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HomeMy WebLinkAboutContract 11085 CITY SECRETARY _.,, CONTRACT No. � -�' i LEASE AGREEMENT (PARKING GARAGE LEASE ) BETWEEN THE CITY OF FORT WORTH ( 'IT ESSOP" ) AN B HUNT HOTEL/FORT WORTH , LTD. ( "LESSEE" ) PARKING GARAGE LEASE TABLE OF CONTENTS ARTICLE I------LEASE TERM 1 .01 Granting Clause 3 1 .02 Habendum Clause 3 1 .03 Commencement Dates and Lessee' s Acceptance of the Leased Property 3 ARTICLE II-----RENT 2.01 Fixed Minimum Rent 4 2.02 Percentage Rent 5 2.03 Manner of Payment and Prorations of Rent 5 2.04 Annual Statements and Books and Records 6 ARTICLE III----UTILITIES AND TAXES 3.01 Utility Expense 7 3.02 Taxes 7 ARTICLE IV-----EMINENT DOMAIN 4.01 Total Condemnation 7 4.02 Partial Condemnation 8 ARTICLE V------LESSEE'S RIGHT TO SUBLET OR ASSIGN 5.01 Lessee's Right to Assign 9 ARTICLE V_1-----RIGHT TO MORTGAGE 6.01 Leasehold Mortgage 10 6.02 Notice to Mortgage 10 6.03 Rights of Mortgagee 10 6.04 No Assumption by Mortgagee 11 ARTICLE VIZ----PERSONAL INJURY AND LIABILITY INSURANCE 7.01 Indemnity 12 7.02 Liability Insurance 12 ARTICLE V.111---CASUALTY DAMAGE 8.01 Casualty Insurance 13 8.02 Post-Casualty Repair 13 ARTICLE IX -----MAINTENANCE REPLACEMENTS, ALTEEATIONS, AND ADDITIONS 9.01 Maintenance and Replacements 14 9.02 Alterations 15 9.03 Additions 15 ARTICLE X------DEFAULT AND REMEDIES 10.01 Default 17 10.02 Remedies After Default 17 ARTICLE XI- -----NOTICE S 11.01 Method of Giving Notice 18 ARTICLE XII----MISCELLANEOUS 12.01 Compliance With Laws 18 12.02 Inspections by Lessor 18 12.03 Relationship Between Lessor and Lessee 19 12.04 Number and Gender of Words 19 12.05 Captions 19 12.06 Waivers and Consents 19 12 .07 Force Majeure 20 12.08 Peaceable Possession 20 12.09 Lessor ' s Warranties of Title and Authority 20 12. 10 Certificate of Lease Status 20 12. 11 Lessee ' s Right to Use Public Facilities 21 12. 12 Binding Effect 21 12. 13 Short Form Lease 21 12. 14 UDAG Grant Agreement 21 12. 15 Non-Discrimination 22 EXHIBITS Exhibit A - Legal Description of the Property Exhibit B - Schedule of Payments LEASE AGREEMENT (PARKING GARAGE LEASE) THE STATE OF TEXAS COUNTY OF TARRANT THIS LEASE AGREEMENT ("Lease") is entered into as of the day of 1980, by and between THE CITY OF FORT WORTH, a Texas home-rule municipal corporation ("Lessor") , acting herein by and through its duly authorized City Manager, and HUNT HOTEL/FORT WORTH, LTD. , a Texas limited partnership ("Lessee") . W I T N E S S E T H: A. Pursuant to the requirements of that certain UDAG Grant Agreement (herein so called) dated as of September 7, 1979 (City Secretary Contract No. 10610) , by and between Lessor and United States Department of Housing and Urban Development ("HUD") , Lessor and Lessee entered into a certain agreement (the "Agreement to Lease") dated as of September 7, 1979 (City Secretary Contract No. 10612) , concerning the construction and operation of a subsurface public parking facility to be located on and under the real property situated in the City of Fort Worth, County of Tarrant, State of Texas, more particularly described in Exhibit A attached hereto and made a part hereof for all purposes (the "Property") . B. Lessor holds title to the Property and all structures, improvements, fixtures, and appurtenances located or to be located upon the Property. Lessor will construct and build a subsurface public parking garage facility, including means of vertical and horizontal access and means of ingress and egress by stairways, ramps, and elevator, in, to, and from such garage (such garage and means of access and ingress and egress are herein collectively called the "Facility") . The Facility is to be built substantially in accordance with those certain plans and specifications prepared by Jarvis Putty Jarvis, Inc. , Architects for UDAG Parking/Plaza, City of Fort Worth, Texas, Project Number B-00-AA-48-0013 issued February 4, 1980, together with Addendum No. I dated February 14, 1980, Addendum No. 2 dated February 21 , 1980, Addendum No. 3 dated February 25, 1980, Addendum No. 4 dated February 27, 1980, and Addendum No. 5 dated February 29, 1980 (such plans, specifications, and addenda herein collectively referred to as the "Plans") , pursuant to the construction contract awarded to Henry C. Beck Company by the Fort Worth City Council on March 13, 1980, in action on M&C C-5014. The Plans are hereby approved by Lessor and Lessee. In order to pay for the construction of the Property, Lessor shall utilize, in part, funds to be provided to Lessor pursuant to the UDAG Grant Agreement. C. Lessee is a "Participating Party" as that term is defined in the UDAG Grant Agreement and has taken assignment from Hunt Investment Corporation (11HIC11) , a Delaware corporation and the sole general partner of Lessee, of all of HIC's rights and interests in, and has assumed all of HICs obligations and duties under, that certain Developer's Contract and Agreement dated as of September 7, 1979 (City Secretary Contract No. 10609) , by and between HIC and Lessor, as amended (such agreement as so amended is herein called the "Developer's Contract" ) . D. To satisfy the conditions of the UDAG Grant Agreement and of the Developer's Contract and the additional requirements imposed by the United States Department of Housing and Urban Development, Lessor desires to lease to Lessee, and Lessee desires to lease from Lessor, the Facility and all appurtenances necessary or useful for the complete and comfortable enjoyment, use, and operation of the Facility (the Facility and such - appurtenances being collectively herein called the "Leased Property") . This Lease is executed and delivered in replacement of and supersedes the provisions of the Agreement to Lease. NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties, and agreements contained herein and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Lessor and Lessee covenant and agree as follows: ARTICLE I Lease Term 1.01 Granting Clause. Lessor hereby demises and leases unto Lessee, and Lessee hereby leases from Lessor, upon the terms and conditions herein set forth, the Leased Property. 1.02 Habendum Clause. TO HAVE AND TO HOLD the Leased Property unto Lessee for a term commencing upon the Initial Commencement Date (hereinafter defined) and expiring fifty (50) years after the Final Commencement Date (hereinafter defined) . 