
arnount nf the Tenant's Self Help Ca�ts 7hal are p�.st dixe. A41 !pmpdi�s a�' �'e:�:::: u*��+�r 2�i� L�H��
are cutx�ulative and may be exercised tagei�Zer ox in any sec�uence.
ARTICLF 12 — NOTICES
12_ 1 1�?�tices. ,4rty notzce pursuant ta tl�is Lease shall he given in t;�: iting b�� �:� w�rsnnRl r��l iV�ry,
or (ii} reputable overnight delivery servic� vvith proof of d�li�ary, or (iii) United States Mail,
postage fiilly prepaid, registered ar certi�ed mai1, return receipt requested, or (iv) by electronic
mai! and followed by written no�ice outlined abor+e, s�nt to the inte�acfed add3ressee at the address
set forth below, or ta such other address or to ihe attention of such other �r�ryon �.� t�!� �ddressee
shall have designated by wri�ten notice sent in accordance herewith, and shall C�e deezr�ed to have
been given either a# �e time a£ electronic mail receipt, personal delivery or, in tbe case of
expedited delivery s�rvice or mail. Unless ehanged izz aceorrda�nce �:�iLh +he nreceding sentence, the
addresses for natices given pursuant to this Lease shal� be as follows:
Tf to Landlord:
CCLGC
Attn: Economic Developrnent Depa.rtment
200 Texas Str�et.
Fart �1c�rth, Texas 76102
Emaii; Rr;�Y�,��»^;sr_�fortworthtexas.go�
With C�py to:
C;ity �1.itorriey's �7ffi�e
City of Fort Worth
Attn: Leatul Guzman
24D Texas ��reet
Fnrt Worth, Texas 76102
EmaiI: Leann.Guzman(i)foriworthtexas.gov
If tn Tenant:
City� of Fort'�orth
Page 17 of 40
Parking Garages T,ease CGZGC & CFW
flttn: Property Management Oi�iae
900 Monroe Street
Fort Woz�t�Z, Texas 76102
Email: Mark.Brar�vn@fortworthtexas.gov
wt� c�Py r�:
Cziy Aftorney` s Office
Clty Of Fnrf� WnrFh
A,t�n; i �ann ��man
200 Texas �?�pt
�'art Worth. '?'�xas T51 �2
Email: Le�*►n, i T�sxnaz� �artworthtexas.gav
With Copy of all default notices to �uhtenant at:
c!o Crescent Real Estate LLC
?77 Main Street, Suite 2260
�ort Worth, Texas 76102
Attn: Legal Department
Emaii: alor�aba�rdi(a�,crescent.com
and ta:
Winstead Pr'
Z�,�'7R ;�T xlarwnnci �tT��t
SUtie 5'�0
Dallas, Texas 75�n �
Attn: Mike �iessio
Email: rr�alessia@winstead.com
AR'I'YCLE 13 -- HDLATNG (3VER
13.1 HoIdover. Tenant shall d�liv�r and s�rrenderr to Landlord passession of the: �'rernises upon
fik�e expiration or earlier termiix�ation� o£the L�Pa�P, in the condit�on required t�y this Lease. Should
Tenant or any party clai:►xiing Under Tenant r�,main �n JposSessxon e� E11 �* �.�.y part of'kh� 3'������
a$er any expiration or earlier termination of �tfiis L�PpcF; no tenaney or interest in the Pre,mis�s
st�a1I resuIt therefrom but such holding over sha[1 be a� �lawful dPt�I�ei� �::� �y'] s�.:; h�arties shalI
ba subject to immediate e�iction and removal, and Tenant shall pay Landlord, ;;�i:�!�ut �Lemand, a
su�n equal to 1 SO% of the Ren� as w�ecif ed hez�ein then payable a± t�i� ±;*!'?� nf expiratiori �•: �arl�Pr
tezxx�inaiion of this Lease, for any periad during s�vhich Tenant shal� hold �hc i i�mises �fter I;he
�tipulated Te�n shall have ternniva.ated.
A.��ICLE ].� — INVALID PROVISIOI�S
___.�.�._._._. -- - --._ _ _.__._..__-_-_____.�.,_.. _T - --..._..__---..�_.__ ._ ... .-- - ----- - -...- --- --�--- -
1�4.I Unenforceab[e or Inapplicable Yrovisions. if any provision hereof is for any reason
unen%rceable or inapplicable, th�: ot�her pxavisions hereof will remain ia fix�l farce and effect in
�age 18 of 40
Parking_C�arages Lease CCLGG_& Cfr. W
the saane mar�n�r as if s�eh unenforceal�le or inappii�able provision k►ad never bee� contained
herern.
ARTICLE i3 — �_F.A�F,unr,�] ���u�r�AGES AND SUBLi+a�cFucir,n �pRTGAG�S
15.1 Leasehold 1`�?w!'tga�es �t�t Atyi_'hnwi�:Prl; S��I�ie��ehold Mortgages Au�ihoriz�d. '!'enar.�
wili not 1�e wnti�Ied to martgage, �pled.ge, �ant, deed(s) �r�f ?ni�t, or ���hervvise enc�rnber a�i or �
portian of the leasehald estate created hereby or an� portioit ��'the right, title, and inieresi of Tenant
urnder thi� Lease withnut the peior written �pproval of i..�in�lord an� Suhte�An±, c,�h±pnanf wi11 h�
entitled at any time and f:Lrn ti�,e to tirz��, wifi�out Lrinc�lord's c�nsent �r approval �eing :yequared
for s�me, on terms and c�^„�itions deiermined by St�btenant in S�btenant's enie r�;s�:,•rtion to b�
appropriate, ta �no_rtgage, pledge, �rant �ped(s} of' t���,�t, �,ry:� �?".�leTW15C �nc:��mhe�` alI t�r �►�y � :�:�;�
of the subleasei�ald �state createc! b� rhe S»�alease and a�1 nr €�ny �aorti�� ��' tEie rE�ht, �8tlP, �nd
�terest of Subtenant under the 5u��ease (iz�cluding Subt�nant's ;n�.erest �:� a::y improv�ments and
all rights to purchasa herennder), and �a mortgage, assign, hypothecate, oa• �led�e it as seaurity �'c�:
the pay�nent of any debt ta any holder nf a promissory nate ar nthsr �videnc� .��' +s�debtedness �such
nates, IIlO�i���5, t�r���c w�F �iuSt; flllC� Q��'!�Y �OCl.liil�R2� �Vl�nr.ir�� �JC� cPri�x�Cl.� �;]C�'1 �QA�5
hereinafter referred [� as s� "�,eht�RehnirJ ]i+�olr'tgage" un� �y halder�s� �8' ,� 5�hieasehold
Mortga�e as a"Subleasehoid Ma�rtgagee•�, �!I ^f :�!:ich shaY! L� su�ordinate t� the �.�ndlord's
interest ���}�r this Lease. Landlord sha�l �ao�erate wi#h �•equest� �or �[SC11tI��YAi CIC?G!lmentYt;�;;
required by a.i�.y �ubYeaseh�irl Tvfnrt��g�� ;n �;����tiou ��;�ilh S�:btenant obtaining 4�he Subieasehold
Mortgage o:r S�hleasehold Mu:�gages and, without limitiu�� �he �enerality af t�!P ��re�oing,
Landlvrd �ha_i�, upon request* e�ceoute, �ckr:�;oT!Y��e t�.:r3 �ieti2,�Yr ic� �ach ��,h!e:ueh�,l� ,�!�?,-rga��
axi agre�ment �satisfac;tory 3n iorm �r.rl cc�ntent t:� ,�ach �'�zhleasehrsEcl ��rtga�ee� �P.�WPP.1�
Landlord, Tenant, aubtenant ar�d �uch �ubl�asehald Mnrtgage� (or proposed �ubi�asehold
Martgagee) evidencing, �&tlfyin� at).d Confirming all the provi�inns nf thiG Art;cle 15 and/or tl�e
applicable pravisions in the �ikblease; p:rovided, hnwever, t�e �S�ro;�:�ic::s c�r ��;�s l�r�.���E�w 15 Shall be
self-executi��g without tha nccessity r;f any additiona.l instrument.
A�er the execution and recordation of �ny Subleasehold Mortga.ge, Tenan�, Subtenant or
the SubLeasehold Martgagee must notify the Lanalord and '�enant in wri�ing that a Subieasehold
Mortgage h�� h��n �iven and execui�d by Subtenant and must furnish the Landlord and Tenant
with the address 1�.� 3uhic� copies �f n�±;�Ps sh�uld �P ,,,A,1Pri, Th� Landlard agrees th�.t it r�v�ill
thereafter give to tha Snble�sehc�lcl ?;�inr�ga�ee, Nt khe s:!cjr�ss so g�ven, dupIicate capies of any a�zd
al� notices in writing thatthe �.andlord r�ay �m �izr.� tr� �irne �.iv� or serve upan T�nant under and
pursuan# �� ti�: ��rms and nrovisions of this Lease. Na ;:�i:r,:e �f defa�xYt or ��otice af intention to
terrr�inate this Lw-ac? �1V�i1] �7� L��'1[�]nY(j i'n ��;nAnt ch�i� �j0 �?Vi� nr effectiv� nnle5s a c[��� Y!:�'�:G�1
sneh notice i� �,nv�n to ..�'s��hYe:nan� �nr� P��Fi y;,4c!� �,.�!erxsek�o3fl �1t�rtgagee.
Na Subleasek�old Mortgagee vsrill be or becorne li�.t�le to the Landlord as an assignee of this
Lease or ot�erwise until it expressly assu�nes such liability in wz�iting, and no assuraaption may be
inferred or result frazn foreclosure ar oih�r appropriate prnc�edings in the nature thereo� or, as the
res�tlt of any n�her action or remedy p�avided for by a.t�y SuL�lpag�hnlr� Mnr(-�a�e o1' Othe]r
instrument executed in co�ection with the Subleasehold �ort�age or firm a cw:�ve�+ance� l��m
Tenant pursuant in �vhich ihe pvrchaser at foreclosu�re (c�r ��antee �: tran�feree i:: I��� r��r�t�
acquires the rights and interests of Tenaxzt under �a terrx�s ot z?�=s �.,�A��, �rovided t�1G �7��lEStionR
of Tenazlt are fu.Ifilled.
