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HomeMy WebLinkAboutContract 55863CSC N o. 55863 LEASE AMENDMENT TO LAKE WORTH RESIDENTIAL LEASE AGREEMENT This LEASE AMENDMENT TO LAKE WORTH RESIDENTIAL LEASE AGREEMENT ("Amendment") is entered into by and between Kevin and Rebecca James ("Tenant") and City of Fort Worth, a Texas home rule municipal corporation ("Landlord"). WHEREAS, Landlord entered into a ground lease ("Lease") on February 1, 1982 with the original lessee under the Lease Agreement for property located at 7364 Love Cir, with a legal description more particularly described as Lot 5 Block 15 Lake Worth Leases Additian Fort Worth Tarrant Countv, TX (the "Leased Premises"), said Lease attached hereto as Exhibit "A"; WHEREAS, through assignment(s), the Lease is now between Landlord and Tenant for the Leased Premises, and such Lease has a fifty year term ending on January 31, 2032; WHEREAS, pursuant to Section 272.001(h) of the Local Government Code, Landlord is authorized to sell the property to the person leasing the land for the fair market value of the land as deteimined by a certif ed appraiser; WHEREAS, Landlord and Tenant desire to effect a sale of the Leased Premises fi-om Landlord to Tenant under Sec#ion 272.001(h) of the Local Government Code for the fair market value of the land, and, contemporaneously with this Amendment, is entering into a Purchase and Sale Agreement for the purchase of the Leased Premises by Tenant within eighteen (18) months of the execution of the Purchase and Sale Agreement; and WHEREAS, the existing Lease does not provide for terms of dispasition of the Leased Premises in the event of a sale or for the tei7ns of the termination of the Lease in the event of a failure to purchase the Leased Premises under the Purchase and Sale Agreement, and the parties desire to amend the Lease to provide for such terms. NOW THEREFORE, in consideration of the mutual agreements herein and other good and valuable consideration, the parties agree as follows: OFFICIAL REC�RD CITY SECRETARY FT. WORTH, TX 1. Term. The term of the Lease is hereby amended to end upon the closing of the sale of the Leased Premises under the Purchase and Sale Agreement, which shall occur within eighteen (18) months after the Amendment Effective Date ("Closing Deadline"). If the closing of the sale of the Leased Premises has not occun•ed by the Closing Deadline; this Lease shall expire on the Closing Deadline. 2. Expiration of Lease. Section VII EXPIRATION OF LEASE is hereby deleted in its entirety and replaced with the following: "VII. EXPIRATION OF LEASE A. Any buildings, improvements, additions, alterations, and fixtures (except furniture and trade fixtures) constructed, placed, or maintained an any part of the Leased Premises during the lease term are considered part of the real property of the Landlord and must remain on the Leased Premises and become Landlord's property when the Lease terminates. B. Before the Lease ternunates, Tenant shall remove all personal property, furniture, machinery, or equipment in, under, or on the Leased Premises. Before the Lease terminates, Tenant must repair any damage to any buildings or improvements on the Leased Premises resulting from the removal. Any such items not removed by the lease terniination date will become Landlord's property on that date." 3. Ownershin of Improvements. Section X OWNERSHIP OF IMPROVEMENTS is hereby amended by adding the following sentence at the end of the Section: "Upon expiration of this Lease through the closing of the sale of the Leased Premises under the Purchase and Sale Agreement, Tenant shall retain all right, title, and interest in the improvements on the Leased Premises; however, upon the expiration of this Lease without a closing of the sale of the Leased Premises under the Purchase and Sale Agreement, all right, title, and interest in the improvements on the Leased Premises shall vest in Landlord without further payment by Landlord to Tenant for the improvements, and Tenant shall not have any right to enter upon the Leased Premises." 4. Continued Terms and Provisions. All of the terms and provisions of the Lease between the parties shall remain in full force and effect except as specifically amended herein. STATE OF TEXAS § § COUNTY OF TARRANT § This instrument was acknowledge� before me on the 20th day of March 2021, by DanaBurghdoff. Assistant City Manager of the City of Fort Worth, a Texas municipal corporatfonJ on behalfofthat entity. NITA SHINSKY My Notary ID# 11003317 Expires JLtJ 12, 2023 STATE OF TEXAS § § COUNTY OF TARRANT § �•Iona Ala (Apr 20, 20>116:04 COT) Notary Public This instrument was acknowledged before roe on the 1L day of 4L 2021;by Kevin James, on behalf of that entity. STATE OF TEXAS § § Ll� f Q1j(£_ Notary Public 1 COUNTY OF TARRANT § This instrument was acknowledged before me on the� day of� 2021, byRebecca James, on behalf of that entity. Notary Public Executed to be effective os of the dale thi Amendment is notarized by the City ("Amendment EITectiv Date"). LANDLORD: CITY OF FORT WORTH, TEXAS, a Texas municipal coq1oration By: Dqnq Bµr.f,,hdotf 0:w"I.J 1rr.he1nff �. 0 lOJI 11 �I IJT Dana Burghdoff, Assistant City Manager APPROVED AS TO FORM AND LEGALITY: �/t.h'.6eu, ��,Y Assistant City Attorney M&C: L-15964 1295: NIA ATTEST: �9� City Secretary City of Fort Worth Contract Compliance Manager: By signing I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all perfotmance and reporting requirements. � Name of Employee: Nita Shinsky Title: Land Agent TENANT: KEVIN AND REBECCA JAMES p� :iaam -u8isse qans;o alep ayl oi �uoun� pred ais saxei aialo�8n pa ,Si?� P� �p��q xlr� aqJ ol [»bo siunouis ne •� :iEql F-; .no�d 'vual8u�a�etaat io assa� s� jo (lu��a&isss �C(anq�apoo ni�amotzv 3QaiunBisss io `a[es �q� ano�dds •y �I[B9s �oM uo33o �r,,7 aqy SA[OI,LV�I'IHO MIY S.LHJIZI S.�IOSS3'I 'AI �s�aa pve sBoP P�7ao?lsamop ueq3 iaq3o sasrmaid pasea� ayl uo s�ecu�ue .ime 1�ad io daax 1oa 'W •sascmaad aq� uo �sna o3 aauesmu,Sua Mopa lo alsa� ioa'sasimaid aqi ao aise.r,faa �pa]�?�uoo aq o� n�oRe io'l�uo� lon 'Z 'sanpoqlns a3Budosdda aq3 Aq panoidd8 pue pa�sa� uaaq sgq li man poM qans mol; �a3e,� ayi asn iau d3U a� �o �anoidda aau!� iopd ay� 3noq�us P�1 P��I ay� ao �a,e Sas 8ip io �p �oa 'g ° •saousmpio pas sn.e� aonB�rass a�q�gdde qiut aousgd -wo� u� `elos�xa pas 'o�se,d ,ipor� � ; ol3.iD !�'a"�`!p :�i31c7� SQ'aZSL EiiIC SrC^y13� "+1Yg3R1S QIEli[IEm �I1B �QNOl� 'S '31QK�4 � ao auo�ivs Jo oassa-j aql �Cq �C��nt3as �o »np¢oo �Saa �0 3[nsai s ss 5aisu w P�[ W�I ��[1 aadn pasod�ut aeieqa io mr$�a 'aag iaqio ,Sas io saaq s,uaui�euo�sui pua s,a�usqaam Re pue �Sua uais8a pva uio13 ,iu� paa;ap pve ssal�R P[oq',(;muiaPII! 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