1.03 Commencement Dates and Lessee's Acceptance of the Leased Property. Lessor covenants to complete the construction and develop- ment of the Property substantially in accordance with the terms and provisions of the Developer's Contract and to tender the Leased Property to Lessee upon such completion. It is currently contemplated that certain portions of the Leased Property will be completed and ready for occupancy before other portions of the Leased Property. Upon such completion and tender, Lessee agrees to take possession of the completed portion of the Leased Property and to execute and deliver an acknowledgment that such portion of the Leased Property has been completed substantially in accordance with the Plans and that the term hereof has commenced as of the date of such possession. The date of Lessee's acceptance of possession of the first completed portion of the Leased Property is sometimes herein called the "Initial Commencement Date". As the remaining portions of the Leased Property are completed and tendered, Lessee agrees to take possession thereof and to execute and deliver an acknowledgment that such other portions of the Leased Property have been completed substantially in accordance with the Plans. The date of Lessee's acceptance of possession of the last completed portion of the Leased Property is sometimes herein called the "Final Commencement Date." ARTICLE II Rent 2.01 Fixed Minimum Rent. Lessee shall pay to Lessor an annual minimum rental (the "Fixed Minimum Rent") equal to the greater of (i) $60,000 plus an increase of $5,000 on January 1 , 1986, and on every fifth anniversary thereafter as shown in the schedule of payments attached hereto and incorporated herein as Exhibit B, or (ii) $60,000 plus one-half (1/2) of the CPI Increase (hereinafter defined) . The term "GPI Increase" means $60,000 multiplied by a fraction, the numerator of which is the latest available CPI prior to January 1 , 1986, or prior to every fifth anniversary of such date thereafter and the denominator of which is the latest available CPI prior to the Final Commencement Date, minus $60,000. If on January 1 , 1986, or on every fifth anniversary of such date the rental amount determined under clause (ii) above is greater than the applicable amount shown on Exhibit B, then the Fixed Minimum Rent for the next five years shall be the amount determined under clause (ii) above; otherwise the Fixed Minimum Rent for such period shall be the applicable amount shown on Exhibit B. The term "CPI" means the Consumer Price Index for all Urban Consumers, U.S. Average (1967=100) , All Items, for the Dallas/Fort Worth Standard Metropolitan Statistical Area as published by the Bureau of Labor Statistics of the United States Department of Labor. In the event the CPI shall be hereafter converted to a different standard reference base or otherwise revised, the determination of the CPI Increase shall be made with the use of such conversion factor, formula or table as may be published by the Bureau of Labor Statistics or, if not published by the Bureau of Labor Statistics, then with the use of such conversion factor, formula or table as may be established by any nationally recognized publisher of similar statistical information as may be then selected by the parties. In the event the CPI shall cease to be published, then, for the purposes oF' determining the CPI Increase, there shall be substituted for the CPI such other economic index as the parties shall then reasonably select. 2.02 Percentage Rent. For each calendar year after January 1 , 2006, Lessee shall pay to Lessor a percentage rental (the "Percentage Rent" ) equal to eighty percent (80%) of the annual net profits arising from Lessee's operation of the Leased Property if such percentage rental is greater than the Fixed Minimum Rent. The term "net profits" means (A) all gross receipts actually received by Lessee arising out of the operation of the Leased Property, such receipts to include but not be limited to revenues collected from (i) registered and casual guests of the Hyatt Regency Fort Worth for furnishing parking spaces to such persons, (ii) sublessees, and (iii) persons using or subleasing a portion of the Leased Property as exhibit hall space, less (B) all operating costs and expenses incurred in connection with such operation including, but not limited to, costs and expenses for utilities; insurance; maintenance; repairs; replacements; taxes; labor; overhead attributable and fairly allocable to such operation; and all other operating costs and expenses incurred in connection with such operation or with performance of the obligations herein imposed upon Lessee. Lessee shall also be entitled to deduct, as an operating expense, from the gross receipts for any year the amount of all accrued operating losses sustained in the operation of the Leased Property for previous years of the period from January 1 , 2006, to the then applicable year; provided, the amount of such losses shall not exceed the cumulative amount of the Fixed Minimum Rent for all such prior years from January 1 , 2006. Lessee covenants to operate the Leased Property in an efficient and business-like manner so as to produce therefrom as much net profits as is feasible under the circumstances. Depreciation of improvements, fixtures, furniture, and equipment placed by Lessee at its cost and expense upon the Leased Property is not a deductible item. 2.03 Manner of Payment and Prorations of Rent. The Fixed Minimum Rent shall be payable semi-annually, in arrears. Lessee shall pay to Lessor one-half of the Fixed Minimum, Rent for each year during the term hereof on or before July 1st and on or before January Ist of each such year; provided, however, if the Initial Commencement Date be a day other than the first day of a calendar year, or, if the term of this Lease expires before the last day of a calendar year, the amount of the Fixed Minimum Rent shall be prorated based on the actual calendar days during which Lessee had possession of the Leased Property. During the period between the Initial Commencement Date and the Final Commencement Date, the Fixed Minimum Rent shall be equal to $60,000 multiplied by the number of parking spaces possessed by Lessee pursuant to paragraph 1.03 and divided by the total number of parking spaces to be contained in the Leased Property. For each year after January 1, 2006, if the Percentage Rent exceeds the Fixed Minimum Rent, Lessee I shall pay to Lessor the difference thereof on or before April 15th of the succeeding year or on or before the ninetieth (90th) day following the expiration of this Lease. 2.04 Annual Statements and Books and Records. Lessee shall keep reasonable books and records in accordance with generally accepted accounting principles sufficient to allow accurate computation of the Percentage Rent payable hereunder and shall, provide Lessor such summaries of or excerpts from such books and records in support of calculations of the Percentage Rent payable as Lessor may reasonably request. Lessee shall deliver to Lessor on or before April 15, 2007, and on or before April 15th of each year thereafter and on or before the ninetieth (90th) day after the expiration of this Lease an annual operating statement showing the determination of the Percentage Rent for the previous year, including gross receipts, operating costs and expenses, operating losses, and net profits. Commencing upon January 1, 2006, Lessor shall have the right, at reasonable times and in the Offices of Lessee, to examine that portion of Lessee's books and records which relate to the Percentage Rent. Lessor shall have the right to have independent auditors make a special audit of that portion of Lessee's books and records which relate to the Percentage Rent. If Lessee*s determination of the Percentage Rent is found to be incorrect to an extent of more than five percent (5%) . Lessee shall pay for such audit; otherwise, the cost and expense of such audit shall be borne by Lessor. ARTICLE III Utilities and Taxes 3.01 Utility Expense. Lessee covenants to pay all costs and expenses for water, gas, electricity, sewage, garbage removal, heating, ventilation, air conditioning, and other utility services in and to the Leased Property. 