Page 19 of 4Q
Parking Gerages Lease CCLGC & CFW
Landlord agrees that it shall not t�rrr�inate tl�.is Lease during any time that a Subleasehold
Mortgagee is �itlxer attemptiaag to foreclose upon the subleaseho�d estate; is attemnti.ng ta obia.xn
�]05S�3S7.D17 �� �C��7C :�'��':::Lp8; 'JI 1S fP. tlie: pCOC�38 pi i:^F1'lm�nr.ln� t0 6XGiC19� OP i� }xPrr_,iCln� i�7�
other rernedies �;rantec� ta it i:r.�wr it� 5�;+�le .s��:�ld i�Jvrigage �r is i�?go�iatin� the tP?�.�s a�t a aew
Sublease pursuani to d�� �-::::� r��.sut�ihed �.herein; providecE k!?�t ; uC}� 4„�+!?�sehnf� Mr�rtgagea �+S
attempting iri �ood faith �.nd with �»e �:�igence to exercise its eemedies or obtain possession af the
Prera�.isesy :::�+ (I3} s:., ;�: �;.,h]�Ph�+l� �^�ga�ee is �:^m�Cyin� with Azticle ] 5 nf th� 5ubl�ase b_y
paying'Fer�A�t ;a1� ,ci�m4 �ineluding applicab�e la-r.e tihfurges �.m.poserl �:n�er the �ublease) necessary
YQ CUI'B �I3)f �TlU11BCdr'V CE��?"It tinriar thP C�ih1PaC�, j.allt���S'd �let�by aE['�eS tQ 1fT0'Vl(�B ilOt1C0 D�&11jr
default by Tenant u::���: ��;is i.�ase �n ��ch 4aubXeaseho�d i�?nrtgx�e� vv�,ase ���mP ��d address has
heen prcavided to rt and is desi�nated �s Subleasahold Morigagee nursuani � tiiis Artza�e 15. I�
the event o�` a.�+�r �P�ault L�y Tenani {;1�.,�r e�haustion of the cure periads), L.Bn��nrf� C}1AII t'P.;FYASI'1
from exercising �.tty �'emed� witi, respect to saah default unless ar�d �:htil (Il wtth resneet to �.^.y
defa�t eoncerning �� �b�:,�atio� t� �py,��nt. �nd�ord �shaXl give a further �writ�Yn �ti�^,*:r.e there�:�
io Subleasehold Mortgagee and sucb ��Y��ult �-Pr.�ains uncured �at the expiration o�` thirty ��?n} t�1�-vs
after Subleasehold Mortgagee's xeceipt of �.�n�lord'� �riit�n nntir.P nf ciirh t3�faitiT� ��� (ii� ��3t?y
respect ta any ather default, I.�ndlord shall l�lVf. 3�i]iCj'1G�T WTICk@T� Y1�tIC(i '��i�L)� �.t� �!ihleaSE�lC)Id
Mort�agee Al7C� such default l'4171r`i�31S �nc-�ir�*� &: �,�r;P �w,��iraten?] C.`� �t:^Y �' ���� ��'S 5��1'
Sui�ieasehold M.ortgagea's receipt o�'i.-;,.�nr�lnrri�g �f�[i Ilt?t1CL° C�;suYh �pfa�lt; ��rovided, however,
that :f surh nnn-mnnetary default ��.*:::�t with diligent efforts �^e c���r¢� w�thin ninety {9�1 days,
�ubieaseholci Mortgagee �i!�I� �?+.,p additional t;m� �o �:e: w �n �nn� A3 ��.:kt?�ePhold Martgagee
commenc�.s �ctinn 4� rP!�,P�� such Fai�ure �rromptly fu�Iowin,� v���h rta€ice �nd liligez�tly pr�sp�„s�e�
suck� action te� c:�mpletion. Landlor� agrees to accepx performance by Sub�easehold Mortgagee ef
any covanan�, co�dition or agreement on Tenant's pari to be perFormed urrder thi:s Lease (whetl�er
p1CI0I' tn tzr �;�+��' „*;� �iefa,�lt hy Tenant) wi-th the s�••;� �[lrrp anrl Pf'fPrt a� thni��h performed by
Tenant_ �t �s understood that Sub�easehold Mortga�ee i3 .^.�t obiigated ta c��re �efs�+�rs !►v T�;i�nt
under this Lease.
15.2 �1��v Pari�ing C�ra�es ���A, ?����r�±Gr�,:diang any �untrary provision �u?!�?�:� uYnn
te�inatian of this Lease ±or any r�asan �nripr �� the expirafiion o� the �»!��P��P (,including, without
limiiation. �7».^.�:��1�1CC� Cf TPn�nl [�,T SI:�tAn�nt} ��ii�iPacphnlr� T11inpY���� S�l��i 1�'!S3VP 4ti'IA �;;�r.;;:S]'V�
right and opti�n, 4X�TCI58�fIC l^� ���iV�Fy �f F10L1C� LO �.r1n�lnrrl within F'i�teeli t� �} ���+4 �Q11oW111�
I'�CBlpt by SUb�eaSelklpl[1 MoF4.�&�ee �fnnt,�'Ce fPOYri L'311t�I4I'd [;f' [�Y;p rPrmina#inn h�mnf� SO i':O�C1'tp
recei�e, in its own name or an affiliate, �::t i��::�ti��rJ � nev,� aarking ��aeage lease (t�e "�ieev
Lease'°) �or the Premises fc�r the unex�ired +�afan�'p EJ?'��1P� T:1'11i. �? l�lti`.'S' �._...f'ac� wi1� �;a nn t�P
5anne terma and oonditians as herp;� �nravide� ::*:;�! �:tecuted ta �y �.P��Yti�P ;�s o�f` t��� �A*.� �f
termin�tion o� t,his Lease by �uhleasehaid Mo�tgagee and Landlord -wit�un �hirty [30) days n�
receipt �; ��»�+?pAs��!^�� ?+��rtgagee of such notice from Landlord of the te�'nii�3ation hereof;
provided, �nwPvpr' :�;wt i:: s���� event; S�lhlea�eh�ld Mort�agee srali n��r !o L�ti^.��^;� at the t�„�,P
of the exeeut►art aa�i de[i�er� of tl�te l�T�� r.P��� Wny �nd all sums (ittcluding �ppLicable �tE �H�'��s
imposed nez�enncf�r) nacessary to c�xre ��� man�tary default pursuant ta this Lease but ��;• such
termina�ion. �t is undexstood that Subleasehold Mortgagee is not obligateci ta cure de�aulCs by
Tenant. und�r..this_Lease._ Natwithsfanding. the._foregoing,..at_Landlo�d°�_e�e�tion,�andlord_may
elect to �nter into a new lease r�vith Tenant pern�.itting Tenant to grant a new sublease ta
Subiea5ehald Mortgagee under Section 15.2 oftx►e Sublease.
��� zo o�ao
Pa.rl�ing Garages Lease G.CLGL'.& -CF._W.
After any termin�tion af this Lease a£ter which Subleasehold Mortgagee ha� the right to
obtaiun a New Lease as provided in this Sectiox� 15.2, for so Iong as SableasehoId Mortgagee has
such ri�hi, Landlord shall not terminat� a.ny subleases or the rigkts of any subtenant except in the
case o£ a�Pfat�lt „�,��x any s,xeh sublease. Duurizag said tin�� periad Land.lord will nat colleat or
xeceive rents tiom ��►;,y subtenant.
15.3 Automatie Stay. If, during the period desoribed in Sections 15.1 end 15.2 above,
Subleasehold Martgagee shalI i�e precludeci by the laan.lciruptcy Iaws �f the United States ar by
process ar issue of arzy court having jurisdiction in r_.nnn�C�iQn with anJr ha::!:;��pt�y. xnsolvency or
other similar praceeding, from commencing and ��ursuing ta cumpietion a41 necessary steps xnd
praceedin,gs required for the fareclasure or t�ransfer ;r� li�u of fareclosure af the Subleasehold
Martgag�, ihen Landlord shall extend said period so long �s ,��.y rea ��nabl v�Es � e:�uired, provided
that Subleasehald Mortgagee zs diligently and in good faith exerting �li re����a1�1P efforts to obtain
an appropriatt* r�e?was� �►o::: a�v applicable coart order or restraint, aszc} f�artI�er �ro�iciecl ih�i. upc�n
such release, Sut3leasehold l41��gagee shall in good faitY� izz�m.ediately c���+mPnce and diligently
puesue to campleixorz all steps :.ersd proceedings far consumrriatio�a of such fc�reeiosure.
�$.�} Y,�Y� ��� �»i�1ps��Phnllr� 1VInr#ga�ee's Liability. F.xcept as provided helnvv; �;,�?�ehold
Mortgage;e shal3 nat �� liable to pe�orm i'�nan.t's obligatians �r.��r rha� �P�s� andlor �,��►t�r,��t'�
o6ligafions under t3ie Sublease until Subleasehard Mortga�ee acquires S�ah*}nAn+'fi r;ghzs b�
foreclosure ar k±y transfer in lieu of foreclosuze, provided, hnurP;r�r, Su�jPA�Fhnl:� nr1�r����ee sha11
be rec�uired to �:rr� 'f e:��nt's d�fauits under lh�s �.wase ��t�,P� *.harY wny �u: !� defauft rulaz�d w�� � the
institution of �ankzuptcy or insolvency prc�ceedi�gs witb rtispect ta '�'�nanf,l ii;l ihe appointment of
a recei�er or trusf� for the whale or any part oi Tenant's praperty, [iii] the dissolution nr winding
up, in whole or in part, af Te��r►t, or [ivj any other event of defauYt t��t is �t�ecific to Tenant and
noi c�.�:�b�e bj� k;:ti Suble�sehoid IVlortgagee} occt�rring before its acquisition c:t k�!P Pr,a,�rnicag �,y
foreclosure or bransfer in lieu o�' �oxeclosure after it acquires the �xemises pursua�nt to such
foreclosure or transfer in lieu af foreclasure as contem�lated bp Sectians 15.1 and I5.'? 1�± :s
understoad that SubleaseHold Mortgagee is �ot obl?gated to cu.�'e de�aults by Tenan� under this
Lease or by Subtezaant under the Subiease ruith �espect to t?�;s ��,�ta�,*� � 1.=i�. ���C ti�`,n�iiirinQ
Subtensn�'s rights bv foreelosure or transfer in lieu of faxeclasu�re, �ubt��5ehold �4�!^:'���ge� ��!?yl,
subject to the pra�isions k�f th�� A±�±�r?P ] 5, be liable to �aertoru�a ��btenant's �b��gations under the
Sublease anly �til Su}�Ieasehold Mortgagee transfers ar assigns tlte subleasehaid estate to a persnn
which expressly assumes tlie obligations af Subtenant undex t1�e Subl�ase, �rd s»��h �i��:!i� o��'
Subleasehold Mortgagee shall terrninate upon, such transfer nr ac�ignment �rnr n��li�a,tions first
accruing fro�x� and a�ter the date af such transfe:r aT` ��?�nme�Yt, �1� h����r �f � S�u�Eeasehoid
Mortgage shall acqui�e greater rights ox interest than 5ubtenan� �ias under the �ublease.
