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HomeMy WebLinkAboutContract 22169 i .EASE A(;REEMEN T STATE OF TEXAS fi CITY SCRETA ' CONTRA NO 1 t COUNTY�jF'I ARRANT § r' T',is Iease agreement ("T.-ease") ,s t,,.,vveen the City of Fort Werth i"L,#ssor°'}, acting and through i[s,,Ssistant City Manager_Mike Groomer,and Casino Beach Golf,,Inc_,("Leesee"), acting by and through its authorized agent,Steven R. Chatnplon. WITNESE 'H: WHEREAS, Lessor is the owner of land at bake Worth; and '. ¢r WHEREAS,Lessee has leased from Lessor a tract of land being situated in the J. Wilcox Survey AbstractNo. 1716 and the 3_ Wilcox Surv-cv, Abstract No. 1717 and bei,tg a portion of land described in a.Deed filed if' Volume 325, Page 386 anti Volume 664, Page 277 of the Reed Records of Tarrant Co-nty, Texas; also known as Blocks '_2, 14, 15 and Love Circle Park of the Lake Werth Leases an unrecorded plat; to operate a golf course and conduct related oNrations; and ` i tN�,EREAS, the existing Lease ag1�;ernent dated May 11, 1987, and terminating on May !s �c..elyded in the office of,he. Couny Clerk, Tarrant County, Texas, Volume 11482, Page 1418: _1 V"HER<;_AS, ; _ssor and Lessee have agreed to rrnodity the streams of their lease agreement � t i ;r.:orl.z;rat.e their °. reemer?t, ;as miac;a;fied. i L„this leas,agreement. which will tiupersede the ,tire. �?cd l L:. tt�-cr Beni: N,(A�7, THE'REFORE. KNOIX <y•+ L MEN Iii T1li✓.S1; PRESENTS: "Cti?" and in c nsiiler tio- #l, • mutual arr .r.�r.. ,z; tl• i_eLsc:. Lessor and Lessee t r i •}fit ....f•x j"kf r, x 1. LEASED PREMISES- PL? SILS kPOST5 A. LEASED PRkNIISES Lessor leases to Lessee approximately 52.25; acres of public land, a portion of which is park land at Lake 4Vorth, more particularly described. in the metes and bounds field notes descriptien attached as Exhibit"A,.(the "Leased Premises" B- ! RPQ$13 S t The Leased Premises may be used by Lessee solely for the purposes of operating a golf course, golf retail shop anra related facilities, including but not limited to a non-gamblinb video t and pin'inali game room, batting cages, food, beverage concessions and parking area. Alcoholic €: Leverage sale: shah not exceed more than 2WY& of total manual gross sales. L.es ce shall also be t permitted, from time to time during this Lease, to :apgrade, add to. otherwise expand the improvements and amenities and offered at the Leased Premises with the Aritten conser?t of the Parks and Commta=tity ,crvices Director- of Le;,sor, which consent shall not be g unreasonably withheld,;provided the upgrades, additions of expansions are consistent with the i recreational uses of the.I eased Premises, t i, R E'`_TAI Y A. AIN14 UNz Lessee shi;il pay .aunt+al rent to the City of Fort 'Worth in the a nounr which is the greater` oa ter here ,3-;t (l Wi) of gross annual receipts or as folls:,ws: Lea.,- e),ear Anntzi', moun 1 January 1. 1997-Deceinher 3,1, 1997 $13,200.00 2 January 1, 1998-1),°cernber31, i998 3 .January 1, 19n',-December 31;-1999 �13, 00.(10 .Jamwry'L 2000-December 31. 2 $i 13,12-00,00 5 January ?,? � OOr) �i 3,200:00 } 001-December 3.1, 22c�,)1 $16800. 6 January 1, 2003-December 31— 2002 7 .January 1, 2003-Decernbec 51. 2 $16,800.00) Ot)3 $16,800t?0 8 January 1, 2004-December 11,2004 $16,8t10.0o 9 January,1,2005-:December 31, 2005 2 $ Q 100.0() �0 ,January :l,2006-Decembe,;31. '2006 2 1 1 .lunua 1 �•-Cr.100.�10 ry ,?007-Decernbes,1. 2007 $21q,1 12 .January 1,2008-Decernbcr 3t, 2008 520.i 00.00 For, the initial term, in tzc evc"I sbali te,rant be required to pay more than $50,400 in any sre calendar year as rent. "Gro;,s Recc;ipas"'shall be defined as 11;mr,' ne rcecived annually by Lessee as a result of the sale of goods or the provision of sere ices oat We I erntscct premises or in coniunctaon with the use of the demised premises,exclusi<,e r f tht!"Pay.tIl at of C ty and State sales taxes. Monthly rental payments for i#-tu ftr'st"[1fl f) of'his Lease shall be prorated ran a per diem bas-'s if t'r v tiro less, "'Ilan] fill cale.Ami, YnnrIth.s. The annual rental sba11 be adjusted in accordaric Lt Snu 2. : at the end of rhe fir; apart ter as 1i;t11 the adjusted rental amount to be applicable to the Caption"' 1 extended terns. ii«err iserJ t"i?, adjusted rental amount 5115.11 he tike-Wise adiu,4cd 'J the cod of each �a ee ling nc:rirjd for Elie next opiicn period, if cXerc.ise:l. F. ANN[—, OpCiOrl C) 'nt lv sh�ail bC C.S erc'sct1 ;i1 'V10, Section 4. if an extended terra ,s 21 t1T?r("vki1. (he ren" tl(lnn--- (111(1t'n I OPTION l Lgqs—c Year f%rnual Amount Jatruary 1,2009-December 31. 2009 e,23;+: J411uary 1,2010-December 3I,2010 January'1. 201 1�-December 31,`201 1 $23,400.00 January 1,2012-Decernber 3I,2012 $27,000.00 January 1 2013-December 31,2013 $27,000.0() Maxir-:um Annual Amount during Option I ir.`the extended terr:a, shall be$66.000. Annual rant during Option 2 in the extended tern,shall be as folfows` Lease Year 13f1ltal AIilOilt7t January 1,2014-Decernber 31 ''I014 27,000,00 1aruary a, 'OI5 Tees rn€�er 1, 2005 January 1 2016-Decembiwr 31, 201 b $30.000 00 s3# .000.00 .faft nary 1, 2017-Deeernber 3I, 2017 w3€3,000,00 Ja€auary },2019-December 31, 2018 $311610.00 Maximum Annual 'lrnou,t durin '?Ption %,extended term,SFall be 574,4x. C. ` ETHOD Or PAYMENT iY.onthly 1}kyments shall be one-twelfth°(1112 ? or the annual minimum amount each ,nonth. MOTIth}y Payrients shall be made in advance, on or before the tenth 10°'x') day of each calendar mcntb a± .,,;z;1, 10ra€iOP or locations whsch may he specified in writing by Lesscr-. ""onth}y Pav=trer=t ,r*loEx°3ts hccoine Past due oil tj;e elev=enth c 11' clay of each calendar month. r1i t1.C. end Of c1i;11 1t.:2Se yLar, 1.-eStitt ar!% additional 1.tTIG4lnF owed as calculated or) the Percewa,ge Ice har,1S Sl30gip ;i? Pat-q: Kph 2.A. a;Idiijonal amoums' Shalr be n?utie \yltrlirl iflif-t.: 30j &s alter the end CSi C is:11 ?e' r n ` asp .. a,. 5_uch amounts shall become subject 1 of C-SCI- ::a1Ciid,,r I All vast due amount :ivied by Lessee shawl be subject to i� late charge of ten percent 10`x), P an,additional late chat ic after thi,t y( 0) d« ..