3.02 Taxes!. The parties hereto acknowledge the fact that Lessor, being a municipal corporation of the State of Texas, is not required to pay taxes on real property which it owns, including its fee simple estate and reversionary interest in the Leased Property. In the event that any taxes, governmental charges, or other assessments are levied against the leasehold estate created hereby or the improvements placed upon the Leased Property, such taxes, charges, or assessments shall be paid by Lessee. Lessee shall have the right to contest any such taxes, governmental charges, or other assessments so levied. ARTICLE IV Eminent Domain 4.01 Total Condemnation. If all or a part of the Leased Property is taken for any public or quasi-public use or by nego- tiated purchase in lieu of eiti-.er such use (all such methods of taking being herein called "Eminent Domain") , such that it is impractical or infeasible to restore the remainder of the Leased Property, Lessee and Lessor shall have the right to seek separate awards for their respective interests in the Leased Property. This Lease shall terminate and the rent and other obligations of Lessee shall be abated upon such Eminent Domain, and the parties all have no further obligations hereunder upon obtaining their separate awards as a result of such Eminent Domain; provided, however, the termination of this Lease shall not prejudice or otherwise affect the rights of the parties to the awards made or damages granted as result of such Eminent Domain. 4.02 Partial Condemnation. Lessor shall notify Lessee of the receipt by Lessor of any notice of the intent by any governmental authority to exercise Eminent Domain against the Leased Property, or any part thereof, within fifteen (15) days after Lessor receives such notice. If the portion of the Leased Property to be taken or taken by Eminent Domain is such that it is practical and feasible in the reasonable judgment of Lessor to restore the remainder of the Leased Property, then the parties shall each seek separate awards for their respective interests in the portion of Leased Property so taken; provided, however, subject to abatement, the rights and obligations of both parties hereunder shall remain in full force and effect, and Lessor shall forthwith perform or cause to be performed all renovation work to the extent practical and feasible to restore the remainder of the Leased Property. Lessor shall "notify Lessee whether, in Lessor's reasonable judgment, it is practical and feasible to restore the remainder of the Leased Property by giving written notice of such determination within sixty (60) days after Lessor receives notice of the intent of the governmental authority to exercise partial Eminent Domain and the plans for the public work and exact nature of such Eminent Domain have been finalized. If Lessor should notify Lessee that Lessor has determined it is not practical and feasible to restore the remainder of the Leased Property, this Lease shall terminate unless Lessee elects to restore or cause to be restored, the remainder of the Leased Property and to continue this Lease in force by delivering written notice to Lessor of such election within sixty (60) days of Lessor's earlier deter- mination. In the event Lessee elects to restore or cause the remainder of the Leased Property to be restored, Lessee shall cause detailed plans and specifications of such restoration to be prepared by competent architects or engineers and submit such plans and specifications to Lessor for its approval, which approval shall not be unreasonably withheld, and Lessee agrees to complete such work of restoration substantially in accordance with such approved plans and specifications and at its own expense, except that Lessee shall have the right and be enti ,,Ied to expend, and Lessor hereby assigns to Lessee, any part or all of the Lessor's net proceeds of the award received on account of such partial Eminent Domain which may ho reasonably required to restore the remainder of the Leased Property. If Lessee does not elect to so restore the remainder of the Leased Property, then such Eminent Domain shall be governed by the provisions of paragraph 4.01. The rent and other obligations imposed upon Lessee hereunder shall be abated in a manner that is fair and equitable upon any such partial Eminent Domain. ARTICLE V Lessee's Right to Sublet or Assign 5.01 Lessee's Right to Sublet or Assign. Lessee shall have the right to sublet the Leased Property in whole or part. Lessee and its successors or assigns may sell or assign its leasehold estate hereunder in whole or in part to any one or more of the following persons (collectively "Permitted Assignees") : (a) any Affiliate of Ray L. Hunt (hereinafter defined) ; (b) any Mortgagee (hereinafter defined) ; (c) Hyatt Corporation, a Delaware corporation, or its affiliates; or (d) any person who in the reasonable judgment of Lessor has sufficient financial capability and stability; and, upon any such assignment, Lessee or its successors or assigns shall be relieved from its liabilities and obligations hereunder to the extent of any such assignment of its rights and interests in the leasehold estate hereunder. Notwithstanding the above, Lessee and its successors or assigns may otherwise sell or assign its leasehold estate hereunder in whole or in part; provided, however, unless Lessor specifically agrees to the contrary at the time of any such other assignment, Lessee shall remain liable to Lessor after such other assignment. As used herein, the term "Affiliate of Ray L. Hunt" means, as of any time, HIC or Ray L. Hunt and any (a) person who at such time is the immediate ancestor of Ray L. Hunt or any living descendant of any such immediate ancestor (and for this purpose, an adopted person shall be deemed to be the natural issue of his or her adopting parents) or the spouse of any such living descendant (including the wife of Ray L. Hunt) ; (b) trustee of any then existing trust principally for the benefit of Ray L. Hunt and/or one or more of such persons described in (a) preceding; (c) corporation, the then "controlling persons" (within the meaning of Section 2(11) of the Securities Act of 19 33, as amended) , of which are HIC or Ray L. Hunt and/or any one or more of the persons or trustees described in (a) and (b) preceding; and (d) partnership or other entity, the then controlling persons (as above defined) of which are Ray L. Hunt, HIC, and/or any one or more of the persons, trustees, or corporations described in (a) , (b) , and (c) preceding. ARTICLE VI Right to Mortgage 6.01 Leasehold Mortgage. Lessee and its successors or assigns shall have the right, from time to time and at any time, to encumber by mortgage, deed of trust, security agreement, or other instrument in the nature thereof (any such instrument is herein called "Mortgage") , as security for any actual indebtedness, the leasehold estate created hereby, the right to use and occupy the Leased Property and all of Lessee' s right, title, and interest in and to the Leased Property created hereby and any other property so affixed to the Leased Property as to be a part thereof; provided that no mortgagee or trustee or anyone that claims by, through, or under (including a purchaser at foreclosure or by conveyance in lieu of foreclosure) such Mortgage (any such person is herein called "Mortgagee" ) shall by virtue thereof acquire any greater right in the Leased Property than the Lessee then had under this Lease. 