15.� No Val�u�ary Cancellativn. No vol�xntary cancellatioa, termina�ion., surrender. amendmet�t
or modifie�.tzo�, of this Lease by Tenant shall bind any �ublea�eholc� Mortgagee i£ �ane without
the prior written consent of each such Subleasehold Mortgag�e.
15.6 Requirements far Transferee. Notwit�standing anything contained in this Lease or t17e
Sublease to the contrary, no purchaser or transferee at �;ny foteclosure sale; tr�.nsi'er in lieu thereni
or ather transter authorized by law or ihis Lease nf Tanarat's interesi or the �ublease af Su�btenant's
�age 21 oiAO
Parlsing Garages Lease CCLGC & CFW
interest shail acquire any righf, title ar in�erest in or to Tenant's or Subtenant's interest in the
pr�m;c�:� �n,less (i) said. purchaser or transferee shaIl, in the instrur�ent transferring the �a�n� �r
immediat�Y� ,��*� A��uiring the same, assume and agree to keep, abserve and perform a.1I of the
te�S, C�venans {�nd �aro�isi�ns ��th�s �:�ase a�n #Iae part af Tenani or of the Snblease or� the pa3-t
of Stabtenantta be �ept, ���,�; ;,Pd and ie_rforrne�i (ur.�l��ding the obli�atavn to Y��r� d�faults arising
pzior to such assumptionj; pro�videc�, howe�ver, �ubleasehoid ivlc�rtga�ee's �bligatia�s upon its
acquisition of Subenar�t's rights shalI be subject to the ternas a�tk�is Article 15 and Article 16 o£the
Su�iease, and (ii}a duplicate vriginal of said asstxmption agxeement, duiy ez�ecuted and
acknowledged by ��icf _�u�rehase,r or t�ansferee, shA11 be delivered io Lancilard promptly 7�ol�or�vving
the consuinmation of s�ach sale or trransfez.
15.7 Fee Mo�rtgage. This �.a.yS•P. Q�ISIII �;�w�eriar ta �r;�+ deed of tn�st nr nt#�er security instru�nent
IlUW �r Ihnre���LeT ��BCe� Q11 j.w;:r1l;n,r�i�9 j�r �i�tPrpc� �T] tklE �CeII11S�S �73+ j,ar�c�lord and to a1Y advancea
made fhereunder a:!� r^ �1� F�17P.W�LSr mo�i�c�ti�ns; consalidai�nns, �rPplacements i�::� Yx*Y.,G;�?.,�s
tl�ereof. If any Ih.older c�f any mor�gage, :nl�P,I1tI71�� k�C�u {:,L �iLIS� Or OlsieiT ���Tlll$i' l��tsument succeecis
to Latidlord's interest iu� the �remi�e�, 7`er��::t w;11 pav ta �uch h�alde�� �?! ii.ent �ayahle to Landlotd
which is subsec�uently payal��e u�-!�:.jPr dlis L�as�. T�nt�n# shall, ��pan rccj�acst cvt ;�aah p�erson
succeeding #o t�ae znteresi �►f Landior�, autama'ca11y become the tenant ot, and �ttor� rn, :such
s�ccessor-::i-interest �}jirh�ut ��an�ing this Leas�. [J���� re�;,,�t !�y Landlord or a��� sucr_.P�s�,•�
in-interest, '�enant will �eXP�ute, �cknuwiedge and �eliver an instr�ment or �nstrurnents uonfi�ing
the attornmant. Furtllex, Lr�ndiord shall not mortga��, �pledge, grant deed[sj ofirust, or otherwise
enaumber �i� �T L?']y pnrtion ofLandlord's fee estat� yn �!�� !'remic�c wit„hout Landlord's mart�a�ee
first executix�g s�subaxdinatian of it;, int�rest ta ��s Lease ;�ncl Subten�cut's �i�hts rxnt�er imV
Sublease, and any Subleasehaid Ivlartgage, and �the rights of thP 5ubleasehold 1���*��agee
th�reunder, in, accordanee with this S�c�ion 15.7.
15.8 Nn li7Cer�ex. '�'hez�a 5h? �I �?w na merger ni t�is Lease or the sublaasehold estate here�a�der �with
the fee est�te in the Pt'emises 'by reason uf ih� €a�t tha# this Lease ar tl�e Subleasehold estate
heteunder rr!Ay be �:�ld, �:T�GiIV �tr i��darectiv, �y ��: ��„� r�P �.c;count oi anv e�tities who hold thc
fee estate. ��� ,vc}ti m�rger s�iall �cc�r unS: ss �1 w*;*�ties l�Av��g �� interesi 'tu ti�e fea ��ate �nd �ll
entities (inciudin� Subleasehold Martgagea) having an. interest iu� tl�e New L.ease c�r the
Subleas�hold �state �ereunder�o�in in a�.��i�ten ��t�meni uf%cting suah s�erger and r�u1y record
the same.
15.9 ��mag�e �;r �?Ps#ructian. �£#he cost to restor�; ortityrovements �xceeds tke availab�e insurance
p:roceeds, Tenant, �ufoleasehald Mortgagae 4�+� Landlord agre� ta ;ase �ood faith efforts to �r!�ive
�,t a 331��tuali�+ S�C���lbi0 SO�1�t10i1 L9 dd�'e551n� '�hl� �#.(irl'r,qna� GG�St; piOYl��d, �1oWC�JeI, !?ri ;:iir.h
gaod fait� efforts sha11 negate or dimiunish 'I'enant'S obYigations and liability to L•andlorc� ;ax�d
Subieasehr�lc4 Martgagee anri Suhleasehnld Mortgagee's obligations with respect to sucb
restoration shall be �overned �.n�pr �r�� ?�?'P?S {;.+f .�.''� '�ni'»TT1ETIt.S �L'Z�?T!�'lT1E DZ §�G!?!'!??E I�1� iG'x!'1
made �y Sublcasehold Martgagee to �ubtenant
15.10 Aau�tendm.ent ox N�odifica.tion. Thrs Lease may no� be Gmnrl,fr:r� or amended without #he
prior.written_consent of the ��t��enant as.we.tl as, �o the extent a�►ubleasehnld';�arTgage is �henin_
effect wi� respect tc� t��� PpF.rrlll566, the prior •�vzti.tten c�ns�nt �af fihe Subleasehald �vrtgagee.
Page �,� of 40
F�xking Garages Lease .�CLGC� C.�V�
15.11 Addirional Provisions. Ta the extent the Subleasehold Mortgagee requests revisions to tkris
Article, the Landlord and Tenant wi11 agree fo reasonably accammodate such re�visions ta t�ie
extent fhey are cansistent with commercially reasonabie lending standards, subject to any required
Landlard appr�va.� of the amendment. Ei,ther paxty shall, �;��*h�;lt _r,har��, �� �� tirne and from
i3II10-i0-t1F17e ��XQ�BT, Wll:�llri l��T! �f �f ;jaVg ?�?Yr �1ttPn rPr�ll�5t �ljr ���' �L��P, G�:::�j' ��' iT':�.t:'V17
instrurn�nt duly exectxted and acicnalvtedged ta any ��.:h?ea�einol� �t�rt�a�e�, purchas�r �r
subtenant or prospactive SubleasehaId Mortgagee, purchaser ar su6tenan� as �o: (i} whether this is
a tru� and correct copy of t�,is Lease, wheth;er this Lease has bea� supplemerrc�d oa• �mended and,
if so, the substance ar�d rrfanner Qf such supplement or a�nendment; (ii) the validity and �'��rce a::d
effect oi this Lease; (i) t�ie existence nf anv default hereundez; (iii) #he existex�ce of any offsets,
counterciai�nns �� de�'enses thcze#o on the part of such �Rrty; (� �r� �"�1� r_,nmmPnr.p���t �11C� Eg�JiTa�lOil
datas of the Term of ihis Lease; (v} t�e t�ddress or addresses foc azotiCe cf �_�adlozd, Tenant ar any
S�ableasel�old Mortgagee; and (v�) any other matters as may reasonablq h� ;�� rY:�u�asted. Any suah
certi�icate may be relied upo� by the party requesting it and any o#hee person, fizm or carporatio�,
ta w�om �he s�xne may be exhibited or delivered, and �he ���*;t�r.*c ^�'such certifcate� shall be
binding upon the party execuii,inng the same.