(-I)np,!ted at a iate one percent per ►nonth; provided, however, that this pr+r,,i,ion t�or jale :aiarg°s shall not be construed as a waiver of the rig h.Of Lessor o terminate this Lease at its Option as authorized in Section 18. D. R k!CCORDS Lessee shall keep full, complete and proper books, records and t:ccLunts of the gross receipts, ''both for cash; and credit, of each separate department, concession, division; and subsidiary activity at a iy time operated on or in ccnjunction with the Lease and shall report sarille menthly to the I r ss+ar, Said books, records and accounts, incliidin- and' €alp s tax;reports that Lessee ma y be .'qulre4 to furnish to anti government or govetnmentat agency. shall at all a reasonable times be available for inspection h+v the City and its ant htsrized representatives and agents. Lesse, a 'ce5 to maintain iE.a financial records pertaining tc the :rx ration of the Lease for a,period cf two(2 years after the conclusion,of any lease year, E. ' AUDITS Not later than thirty (30)days f011Owina the end of,.lie lease year, I.xssee shall provide a statement of gross receipts for the prey ious lease year and a 'copy of Lessee`s state sales tax report for the time Per`ic-)d The cit may audi. or require to be audited, all of Lessee's boo,"cs,records and accounts pertaining to its operations at the?.eased Premises; Th:cost of such audit shall be paid by Lessee if the outcome shows an error in the amount Clue the City of five Percent(5q.)or;rtcire. QthePVise. the cost of such ;ludi? SF ill be borne by the Citv. i 4" I 3• TF:'ZIPS Tile primary tern, of the Lease snail be twelve (12) years catr):�ieltcing oii Sanuar;, 1, 1997, and shall end on S3ece.,mbe;r 31. 2008. Notwithstandin; the fact that the term of this lease v,il'i corri;t ence at a date s3ubscquent to the execution Of this instrument, both Lessor and Lk,Issee shrill have vc-.sted rights irnmedizaely upon the si,,ring'of this Lease and this Lease shad be fully binding and ir: full force and effect front and a#,.er the execution hereof by Lessor and Lessee. T-he rent commencement date for tF)c reiitai snecifl- S°ciion 2 Of this Lease shall be the conatri°ncemctjt of the primary teem. Friar to that daie, the renU to be paid stall be as provided ii:the recc iiled Lake`iTdoi-,h Lease Agreement. 4: —OPTIONS TO EXTEND iRri:h the written consent of the Lessor, tr,e;see shall have the right to exercise one or marl t3C}.ES to extend tie .:85e on the •igI?e s'Lr3;1 a?,'! ;» reeTT1L',it 25 this Il a3E. consisting of ttFf t0 two( :?COnscCutivc five(5)year opttans. t.folic�vs. 9j2tion 1 • an option to ext;7d for five (5)years, tree wears to commence on the expiration Of the Primary ee,m and end five(5)yca s thereafter. r tEOn,I -I?r: 7Jtic7rt to Mend l fi?s tfive s`3) Fears. tile years to COi1t?1Ee11CC on the eXp1rit10Fi C1z dr)ti'•r5 l •and ett% " e(J!years Ei'1t.'.1'w',ttrr. The 'T'i0lis iC) e);I rjd the 1_e }' it he '. ? by Written notice frt,in Less' r i.C:S`;0r i CCt IVC E?C 1 L�'tiS..: _' i._:'.a6` \:.'•; ;6! - : 1, r ta.i he,Ore cxnlranon of the Prifrtclry tCriil or -. la.`��;r _ '.:t_t .'.0 ii�l:i E'. .,C:CI)', tt1 C• IC,U\� - (',.11Ciltilt?fl F) providing written notice to Lessee v,,it}lli7 Ea Hays after Ieceiptoi the Lessee':; requesj to execute an eaten,}on option. Lessor shall not unrtlasonabl Ivithhoid aPProv.}i of Lessee s reg t:4t t;; exf�zute an extension option. 5. Lessee shall have: t:`ie right to provide services and '0 stock and ;yell on equipment andfor clothing related to the approved uses of the ;eased area. Goods and services outside the scope of the dplr.Jved rase or leased premises must be an priiv�d in writing by,the Parks and Community Services Director of Lessor'..which consent shall not be unreasonably withheld. t 6. f, I es'sce. shah not erect anv new structures, nor anate}ially after or enlarge any existing structu}eS, nor make any capital improa,ernents of any bind on the demis,d premises without the Prior written Consent of Lessor. The rn--,: eaance P 1,epjacemer,:, of existing xiiC}lit.}es shall not deemed to be cUPi.al }n proven,,'nts uncier thP,, 5er tSOn. In t C event shall Lessor Aber rei;nbiirse Lessee for any sect} new structures, alterations or ettlargernents made after May 1 1, I981.whether made with or}without the(.;onser:t of Lessor 1 It is being d;stirctly understr.A and agrerri i'MA the denrsed premises are tasted near Lake Worth and in the vN<ucrsl;wd tl—,-eof and that fake Worth is the reservoir that furn;shes the v�a5-'r S;if;P;Y fi)1' f1he intiab ',+re Of' the City of Fort wOi"ti and its environs, Lessee shall (I) comply Nvi:'>- the s .r;tation provi ion< and )e;t ire.r;ents of the NVater and Health De rt p�. rrients of the (7i1y OF :,:rt Wort', a 41 tirc state of Texas; (-) p rovide and maintain suitable methods and i iY':'XL t}r'PSove.; b.•%City for!h( Ji Sl-sal of(rash. I') R ,' ,., � }ste and crc}�:,�,, (3) not drill or dig any well on the demised premises without the prior writt?n approval of Lessor't.or use ic:r human consumptioii Water produced from any such well with�tut stic;,� wat°r having been first tested and approved by the. apj)ioprN-.1i,' Wjthoritie, or ihf+ M1'71ty of fort Worth and trre Mate of Texas, `,41 rfe�okit and keey until lau"itit c#is�nsed all tr,�,L ow 0Kbat?e in a r,2vej b id of Fort `worth Sc�tiatr'a,te r�resan� t __ati es; keep -e premises at all times in ;a sarrtaty Arad 4eII- tnaintrained condition ind permit too ;tame or debris to be.stored or kern can the derna,-d picm7 Ses. (5)exercise Mir0 clilizence and prompt c:ir'e and precaution to protect all trees, grass and flowers from mahciowu destruction; (6) nuitber keep nor pernli} any tanin-ja s on the dernised premises other that dornesticat,,d dogs arscl rats, and strictly �:Omply wi`ir all lavers; ordanatr;es and regulations Pertainiiig to the rnaiaatt?taatace and c)ntrol of dogs or eats as such lays, ord n snc es o regulatiops"PO within or withoi.tt the I.:�niti;' the C'i y oaf Fort' `orth. s NO 1'Nl ti; T.l,_ I?RMQP:AL QI?C��4S°4rE USE Lessee agrees that it Shall not unlawfully, i n'llorally. of offensively use the Premises, Lessee agrees nt..ither to permit the use of loud, aoU*ive, fo:J or obscene Iatruae an the Premise,— nor to -om.