6.02 Notice to Mortgagee. If at any time after execution and recordation of any Mortgage the Mortgagee shall notify Lessor in writing that any such Mortgage has been given or executed by Lessee and shall at the same time furnish Lessor with the address to which the Mortgagee desires copies of notices to be mailed, or designates some person or corporation as its agent and representative for the purpose of receiving copies of notices, Lessor hereby agrees to mail to such Mortgagee or to the agent or representative so designated by such Mortgagee at the address so given duplicate copies of any and all notices in writing that Lessor may from time to time give or serve upon Lessee under the terms and provisions of this Lease. 6.03 Rilhts of Mortgagee. Each Mortgagee, at its option, at any time within thirty (30) days after the rights of Lessee would have been forfeited to Lessor pursuant to the terms of paragraph 10.02 of this Lease, may pay any of the rent due hereunder or make any other payment required to be paid by Lessee by the terms of this Lease or may do any act or thing which may be necessary or proper to be done in the observance of the covenants and conditions of this Lease or to prevent the forfeiture of this Lease; and all payments so made and all things so done and performed by any Mortgagee shall be effective to prevent a forfeiture of the rights of Lessee hereunder as if the same would have been timely done and performed by Lessee instead of by a Mortgagee; provided, however, if any Default (hereinafter defined) is not reasonably susceptible of being cured by such Mortgagee within such thirty (30) day period, such Mortgagee shall have a reasonable period of time to commence to cure any such Default and proceed with reasonable promptness and diligence to so cure such Default. However, if any Default is not reasonably capable of being cured by any such Mortgagee, or if Lessee elects to terminate this Lease pursuant to paragraphs 4.02 or 8.02, Lessor shall, if requested by such Mortgagee, upon termination of this Lease, enter into a new lease agreement with such Mortgagee, so long as such Mortgagee cures all other Defaults and such Mortgagee is any institutional lender engaged in the business of making mortgage or other loans (including, but not limited to, First National Bank in Dallas and Aetna Life Insurance Company) or any other person who in the reasonable judgment of Lessor has sufficient financial capa- bility and stability, such new lease to be upon the same terms and conditions of this Lease for the balance of the term. Any Mortgage given by Lessee may, if Lessee desires, be so conditioned as to provide that as between the Mortgagee and Lessee, the Mortgagee, on making good and performing a Default shall be thereby subrogated to or put in the position of assignee of any or all of the rights of Lessee under the terms and provisions of this Lease. 6.04 No Assumntion by Mort------ No Mortgagee of Lessee hereunder shall be or become liable to Lessor as an assignee of this Lease or otherwise unless and until such Mortgagee expressly assumes by written instrument such liability. No such assumption shall be inferred from or result from foreclosure or other appropriate proceedings in the nature thereof or as the result of arry other action or remedy provided for by any Mortgage or from a conveyance from Lessee pursuant to which the purchaser at foreclosure or grantee shall acquire the rights and interest of Lessee under the terms of this Lease; provided, however, any such Mortgagee or any person claiming by, through, or under such Mortgagee shall be liable to Lessor under the terms hereof for any period of time during which any such Mortgagee or other person had possession of the Leased Property; and, provided further, to keep this Lease in full force and effect, any such Mortgagee or other person must expressly assume the obligations of Lessee remaining hereunder within one-hundred and twenty (120) days after such Mortgagee or other person has taken possession of the Leased Property. Upon an assignment of the leasehold estate hereunder, in whole or in part, by a Mortgagee or other person claiming under a Mortgage to any Permitted Assignee, such Mortgagee or other person shall be relieved of any further liabilities or obligations hereunder imposed or assumed to the extent of any such assignment. ARTICLE VII Personal Injury and Liability Insurance 7.01 Indemnity. To the extent not covered by insurance required to be maintained hereunder, Lessee shall save Lessor harmless and indemnify Lessor from and against all liability arising out of Lessee's operations of the Leased Property. Further, to the extent not covered by insurance required to be maintained hereunder, each party hereto shall save the other harmless and indemnify it from and against all liability arising out of bodily injury, loss, claims, or damage to any person or property anywhere occasioned by any negligent act or omission of such party, its employees, agents, licensees, or contractors. As used in this Lease, the term "person" means any person, firm, corporation, association, partnership, trust, joint venture, or any other entity. 7.02 Liability Insurance. Lessee shall cause to be maintained with respect to the operation of the Leased Property such public liability insurance as Lessee deems reasonable and prudent, insuring Lessor. Lessee and each Mortgagee, as co-assureds. Such liability insurance may be a part of Lessee's blanket policy for Lessee and its affiliates; provided, however, the limits of such insurance shall be in at least the amounts of $250,000 for personal injury or death, $100,000 for property damage, and $1,000,000 for each occurrence. ARTICLE VIII Casualty Damage 8.01 Casualty Insurance. Lessee shall cause to be maintained property damage and fire and extended coverage insurance in an amount equal to at least ninety percent (90%) of the full insurable value of the Leased Property and the improvements thereon. Lessee shall add Lessor as an additional insured on such insurance. All such insurance shall be carried, to the extent practicable, for the protection of both Lessor and Lessee. Each policy shall contain a standard mortgagee's clause, and Lessor, Lessee, and each Mortgagee shall be named as an assured in all such policies of insurance, as their interests may appear. Each such policy shall provide for a waiver by the insurer of rights of subrogation against Lessor and Lessee. Such casualty insurance may be a part of Lessee's blanket policy for Lessee and its affiliates. 