I 5.12 SuborcEivation of Laudlord's L�en. Landlord hereby subQrdinates any Iren a�d security
in�er�st i� may have or acquire by operation nf iav�r nr crha;�:n�� ���,on �hp property af Tenant or
�CS�+ �k�I]Y�ri�ilt �1�nc�Bx ���criSllt �i�??? tl�'C!S-tp-�IX!(l.e S1.�liR�BC1 U�'1015 E�Y� �?�rrsv�e�� i0 ti:-}r_.h S�thYP.aS��]O1C�
Mortgage which, ftom tirrte-to-time, encum�ers Tenant's or any su�atenan.#'s iu�tezest in the Prernises
ar unpro�emants �nd/or other property therean, Such s�abordina.tion sha.tl be self executiuig and
effective without the necessity for execution of any �'urthez• ���t{ument by �::��(JTC�; provided,
�aowever, within ten (1 Q) days of a request of a Sublease�oid 11+fortg�gee or a subtenant fraFn time
to tirne, Lamdlord shall execute suah znst�uments �s may be t-�asc�nab.ly requested to ratify and
C017fiTCYI O]`: �'Zd�nrP eiirh en}�nrrlinatinn_
AR.TICLE 16 — AUDIT
16.I 'l,;?ndfard'g Ri�ht to Audit. Tenant agxees that Landlnrd shall, until the expiratian af Qne
(1) Year after t�na� payment urider ti�fc T:eAcej �r the final canclusion of any audit coznnnenced
during tha said one (1) yeariperiod, �ia:�ti ',-�.r.r.Pcc to arxd the right to exanaine at reasanable liznes
any directlyperCinenf an� �!nn-privi�eged �ouks, e�!^::uments, papers end records, including, but not
LI37]]tOCj t0� al� EIeC�YOLl1C Yw�r,nrr�gx �-�Tprtant fnr fihQ reirrPnf ���x and� �?S �11T7�1CA���, t�e prior year,
i.nvalving transactions directly r�l.atiri� En this L�ase �r�d .hw �use uf the Fr�mYses, �t a�i} r�dditional
cost to Landlord. Tenant agrees that Landlord shall have ac;cess ciuring normal �x+arking �aurs to
alI �Vc��,.eu:y i�nnk�, docuznents, papers and records (for th� current year and, as applicable, the
itnmediately priar �;hrP� [3] yeaxs) in order to conduct audits in complian�e �with the provisions c�f
this section; �ro�ided, F.�+��Pr; T.Zncllnrr� chajl cnncll�M� �ny �uC�. aUd1tS i.t7: a rilallrier t�]at dOe5111ot
unreason�.Y�iy inter�ere with the n�rmal business aperations of "I'�nant. Landiocd sha11 �ive'C�nant
not less t.�aa.� thirty (30} days' written notice af any intend�d audits. Tenant shall reqtaire an audit
provision simila.� to ihis �ection in favor of Landlord in any and all contracts, su6leases, or ather
agreements axacuted related to tk�e use o��e Premises.
ARTICLE 1'1-- CITY'S FISCAL FUNDiNG OUT
Page 23 of 40
Parking Garages Lease CCT�GC & CFW
17.i Nou-appropriation of Fuuds. In the e�ent no fiinds or insu..fficient ��nr�e arP s�prop�iat�c�
by Tenant in any fiscal period fox any pa�rnents due bv Tenant Me*P„*�dsr, '1�'�n�nt w�1j r�tify
Landlorci �d Subt�rrH.nt in writ4ng �? iLrh aceurrence �^� �LhtPnant c�a1� �be alir�wed ;� �ke ovez
�ny oblig�tio� '�'e;;�*�r m�+y I�ve ��ncier ��is L,c'�:4� F�r �,rhi_r.h s]o :Fi�n�j5 J: 1iI3U�IC1�17� ��nrig }18t7�
�7Eei1 irirnTl�IP.I�* 4nri ].,�aT!�lard •hal� ��;,C�n� �tihtenattt'S A8r�0i[Cl�i]CP. 0� :'�tlAiltTS Ui)�lf�Tat10�3
hereunder. Should Subtenant ejwct. ;;;,�t�;� �c.C13m.e 5uoh �b1i .,�u.ationsy �Ytis Lease �!�?!] terminate �±�
the last day of the fiscal period for �uhi�h a�pxopriations wer� r�c�ived wiYhout penalty or expet�se
to Tenant of any kind t�rhatsoever, e��?p� a5 t� ��11 portions �Ft�e �ayments herein agr�ed �pan
for whioh funds have been app�ropriated,
ARTxG`.�.� i g-- � A�!�lAGE TU PRFlv[�S]ES
I8.1 C�sua�#y. it" a Cas�alty partiaily cEamages +�r �estroys a�y �r all o� �e Parking Garages
comprisin� fhe Premises, un� ii� restoration of such portion uhe Prernises �s �e:.rmitted or recluired
purs�ant �c tho �ondom�niurn Documents, Te�+�n± shall diligent]y vroceed to re�?�r and restorc �or
cause Subtenant and/ar the Conda Assaciatian., as m$y be applicable, ;!� rP.pa� �nY� i'P.ctllrP.� �1ty,
at �ts own aosi: but :� r.:� �y�nt :� �n arnoant greateY ��:::rt �hY ir.surance proc��s :il l�u: ahe� �o �he
�remrses in cUnnection +�vitF� such :.��7A!+.y e�vPnt, '��1� �tCUC�liai �V�m�nt5 C� ihw P�rkin� Garages
or the Fremises, an� �El iY:.grc,verr�ents tFY:��±� made G�� �G'TIAY'It� ��a�+�*.»nti�lYy ta �.heir C.nnrlitintl
before the Casualty� �1i0V1dGC�, �:^wever, T�117I1'� Sf'!�1� in nr� �?yVn� !;P r�,��e� t{� y�PctnrP Any pOTCIOri
0� ti1L' Gl,'mmnri �����^;-5 �'t::�wY � nreilant fin thP GOX1C1dIT11T1iLT1i1 �7nri.fT!'IE11t5 SllCL] ���.�1`ati[)A ]S
exp�'essly r�equ►�r��l �� be E�erfr.rm�d l�y fhe �Y�.^.Y:' o�`'"�:� �'re�ri�s�s �aursnani :;a �h� ��::�dc�miniu�rri
Dncuments. ir?�.;P �!iowance, howe�er, shall be ��iv�n for ti�±e �r!�!e rVquired 7cr ��just and �ettle
insurance claims, ar�d !�or such other detays as r.nay result �om go�v�rnment restrictions, any
controls on construction, and far sirilces, emergencias, ancl e:�:Pr �:or,�±*yn�� hPynnd Tenant's
reasonable cont�ro�. Notwithstanding anyt�g fo the aontrary i:� :�is 1�ase, re�toration ;�.f �he
Prcmises and the application of insuraa�ce proceeds thereta shall be go�erned by �;he Condominiu�n
Docume�ts and the applicable prnvisions of ariy S,;hlp, a„arvhnir� Mnrt���0, to the extent an_Y conflzct
exists bet�reen the prpvision� of this T�e�se and tne �rov�sians �f t�!P Cvndt�minium i}��,:�±�!P:�*.s
and/or such applicable ���!hzeasehoic� Mortgage. [� r?��nstruction oi' the Parkine� i'ra.rages is
deerned �rnAn�;A!]y infe.�sibie bv T�:;�.nf; Tenant may elect ii0� t0 r4�i�Vr� t�� iri+�rn�ementg �,nr�
t�]CL11l1Rate �!5 l.4acP witi� �S�j�Gs t� �,��h darna�ed pvrtion of t�;4 �i�;migPc �whiYe iea�ing xhis
Lease intact f�: x�:: �1��±-w��?�!Aged 1'�rking (�.�..'��e, i� �hp L'YYP.lY� �ii:�y UriEs �;±� t�e t����u.^.� �ara�es
is damaged ar d�straysd) by giviGng written no�i�� �o I��ndl�� �*��:thin 1$U days following sueh
Casualiy. In such event, neither party shall have a cause c�f ac:8wn a�uinsl �hP �fh�' �eor monetary
damages.
ARTICLE �9 — OPTION AND R1�HT EIrF i�FFiYS�
19.1 Tenant's Opfio�u :a ���!'sh�S�.
19.1.1 Grant of Optian. Landloxd grants to Tenant a one-tirr�e option (the "Option'°) to
purchase the_ 1'remises_ frotn Landlord for the Q�ption Purchase Price. Tenant sha�J �,55IgII1 #k1.15
Qption to Subtenant in the Sublease, and Landlord heireby acknowledges and agrees that LandYard
shall aecept the exercise of this Option by 5nbtenant or� the sawe t�rms a�d candrtions applicable
Pa�e 2�4 of 40
Parldng Garages_Lease..CCLG.C_&.CF.W..
to Tenant hereu�d�z as sf Subtenant were Tenant hereunder. Further, Lan.dlord acknowledges and
agxees that, if after the date hereof there are mul�iple SUbleases and Subtenants pt�rsuan# to partial
assignme�ts of the �z�hiea�e ��nelP,�tAk�,� pursuant to Sectian 9.2 o:F the Sublease, eaah suc�
Subtenan.t sha11 havc: 4�:� !s`t�1c'!i'8L#: F3 �t �J �X$rr.i eP an C1�jtiOT1 �Or $UC�1 SIIb�El7allt's sepa�rate S�hlease
Premises o�x�y {such i�:rms t�� �Y ::�ad� s�n � pra-rata ba4is, �s alln��ai�ie ta sz�cF� Subl��s Premises).