-zi, i:ny Unlawful_ ohsceile or;Tn noaai on the Prem-ises Les, further agrees S to retnCry+' a:nv (erSt3n using ;;a d! la �iaca e or �uch acts. in :lass connection, Lessee ;shaji allow Lessor's agents to inspect at any time the Premises for ccmnliance with this tit�Ct f of"!. SIiGNS Lessee shall rapt I laCe Ty±V C:<iGr t,yin, sn cr oilier advcrilSeiilents Upon the Course, any z r t ec' itN cli,twmer, r the performance of 5 ?:1 'l f i '11W contract e4'ii'iOUt the prior .cTitten approval Of the Pavk c rd Corn munity Services Director or Lessor. All signs €Mast ec�RIPIy' with the City;of Forl Wor t tt's or-premisc;i!,n ordinances. INS 'J�Qjq RY LE SSOR 1 ill t£F1C"� CIuriPr-'th?terrifl of this Lease, Lcssor or its ayen,s shall have the rio-tit to eitle3 upon said pretytises during 'eason<tbty hours ;or• tl s:, l.uil�oe of examining and inspecting tlse' same and do tea 3;airig Whether Lessee shall have i,-,'rnplied with all of his Obligati its hereunder in respect to all the terms pct conditions of this Lease. Iw syor shall take raasor«tble care not to disrupt.L 5s ee',,gjtie'c n yrrierit and busines,uses of the premises, CO'NIPLiAN I WITH LAW The right to use and occup fhe dentised premises or to e;r;ay a'•} of the rights and privilrkge.s_cortemplated her'-Under shall be exercised only in strict compliance with the laws or the L'niied Slates of America, the statutes of the State of Texas, and Lhe Charter and ordinanCr of the City of Fort ;Forth, v,,hethe, now in effe t of hereafter adopted, so long as any hereinafter adopted t1i'[lrrarlCe or charter 1331;#4ee}R, 3- nert {ld'EZC tee, s«iely for il'te t?Lrpo Of a((rilttli the nCoi l" of Lessee. f t: P�L'A'E'Ei2 OR SLRkENjy kB or._ 1tiIVlEti7. L POWER It 1i agrced .1, (, bv execuC((tin €t or surrender any governmental �j 4 T Lessee shall, at its expense., ohtaisa and kc.;p in effect all licenses and pemlits necessary for the operation of its business. Lessee shall pay all taxes applicable to the U.,ased prerY]iScs�In; itG,operations thereon, 13. TA>QES r4Nq,i.:._s_vlaLS Le see ;ball prorrtptly pad•' ail taxes. monthiv charF!k;s. assessments and/or'leuies of any natk:rt or character wtTa so,ti,=, Which may be I2-,4uiiy assessed, taxed, lei-d or rwide �gai;}st tide lcasel�ol i estate hereby Created anchor any in,pit)vtrnei'ts or personal property 10vated on the den7isca prej,rniscs. 14. LOSS.DAMAGED OIR REST OI'�I�_PROPERTY Lessor shall not be resptz:ible fog the loss .1.i<lcage or destnicT;nn of property belonging to Lessee,its agents, licensees and im ir. i DEN--A EitiT R,�C IOR It is dg Ccd taut Lessee_ a Texas Co#oration, is an independent contractor Prid not an 't tCGC +tMist. of CtiillStlV e ta' _e sor: rhat 1 ess;.'e chap 'i (fie, fX01'sive right to Coi;tr_:-1 'he dletal4 it'; 1; �� f ��`,i?(, .ii-t'!t' 1`.?!' t'fiG: i'ed:.i:; <111E E'iniCSit)n\ of Yt'_S ilb..'LJ. Cl)iitriiC'tCrL:E T S' lfi;', -jo:tnme Of fC:ciY(Tfit;l! fi SUpeI'iOr Shall not. Jppiy to the i ..:sionsliil) contractors and i subcontractors: and that the Lease shoaafd not.l�se coil rsrecf Cleating a partnership or ;oint enterprise between Lessor and Lessee: 16. i Lessee covenants and represent<, that l;e l s inspectec? pretuiscs on his own laehaff and is fully niform,ed as to the condition thereof rel ring sol lv upt�rs his oti4r inspection and i not capon any statements or representatk,)ns made: for or by A essor or any of its agents; rrfficers or employees. urfon execaliTion of this agreement; Lessee accepts the paeataises in � their pre-sent condition as being st itpble for all the psarpo es of this ':ease, Lease is and v shall be deemed tai be an indecndent tenant in possession of the premises and 1, responsible to all parties for his acts Or omissions with regard thereto, and Lessor shall in � ro wav be responsi?)le for any act or omission of Lessee, his a&?nis, iicensees or invitees, � 1: and anyone cyn Jhiy behalf. ?-ssee covenants and agrees to, and does hereby, indemnify, hold har=ness and defend:rLesso=, i s offices, ag=ents, and employees, frorn and against my and all claims for damages or iniury. includ€4av=cleatlr; to p,-rsons or property arising out of or incident to thc. ieasars4 of .r the use as:d;Occunrtcac}° of the premises by Lessee, nss g le`;ts or invitees_ L SCee cO and r yen rn � a.,c afflees to, ana doe, hereby inderrinifIv, hold 1. harn,de.sss and defend ciTv �`ron, and 'against any and all mechanic's and rnate.rialman's fie"', or ;rnv other lien,, c!ain, or charge iMno ed upon the demised premises arising as a Fe"'Uh of anv cone"'ci.rr ,%+n '2CTiV;t}'bi L >.:c Qf Anti' ie : , _c, o.� h ; nch alf. ;j a IT IRVS URAINCE (a) The Lessee shall not commence any business or continue any business under this Lease until it has obtained the insurance required under this section and the insurance has been approved,by the Lessor. The';nsurat ce shall be of the following types in the respective minimum mounts. Bodily L�{ury or Death Liability Bodily In tY $250,000 t`for each person) ' �'��or Liu lily Liability 500,E(for each single occurrence) Pro*a.rt} L�.Jrage Liability $i WO00 II'Qr each single occurrence) Pry w ct` 7:.bility Same a]all of the above Uirtbrell,,r.iability Policy I, ,f)(}p Workers, compensation As Required by La", Liquor`Liability Insurance 5500.000(minimum for each common cause) $500.000(minimum for annual aggregate) The insurance coverage shall 3e maintained throughout the terra of the lease or ary renecvai thereof and shall not be canceled. Modified,or altered without prior written notice to the Lessor. Lpc)n 'he signing and return of this Lease a certificate of insurance shall be furnished to the Lessor as evidence that the required insurance coverage has h e obtained. The certificate shall contain the provision that the insurance shall not be canceled, norlaf7ed or altered without thirty ('30; day,prise,-Written no:ic;-to the Lessor. Lessor shah bt.named as additional insured, (b) Us ee shall he responsible for insurinc hUildin�s ari}their contents, (c) Lesseeirtllcr agrees no to door keen antirthir� on?hc premises th,i, ill increase the rate of tare; upOn the Prern+I8,. 