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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.