19.1..2 E�ercise of Option. Tenant shall have the right to exercise fne Option cammencing
on the 20ih and �nal vp�r n�Ethp in,r�Ai tPM„ «fthis Lease, The Optian may be ex�rcised by the
holder of the Optiarx by �iving notice �,�f thc �xercise of tb�e O�tion at least seventy-�ve {7S) days
prior to the expira#ion of tl�e Term. Th� nq�ice to exercise Option by Tenaz�t shall include tl�e
calculatian of the Qp#ian Purchase Price, Ii "C�nant k:xs �xercised the �,1pti0[1 �L� L�dIOXd >'ee5
�a �� C���t,l�t�;nn ��the [lnfinr� P�,rcha�e P��ce in writin.g (such agreement not to be unreasonably
withheld}, �h�;� L�.ndlc�rd u.^.;1 '['enant� �hall �nter into a purchase and saIe agreement (the "Op�ion
PSA"), ixa form �nd �ul�sEare�e reasorrablv acceptable t�, I=.-anr�lnrr� anri T;;;�„4, B::v.n�orating,
witb.out limitation, the �c�!}c,•*.�in� terms and co�adztians (col�ec�vely, �e "C�ption PSA '�'erms"):
(i) 'Ienant s?:�1; ?:ave a ryPr1n� �,f Fortv-five (�45) days after exscuting the Option PSr� (t1uY ",cf;.��;•
Period") ea order a title repoz� on �the �'; �mises and perform ar�y other znspec�ions, suzveys, tests,
includin� Qvithout limitatic�n, enviranmenta� �t�c� en.�ineering tests, and studies that Tenant desires;
(Il} if T�T!?rit i5 rla1. ��tiSfiea �it.�l f�l� [eSult�s e�i' iis 4����� :fiaugence. Tenant may elect to deliver ts�
Landlord, prior to ihe expiration o£the Siudy Period, a notiue st�awi►+g t�:at Tenan� terminates the
�phon Pga anr� r1n.r.l.:?�� �0 4xPrr.icP t�P n�]�lOI1 {�1� '�WII'�r�lrs�w�1 i`�Otli'"";; (ii�� if'i'en�nt �u��
nat deliver a:�#T1�1��rawa� �IO11GE; 44':�:.hi�ry ,�,h� Cn,r1y 1'eriod. �i�;n �hr� r.fnc;n� c�]S�l� �;,`^.i:" 4';; ki:�
Acquisition Closin�, �,.�e, to b� helc� at the oi�ces of a title company selected by Tenan.t atid
reasonably appro�ed by Landlord; {iv) Ten�nt shall pay the Opiian �'uxc�Zass Price in cash at the
closing of the acquisition of the Premises. subject to the adjustments �:nd prorations deseribed in
th� OptionP�A; (v) title to the Prenrzzses ;shall be convcyed to Tenantpursuant to a�pecial warrar�ty
deed. suhject only to permitted excepiians contained ir� Landlard's vestin� deed and s�ch
s�bsequent mAt,*P; � affec�i;�!� title which Subtenant has consented to in wr�ting pursuant t� :he
provisions af �!� Subleas�; (vi) Landlard shalI execute and deliver sUch other documentatior� �5
shall bE� u�cessary to trsns�er the Prernisec; anv associated nersanal prnnerty anci intar�gil�le
prapzrty and �!1 �ppurtenan.ces owned b3+ Landlorcl to "1`enant, a.nd ta c�therwis� +consumm�ate �he
transaction as set fortb in the Qotion PS�; (vii} Landlord shall pay tI�e %ase premiu�Y7 for an awner
Policy of `1'�tl�: lnsurance, �:�e-�alt' of �11 escrow eharges payable at the Closing, its awn aftorneys'
fees, and any o�ther closing cos�� c!Ysr�n?A;-1]y borne by sellers at closings of the pvrchase or sale of
real property �:;::ilar �o t1n� �*:�mises in "1'�rrant County, Texas; (�viii) Tanant shal� pay its due
diligencc costs, ¢he costs associated with Tenant'.s fmancin�, recarding fees {except for title
curativa recording fess, which shall be borne by Landlord), one-hatf of alI escraw e�axges �A� AhIP
at tlae Closing, its aum attarneys' fees, and any other closing costs custannariZy b�?�!?p �� purchasers�
at closings vf the purcl�ase or sale af r�a1 property similar ta the Premises in Tarrant C;oimty, Texas.
Tenar�t shall a.s�ign this Option ta Subtenant in ths Sublaase, a�nd Landlord her�by ac�owledges
and agrees that Landlord shall aecept the exercise of this Option by Subtenani, �r an �F�iiate oF
Subtenan#, on tha sa�e terms and conditions applicable to Tenant hereunder as z#` ���b±e*:An± were
Tenant hereundez. Notwithstanding anything herein to the con�araxy, Landlord's paymen# +af fh:e
Page 2S o� 40
Parking Garages Lease CCLGC & CFW
closing costs described in clause {vii} abave, othe�r �Ytan Landlord'S 0'Wri A##Ol'I1�3+'s fees and the
costs of removing �ny title encu�nn.bzances created bv or tt�rough Lanc��ord, shal] iz� no event exc�ed
�� amQunt nfproc�eds Lanciloxd shall r:vYi;r: �^m �hP �ption Purchase Price, so that all of such
Landford":s ciasing costs may be deducted �rom �roceeds anc� not require additiional paytnent by
�.�1.1C�lOCC�r �Ild t0 �!'?� �xteni ��,y �CfT.�;;�ll�rri'r; �+yShI �Y[`P.P.r,j �i1� �Tf�l'F�El�'�C ��m ihe OptionPuxck�ase
Price, Tenant shall pay such aosts.
19.I,3 Exte�lded Option. In #hP event the �uhlease is e�ended beyond its ini[tiak ZQ ye&r
Term, Landlord grants ta 'Cenant �n �apua� tn purchase ane or ai] ,�f the �'arking Ciarage� at the fair
mark�t r�alue as detexnnirxed b_y an in�dependent appraisaI ("Ex�ended Opt�ton"). Tenan� shall have
the r�.ght k� exercise the F�tended C�►ption �; ali times after #he initial 20-year Term by giving
Wrl�[f,n Y�ntZr.eµ ��f c�irh PxPrricP tn ],�ne�lnrri, '�'+,p ��;Tii;� Ol s::otice hy Tenant shall constitute
Tenaz�t's reguest �for c��termination ��' ��e faiz rx�arket vayua of thr. Prsmises {fhe "�.p��raised
Value") by an independem �ppraiser reay�;:wh!;• ��eed unon by the parties who has not less than
ten � s�?) years of expe�ience in valuing similar �rop�rti�s �nd wvho l�as not been hired by either
party ir� Ch; �rior ��� (S) years; pravided, �a�re�Y�r, ;� +?�p �?AP�1 _P,4 ATP ;mab]e ta a�ree upon an
independenfi, �ppz�iser, thcn �rach party �ha11 �ppoiz�t it� �wn appraiser, �:*:� k�;Y respective
apprai�er� sha.11 ;�rc�k to�ether in good faith ta a�nri?rii. ;�n in�enetulent apprazser tneeting the
requirements :�et forth z�.bove Lo determir�e !�� �►ppraised �T�s»�, If' 'i e;;�nt has exercised the
Extended Optian, then Lan�!n� And Ten�.nt sh�.il �nter ;nto an t7ption l SA canta.i�ing the aption
1�SA T8t7ms, ex�ept tb.a�E �i} l�:µ p�rohtise prlCe t�iera:i�nc�er :eha11 he eaual tn the 1�1�nraiSed Va1Ue,
and (ii} the c�osin� �hall �ccui' �ti i:he :�ixti�th (fiU�) day after r�� gatities }:&ve i���iypri ��
Appraised 'Value. Tenant shaYl �GRi�,m this Extended [_��ion to Subtenant ita the :>»h�ease, axid
Lai�dlord hereby acknowled�es and agrees that Landlord 3ha11 accept the ��ercise oftlais Ex�ended
4��ian �y Subtena�t on the ,ame te�nnns [�c� ����ditians aUUlicable to Ten�at ft::e�.:n��r �s if
Subtenan� r�rere '�'enant hareunder.
I9.2 Ri�l�tt oft Reiussl. If� St �r_1y f11i1P. Ci+.::'.::g �"�:� Term ef this Lease; in resnnnse t� : h�??a :�s�e
offer for �.,;;i�h �ani�lnr� h�s olataiz�eci approval ixona iis L�n�rcl �f Directors k� �; Y:nt (Y"hj�Ci Y�
Tenant`s z�iglnts �n�PY ��ha:s 1ZOFR Opiion) to sell all or pari of La,ndlord's interest in tl�ze Premises
(the "Offer") fr�m �:.h�T� ��?�'!� �th �''`��t'p,�,r"), Landlord shall desire to se11 or otherwise dispose
of such interest� Landl�rd shalf notify I'�nant �::� wnting of the Of�er�r to who� it desires �r� sP»
SUC�'k ]riT.�F�S'� fl.T!�� �i10 �r�r� �t �F;'El]��k �:':,� �"�1C�' ��:.^.1S LTbOiY W}lir.Ci IL i�wgirpc tn �e�ll�f.�]� 5aTi10, a1on�
wif.h a copy o� the �$ez, ar.d 'r'Pnan� mKv; vvithin �r� �A; Y ��` rec�irl of the r�otice, notify I_•endloxd
in wc�fiing whether it elects �o �urc�ase ?�,'.Y�; 'iiiwTY5� �iC i�:V �'TV:::.u?5 �tf}� �'�fli�')i (l�tinrr�;� :�i l�'ii@
price and on t�ze material economic t�;rms set �orth in t4,e Offez� (th� '",ROFl� TernqB°1}, if f er.�ne.
exercises Tenant's ROFR (7ntion. then Landlard and Tenant shall �nter into a;� ��tion PSA
COIItS1ri171� �10 ��i1�]"! Yfi1a ��ti?'!:?Sx �7C��'pt F�2�� ??!V ROFR 14X??79 ��';-^.,li rnntrn� j:� �e �vent li {1irPc:t
conflict with th� l7ptinn PSA '!'erms ex�sts. rf Tenant elects not to �X'?rr.ict; its 1ROFlt Option c�r
fai15 to �ive rintice nf its inten�ic�n vvithin the ;30-day pe�od, subject to the ���'_rrya of tlYis Sectio�
19.�, �ndl�rd shaIl be �ep to r�???��v, assi�n,, �r ntherwi�e transfer sueh interest ta �the dfferor
_.UjJOri �SB k:iT!�S w:7[� w�17c�itinns-S�l i��±fi�! Si1-the �lffer {�;.*:� :':w� �ll I::nre i,}'avnrakSe t:*�rnS ��!?n- kflO�a
stated in the C�ffer}, �f L�r�r�rd shail not hav� ::� dispased of s�xch inter�st ±n :�aid t]fferor r�vi�hin
9Q days a.ft�r receipt af anotice that'I'enant �lects not ta exercis� its R�FR Ogtion or af�er r�xpiration
Paga �6 oi 4Q
_ �arking Garages.Le�se CCLGC &_CFW
of Tenant's 30-day period within which to give natice of its e�ection ta exercise the ROFR Op�on,
ar in the e�ent of any change to fhe ferms and conditions set forth in the Of%z' inifiall.y provided to
Tenant, the pz'ovisio�s .�#' this Se�iion sh�ll agairi apply to ihe d�sposit�inn h� T,anr!lnr�i nf �n_y Sltch
interest and L�::�l�rd shall lae re;�uired t� a�ain ofFer r�e Premises �n �Ce�ant pursuant to this
Sectian 19.2 griur lc� a�v ��urctra5e cr, s�+�Y. ;,#` t�:P �:em��e,s (in �Y��+�ip �r in an�!�� t[�ereafter. The
ROFR Opt�on �;raufsd in this Sectian ].9.2 is an an-going R�FR U}ation and will app�y each �ima
tl�e owner nf the Prerr�ises receives an OfFer. Arty conveyaa�ce by Landlord to a third party shall
be su6ject �� ti�!� Etir��!Q s�f thi.G Lease. Nothing contained h�rein shall prohibit 1,snc�InrcJ ��m
cas�veying the i'remises ta the City oc ta anoth�r entity af�liated vvith City, Frovide� tha+. s„�,�
entity would be eligible for a tax exemption on the Prernises. i enan� s�a] l assigi this RU��� C�ption
to Subtenant in the Sublease, and Land�ord h�reby acknow�ed�es and agxe.es that L�an����� sha1�
aCcep� �h.� e�«'�'rise ofihis ROFR Opt1o� by Subtenant, ar a�n �#�lliate ti� 5�ubtena,nt, un th� :�am}
terms and annrl;r;on5 aQplicable ta Tenant hereunder as if Subtenant. w�*P Tenant hPrp�.�t�der_
Further, Land�oz�d ackn.awledges and agrees ihat, if after ihe date herea# ���re a�`P �r,^.ulriple
Sableases az�d Subtet►ants pursuant to partial assigtunents c�f the �ublease undartalcen pursuant to
Section }.2 c,f ��+� Sub4ease, �,aYH u',:v��': C;.htenan� shall iaave tl�e senarate �i�ht i.o exercise an ROT'R
Optaon for such Subtenant's se�arate 5ublease Prcmises only {sUch terms ta bs �pnade o� a pro-r�.ta
basis, es e0.locai�le t� *�!ch 5ubfease I'remia�s),
ARTICLE 20 — WAIVER
20.1 No Waiver. No waiver af any covenant, condition, or Iegal right az xemedy shall be im�tie�
by the failure of Landlorc� to declare a default, or for any ather reasvn, and no wa.iver oi" any
condition or covenant shatl be valid unless it is in wrifiing signed by Landlard. Na wai�ver by
I.a�dlord in respecfi to the wazver of a breach of ar}y condii�on or envetsant be claiux�eci or pleaded
to excuse a future breach o£the same condifi�on ar aovenant. No waiver of any defau[t i�y Te�ant
shal,J. be implied from any acceptance by Landlord of any Rent or other payments �lue ar �1;� any
otnission by L�r�dlo?'�{ t� Ealtc; t::� wy,�:u� on xccn�lnt c��'such .��f�,i1± iisuch default nersists �r �s
re�eated� C�n� n� ���E',SS V4�1VFT chHl� �fFYe�Y �� �,�1;p,� ti��BLlt ��thPr �}18C! 8S a^YPr.sfinr,� CII .�'iAG�'!