1 Fi. DEFAL I T©R BREACIf A. Faia. Rent 1. Eai3uic by Lessee to pay rent when clue sha'.l constitute a breach of this Lease. y Should Lessee fail to make all payments due within ten (iM calendar days after receipt of written demand and notice Of opporfunity to cure from Leaser, lessor may, at its option, declare this Lease terminated. Lessor may then assume, j*ssession of the premises and reset /lien for the is remainder of the term at the best rent obtainable and Lessee shall make good any deficiency. 2 Lessor shall give notice to a n7o gagee as is required to be given to the Lessee. f and said! mortgagee shall have the right to cure said default and/or perform the terms and con.titions of this lease. 3. The Lessor shall be required to Give such notice only if the mortgagee has, its' 1 writing,informed the Lesso:-of its interest and has supplied an address for said notice. B. Default other than nonpay,ne�erq t If Lessee fails to comL;) '6vith the terms of this Lease other than the covenant to pay rent, 3 Le son shall provide vur,itten notice to Lessee,specifying?he default. Lessee shall then have thirty 3 (30', day's, after receipt of such r c-tice to cure the default or "?reach. If the default or breach has { TIC-t bCeT, c ckrrecte l at the expiration of the t airty 00.)day pt-acid. then Lessor shall have the right t^ ltc.a_,e this Lease terminated without any fur-ther notice acs lessee. Provided. however, if the t +`pief-atilt is r3F3t re2sonably susceWil-'Ie to cure by Le.Is;e this th8rty (30) tray period, Lessor "Jl Tio" 'c1' : the C)'P orl tC3 '�rnlulato t,l:� ae°, t s commcpced tEl , flit the ;; it n . ttl� I:artl r }� S flC?G and Ri .'.1;� f-c ;s;' ,.,1r}; wit in d (e iiSt?13$�lC' iitne. {}j f { i + C. IUSSor's Right to Recover Pavment Any termination of this Lease shall not relieve Lessee from the payment of any sum that iue and pay,Yale to Lessor at the trite of termination, or any claim for damages then cr l r i io. l ac,•ruing against Lessee, and such termination shall not prevent Lessor from enforcing 3ayrne�it of such sum or claim for damages by any remedy provided for by law, or from covering ,tma es from Lessee for any default under the Lease. All rights, options and C' I{ res�edies of f essot ;.ontaned in this Lease shall be construed and meld to be cumulative, and not of the other. and Lessor shall have the right to pursue any one or all of such remedies or a4 y other remedy or I Jief which maybe provided by law,whether or not stated in this Lease. k 1 Aftk:.4'j ei'minatioll ' A-es-:;re tigrces that if this Lease is terminated for any reason.except fog the expiration of the PrFi,mry fr mq of Option Term, Lessor shall have the right to enter upon and take possession i 3 of the ;rnisc and - _ss ..� shall deliver immediate possession of the Premises to lessor. If LesseE s r,?I fail s .efusc,ta delver in,mi diate'possession upon termination, then Lessor shall have the ri t.i to,.xg�t t a,�;cl rernaj e therefiorn forcibly, if nc e saay. Lessee. its agent i, servants, er7]t^,lC)�'`ee's, C(Intractors, Stibc(-�ntr3.,c*ors, i`CenFees, or invitees. as well as Lessees property. In , :vent Lessor shall not be giaiaty trespass, and shall incur no liability,as a result of such t y i re:to al. +-eon termination or e:xnirar.. )n of the Lease.. Lessee shall surrender the premises in gaoc! .aklnditio n. except normar Artea: and tear. anti within rlincty 1901 days thereafter remove all remajalh'e inlpravemenls fin the prr niltie.' :it [A'ssor-s request. If Lessee determines that the in.p,o crnents are unusable- f es ee ra c�vt all such improvements and resod the area on which tt.-. :mproverte-nts ..ere located. Any' property not removed shad be deemed abandoned by A �..� k)f)i,iai'S, 1_es"oz �:a.V ? il� tl. -,4:' T'ii:_lp t'rf.� t' 'Illl'°'ia at l.f'S52C � ense, t 14. FlXTvtFt ;S, STI2C;C7 UltE,_�S AND TS All improvements situated on the leased premises �v1'ren this Lease is entered inco are and shall continue to be the property of th° Lessee, and all authorized improvements hereafter added by the Lessee to the leased premises shall be the property of the Lessee; provided, however, the future rights and obligations of the parties in and to said irnprovements w,lf be subject to the terms and prov',ions of this lease. `? Upon termination of this Lease ',y either party for any cause, all buildings,,'fixtures, structures and improvernwrts situated on the le=asehold shall remain the property bf Lessee, unless the Less_ has fled a lien on them. flovvever, if Lessee fails to re, ove his property from the leasehold a;t-r ninety days t90) from the termination date, the saane shall become and remain the property of the Lessor. Fur her. if Lessee has already received rein burserment from Lessor for one or more of the ,above-stated property, Lessor shall not remove such property from the leasehold because they are deemed Lessor's property. Finally. Lessee shall [rot remove these buildings, fixtures. structures or imPro•denIcnts unless a d until Lessee has paid all the amount owed to Lessee under this Lease. 2�. The acceptance Im l_e's or t)t ff' S Ior an 41E nods af,%z r l_cS�Ce 1 default shall not be deemed l elf;U(!t any of lam-^'sor ` r!2hls to caniC} t�lti :.[,i5% fir ?i ti';CG 5 breach. No W'a!lv-'r t)f 3efauit h,. l_etisor if'srl� of the tern?" W 'hiy Lt ist: to h- ;,t-cf ved bar Lessee shall be cons rried' i, C 3 !iP• (;7 1Il�-aUh Lt liana ta( !tl. 6" T ,l ,c t':.,7-r,r of this lease. i i 21. CREATION OF LIEN PROHIBITED Lessee agrees that without the prior vintten consent of Lessor it shall have no power to do any act or make any contract that rray create a lien on the Premises. Any contract or lien created shall be void. If any lien is created or filed against the Premises, Lessee. at Lessee's expense, shall have the lien discharged and removed within ten (10) days after its filing. Ussee's failure , to discharge and to remove the lien shall constitute a breach of the Lease. 