8.02 Post-Casualty Repair. In the event that all of the Leased Property is either damaged or destroyed by casualty, or in the event that a portion of the Leased Property is either damaged or destroyed by casualty to the extent that the remaining portion of the Leased Property is not capable of being economically or practically operated, Lessee shall have the option to (a) declare this Lease cancelled and terminated, or (b) as soon as practicable thereafter, at its sole expense, utilizing all insurance proceeds payable by reason of such casualty, renovate and repair the Leased Property or the damaged or destroyed portion of the Leased Property in a manner to render the Leased Property a useable structure for the intended purposes and restore the Leased Property in substantially the condition as existed prior to such casualty. If Lessee elects to declare this Lease cancelled and terminated, Lessee shall notify Lessor, within sixty (60) days after any such casualty, of such election and this Lease shall be of no further force and effect as 13 of the date of such casualty and, subject to the rights of a Mortgagee under paragraph 6.03, Lessor shall be entitled to proceeds of insurance payable by reason of such casualty. In the event that a portion of the Leased Property is either damaged or destroyed by casualty to the extent that the remaining portion of the Leased Propery is capable of being economically and practically operated, Lessee shall repair or renovate such damaged or destroyed portion of the Leased Property and shall be entitled to recover all insurance proceeds payable by reason of such casualty. If Lessee elects or is obligated to renovate and repair the Leased Property, or any portion thereof, the Rent and other obligations of Lessee shall be abated in a manner that is fair and equitable during the period of repair and restoration. ARTICLE IX Maintenance, Replacements, Alterations and Additions 9.01 Maintenance and Replacements. Lessee shall, at its sole expense. (a) keep or cause to be kept the Leased Property in a neat, clean, and good condition, and (b) make or cause to be made all necessary non-structural repairs and replacements of fixtures, furnishings, and equipment required for the proper conduct of the business permitted hereunder. Lessee shall provide janitorial service for, and keep free from trash and rubbish, the Leased Property. Lessee shall provide adequate security services for the Leased Property. Lessor shall, at its sole expense, keep the foundation, the exterior walls, the roof, and all other structural improvements of the Leased Property described by the Plans in good repair and shall make or cause to be made all such structural repairs and replacements necessary to maintain the Leased Property, ordinary wear and tear excepted. Lessor shall also be responsible for keeping the surface area improvements shown by the Plans in a neat, clears, and attractive first-class condition. Such improvements shall not include the landings for the stairwells and the elevator located on the surface of the Property. Lessor further covenants that such surface area improvements which are to be maintained by it shall be used at all tines in a first-class manner consistent with 14 projects of the nature and magnitude contemplated by the parties hereto. In the event that, at any time, or from time to time during the term hereof, either party (the ,Complaining Party") believes that the use or maintenance for which the other party (the "Maintaining Party") is responsible is not consistent with a first-class standard, the Complaining Party may, by written notice delivered to the Maintaining Party, specify the particular practice or omission which the Complaining Party believes to be inconsistent with such standard, and the Maintaining Party shall, within 30 days after receipt of such notice, discontinue such practice or cure such omission unless the Maintaining Party, in good faith, believes that such practice or omission is consistent with a first-class standard of use and maintenance agreed to by the parties, in which event, the Maintaining Party shall so certify its belief to the Complaining Party by written notice to the Complaining Party within 30 days after receipt of the Complaining Party's earlier notice of complaint. Lessor must use its best efforts to schedule and complete its maintenance and repair and replacement obligations in a manner which avoids substantial interference with Lessee's operation of the Leased Property and the Hyatt Regency Fort Worth hotel. 9.02 Alterations. Lessee shall have the right, at its sole cost and expense, to make alterations to the Leased Property so long as Lessee has obtained the prior consent of Lessor which consent shall not be unreasonably withheld. Nothwithstanding anything to the contrary herein contained, Lessee shall bear and be responsible for any increase in operating costs and expenses attributable to or caused by any such alterations to the Leased Property; provided, however, such operating costs and expenses are deductible in the determination of the Percentage Rent. 9.03 Additions. Lessee shall have the right, at its sole cost and expense, to make additions to the Leased Property so long as Lessee has obtained the prior consent of Lessor which consent shall not be unreasonably withheld. All additions affixed to the Leased Property shall be and become property of Lessor upon termination of 15 this Lease and a part of the Leased Property upon construction or installation. In connection with Lessee's right to make additions to the Leased Property, Lessor hereby approves the development, construction, and operation of an exhibit hall facility and improvements (the "Exhibit Hall") by Lessee at its sole cost and expense. The Exhibit Hall is to be located on the first basement level of the Leased Property. Lessee agrees to submit to Lessor for its approval, not to be unreasonably withheld, plans and specifications for the Exhibit Hall which shall describe heating, ventilation, and air-conditioning equipment; additional electrical and lighting systems; public restroom facilities; personal property additions such as movable partitions, removable fixtures, furniture, and other appropriate equipment; and all other improvements necessary or appropriate in connection with the development and operation of the Exhibit Hall. The construction by Lessee of the Exhibit Hall shall not delay or unreasonably interfere with the construction by Lessor of the improvements described in the Plans. After submission of the plans and specifications for the Exhibit Hall, Lessor, upon its approval thereof, shall issue a notice to Lessee instructing it to proceed with construction of the Exhibit Hall and Lessee shall thereafter diligently proceed to and shall promptly complete the construction thereof. Due to the necessary sequence of the work, the construction of the Exhibit Hall will extend beyond the completion of the construction by Lessor of the Leased Property. Lessee shall not be entitled to any reduction in the Fixed Minimum Rent as a result of the construction of the Exhibit Hall, or any part thereof, on those portions of the Leased Property previously accepted by Lessee. Nothwithstanding anything to the contrary herein contained, Lessee shall bear and be responsible for any increase in operating costs and expenses attributable to or caused by, any additions to the Leased Property; provided, however, such operating costs and expenses are deductible in the determination of the Percentage Rent. 16 ARTICLE X Default and Remedies 10.01 Default. A "Default," as that term is used herein means the occurrence of one or more of the following events: (a) failure of Lessee to pay the rent in accordance with the terms of this Lease and the continuation of such failure without cure for a period of thirty (30) days after Lessor notifies Lessee and each Mortgagee of such failure; (b) failure of Lessee to comply with any term, covenant, or provision of this Lease, other