waiver.
20.2 No Ae��:';? V::� �r±iQ?�CtFUII. No payment by Tenar�t ae receipt by Landlord oi a lesser
arnount `►hwn th�'��,.�ni �;e�iri �Stinulated shall be deemed to be other than on account of the earliest
stipulatx;d R�nt t�oz �ha]! any �nciorsemeni ar statemeni on any check or an�+ letter accompanying
any chec�C or payment b� deezn;ed an accard a�nd satis£action, a�d Landlord may accept such. cheak
or pa�ent without pzajudice to Landiord's right to recover the batanc� af sunh Rent orr p�{rsue
any other �enaedy pxovided for in this Lease ar available at lavv or in equity.
ARTICLE 2? —1�7�r�:T,i>�TVEOu�
21.1 Re�ned,ies Cumulative. All rights, options, and remedies ai Landlord or Tenant,
respectively, contained in this Lease shall be construed a.ntl held to be cu�nn.Ulative amd the exercise
of on� �.• ���nc�r� r:ghts, remedies, nr op�ions sha11 nnt be iaken to exclude or v�aive the ri�ht ta the
exercise �f any nther, 14l1 ;�3?rh ri�hts, rerr�edi�s, and options may be exercis�d and enforeed
concuxrently and when�ver �nd as di1.Ln �s deetxxed desu�abie. V..�ndlord and Ter�ant shall have the
Page 2�' of 4{►
Parking Garages Lease CCLGC & C�W
right to purs�e any ona or aIl of such rez�edies that may be pro�ided herein. Landlord snall ��ve
a duty to mitigate its damages under t4�is Lease. In no event �h�?I eith�r party be liable to t,�.e other
party %r any cons�quential, punitive, indirect, exempiary c�r specia� darr�ages suffered or incurred
by the party, including, vaithout limitation, on account ��f ��st profits ar the inferruptian of
business.
21.2 Rnle af Constru�ction. Landlord and Tsnax�t acicnowlecigc thr�t each has reviewed and
ravised this L�ease, and Landlord and Tenant hereby agree that the normal rule of construation t�
the effect t��t any arnbiguitios are to he resalved against the drafting pa.i-�y shaf! nat �e �mrl�yed
in the intez�ret�tio�z of this Lease or any amendments or exhibits hereto.
213 �nthority. Each �e: Q�*± t,x�euting P.his �.ease, L-y i:s execution hereof, represents �nd vvar;rants
that he is fully aathorized �� do �i, �i1� thaY nn fi�rt'ltc�� a�fiinn �r r.�ncr; nt nn fihP p� of the party for
whom it is acting is requirad ta �he ��fiFec�ti�en�ss and enforceability of t4�is Lis�Q� against such party
£ollawii�g s.�ch execu#ion.
2I.4 Counferparts. This I.ease rp.ay be execuied in any n�nber of counterpar�s, each of which
wil� -FQr a� purpases �� d��rYYP.J :;, l�h� ��n ariginal, and all of which are zdentical.
21.5 Applicahle �.aw, P1_�.ce of Per��rr�ance. T�IIS LF!",.��'F ���,.Ir �� �'rt���ru�TFn
UNDER AND iN ACCOR�,A�CE "i1VITH. '� LA'WS �F `l'�,`E � �?1'r� �g rf'E?�hS_ h.L�L �F
THE OBL��GATIONS C�NTATNED IN THIS CONTRA�:�' ARE PERFORMABLJE IN
TARRANT COUN7"�t', T�XA �,
2I.6 Venue. Venue of any a.ctir�n brought under this Lease shall be in state courts lacated, in
Tarrant Cvunty, Texas or tlae United States District Court for the Northe�z Distz�cfi of Texas, Fort
W�rth liivisxon.
21.7 Entire Agreemen#. '�'his Lease and the exhibits attavhr:d I�ereia oon.stitutes th� cntire
agreement between Landlord :�nd TPnant, a�nd fS�.ere aze na other covenants, �� ereements, pr�inises,
ter�ns, provisions, canditions, underrakings, ,�: ��::� Y; s*.w.n� 1 ti�5, either ot'al �r written, betvsTeen them
cctncernuig e�� �': Y^::sps �thex th�.n t.hose ��,re� set fartlY. �!a subsequent aiteratior�, a�r�=��+�aes�t,
change, deletian or additior� to this Lease shail be bindi�g upon Landlord ar Tenant ,�nless in
writing and aigned by both Landlord and Tenan.t.
21.8 He�idi�ugs. T�.e headings, capiions, numbering systet�n, atc, are insa�ted only as a matter of
convenience and may under no circumstances be cansidered in interpreting the provisions oft�ii.s
Lease.
21.9 �inding Effe�#. Al� o�Fthe nrovisions af ��+s L�e ar� i��re�y rnade binding ��pan ti�e persa��.al
representatives, heirs, successors, s�nd assigns af �ot1a part�ies heret�. "+�Vhere requirecl kor �roper
interpretation, words in the singular shall inclvde the plural; the mascuiin� gender shalI include
#he neuter and the feminine, and vice versa. The tect�n,s "hei�s, executors, administrators and
assigns" shall include "successars, iegal representatives and assigns."
Z1.10 Severabiiity. If' any clause ox provzsio� of t�is Lease is or becnmes illegal, i�vaiid or
__un,er►�n�ceab�e b�cause_of.�zesent or.fix�u�r� laws or_any rule_a_r regulation of any._,go.v..ernmental_
body or entity, effective during the Terrn, the intention of ihe parties hereto is that tha remaining
parts of this Leas� shall aot be affected thereby Unless such invalzdity is,. in the sole determinatian
Pag� �S of 40
. Pa�k.i�ng Garag�s Lease CCLGC & C�V�
af �e Laz�dlord, essan�ial to the rights of both pat�ies, ir� which event Landlord I�as the right, but
nat the obligation, to ienninate tlae Lease on 10 days' wz�tt�n notice to Tenan�.
�l.i 1 E�chibi�s. AIl Exhibits attached hereto are deemed. i�.corporated herein by xeference as
thoug� zrzade a� integz�al part hereaf
21.12 Lease Memoraudnm. Tenant may, at its saIe cast ari.d expense (inaluding the payment of
all recordatian and ixans�er #�es), record a short form o;r memoxanduzn of this Lease (but not the
Lease itself} and, promptly provide Landlard a recardec� copy.
21.I3 Gover�n�n.e�xtal•Po�ers. It is xinderstood and agreed fhat by execut�on nf this Lease,
Landlard daes nat waive or su�render any o.f �� �e :rv: a�m Pn'�A� tIOyVP��S OX ICTIXS�UXI.��i'+.i.
1'
21.14 T�ird Parfy Benef�c�aries. N�thing cont.�.ined in this Lease sI�all be consirued so as to
conf�r upfln any athex party the riglxts of a third pazty beneficiary excepi rights conta�ned h�rein
for �e benefit af Snbleasehold Mortgagee.
21.15 Force Ma�e�re. The parties sha.� be excuu�ad for the period af a,z�y delay iu� tb.e pe�'�rma:nce
of r�ny obligations iaeraunder w�aen preve�ted frarr�. doing �� �y cause or causes beyond the parties'
absalute co�tra�; which sha�.l include, wi#�.out l�irxzitation, ali ,tabor disptrtes, CIV�� Commnfiin,. c�v,l
disorder, riat, civii disturbance, war, waz-lilc,e operations, lnvasion, rebe3lian,l�^stilzties, rnilitary
or uswiped power, sabotage, goveza�mental reg�aiions, arders, TI�OI��OTIU�YS OT CGiiLTn?Ry i�!r? ar
ather casualiy, inability to obtain any material, serv:�a� nr �nanr.iri�. 'ar ��t� c�f ��d.
Notevitb.standi�g anytliing herein contained to the contrary, t�xe �rovisic�ns vF t�;s s�ra�r �1.I5
sha�� not be applicable to Tenant's ob��gations io psy R.ent or any other S�nns, �a,o�ies, ��osts, oharge�
or expenses zequzred to be paid by T�nan� under this Lease.