22. CONDEMNATION In the event any part of the leased premises is taken or condemned try any competent authority,Lessee shall have the right: (a) to terminate this lease.on the date of the tatting by the conden,ling authority. In such event the term hereof and rent and all other charges 4es shall be abated wnd any unearned rent paid or credited will be refunded by Lessor to Lessee:or ihti to cor:*:nue the Lease in Euil fore::: and effect at a redu.ed fixed rent mutually agreed upon by Lessor and Lessee comirensurate with the red aced area and/or reduced utility of the Leased Premises. This reduced rental 'll (-stconle effective capon the date of taking by the condemning authority. l tissee shills elect arnon2 the e .`:Si; < icy gr,,f ;i:izjc t t 7 F yJr 0i its deci,POn w"Itnin si7 ty' !600? days tron-, the Gate the condo nnm- au*,hJr"$e 2^ ;_3,'i'� pt. ss,._tiiun of the por F)n of ire le:_tti3'i't'•_34. . NOTICES NaYi'.es under this L_ addressed to Lessor shall he sent hY certified rtl,:lil addressed to: City of Fort Worth Real Property Office 1000 Throcktmortota Fort'Forth.TX 76102 Notices under this Lease addressed to Lessecsfivajf;be.sent by certified [Tlaiil addressed to: Casino Beach Golf,Inc. C/o Steven R. Champion /464 3ackshoro Highway Fort Worth,TX 16135 Any party to this Lease may designate it]Venting in changes of address by giving'written notice to the ocher pear 24 UE`d S,. Lessee hereby gives, gra,.s and pledges unto Lessor a contractual preference lien upon all pers€snal property on the demisee, premises belonging to lessee and upon all structures or irrriprovements erected on the demised premises l~-v a Lessee. to secure the prompt payment of all rr:ntals or other amounts due Lessor under this lcas, and the perftamiance of any covenants or obligations under the Lease. Further. 1-cssor rnwy rc-cn,cr and expel Lessee, its assignees, in itees., agents.employees and p rSo ti u der its comrof frc)Tri the prenli`:;S upon terminatloll Of t'i s le:, tt�lihot:t l?e:lrl [�l'£IT,i;(i. �Clilfl' iai :rC r?<I<<'.. F`ur(her, Lessor Tilay Seize all property t'tlOngi7[n t0 1_estiee C)rf lire }I'cTi�itiCti 11(X;.? ecurt: or payments under this IC:tSL. In ilddi[K3i1. L C�\!}r :v sets iciz'.d upoo13 this entry. at public: or private sales. Ftu procex��ls .:11e! shall her ,ipplied to the cost of the sale and the payments if anv. .el• 11 he held 'or Lessee. i 25. TERY -ATI0I Either party may terminate this lease at any time by giEring the other party sixty (60)clays written notice. Termination shall be pursuant to the.'terins of Exhibit "B7'. Lessor may. not tertninatc this lease solely for the purpose of gaining contro€ of Lessee's business enterprise. 26. BANKRUPTCY OR INSOLVENCY In the event that Lessee or,his assignee files for bankruptcy and assigns this lease to the creditors voluntarily or through a;Judgment by the court, this lease shill automatically terminate w'itl;`aut any further action from Lessor. in this case. Lessee shall receive no payment or z reim1burse ent of any kind fr€ern Lessor, 27. ASSIGNMENT Lessee may sell, 4issign or sublet this Lease or array,part thereof.provided that all amounts owed to Lessor are paid prior to the date of such sale ajsvil=l3menr or subletting This transaction shall be evidenced in writing. properly executed ;arid acknowlecf ed by both parties involved and is subJect to the approval of Lessor. Upon apprOval. ft copy of this document shall be delivered t to Lessor, and -,he original shall be recorded in the office of the County Clerk of Tarrant County, In this document, the vendee o ssignee shall OApressly accept, assume and agree to perform all ih terms, corid3tion5 aiid iinnt t,i n� set forth in this least:_ Lessee agrees not to make ,Inv sale it assi�'nmenl cxcent 1n thi,, rnaiinc and UPon the dal'ove conditions. Lessee tuRlier CXprcstiiy a`tiTees tha � 1 s zltE Tk t assign T?ew or Sale v ithoUt the Ir for written approval tai I..�,yc r shall ;3e �uicl. I R.EC `—RDATtOti This Lease shall be duly recorded at Lessee's expense among the Deed Records in the Off,We of the County Clerk at Tarrant County,Texas, 29, VENUE Lessor and Lessee agree that venue for any stmt or cause of action shall be i,i Tarrant County,Texas. 30. E IIRE t`sC FPE]N- l✓ IT This Lease constitutes the entire agreement between Lessor and Lessee and supersedes any prior oral or written'agreements concerning the leased premises. ATTEST: CITY Or FORT WORTH t i City Secretary Mike Groomer Assistant City Manager APPROVED AS TO FORM AND LEGALITY: Y: f Z� �. �F Assistant City Attorney Dare: UIC ---° M on sat a ivri a oat 17 c CASINO BEACH GOLF, INC. e R.4Cha ' Owner i �ti STATE,OF TEXAS COUNTY OF T ARRANT s BEFORE ?VIE, the undersigned authority, a Notary Puhhc, in and for the :State of Texas, on this day personally appeared Mike Groomer, known to me to be the person whose name is subscribed to the fbregoina instrument, and acknowled ed to me that the same was the act of the City of Fort Worth and that he executed the same as the act of the said City of Fort Worth for the purposes and consideration therein r.Xnressed and in the capacity therein stated: GIVEN UNDER MY HAND AND SEAL OF OFFICE this � clay of 1996. t t t; Ryytseras. � r ry Public in a� ` for the State of 'Texas V C2 �# YP STATE OF TEXAS COUNTY OF TAI RANT BEFORE ME. the undersigned authorifiy, a Notary Public in and for the State of Texas, an this day personally appeare'.Steven R. Champion. known to me to be the person whose name ; is subscribed to the fore;oing instrument, and acknowledged to one that he executed the same as ; for the purposes and consideration therein expressed. GIVEIN UNDER MY HAND AND SEAL OF OFFICE this ` dad'of 1996. _ v; tari Publ�n and i �e State ,:)f TcxX ji i i�hc<ali-a*r R081ERT 1. NEEFF `+( � Mtary Fub4jC t STATE OF TEXAs 2000, .M CS A .ExP.OJ/O t; 'i SERVICE ilnit FIELD NOTES _ for �o i�nt i1 �h. Ic..i ;ali�3r��ti CASINO BEACH GULF o at LOVE CIRCLE PARK e BEING a tract of land being situated in the J. Willcox Sune} ,Abstract No. 1;16 and the J. Willcox Survey,,Abstract No 1 717 and being a portion of land described to a Deed filed in Volume 325,Page 386 and Volume 664.Page 277 of the Deed Records of Tarrant Cocnly,Texas,also known as Blocks 12, 14. 