than the covenant to pay the rent, and the failure by Lessee to commence to cure and to cure such failure within sixty (60) days after Lessor has notified Lessee and each Mortgagee of such failure; and (c) provided, however, if any such failure specified in (b) preceding not be reasonably susceptible of cure within such sixty (60) day period, the failure by Lessee to commence to cure any such failure and thereafter to proceed diliigently to cure and to cure such failure within a reasonable period of time. 10.02 Remedies After Default. Subject to the rights of any Mortgagee pursuant to paragraph 6.03, upon the occurrence of a Default (including the passage of time specified therefor without cure) , this Lease may be terminated by Lessor, and Lessee shall forthwith redeliver possession of the Leased Property in the condition it was delivered to Lessee hereunder (unless modified by Lessee pursuant to paragraphs 9.02 and 9.03, then in the condition as so modified) , reasonable wear, depreciation, and tear excepted. Upon the occurrence of a Default, Lessor shall be entitled to, as Lessor's sole remedies hereunder, (a) terminate this Lease, (b) possession of the Leased Property, and (c) payment of all accrued and unpaid rent due to Lessor as of the date of such termination. Upon Lessor's electing to terminate this Lease upon a Default) this Lease shall cease and come to an end as if that were the day originally fixed herein for the expiration of the term hereof. 1 7 ARTICLE XI Notices 11.01 Method of Giving Notice. Whenever any notice or demand is required or permitted hereunder, such notice or demand must be in writing. Any notice, demand, payment, or document required or permitted to be delivered hereunder shall be deemed to be delivered, whether actually received or not, on the third business day after it is deposited with the United States Postal Service, certified or registered mail, postage prepaid, addressed to the party who is to receive it at the address which such party has theretofore specified by written notice delivered in accordance herewith, and any notice required to be given to Lessee hereunder shall also be required to be given to any Mortgagee who has specified an address for the receipt of notice in accordance herewith. Until changed in accordance herewith, Lessor and Lessee hereby specify the address stated for each on the signature page hereof as their respective addresses for receiving notices, demands, payments, and documents. Any party entitled to receive notices, demands, payments, and documents hereunder may change, at any time and from time to time, by written notice, the address which it had theretofore specified for receiving the same. ARTICLE XII Miscellaneous 12.01 CoTpliance With Laws. The term "Laws" as used herein shall mean all laws, rules, ordinances, or governmental regulations of all legally constituted authorities. Both Lessor and Lessee, in the course of performance of their respective obligations hereunder, shall comply with all applicable Laws, including, but not limited to, Laws of Lessor regulating off-street parking facilities. 12.02 Ins actions by Lessorff Lessor and its agents shall have the right to enter upon the Leased Property at any reasonable time for the purpose of inspecting the same; provided that: (a) Lessor must use its best efforts to schedule and complete each inspection in a manner which avoids substantial interference with Lessee's 18 operations thereof (provided this clause is not intended to limit the exercise by Lessor of any of its police powers) ; and (b) Lessor may not place "for lease" or "for sale" signs, or any similar signs, at the Leased Property or exhibit the Leased Property to prospective tenants or purchasers, except during the last three (3) months of the term of this Lease. 12.03 Relationship Between Lessor and Lessee. Nothing herein contained shall be deemed or construed by the parties hereto, or by any other person, or by any court or other tribunal, as creating a relationship of principal and agent, or of partnership, or of joint venture between the parties hereto, it being understood and agreed that neither the method of computation of Percentage Rent, nor any other provision contained herein, nor any acts of the parties hereto, shall be deemed to create any relationship other than the relationship of landlord and tenant. 12.04 Number and Gender of Words. Whenever herein the singular number is used, the same shall include the plural where appropriate, and words of any gender shall include each other gender where appropriate. 12.05 Captions. The captions, headings, and arrangements used in this Lease are for convenience only and do not in any way affect, limit, or amplify the terms and provisions hereof. 12.06 Waivers and Consents. One or more waivers of any cove- nant, term, or provision of this Lease by any party shall not be construed as a waiver of a subsequent breach of the same covenant, term, or provision, nor shall it be considered a waiver of any other existing or subsequent breach of a different covenant, term, or provision. the consent or approval by either party to or of any act by the other party requiring such consent or approval shall not be deemed to waive or render unnecessary consent to or approval of any subsequent similar act. 19 12.07 Force Majeure. Whenever a period of time is herein prescribed for action to be taken by Lessor, Lessee, or any Mort- gagee, none of them shall be liable or responsible for, and there shall be excluded from the computation of any such period, any delays due to strikes, civil commotion, riots, acts of God, short- ages of labor or materials, war, governmental Laws or restrictions, or any other causes of any kind whatsoever (except financial distress and Laws passed by the City of Fort Worth in order to directly or indirectly allow Lessor to avoid or delay its performance of its obligations hereunder) which are reasonably beyond the control of the party required to take the action. 12.08 Peaceable Possession. Lessor hereby covenants and agrees that if Lessee performs all of the terms, covenants, and provisions herein required to be performed by Lessee, Lessee shall , subject to the terms of this Lease, have the peaceable and quiet enjoyment and possession of the Leased Property at all times during the continuance of this Lease. 12.09 Lessor's Warranties of Title and Authority. Lessor covenants, warrants, and represents that: (a) it is the owner in fee simple of the Leased Property and has good and marketable title thereto, subject to no liens, contracts, leases, tenancies, agreements, exceptions, easements, defects in title, restrictions, conditions, limitations or encumbrances that would materially affect Lessee's intended use of the Leased Property as provided herein; and (b) Lessor has full right and lawful authority and power to execute this Lease for the term, in the manner, and upon the terms, covenants, conditions, and provisions herein contained. 