21.16 Inc�epeudent Contraetar. It is expressiy understood ax�,d ag�reed that Tenant chal] pP,-Fnrn,
its obligations and responsibilities her�under as aan. i�dependent oon�ractox atid not �s �n c��±�er,
agent, repxesenta,tave or employee of Landlord; tha� Tenant sI�aU. have exclusiv� controi of �,�.ri� t�!?
exclusirre right to control the details o£ its obligat�ans and respansibiiities t�ad a]! �??'�R??S
per,fazxx�ang sanne; that Tenant shall ba sole�y responsible for the acts aa �ra±�G?�ns uf $rs r��c�rs,
ag�nts, �mplayees or at}ier pe�rsons u�de�r rts supervisio�, managemant and cont�ol; �.�Wt �1�.e
dvctxax�e af respandeat superio� shall nat apply as between Landlorci a�id Tenant and�thak �;rthing
herezn shail be construed as cseat�n.g a pa�tnership or joint enterprise betweer� Land�nrd `an�i Te„Ant,
Any intention to create a joint �enture or partnership relation� betwee,za tk�� ���:s h�:Y�� �� ��r�b�
e�ressly disclaimed. • •'^''"'' • ' - � ' � .
[SiEgl�a.tu]re pag� �qllp�ra.�
Paga 29 of 40
Par�1g Gatages Lease CCLGC & CF'W
IN WITNESS HEREOF, �.he pariies hereta have executed this Lease to be effective as of �ihe
E££ective Date.
LANDORD:
Cez�.tral City Local Governme��t Cotpflxation
gy; ��
Naxne: c - � �
' Title: � _ _ �
TENANT:
City of Fort "GV�:�,�
By. � � � � ���
Nazn.e: ✓ . � `�
Title: � C+ ,,er.
�
ADDT.i'IONAL GTTY OF �OR� WORTH REQi7:lRED SIGNATURE�;
Con�ract Compliance l�anager
By signing, I acknor�ledge t1�at I am ttae person responsible
£or the �n.anitaxing anc� adminzstrat�on af f�ais �antract, ineluding
ensurrz�g aIl ,performance and reporting xequirements,
�
�-
ame: �' r�B,r�.a�
Title: ' �
��j ��r�'w d�►°��e�7
Page 34 o£40
...... _.. _ _ ..-.-----Paxking-Garages L- ease-CCLGC &�CFW __ - -_.. _ _ .. . ._.
APPROVED AS TO FORM AND LEGALYTY:
, ,�;
� � ".'�'�L .' � �^ �r�y✓1 i �...�
�esn� xuzman +
Deputy City Attomey
Fonn I295: N/A
�
P. Goz�zaIe� �
City Secretary
�&G #
DATi : ncYober b, 2021
.�°�` �����' �'►
�.c��
U �� '; �
�� :�
- 1 r• �
� ���� �
Page 31 Qf 40
ParEcuig Garages Lease CCLGG & CFW
EX�uBIT S6A"
Defini#�ons
"380 GranP' shall r::Pan t.I�e annual payments to 5ubtenant by tlte City of Fort Wort�, assigned to
be }�aid directIy ta the Central City Local Gov�rnment Cozpozation, in an amo�rt �qual to the
arnaunt by which tk�e Suhlease Rent exceeds the Sublease Payment, pro�ided tHat such payment
shalI be received by Suhtenant as a crredit agaunst the Sublease Rent, pursuant to th� Sublease
between Subte�ant and the City of Fort Warth.
"Acquasition Closang Date" means a dafe designated by Tenant s�r elosing of the acquisition of
tt�e Premis�s (i�y at Ieasi f.en (10) days' advance written not�ce ta Landlvrd), whicl� is not Iater than
sixty (6Q) days after Landlard and Tenant Entei inta t�� ��ption ��;A.
"An�a�sal Debt 5'ervice Amount" means the arnourxt required �� �ay l.�e annutxi �Fh* w��i�e on t�e
Bonds.
"APPlicubde LG'nvirorrmental Lmv" has the �: ;anin� set forth �n �'ection 5.6.
"Bond Resolution" meaus a xesolution apprav�d by �he Lanc�lord's :8aard of Direciors ihat pro�vides
for the dates, denominations, principal amount�, interest rates, maturities, redenaptian provisions,
forms of bands, manner of payment, provision for execution and authentication, application of
proce�ds and alI vther tez7ms and pravisions of the Leas� Revenne Bonds.
"Bonds" means tha bonds issued by the Landlord for the acquisition of the Premises.
"Crrsualry" sha11 mean a lass nr darna�e caused by fire or othox ca�ualty.
"CERCLA" means the Comprehensiv� Envirvnmental Response, Cprnpensatiog, �.nd Isiabilitv Act
of 1980 as codified at 42 U.S.C. § 96a1 et seq., as amended.
uCoryamencetnent L}w �'�" 1A85 �E ;::;�'...a:::::� s�t forth in �ection 2_l.
"Conderranatio�a Proceeds" has t?:u :.^.:aning sef. �`�;+.1�± ±n �p�ti�� � ?,
"Cvndomi�iur�" means the Cultural Distric# Master Condvminium.
"Condominium Decdurat�vn" means tlae Declaration of Condominium Regime for Cultural District
Master �,^::�ominium r�carded as Document No. D221290606 , Qf tha Qfficiai Public Recnrds
of Taxx'a�nt �`ts�::xy, T�xas, ws �:�; :y be amended, supplemented 4r xnodi�ied �rorn firne to time.
"Coradominium Doc�rrasnt�s" means, iu�dividually or aollectively as the ease m.ay be, the
Co:ndom�in�uxa� Declaration, the Pl.at and Plans, the Certi£icate, the ByI�ws, fihe Rules, the
_._�llacation_Document,_and_the .Act,.as .each -term. is-so-def ned-�n.t�e_Condonazr�iuna.-Declaration..
amd as each may be amended from time to tiume. An appendix, ai�aclunent, schedule, or
certification accompanying a Condominium Document is a part of t.�.at Condominium Doctzment.
Page 3� of 40
_Pazking_Garages Lease .CCLGC & CEW
"Day(s)" or "day(s)" rneans a calendar day unlass otlierwise specified.
"Debt Service D�eYence°' m�ans the difference be�veen the Annua� Debt S�rvice Arnnunt and the
�ublease Rate.
"Debt ServBce Rate" means the amount of the full debt service %r the bonds issued by the Landlord
for the acquisition c�f the Premises.
"Effective Date" means Yh� date an �rhich the Landlard and '� p;�;�nf hRv� both e�ecuted xnd
deli�ered the A�;reament, as noted on the cover page of the Lexse.
"Extended Option" has the meaning sei forth in Section 19.1.3.
"Fair Markei Rerat" means the amount of the fair market vaIue ��r L-he us� af t�ie P��is.ing {yaxages,
calc�ated as set farCh in t�e Lease.
"Gcr�age Revenues" means �u amount equal to 2S% of at�y Net Revenue for Short-Term Parking
during the first five (5} years of the Tezm at�d 50% Qf such Net R�venue f��r a11 subseqt�eni y��r�
af tlze Tc�n.
"Gover�amental Rures" mea�as alI staiutes, iflW�y OrL�111RTlGeSs �'�7�1�5, PL11: S, COrIPc} rQtr ��tjn1_15,
permits, iniexgretataons, csrtificates or orders of any gavemm�ntal entiiy, �ar anv iudgments,
deeisians, decrees, li1jUT1Ct1DI15� writes, o�iers or like action of any court, arbitrator, or ��Fher
Federal, �iat� or local gavernmental entity.
"Hazarddus Substanee" and "�azc�dous �uf�stcanees" has t�e meaning se� farth in Sectia� 6.6.
"La�ddorci" means the Cen�ral C�#y Local Grovernment Cozpozation, a Texas nan-pro�t
co�poration.
"I,ease" means this Parki�r�g Garage Lease with Option to Purchase.
"1Vlenrorandum of Rent attd Commencement Date " has the meaning se# forth in Section 2.1.
"Net Reve�zue" means the annual revenue, af�e� deductions for amounts payable hy Subten:atat
under the Sublease, as well as rY�sanable nperating and maintenarzce axpenses d'uectly related to
repa�, replaeem.ent, maititenance, �aax��.ger�ent and operation of t}ie Premises (subJect to an annual
cap on Subten�nt's attorn�ys' f�es in .*.n� aznotu3� ai $25,000), collected by Subtenan� frc3m garking
fees for the Public Spaces.
"Netiv Lease'° has the meaning set foeih in �ection 15.2.
"Option" has the meaning set forth in Seetion 19.1.1.
�age 33 of 4Q
Parking Garsges Lease CCLGC & CFW
"4ptaan Purchase Prace" rneans an amount equal ta the Purchase Ftice minus (i) the net present
value of a11 Sublease �ayrnent�, b�t specif�call� exciuding any 380 Cxrant pay�nents, anr� (ii) all
Garage Revenues paid by Su.btenar�.t ta �ublandlord as af the date of suc�x deteznainatzon. For
purpos�s of net prese�t vatue calculations, Land[ord and Tenant stipixlate and a�ree ta a disco��??fi
rate equaI to six percent (6°fo) per annum. The year ofthe first Sublease Payrnent tvil� serve � r�e
pres�nt year far a.I1 such calculations. For cxample, using this rr�ethod, the net preseni value of
twenty annual payrnents af $1,OUO,OD�.00 wauld Y�e equal ta $11,459,921.22.
"PaYkfng Garage N.�aster� Unit 1" mexns the Garage Master Unit � more particularly described on
the attached Exhihit `B" attached nereto, together witl� the uz�divided i�terest �n any at�as reserved
as Genaral Coxr�nnon E�ements (as defined in the Condoxiainiuzn Decl�ration) or Lirnited Cnm�on
Elements (as defined in tlie Co�dominiu� Declaration) apnurtenant to Garage Master Unit ]., and
such easernents and o#her rights to usa the C��mrnot� Elennents f�a,� de#ineci in rh� ��:;�r�n,;n;,rm
Declaratian) which ha�ve �een specifieal.ly assigned ihereto in the Gondorninium 17Pclaration.
`°Parking Garage Masre� Unat 2" cneans the Garage iVlast�r Unit 2 mare �articulsrly described an
the aitached Ex�ihit `B" attachec� hereto, fogefihelC WIItS� t�l.e u.n�lliviriecl �n1YrPGt in anv areac re�eryec�
as General Cornrnon Ele�ents (as defined in �.ize LUndnminium I�ec�aration} or �.imitecl C;nmman
��OXl'l�rit5 �dS L�:fnPri in fh�* ('.nnt�nmini��m L,�ecI�,I'�.t10�} appUCC�n�nC [p ��;'��e 4Vlaster U???� �, 4.*!�
such easern�nts �.nd otbex rights to usa ti�e C:amraon El�ments (as defined in the C�ndominiurn
DecIaration) vsrhieh ha�ve baen specifically assig�.ed �ereta in the Condorrrinium Dealaraiian.