15 and Love Circle Paris of the LAKE WORTH LEASES an 'UNRECORDED Plat and being more particularly described by the following metes and bounds: BEGINNING at a 5/8" iron rod with a CITY FT.WORTH SURVEY SECTION cap set on the Proposed Northerly Right-of-Way Line of State Highway 199 and being the most westerly,Southwest corner of Love Circle Park within the City of Fort Wotth, Texas. THENCE North 00 degrees oo minutes W seconds!vast along the Westedy line of Lore Circle Parka distance �f 401-90 feet to a 51Ri" iron rod with a CITY FT, WORTH SURVEY SECTION cap set for 1a Poiiu of Curvature for a ;i ao the right, said tune having a Radius of'30(wo`feet and a Central A eel of 45 demos 35 nur 29 seconds and a chord bearing North 22 degrees 47 minutes 45 seconds E;as: with,a C'iotu,uastattce of 23:2,47 feet; rt 1 NENcr Northeasterjv vtith said c irve to the right and along the Northwesterly Line of Love. Circle Parkan ".rz distance of 238,72 feet'to a 5/K" iron rod with a CITY FT-WORTH SURVEY SEt✓'Tf()N rIp set for the Point of Compound Curvature for a curve to the right, said cumv haying a Radius of 5853)U feet and a Ceutrai Angle of I8 degrees l0 minutes oo seconds and a chord bearing North 54 degrees 35,minutes 30 seconds East viith a Chord distance of 183.03 feet; THENCE Northeasterly with said Mve to the right and along the Northwesterly Line of Love Circle Park an Arc distance of 18:3,7K feet_toa 5/8" iron rod with a CITY FT,WORTH :S13R1tEY' SECTION cap set for the Point of Compound Cunatvre for a curve to the right, said curve having a Radius of 11 38.27 feet and a Central Angle of 15 degrees 50 minutes 47 seconds and a chord bearing North 71 degrees 30 minutes 53 seconds East:xith a Chord distance of 313.81 feet. THENCE Northeasterly with said curve to the right and along the NortL•iyesterly Line of Love Circle Park an Arc distance of 314,81 feet to a 518" iron rod with a CM' Fr. FORTH SURVEY SECTION cap set for the Point of Tangents;; THENCE North 79 degrees 26 minutes 16 seconds East along the Northerly line of Lm•e Circle Parka distance of 303:64 feet toa 5/8" iron rod v-ith a CITY Fr WORTH SURVEY SECTION cap set for the Faint of Cunature of a curse to the rignt said Curve liming a Radius of 1985.00 feet and a Central Angle of C4 degrm-s 30 minutes 36 seconds and a chord bearing North 81 degrees 41 minutes 34 seconds List v%ilh a C h.3rd distan�.e of 156 21 fa;t. THENCE Nar beasterI 14 th said cure to the right and along the \orLhcrl,, Line of Love Circle Park an Arc distance of 156.5 fcet to a 51X Iran rod with a CI.1'Y ET WORTH SURVEY SECTION cap set for a Point of Tangents: i +,cct i of i 1 It's fit 1'±H'1 llUk it1 n i THENCE North 83 degrees 56 miiiutes 52 seconds Fast along the Northerly line of Love Circle Park a distance of 238.81 feet to a 518- iron rigid with a CITY. FT WC)RiH SURVEY SECTION cap set for the Point of Cittiature of a curve to the felt said curve hieing a Radius of 2239:28 feet and a Central AntrJc of 16 degrees IS minutes 32 seconds and a chord bearing North 75 degrees 49 minutes 06 seconds East with a Ctiord distance of 03.31 feet: THENCE Northeasterly with said crrVe'10 the left and along the Northerly Line of Love Circle Park an Arc distance. of 635 44 feet to a _s/8., iron rod with a CITY F1.WORTH SURVEY SECTION cap s:t for a Point on a Curve. said point being the Northwest comer of Lot 27, Block 14,of the LAKE' WORTH LEASES an UNRECORDED Flat, THENCE South 19 degrees 49 minutes 44 seconds East departing the Proposed Southerly 27. Block 14, Right-of-Way Line of trove Circic for a distance of 188,91$ feet to a 518" iron rod four rl for the Southwest comer of lit THENCE North' 70 degrees 14"minutes 48 seconds East with the S butheriv line of Lot 27. Block 14 for a distance of 109,27 feet to a -5/g- iron ,rod found for the Southeast corner of Lot 27, Block 34;" THENCE North 19 degrees 53 minutes 56 seconds West with rite Easterly line of Lot 27 a distance of 196.52 feet to a 5/8" iron rod with a CITY l:T. WORTH' SURVEY SECTION call set for the Northeast corner of Lot 27, Block:`14. said point 'being on the Proposed Southern Right-of-Way line of Lowe Circle and being a Point on a CufVc to the left. said cun-e having a Radius of 2239.28 feet and a Central Angle of 13 degrees 41 ininutcS 01 seconds and a chord bearing North 513 degrees t13 minutes 03 seconds East with a Chord distrirce of 533.52 feet: THENCE Northeasterly With said cunTe to the left and along the Northerly Line of Love Circle Park an Arc distance of 534.79 feet to a,519" iron rod with a CITY FT. WORTH SURVEY SECTION cap; set for the Point of Tangentcy: THENCE North 51 degrees 12 minuses 32 seconds East'a distance of 17.1.55 feet to a 5,8" iron rod with a CITY FT.,WORTH SURVEY SECTION cap set for the Point of Curvature of the Proposed Southerly Right-of-Way Line of Love Circle, said starve havinlo a Radius of 2800) 'zvt and a Central :lstglL of 79 de@r$ep 05 minutes 47 seconds and a 'chord bearing .South 89 degrees 14 minutes 35" seconds East with a Chord distance of 3-5657 feet: , THENCE Southeasterly with said curve and with the Noethcasterlc Lineof Love Circle Park an Arc instance of 386.54 feet toa 5/8" iron rod A.iili a CITE' FT WORTH SURVEY SECTION cap set for a Point on a Curve,ve, said point being the:northeast corner of Lot 1R. Block 15.of the LAKE WORTH LEASES an UNRECORDED Plat: THENCE South 66 degrecs 57 minutes 54 s cOnds West deTarting the Proposed Southwesterly Right-of- Way Line of Love Circle and mth the Nonherl fine of Lot I4, Block 15 foT a