HomeMy WebLinkAboutContract 48569 CITY SECRETARY _
CONTRACT NO.
When recorded, return to:
Lake& Cobb,PLC
1095 W. Rio Salado Pkwy, Suite 206
Tempe,AZ 85281
Attn: J. Gregory Lake,Esq.
(Space Above for Recorder's Use)
MEMORANDUM OF GROUND LEASE AND OPTION AGREEMENT
THIS MEMORANDUM OF GROUND LEASE AND OPTION AGREEMENT
("Memorandum") is made as of January Jj , 201,6,'l(the "Effective Date") by the CITY OF
FORT WORTH, a Texas home rule municipal corporation ("Lessor") and TCSF16-D E FORT
WORTH K8, LLC, an Idaho limited liability company ("Lessee").
RECITALS
A. Lessor and Lessee entered into that certain Ground Lease with Option to
Purchase, of approximate even date herewith (the"Ground Lease"),pursuant to which the Lessor
leased to Lessee and Lessee leased from Lessor real property, which real property is more
particularly described in Exhibit A attached hereto and incorporated herein by this reference (the
"Leased Premises").
B. The Ground Lease includes an option for Lessee to purchase the Leased Premises.
C. Capitalized terms used but not defined herein shall have the meaning set forth in
the Ground Lease.
D. Lessor and Lessee desire to execute this Memorandum to provide constructive
notice of the Ground Lease and Lessee's option to purchase the Leased Premises.
For good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged,the parties agree as follows:
1. Term. The Term of the Ground Lease commences immediately and expires thirty
(30) years thereafter, unless terminated earlier.
2. Option. Lessee has an option to purchase the Leased Premises.
3. Notice. Lessor and Lessee hereby give actual and constructive notice to all
persons of the Ground Lease and Lessee's option to purchase. A copy of the Ground Lease is in
the possession of both Lessor and Lessee.
4. Purpose. This Memorandum is intended for recording purposes only, and does
not modify, supersede, diminish, add to or change all or any of the terms of the Ground Lease in
any respect.
5. Successors and Assigns. This Memorandum shall bind and inure to the benefit of
the parties and their respective heirs, successors and assigns, subject, however, to the provisions
of the Ground Lease.
6. Governing Law. This Memorandum is governed by the laws of the State of
Texas.
[SIGNATURE PAGES FOLLOW]
IN WITNESS WHEREOF, Lessor and Lessee have executed this Memorandum as of the
day of Q , 2017.
LESSOR:
CITY OF FORT WORTH,TEXAS,
a Texas municipal corporation
i�
Attest: Jesus Chapa,Assistant City Manager
Al
of Foy'
Mary J. Kayser, City Secretary .
Approved as to form:
Assistant City Attorne
STATE OF E31r S )
) ss.
County of I Aj2A2-A-r,4T )
The foregoing instrument was acl nowled ed before me this �� day of January, 2017,
by,j E.S u S PA , the �, of the City of Fort Worth, a
Texas municipal corporation.
Notary Public
My commission expires:
Oo ojir a�
'•. OF ;
LESSEE:
TCSF16-D E FORT WORTH K8, LLC,
an Idaho limited liability company
By: TCSF 16-D, LLC, an Idaho limited
liability co a , its sole member,
By:
Name:
Its:
STATE OF )
SS.
County of )
�"' l
The foregoing instrument was acknowledged before me this day of January, 2017,
by- ed , the e of TCSF 16-D E FORT WORTH K8, LLC, an
Idaho limited liability company, sole &ember and manager of TCSF16-D, LLC, an Idaho
limited liability company.
N tary Public
My commission expires: -
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= PUBLIC O
EXHIBIT A to MEMORANDUM
LEGAL DESCRIPTION
Tract 1:
Lot 1, Block 14-A of Woodhaven Country Club Estates,3-B Filing, an addition to the City of Fort Worth,
Tarrant County,Texas, according to the plat thereof recorded in Volume 388w97, Page 25,Plat Records,
Tarrant County,Texas,
Tract 2:
LOT 1, BLOCK I OF SPANISH OAKS APARTMENTS ADDITION,an Addition to the City of
Fort Worth, Tarrant County,Texas,according to the revised plat thereof recorded In Volume 388-90,Page
36,Real Property Records of Tarrant County,Texas.