"Parking f'r.u�a�e hfaster fl�Tr �" means the Gara.ge Master 7l Tnit 3 more particularly described oxj
the at�ched E�chibit "B" �.ttached her�to, irn�ether rvith th.e undivided interesf in any areas rese�rved
as General Cammon �lexx�.ents (a� defined in the Condominium Declarat�on} or Limited Common
Ele�a�:ents (as deixned in the Condozniu�ium ��cl�.ration� app�artenant to Garsge Master Unit 3, and
s�rch �as�ments �nd ot�er rights to �ase �the Cc�rnmon Elexn�nts �as �e£'ined in the Condominiurn
Deelara#ion) which have been speci£'xcaIly assigned thereto in the �;�ndominium Declaraiion.
"Parking Garages" means, collectively. °arking Garage Master Unit 1, parY�ing Garage M�ster
Unit 2, and Parkizag Garage Master Unit �3, �ontainin.g 8a0 or more spaces in the aggregate that axe
located an fhe Prernises.
"Pr�ePnises" means, collectively, Parking Garage Master LTnit l, Parking Garage Master Unit 2, aa�d
Pa7r�cin� Garage Mas�er Unit 3, and all iznprovements located thereon, including but t�at limited to
the Parkirn� Gara�es.
"Project" aneans a mixed-use develapment featur'�n.g a hntel with at least 20fl rooms; I69 or raore
unifis of multi-fainily �parh�n.ents; ��a,�}00 s�u�re �unt w�r r„e�re o�ce bui�din�, and the Parking
Garages on properly located �: :14;Y �ntersection aF �am� Bo�;P Rn�ilPvarrl �,n� �,ran C�ib�rn �a'Ay.
"Public Spaces" means th� four hur�dted (400} parking spaces in the Parl�in�g Gara�es that are to
be made available for public use as set forF� in �h� �.ease.
"Pts�chase artd Sale Agreerr�enP' has ihe me�ning set forth iz� RecXtai l.
Page 34 of 44
Paxking Garag�s Lease CCLGC &. CF'W
"Purchase Price" rr�eans the pvrchase price paid by Laz�dlozd for the purchase of tl�e Parking
Gara.ges upan comptetion of construction, which is the Iesser of (i) the fair znarket vaIue of tlte
Parking Gaxages at the tiine of completion of canstxuc#acan {as determined pursuant to the
applicable provisions in the Pu�chase and Sale Agreement), ar (ii) $2S,QU0,000.
"Release" has the meaning set forth ir� Section 6.5,
"Re�t" means the higher o£ the Debt Service Aate and the Fair IV[arket Rent, which sbail be set
forth zn the Metr►arand�m oFRent.
"Repartable quarttity" h�s the meaning set forrth i�a Secti�n 6.G.1.
"Sho�t-Term Pzrrking" means visifor and public sslf-parking t�rith.in the Farking Garag�s,
excluding any valet parking services, contract parkit�g, and parking by employees, agez�ts,
residents and tenants oithe ofiice, residentia! and retail p�ortions oithe Pzoject.
"Sub1'andlard" means Tenani in ifs capacity as Iandlord �,:nder k�� Sublease.
"Subdcase" zneans the mandatary sublease between Tenant and Subfenant with the terms �n�
conditions sat forC� in Seetion 9. �.
"5ublease Payment" naeat�s ���10.000.00 per year, to be paid by ��;t�btenant to Sul�landloz�d, and is
the �naximwn amount the Subtenant :� required to pay of the �.otal S;.abiease R�ni, with the
remaining atnount czedited through ihe 380 Gran� as set forth in the agreern�nt batween Subtenant
and Tenant, exce»t that in the event tb,at the 3$0 Grant is tsrminated, for£eiied, or equitabl� reduced
as expressly pxovided for in the 3�� .� �reemeni, a�. amount equa! to the 380 Crant if terminaied,
ar fo the reductian in tihe 380 Graxtt due �� lorfeiture, or equitable reduction shall be addec� ta the
$$UU,OOO.UU per j�ear amoun# set for�h above.
"5'ublease Rate" ��neans the greater Qf $SOO,a00 per year or Fair Matket Rent.
"Sublease Rent" tx�eans the Subleasc Rate pLus the Debt Service Difference
"Suhleasehold Marigage" has the mea�ning sat forth in Seetion 15.1.
"Subleasehold Martgagee" has the meaning set forth in Section 15. �.
"Subtenc�t" ar►�eaz�s G�1F CD Hotel LLC, GPIF CD Multi LLC, and GPIF CD Off�ce LLC, each,
a Delaware lirnited Iiability corr�pany, and their respectzve successors and assigns.
"�'akir�g" means a taking or co�demnation eiiher perr�tnanently or temporarily for any public or
quasi-public use ar purpase by any competent authorit�y (othex tE�.an by the Gity o�Fort Worth) in
appropriation �roceediwgs ar by any ri�lit of erninent domain (inciuding sale under threat of such
a taking}.
"TenanP' means the City of Fort Worth, a Texas rnt,�rlieipal corpara�ian.
Page 3� nf 40
Farking Garages Lease CCLGC & CFW
"Tenant's Recovery" has the meaning set forth in Sectinn 6.7.
°`Term" rneat;s the term c�Fthis L.ease as set forth in Section 2.1.
Page 3b o�4�
Paxlcing Garages Lease CCLGC & CFW
EX�iiSIT "B"
Premises Description
Parkin� Gara�e Master U�it 1:
Garage Master Unit 1 af Cultucal Distriat Mas#er Candominium, a candorniniurn pro�ect in Tarrant
County, Texas created pu�suant to Condominium Declarati.on, tQgether with an undivided inl:erest
in and to the Camman Eleno.ents {as de£'ined in the Condominium Deela�ration) appur�enant thereto.
Farkn�_Garage Master Unit 2:
Garage Masier Unit 2 of Cultural District M�tst�r C�;::�n?�xiinium, a cond�in ini um �raj ect in Tarrant
County, Tex�s czeated pursuant to Condominium 17ec��r?+?nz�, together with an undivided interest
in and ta �he Common Elements (as defined in t�e Canciominium C►� ;?w:���ion) appr�r�enant thereto.
Parkin� Gara�e Mas#er Unit 3:
Garage Master Unit 3 of Cul�ral Distriet Master Candorninium, a condanai�ium project in Tarrant
Cor.�nty, Texas oreated �ursuant to Candominium Declaration, together +�rith an undivided interest
in and to the Comtuon �lements (as defined in the Condaminium Declaration) appurtenant theretc�.
Page 37 of 4d
Parking Garages Lease CCLGC & CFW
EX.FIIBIT "C"
ForEn of Menaax�andum of Rent and Commence�en�t Date
202
Ci.ty of Fort WortH
200 Texas StrEet
Fort Worth, Texas 76102
Attn.
Re: Parking Garage Lease with Option to Purchase (the "Lease") dated
, 2021, betwee:n Central City Loca! Gov�rnm�nt Corporation, a
non-�rofit loeal govezxament �r„rporaCinn of �.�;� �*RrP nf TB%a5 �"Zandlflrd";, and
The City. of � ort Warih ("Tenant"). Capitalized terms used herein but not de�inied
shalI be given �la.e meanings assigned to thexn it� the Lease.
Ladies and Gentlemen:
Landlord and Tesiant agree as �ollows:
1. Acceptan,ce of Premis�s. Tenant has accepted possession af the Pr�mis�s pursuant
to the Lease.
2. Commencement Date. Noh�ithstandin.g anything to t�e eon#rary set forth in the
Lease, it is hereby agre�d that the Cozx�r�encement Date Qf the Lease shall for aiI purpases
thereundec be l�erea$er deemed ta be , 202�.
3. Expiration Date. Natwithstanding anything to the eontrary set forth in the Lease,
it is hereby agreed that the initial Term is scheduled to expire �n the last c�ay of th.e 20th year of
the Term, which d�e is , 20A� , subjec� to the �?.enewa( Terms set forth Xn the
Lease. �
4. Fair Market Rent. Notwithstanding anything to the contrary set £orth in the Lease,
it is hereby agreeci, as determined �in accordance wi#1a the provisions of the I�,�a��, L�At ki) Fair
Ma�rket R.ent shall equal $ , and (ii) The Debt Service Rate shall equaf $
5. Biun,ding Effeet; Governing Lavv. Except as modified hereby, the Lease is and
shall rernain in full forc� and effect and this letter 4hall b� binding upon Landiord a�ad Te�ant and
their respective successors and assigns. If any incansistency exists or arises between tbe te�rrns o�
this letter and tne t�rms of the Lease, the texms af this letter �hall pze�ail. This letier shall be
gover�ed by ihe laws of the �tate of Texas.
Page 38 of 40
Par1�g Garages Lease_GCLGC & CF..W
Please indicate your agreernent to the above matters by sigr�ing this letter in tk�e space
indicated b�low and rekuming an execufed or�ginal to us.
Sincerely,
Central City Local Governrne�at Corpvration,
a noa�-pra�t l�cal gc��er.rument coa�poration af ti�e
State of Texas
By: SAMPLE FC1RNf— DO N4T SIGN
Na�me:
Tit�e:
Agreed and accepted:
City of Fort Wnrih
By:^
Natne:
Tit]e:
ADDIT`�ONAL CITY OF F�RT WORTH REQUYRED SrG1�TATURES:
Cantract Connpliance Manager
By signing, I acknnwIedge that I arnn the person responsible
far the manitoring and ad�ninistration of this contract, includin�
�nsuring a11 perfat7mance and reportir�g requirernents.
Name:
Title:
Page 3�n �f 40
Paricing Garages Lease CCLGC c� CFW
APPROVED AS TO �ORM AND LEGALITY:
Learm GWzma�n
Deputy City Attnrney
�or�n 1295: N/A
A'�"i`� �'!'�n BY:
Mary Kayser
City Seeretary
M&C #
n�Tr::
Page 40 of 4Q
_._ Parlcing Garages.Lease_C.CLGC_8c CFW
A$40-5918-OQ07�.1159164-83 9/13/2021