distance of 125.17 ket to a 1/2- iron rod found for the Nort.h,�sest corner of Lot 111 Block 1,,. '1HFNC'F South 17 degrees 41 nziiautQs >9 seconds East ~Nash this Wcsterh lineoi Lot IR- Block 15 for at<lisi:ance of 154.35 feet tow 5!?" irett od found fbr a corner of Lot l R. Block 15- Shut TH:ErNCE South 72 degreec;s 23 minutes ()0 seconds West for a distance of 35.O() feet to 518" iron rcd •,with a CITY ) I'. WORTH S(1ItVEY SFCTiON cap set for a comer of Lot IR. Block 15, .HENCE South 17 degrees;._y', minutes 00 seconds F= with the most Westzrfy line of Lot IR. Block 15 for a distan,e of 20:00 feed to a 5/8" doll rod with a CITY ET WORTH SURVEY SECTION cap set for a corner of Lot IR Block THENCE 'forth 72 degrees 20 minutes 29 seconds East with the Westerly line of Lot lR_ Block 13 for a distance of 34.95 feel to,3 Sib" iron rod found for a corner of Lo'.I Ct Block 15: THENCE South 17 degrees 36 minutes 53 seconds East vsi.h IN, Westerly line of Lot-1R. Block 35 for a distance of 337.11 feet to the Northerly line of Lot 17; Bloch;. 15,of the L_AKE WORTH LEASES an UNRECORDED Plat_said point being,a 5/8" iron rod found for the most Southerly Southwest corner of Lot Ili, Block I5;_ t' THENCE South 66 degrees 09 minutes 39 seconds V,�w along the Northerly line of Lot 21.. Block 15 a distance of 8484 fect_toa 5/8" iror rod found for the North west corner of Lot 2i,:Block 15. f THENCE South 02 degrees 26 minutes 43 seconds,East along the Westerly line of Lots 21 and 4, Block 15 a distance of 147.33 fee', to the t°ortberly line of Lot 4, Block 15 of the L AKE WORTH LEASES an U 'RECORDEL'Plat, said point being a 3/4" iron rod found for the Southwest corner of Lot 4, Block,15 THENCE North 80 &grew 13 minutes 17 seconds last viiih the Southerly line of Lot 4, Block 15 for a distance of 142.97 feet to a S"il iron rod with a CITY Fr. WORTH SURVEY SECTION cap set for 1 P opt Westerly Right-of-Way Line of Lc e Circjc, said point also being the Southeast comer of Lot 4. Block 15, 7 THENCE South 09 degrees 18 ndnztt:;s F)3 seconds Fast v6d, the Easterly line of Love Circle Park, said line aise 1x.rng the Propcsed `'Westeri Right c�1'-6ka�' Line o Love C=ircle.for a distance:of 250 1_`• feet to a 5iK iron rod vath a CITY`FF. WORTH SURVFY SECTION cap set for the Point of Cure-attire of a curve to the Right. said cure°hav:rzg a Radius of 22t):0t? feet and a Central Angle of 58 dcgr= 40 minutes 18 seconds and a chord tx�aring South 20 deices 02 :riirrutes d 6 seconds West Kith a Chord distance of 215.57 feet, THENCE Sor;thv�estcrly along said curoe and with, the Easterly Lone o€ Love Circle Park an Arc # distance of 225.21S feet to a 518" iron rod Aith a CITE' F7. 14" RTH SURVEY SECTION cap set for tike Point of Tangents... THENCE F. South 49 degrees 22 minutees, 15 seconds West nth the Sautheasterly lrne of Lrn�e Circle Park' for a distance of 11.38 feet to,a 'T' iron rod with a CITY Fr. WC�r TH SURVEY SECTION cap set for thr Southeast corner of Lot 17, Bloetz 15.of the LAKES WORTH LEASES an MRECORDED flat: THENCE !north 33 degrees 44 mutes tit seconds West deiyJrting die Proposed Southwesterly Right-of- t3dav Lille.of Love Circle ant! vviih iht: f__, tinny line of Ltit i 7, i3ltock I5 Ear a tstance of i 87_b+3 feet to a `i :roii rod :it.h a. CITY PT %OR 5i SUR`vEi SECTION uac set for tree Northeast corner of Lot 17. sio R 15. dc_a_Tees - m,nutcs i st, onils% ev w;on; tarc `erl.herl-, line of iv. l" Block 15 a y rrs aql;;� of loo �;4; fc-c, to a a Iron ran1 found fol the fx,-I?cr of Loi 17, 3lock 1i. ;rf 4 l THENCE South 40 degrees 46 mt.7utes(X) seconds East along the Southisesterty line of Lot i7, D3Dack DS a distance of 18tr e feet io a 7. iron rod tvith a CITY r D'. woRfm SURVEY SECTION cap set for the SatitliRad comer 0. o l7 f3lo� 15, also being.a Point on a C[ne to the tight said i�irave having a Radius of 22(D'.tDU feet and a Central irigie of 31 degrees r _ gearing Sottth 7tD degrees tDS Minutes 17 seconds ,'West with a Chord diataiice of118.00 stand a chard THENCE Southwesterly'alonb said curve and Taith the Southeasterly L�i�of Lo,e Circle t'arl` an distance of 119.4b feet to a 5/8'' iron rod with a CI'T'Y FT. Point on a Curve, said point being theeyed of the atiarementioned cRTH SECTION cap set`for a THENCE North 83 degrees 03 minutes 37 seconds West with the Southerly line of Lose Circle dark, said line also being the Proposed Northerly Right alF way'Lone of Love Circle for a feet to a'Sr8" Iran rrxl ,iitD? a CITY `T. WORTH SURVEY SECTION eatp set for the Pornt of 133.ti3 ? lutersection with Proposed Nartlicrly Right-of-Wa,'Line of State fiiadawar 199 and also be of Curvature of a curve to the Left, said curve Navin a Radius off +rt9,(* feet and a Central Angle of ' 30 de ng the point degrees ?8 mirtites 24'seconds and a chord bearing &oj th 83 deg-ees 36 minutes 14 r t`idt a Chord distance of 194.48 teed, seconds hest THENCE Sa6,79 feet-t along said cure and 1x411 the Southeasterly Line of Lose Circle park an Arc distance at carve. feud to`i 5I8°' iron rod with a t°l 5` FT. WORTH SiTRVEY SECTION cap set for a Point an a Curve. said point being theintersertiori of the alb" critioned said curve having a Radios of 2842-42 feet and a C'e lira l Angof ; cr a and a curve to the Left, degi;ees 40 and a chord bearing :>oufit 87 degrees if, rntnaatc, 5l seconds fast' tit a Chord distance of 1l8 seconds feet THENCE Southwesterly along said curv-c and with tic Southerly Line of Lose Circle Park and the Proposed Department orttierl v_Right-of--Way Line of State l-Digh}yay l9 an distance of Dti69.19 feet to a T exas Tagentcy- of Transportataan(TXDOT) Aluminutn ask set ;n concrete statiips d 1 D D 1 fotiird for the P Texas of Tangentcy, THENCE CE Soutli 68 degrees 26 minutes all seconds YR'est ,with tiie Southertti Line of Lode Circle feet the l+iortherly line of`the Ptcposed Right-0t'-Ws, Line of State lirghti�a} i I9 a and feet to a T"as D3epartment of Transportation(T.