12.10 Certificate of Lease Status. Lessee and Lessor shall, from. time to time, upon request by either or any Mortgagee, execute, acknowledge, and deliver to the other or to any Mortgagee a statement in recordable form certifying the existence of this Lease, and, if true, that this Lease is unmodified and in full forc,4 and effect with no known Default existing hereunder, or, if there have been modifications or a Default exists, specifying the modifications and existing Defaults, and certifying, if true, that this Lease is 20 in full force and effect as so modified and that there are no other existing known Defaults, and further stating the date to which the rent and other charges payable under this Lease have been paid. 12.11 'Lessee's Right to Use Public Facilities. Lessee, its invitees and licensees, without charge or fee except as specifically provided herein, shall enjoy the general use of all public facilities and improvements of a public nature which are now or may hereafter be connected with or appurtenant to the Property. The right to use such public facilities in common with others authorized so to do shall be exercised only subject to and in accordance with applicable Laws of Lessor, and to the same extent as permitted to members of the general public. 12.12 Binding Effect, The rights and obligations created hereby shall be binding upon and shall inure to the benefit of Lessor and Lessee, and their respective successors and assigns, including the successors in interest of Lessor and Lessee in the event of a corporate dissolution or liquidation, the sublessees of the Lessee, and the heirs, executors, administrators and devisees of any natural person who may derive any rights or obligations, by, through, or under the Lessor or the Lessee. 12.13 Short Form Lease. Lessor and Lessee, from time to time, upon request by either party, shall execute, acknowledge, and deliver to the other party, a Memorandum of Lease in recordable form certifying the existence of this Lease and setting forth the basic terms and provisions contained herein. 12.14 UDAG Grant Agreement. Upon approval of this Lease by HUD under the terms of the UDAG Grant Agreement, Lessor as "Recipient" under the UDAG Grant Agreement and Lessee as "Participating Party" thereunder hereby represent and warrant to each other that each shall comply with the obligations and covenants imposed by the UDAG Grant Agreement upon each such party, including, but not limited to, the obligations and covenants set forth in Article IX of the UDAG Grant Agreement, and all such 6bligation s and covenants are hereby 21 incorporated by reference. Unless specifically provided to the contrary herein, the covenants, representations, and warranties imposed upon Lessor and Lessee under the Developer's Contract are hereby incorporated by reference. 12.15 Non-Discrimination. Lessor and Lessee shall not discrimi- nate against any person because of race, religion, color, sex, or national origin and shall comply with all Laws in that regard in connection with the operation and use of the Leased Property. EXECUTED at Fort Worth, Texas, this L4_th day of 1980. ATTEST: LESSOR: THE CITY OF FORT WORTH By: Li I Jack W. Green Robert L. Herchert City Secretary City Manager ddb 1000 Throckmorton Street Fort Worth, Texas 76102 APPROVED AS TO FORM: ITY TTORNEY P. Arthur R" ATTEST: LESSEE: HUNT HOTEL/FORT WORTH, LTD. By: Hunt Investment Corporation Genera Partner By: fAsst.Secretary J hn F. covell V c President 32 0 First National Bank Building Dallas, Texas 75202 APPROVED BY Cl rf COUNCIL '­tY Secretary Date 22 THE STATE OF TEXAS § COUNTY OF DALLAS § BEFORE ME, the undersigned, a Notary Public in and for said County and State on this day personally appeared JOHN FIELD SCOVELL, Vice President of HUNT INVESTMENT CORPORATION, A Delaware corpora- tion and general partner of HUNT HOTEL/FORT WORTH, LTD. , a Texas limited partnership, known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the said HUNT INVESTMENT CORPORATION, as general partner of HUNT HOTEL/FORT WORTH, LTD. , and that he executed the same as the act of such partnership for the purposes and consideration therein expressed, and in the capacity therein stated. GIVEN UNDER MY HA14D AND SEAL OF OFFICE this the 24t:h day of Aprjl 1980. Notary Public LA and for nallAR County, Texas �i SE-ER11Y L. CAFUPIUITHU 3S, NM`f,'rY PL'blic My Commission Expires: in and for s Ccu;1ty; Texas Poly Can�ojj sion Lxpir2s J'aly July '11, 1980 THE STATE OF TEXAS § COUNTY OF TARRANT § BEFORE ME, the undersigned, a Notary Public in and for said County and State on this day personally appeared ROBERT L. HERCHERT, City Manager of THE CITY OF FORT WORTH, a Texas home-rule municipal corporation, known to me to be the person and officer whose name is subscribed to the foregoing instrument, and acknowledged to me that the same was the act of the said CITY OF FORT WORTH, and that he executed the same as the act of said corporation and for the purposes and consideration therein expressed, and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this the -I&kday of 1980. Notary Public in and for Tarrant County, Texas My Commission Expires: so 23 EXHIBIT A TO PARKING GTkffTk(3E LEASE BETWEEN THE CITY OF FORT WORTH(LESSOR) AND HUNT HOTEL/FORT WORTH LTD. (LESSEE) The Property as that term is defined in the above-described lease agreement to which this Exhibit A is attached is comprised of the following: (1) The Easterly 1/2 of Block 114 of Original Town of Fort Worth in Tarrant County, Texas; and embracing Lots 9 through 16 in said Block and the Easterly 1/2 of the alley adjoining said Lots on the West, and being the three tracts described in the deeds to the City of Fort Worth recorded in Volume 6892, Page 1350, Volume 6868, Page 1718, and Volume 6834, Page 2190 of the Tarrant County Deed Records, described by metes and bounds as follows-. Beginning at the Southeasterly corner of said Block 114 at the intersection of the Westerly line of Main Street and the Northerly line of Ninth Street; Thence South 60 degrees West, along the Southerly line of said Block 114 and the said Northerly line of Ninth Street, 100 feet to a point for corner; Thence North 30 degrees West, along the middle of said alley, adjoining Lots 9 through 16 on the West, 200 feet to the Northerly line of said Block 114 and the Southerly line of Eighth Street; Thence North 60 degrees East, along the said Northerly line of Block 114 and the said Southerly line of Eighth Street, 100 feet to the Northeasterly corner of said Block 114 and the said Westerly line of Main Street; and Thence South 30 degrees East, along the Easterly line of said Block 114 and the said Westerly line of Main Street, 200 feet to the place of beginning and containing 20,000 square feet, more or less. (2) A part of Block 115 of the Original Town of Fort Worth in Tarrant County, Texas and embracing all of Lots 5, 6, 7, 8, 13, 14, 15 and 16 and a portion of Lots 1, 2, 3 and 4 in said Block, described by metes and bounds as follows: Beginning at the Northeasterly corner of said Block 115 for the intersection of the Southerly line of Eighth Street and the Westerly line of Commerce Street and from which a tack set in a lead plug bears North 30 degrees West 5 feet and North 60 degrees East 5-4/10 feet; Thence South 30 degrees East, along the Easterly line of said Block 115, along the Easterly line of Lots 16, 15, 14 and 13 for the said Westerly line of Commerce Street, 100 feet to a galvanized spike for the common East corner of Lots 13 and 12; Thence South 60 degrees West, along the common line of said Lots 13 and 12, a distance of 100 feet to a galvanized spike for the common corner of Lots 4, 5, 12 