HomeMy WebLinkAboutContract 16491-A3 CITY SECRETARY
CONTRACT N0.
THIRD AMENDMENT TO LEASE AGREEMENT
(CITY SECRETARY CONTRACT NO. 16491)
WHEREAS, the City of Fort Worth ("Lessor") entered into a lease agreement with
General Dynamics Corporation, a Delaware corporation, dated June 27, 1988 (City
Secretary Contract No. 16491) (the "Lease") for approximately 2 acres of land described
therein for Parking Lot #7 along Bomber Road, Fort Worth, TX for a Primary Term of five
(5) years from July 1, 1988 to June 30, 1993;
WHEREAS, Lockheed Martin Corporation, a Maryland corporation ("Lessee"),
succeeded to the interest of General Dynamics Corporation as successor to Lockheed
Corporation, the assignee of General Dynamics Corporation, and Lessee acknowledged
its consent thereto;
WHEREAS, by way of Lessee's notice dated April 15, 1993, Lessee exercised
the First Renewal Term for a period of five (5) years from July 1, 1993 to June 30, 1998.
WHEREAS, Lessor and Lessee amended the Lease on July 9, 1998 and filed of
record in the Tarrant County Real Property Records on September 1, 1998 as
Instrument No. D198174992 ("First Amendment to Lease") to exercise the Second
Renewal Term of the lease for a period of five (5) years from July 1, 1998 to June 30,
2003, with options to renew the Lease for up to two (2) additional periods of five (5)
years each.
WHEREAS, By way of Lessee's notice dated April 29, 2003, Lessee exercised
the Third Renewal Term for a period of five (5) years from July 1, 2003 to June 30, 2008.
X99 1 OFFICIAL. RECORD
CITY SECRETARY
FT.WORTH,TX
WHEREAS, By way of Lessee's notice dated March 18, 2008, Lessee exercised
the Fourth Renewal Term for a period of five (5) years from July 1, 2008 to June 30,
2013, for a lease rate of$2,900.00 per year, or$241.67 per month.
WHEREAS, By way of Lessee's notice dated February 18, 2013, and Lessor's
letter dated May 17, 2013 accepting and acknowledging such notice from Lessee,
Lessee exercised the Fifth Renewal Term for a period of five (5) years from July 1, 2013
to June 30, 2018, for an initial lease rate of $6.011.00 per year, or $500.92 per month,
subject to a 3% annual escalation.
WHEREAS, Lessor and Lessee desire to amend the lease to add three
additional options to renew for five-year periods each;
NOW THEREFORE, in consideration of the mutual promises, obligations and the
rentals set forth below, the parties agree as follows:
1. Lessee and Lessor agree that Lessee shall have an additional three (3)
options to further renew the lease for a period of five (5) additional years
for each renewal term, each exercisable by providing written notice to
Lessor no less than two (2) months prior to the expiration of the then-
current term. Each Renewal Term shall be under the same terms and
conditions as the Lease, except for the Rent, as follows. The Rent for the
sixth renewal term, commencing July 1, 2018 and ending June 30, 2023,
shall begin at an annual rate of $6,968.39, or $580.70 per month.
Thereafter, the rental shall increase 3% annually and annual and monthly
rentals for the Sixth Renewal Term shall be as follows:
July 1, 2018 through June 30, 2019: $6,968.39; $580.70 per month
2
July 1, 2019 through June 30, 2020: $7,177.44, $598.12 per month
July 1, 2020 through June 30, 2021: $7,392.76, $616.06 per month
July 1, 2021 through June 30, 2022: $7,614.55, $634.55 per month
July 1, 2022 through June 30, 2023: $7,842.98, $653.58 per month
Rent shall continue to increase by 3% annually during the Seventh and
Eighth Renewal Terms, if exercised.
2. Notices to Lessee are to be sent to:
Lockheed Martin Corporation
1 Lockheed Boulevard
MZ 6450
Fort Worth, TX 76101
Attn: Real Estate Manager
And to:
Lockheed Martin Properties, Inc.
100 South Charles Street
Suite 1400
Baltimore, MD 21201
Attn: Lease Administration
3. All other terms and conditions of the Lease, as amended, remain
unchanged and in full force and effect.
[Signature Pages Follow]
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EXECUTED this (P day ofnlp�CL , 2018.
LESSOR:
City of Fort Worth,
a Texas municipal corporation
Assistant City Manager
Se-sc's Y. a e'-
Approved as to Form and Legalit
OF
Assistant City Attdrney
AAr
�qS
N4 M&C REQUIRED
City Secretary
LESSEE:
LOCKHEED MARTIN CORPORATION
By: LMC Properties, Inc., Attorney in Fact under
Irrevocable Power of Attorney effective April 4, 2016
By: f z'
Name: Charles B. Hardie
Title: Manager, Real Estate
tFT.YWORTH,
AAL RECORD
SECRETARY
4 TX
THE STATE OF TEXAS §
COUNTY OF TARRANT §
BEFORE ^^E, the undpr�ign--,authority, a Notary Public in and for the State and
County aforTHM, .oVk
day of ^-- 2018, personally
appeared �n to me to be the per n whose name is subscribed to
the foregoing instrument, and acknowledged to me that he executed the same as the act
and deed of the City of Fort Worth, a municipal corporation of the State of Texas, and as
the Assistant City Manager thereof, and for the purposes and consideration therein
expressed, and in the capacity therein stated.
SANwEZ
MARIAN
MyNotery►mom 2021 Notary Public, State of Texa
Expires 0ece r 19,
ors
My Commission Expires:
STATE OF MARYLAND §
CITY OF BALTIMORE §
BEFORE ME, the uncle rsi nod authority, a Notan Public in and for the State and City
aforesaid, on this the day of , 2018, personally appeared
Charles B. Hardie, known to me to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same as the act
and,deed of Lockheed Martin Corporation, by LMC Properties, Inc. as Attorney in Fact
under Irrevocable Power of Attorney effective April 4, 2016 and as the Manager, Real
Estate thereof, and for the purposes and consideration therein expressed, and in the
capacity therein stated.
Notary Public, State of MaryiaAd-
My Commission Expires:
ANNEWKIRK
NOTARY PUBLIC
BALTIMORE COUNTY
AAARYLAND
MY COMMISSION EXPIRES JUNE 2,2020
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Contract Compliance Manager:
By signing I acknowledge that I am the person responsible
for the monitoring and administration of this contract, including
ensuring all performance and reporting requirements.
Ze 1?<1. CN6 c.tbLl L•C
Name of Employee/Signature
Title
❑ This form is N/A as No City Funds are associated with this Contract
Printed Name Signature