�aT ` distance`of 588.16 for the most Southerly Sotith,mest comer of`Lou°e Circle) Park-: Disk set in concrete stamped I t09 found THENCE North Sy degrees 54 minutes 29 seconds 4vest 11 dis BEGINNING and Containing 52.287a=s of land, more orjesstaf2ce of 81.32 feet to the PpllrTpE CC; file sure*.•file No.038105007 re0sed 7!25/96 Shoot of d ( d r F b� y EXIMITT<<13,, CAPITAL IMPROVE:ME f ; LAKE WORTH LEASE CASINO BT AC14 GOLF A CAPITAL PITA_L IMPROVE�ftEN PROGRAM 1, Lessee shall flay for and implement the 'follocvi with th rig capital improvements in accordance e following schedule and rrkaximum amounts. All improvements shall be completed and operational before the end of the indicated lease year, anless otherwise agreed in writing parties: b by the Lease Capital Year 3m ro�ennents I Build lighted batting cages Amount 1 Build lighted t irrigated driving range 146,500 2 Build lighted/irrigated [ar-three 301,800 1 L olf course 2t7,b(3t} Build covered sealing and security 1i9his in eiubhouse area 14;f9p0 t, I Build lighted parking area E entrance sign Build lighted t irrigated putting 4g,CD()() { 2 g course 26,(1�f} 8uz'd security fence�Fr(7trnC1 roperilP 3 Build irri ated'executive olfcourse 52,000 Total Capital improvements g 273,0Op ?- It is understood and agreed that the above-referenced amounts are the maximum amounts approved by the Lessor. Lessor and Lessee rrsay agree to revise the ten-ns of this plan as Iong as the total dollar amosirzt for regular capital impro�orients is not z�zole than the amount specified above. 3. All nrzprOven e is shall be completed by the end oa'Lease Year 3_ 4 Lessee !:hall .s<. ' submit a detailed a,td verified ssheduie rf capital costs tncurred pursuant to th , =vtiai) (Exhibit "`$ ). exch SiVe of ,n). financing costs. This shall include ali reasonable ptann,n�=.dc4i.n and constrccNMI for the approver? i;rpr0v erne-it. the total amour: of this capital coscs has 'CCl Verified and determined by Lessee artU d son ' t ss.c=sf+all he eligible fo; czr burcertet=t cif tic cal,ztal costs 3s stated in Paragraph d corrap.zted as follow:: from and after ,Ile tryst dal, ' tt�e subsequent toter in which the sa ,i m�c r errs are completed. the ir*�pro� ments deprc ci trod at the rate of It}�, per year in t at i+zc deI ec iatiim frr,•pro,"emr: nt i hich are not ft;]ly depreciator! by the oriel of the first rc:lr. kas tens- will not he eliglNe for reinln,lrs, rn,lit, } 4 Lessor will reimburse Lessee for the irnProvements less accumulated depreciation if Lessor cancels the lease provided that Lessee remains in good standing for all conditions of the lease: Lessor sh<1il___ not reimburse an amc7unt_ renter than the amount of the irn rovement net of All accuni ted depreciation. r111 improvements shall be fully depreciated at the end of the first renewal term. "Therefore: Lessor shall have 'no obl ft g;a Q to reimburse Lessee" for any improvements thereafter. 7. If Lessee exercisc;s its option to terminate the tease,wl ether in the primary term or in any renewal term, Lessor shall not be liable for reimbursement -f any improvements. Further, any itnprovements not removed by lessee within ninety (90) ,.ays. after termination of the .lease, becomes Lessor's property. Consequently, Lessor can use such property at its discretion. City qfFort Worth, T' C�Vcof- and Council Commun ica HATS �f F us,EYEN�R Noll E {} (} L£v T7AFfE L"1 �C37tP � Q`NCsR',. l SUB T3 CT OF LOVE CIRCLE PARK TO CASINO.BEACH RECQ IAAIE ; and ci '0 �jt j w x ion �131FrZ 7 r j L�G N?�.2..P. A_FE 11�20 I g����i�� F CE j ( tAC_ L01F CIRctSiP $ 2 of 3 _E PARK TO CASHNO BEACH C CL F, INC. The )major 'errris v,riThin the proposed lease ,a reement �l are as fa'lot,>ets: he terse area being the entire !rove Circle Park (52.287 acres). l 0 (=''ima r �., y bti rng twelve 1,121' years 'A(i-M tyro i2' five (5) year options. � l f'c3 e 03'/'7?.�?rtt5 t o the City Would be the greater of ten percent (!0%) of' grass � receipts s rr r• i a. '*, via 5s Rr}abl.�Lia, s:un?s rttnciti from 3.2C Per year during the first fUUr u0 per year for the second foilµ- 4i years and $20,100 per year for * fine' `our (4-j 'y=ears_ f. ASS '4 !';fit not pity over $50,400 irr.any 0 7,Q r 1 calendar i t ,rr=. ''!,. max irrlunl annual amount ds~rrr Year during the initial Option Two would be $74,400, � '�ptic�n One would be $66':OOfl and dusii�9 ; sSOQe may use the area for the , �urprses r or, ' +i„g a golf course,practice facility, I gGif -etaii shop and related acilities, including bzjt not ?united to, non-gambling video and pinball � g g t� g�rrl,. toorn, baton cages, food and Uevera e concessions and parking ,area. Alcoholic beverage sides stall not exceed rr:or'e than twenty percent (20%) of total anntraf gross safes, t All calk:a. 4-norovernents c luld onfv t 1 i i r er,rsrrnp, after written consent b + i Y the City=, l i A capita; improvement schedule fiS ca; f the ! f 'M- role nents to be constructed duri ty the 3SW agreement outlining certain i ='. ., ee f3) Years, f Since tine ex01tr.,;^ of the original lease a teernen, + ,� 9 t ta;, ? 3. '9961) the lessee has rria-de payr?�E nT� t�;l rJntl; to month basis at previouz_rates This t staff tr r . h ;,,<> Texas Department of T� ofdover period allowed the City ?n�pc:td on t; determine the possible limits and i mpac- o nc P ^•posed lease from i the fait rry State-' 'rlit n a f j s ! i�9 expansion. Preliminary needs have bee cw , �F ec e proposed lease area. I eim: nate 1 the impact of hiahv,:ay�x^a s uropose d improvements a �PSS2fi �r P 'r,C�: 'ft^ tV�S ilat.!"ity t0 :e'!r1FJv;;c= E � p overnents by the I r ;rnprovements when the i I � 3 { r i i i t f i f J I and unci ° O(Y Of Fort Worlit., o.n I 11820 �80LEAS� FACE --1 _ ' of3 SM-MCT ( LEASE OF LOVE C!R"--LE PARK O CA�s �0 fstAGN viiLF, INC. E F1scAL tl`1F0!3L.A-T4QN CEJ9TIFlcaa lore: The Revenue Office of the Fiscal Services Department is responsible for the collection and ; deposit of fun(Is c,(p, the City from this lease, l LW:f - 1 ffi r , I i i i SciLmetrPif r City ?,fan-.:er s -�pLND ( " ' Ofrc ,ter: -------L_ _ T"ER } `L3'ICtll—f CITY SECRETARY f Y1SiT `.r(J CITY COO N AL .r ,