and 13; Thence South 30 degrees East, along the common line of said is 12 and 4, a distance of 9-33/100 feet to a galvanized spike; Thence South 60 degrees West 450/100 feet to a galvanized spike; Thence South 30 degrees-01 minute-44 seconds East, through Lots 4, 3, 2 and 1, a distance of 90-67/100 feet to the Southerly line of Lot 1 and said Block 115 in a Northerly line of Ninth Street from which a "Y" marked on concrete walk bears South 30 degrees-01 minute-44 seconds East 3 feet; Thence South 60 degrees West, along the said Southerly line of Lot I and Block 115 and the said Northerly line of Ninth Street, 95-55/100 feet to the Southwesterly corner of said Block 115 for the intersection of said Northerly line of Ninth Street and the Easterly line of Main Street from which a tack set in a lead plug bears South 30 degrees East 3 feet and south 60 degrees West 5 feet; Thence North 30 degrees West, along the Westerly line of Lots 1 through 8 and the Westerly line of said Block 115 for the said Easterly line of Main Street, 200 feet to the Northwesterly comer of said Block 115 for the intersection of the said Easterly line of Main Street and the said Southerly line of Eighth Street from which a tack set in a lead plug bears South 60 degrees West 5 feet and North 30 degrees West 5 feet;and Thence North 60 degrees East, along the Northerly line of Lots 8 and 16 and the Northerly line of said Block 115 for the said Southerly line of Eighth Street, 200 feet to the place of beginning and containing 29,594 square feet, more or less. (3) The subsurface portion of Main Street between Block 114 and Block 115 of the Original Town of Fort Worth, Tarrant County, Texas, being South of the South right-of-way line of 8th Street and North of the North right-of-way line of 9th Street. 0005-0032-005112 2 EXHIBIT B SCHEDULE OF PAYMENTS The minimum amount of the Fixed Minimum Rent as determined under clause ( i ) of paragraph 2 .01 of this Lease is as follows (subject to reduction under paragraph 2.03) : Lease Year Annual Rental Initial Commencement Date through December 31 , 1985 $ 60 ,000.00 Jan. 1 , 1986 through December 31 , 1990 $ 65 , 000.00 It 1991 through It 1995 $ 70, 000.00 it 1996 through 2000 $ 75 , 000.00 it - 2001 through 2005 $ 80 , 000.00 fl 2006 through 2010 $ 85 ,000 .00 If 2011 through 2015 $ 90 ,000.00 if 2016 through 2020 $ 95 ,000.00 2021 through 2025 _$100, 000.00 2026 through end of term $105 , 000-00 City of Fort Worth., Texas Mayor and Council Communication DATE REFERENCE SUBJECT: Lease of UDAG Parking Garage PAGE NUMBER 4115/80 C-5057 1 of 2 On May 1, 1979 (M&C G-4150), the City Council authorized an application for Urban Development Action Grant (UDAG) funds from the U. S. Department of Housing and Urban Development for acquisition of land and construction of a public plaza and a two-level subsurface parking garage. As a part of this application and in conjunction with the provision of the public facilities, Woodbine Development Corporation, the development entity of Hunt Investment Corporation, agreed to acquire, renovate, and convert the historic Hotel Texas into a modern Hyatt Regency Hotel. The Grant Agreement (B-79-AA-48-0013), executed on September 7, 1979, imposed several requirements on the City and the developer to strengthen the direct relationship between the hotel and the public facilities. HUD approved the grant based on the premise that provision of the public facilities was critical to the developer's decision to proceed with the adjacent hotel project. As a prerequisite for final approval of the Grant Agreement, HUD required that the City and Hunt enter into an Agreement to Lease the parking facility (M&C C-4770) . The two basic provisions imposed by HUD and included in the Agreement were that under any lease entered into by the City (1) there be a requirement to supply parking spaces in a manner, amount, and price acceptable to Hunt Hotel, and (2) that it include provisions whereby the City receives a minimum annual rent of at least $60,000 to be escalated every five years by the greater of (a) an amount based on Consumer Price Index increases or (b) an amount based on 80 per- cent of net profits from the operation of , the facility. The final terms and provisions as set out in the proposed lease (attached) for the parking garage have been agreed to by both parties and by HUD's Action Grant officials following extensive negotiations. The basic financial provi- sions are summarized as follows: Term Fifty (50) years. Fixed Minimum Annual Rate $60,000 during each of the first five years and increased every fifth year beginning in 1986 by the greater of $5,000 or one-half (12) of the CPI increase for all Urban Consumers in the Dallas/Fort Worth SMSA. Percentage Rent Beginning January 1, 2007, and each year thereafter to the termination of the lease in year 2031, an annual lease rental equal to the greater of the Fixed Minimum Rent (as escalated above) or eighty percent (180%) Of the annual. net profits from the Lessee's operation of the facility. DATE REFERENCE SUBJECT: Lease of UDAG Parking Garage PAGE NUMBER 2 4/15/80 C-5057 Manner of Payments Payable semi-annually, in arrears. When Percentage Rate exceeds the Fixed Minimum Rent, the difference will be paid on or before April 15th of the succeeding year. As a related matter, it is noted that in acquiring land for the UDAG Project, the City purchased the fee interest in all of Block 115, City Addition, from the Scott Estate, subject to an existing leasehold interest held by W. A. Moncrief, Jr. (M&C L-6223, September 25, 1979) . In the settlement negotiations to acquire the leasehold interests. of Mr. Moncrief in approximately three- fourths of the block not occupied by the Moncrief Oil Building, the City granted, as part of the consideration to Mr. Moncrief for his leasehold interest, the use of twenty-five spaces in the parking facility, Monday through Friday between the hours of 8:00 A.M. and 6:00 P.M., for a period of 20 years (M&C L-6295, November 29, 1979) . This part of the compensation for the land subse- quently has been approved by HUD's UDAG Office. The City will have to rent these 25 spaces from the Garage Operator at 70% of the average rate charged by four other specified major downtown garages for equivalent space. The rent actually will represent a deferred payment on the land acquisition cost, but the staff proposes that it be treated as an expense item in the annual operat- ing plan of the Municipal Parking Building Fund. The staff proposes to execute a contract with the operator of the garage to provide the twenty-five spaces to be signed simultaneously with execution of the Lease on the facility. Recommendations It is recommended that the City Council: 1) Authorize the City Manager to execute a Lease Agreement (Parking Garage Lease) with Hunt Hotel/Fort Worth, Ltd. containing the provisions described; and 2) Authorize the City Manager to execute a Contract to Provide Twenty- five Parking Stalls in the UDAG Parking Garage with Hunt Hotel/ Fort Worth, Ltd. containing the provisions described. MCM:ms Attachment SUBMITTED FOR THE'C_ PROCESSED By CITY MANAGFR'S DISPOSITION BY COUNCIL� OFFICE BY: !0 APPROVED ORIGINATING OTHER (DESCRIBE) DEPARTMENT HEAD: M. C. Matson CITY SECRETARY FOR ADDITIONAL INFORMATION DATE CONTACT: James A. Wilson, ext. 8184