HomeMy WebLinkAbout1998-07-13 98-284 ORDERCOUNCIL ACTION
Item No. 98-284
Item/Subject AUthOri2ing City Manager to Execute a Consent to
Assignment -- Elder Family Portland Associates Limited Partnership
Responsible Department: Legal
In 1987 Elder Family Portland Associates Limited Partnership leased
a parcel of land abutting the Maine Enterprise Park from the City.
The former Federal Express building was built on the lot. Elder
Family Portland Associates Limited Partnership has recently agreed
to assign the lease to Bangor Savings Bank. The lease requires the
City's consent if it will be for retail services. Bangor Savings
Hank will be selling securities and insurance from the property.
The Community and Economic Development Committee recommends
approval.
Departure' nC He d
QYS`l �bfi[Si+t
Manager's comments:
City Manager
Associated Information: Consent to Assignment
Finance Director
city Solicitor
Introduced For CONSENT AGENDA
Passage
First Reading
Referral Page 1 of _ 4
Ae®gnedb Cow�ilw Palmer July 13. 1998
�r CITY OF BANGOR
Authorizing City Manager to execute a Consent to
(TITLE.) 1117
Assignment -- Elder Family Portland Associates Limited Partnership
By Ow city CounoU of of Oft ofBa+Wer:
ORDERED,
TMT the City Manager is hereby authorized, on behalf
of the City of Bangor, to execute a Consent to Assignment of a
Lease between the City of Bangor and Elder Family Portland
Associates Limited Partnership dated March 30, 1987. The lease
will be assigned to Bangor Savings Bank.
A copy of the Consent to Assignment is attached
hereto.
IN CITY COUNCIL
July 13. 1998
Passed
F
CI CLBAIL
98-284
ORDER
Title, Authorizing City Manager to
Execute a Consent Assignment - Eldut
Family Portland Associates Limited
Peiineiehip "".'.""""'"
CONSENT TO ASSIGNMENT
Now Comes the City of Bangor and hereby consents to the assignment of the
Indenture of Lease between the City of Bangor and Elder Family Portland Associates
Limited Partnership dated March 30, 1981 to Bangor Savings Bank provided that the
said Bangor Savings Bank shall comply with all terms and conditions of said Indenture of
Lease and use Ne subject premises for those uses described in Exhibit A attached hereto.
CITY OF BANGOR
Witness Edward A. Barrett
City Manager
Bangor Saving Bank amens to comply with the terns and conditions of the
Indenture of Lease between the City of Bangor and Eldm Family Portland Associates
Limited Partnership dated March 30,1981 and to use the subject premises as described in
Exhibit A attached hereto.
Dated: 1998 BANGOR SAVINGS BANK
Wimess Name:
Title:
98-286
EXHIBIT A
Banking; retail and retail services in connection with securities brokerage and insurance;
occupancy by entities into which Bangor Savings Bahr is merged or consolidate or to my
entity which controls or is controlled by Bangor Savings Bahr or is under common
control coif Bangor Savings Bank, so long as such entities is consistent with the
aforementioned uses.