HomeMy WebLinkAbout1993-01-25 93-125 ORDERCOOMCIT, ACTICH
Bate: 1/25/93
Item
No.:
93-125
Item/Subject:
Authorize the City Manager to execute an amendment to a lease
agreement with the Cabral Company to extend the initial term of
the lease agreement to the year 2008.
Responsible Department: Community and Economic DevelOPment
The Cabral Company; a Maine corporation owned by Bruce A.
Epstein, Carol A. Epstein, and Elaine M. Epstein, lease$ Lot 19AB
In the BIA Commercial/Industrial Park in the Bangor International
Airport Complex. An office building leased to the State of
Maine, Dept. of Human Services is located on the lot. The Lessee
fishes to extend the initial term of the lease agreement to the
year 2008 in order to enable refinancing of the office building.
The lease agreement Me a maximum term of fifty years comprised
of an initial term from January, 1979 to December, 1998 and three
option periods of tort yearn each. The lease rate is established
In the lease during the initial term and the first option period.
In order to facilitate refinancing of the building on the lot,
the amendment to the lease would include the first option period
in the initial term, extending it to 2008.
Recommendation
The Ba lir Corporation recommends approval of the amendment
extending the initial tern of the lease.
Depa m�a cH
Manager's Comments:
City Manager
Associated Information
Page 1 of 2
93-125
Amigned to Couseeur Cohen, January 25, 1993
r CITY OF BANGOR 93-125
(AMENDED)
(TITLE) (Or1lBryutMr ing the City Manager .. . to execute Consent to
........
Assignment and Aeelnoption of Lease -- Elaine M. epetefh at als
to Cabral Company and an amendment to the lease agreement.
Bs Us afy Counda Of Cay OfBanper.
>l
WHEREAS,. Elaine M. Epstein at ala are Lessees of certain real
Property owned by the City of Bangor ]mown as Lot 19 AB, Bangor
International Airport Coamiercial/Industrial Park, pursuant to a
Lease dated April 1, 1979; and
WHEREAS, said Lessees wish to assign their lease to Cabral Company,
a Maine corporation owned by Bruce A. Epstein, Carol A. Epstein,
and Elaine M. Epstein, three of the said Lessees; and
WHEREAS, said Lessees and the City of Bangor wish to anent. the
Indenture of Lease to extend the length of Its initial tens; and
WHEREAS, the proposed assignment and amendment are in the best
interests of the said Lessees and of the City of Bangor,
NOW, THEREFORE, By the City Council of the City of Bangor:
ORDERED,
THAT the City Manager is hereby authorized to execute and
deliver the City's written consent to the proposed assigwient and
amendment of the said Lease. -
FIRST AMENDHBNT To INDENTURE OF LEASE
THIS FIRST ANBNDHHNT To INDENTURE OF LRA E, executed this
_ day of January, 1993 by and between:
CITY OF BAIRPOR, a municipal corporation duly Organized
and existing under and by virtue of the laws of the
State of Heine, and having its principal offices at 73
Harlow Street, Bangor, Heine (hereinafter sometimes
referred to as "Lessor-)
AND
CANNON, CONPANy,_a corporation, duly organized and
existing under and by virtue of the laws of the State
of Heine, and having a place of business in Bangor, in
said Bangor, County of Penobscot, state of Maine
(hereinafter sometimes referred to as -Lessee.)
W I T N E S S E T H:
WHERHAS, the City of Bangor is the owner of an airport
commonly ]mown as "Bangor International Airport", formerly known
as Dow Air Force Base, and located:. in the City of Bangor, County
Of Penobscot, State of Heine (hereinafter sometimes referred to
as the "Airport"); and
WES REAS, by Indenture of lease, dated April 1, 1979, the
Lessor entered into a lease with Newell B. Henson at al for a
Parcel of land located at BangorInternational Airport, Bangor,
Maine, described as follows:
Lot No. 14AB, Plan of B.I.A. Commercial/Industrial
Park, dated June. 7,. 1976, recorded in File No. D626-76-
and D -626-76A, Penobscot County Registry of Deeds and
revised August 28, 1978, and recorded as Plan D86-78 in
.Penobscot County Registry of Deeds; and
WHEREAS, the interest of the Leasee was assigned with the
consent of the Lessor, to Cabral Company, by assignment dated
1993; and
WHEREAS, the parties hereto wish to named said Indenture of
Lease to extend the length of its initial term;
NOW, THEREFORE, the parties do mutually agree that the
Indenture of Lease dated April 1, 1979, be and hereby is amended
as follows:
ASSIGNMENT AND ASSUMPTION OF LEASE
AGREEMENT made as of the day of December, 1992, by and
between Elaine M. Epstein, Bruce A. Epstein, carol A. Epstein,
Kenneth M. Burson, Eleanor Burson, in her capacity as Personal
Representative of the Estate of Newell B. Burson, and Kenneth M.
Berson and Thomas Kaplan, in their capacities as Co -Personal
Representatives and Trustees under the will of Robert R. Burson
(hereinafter collectively referred to 'Assignors') and cabrel
Company, a Maine corporation having its place of business at
Bangor, Penobscot county, Maine (hereinafter referred to as
'Assignee-).
RECITALS
A. By Lease dated April 1, 1979, the City of Bangor, as
Lessor, entered into a Lease with Newell B. Burson, Kenneth M.
Kitson, Robert A. Burson, Elaine M. Epstein, Bruce A. Epstein,
and Carol A. Epstein, as Lessees, a memorandum of which Lease is
recorded in Penobscot County Registry of Deeds in Book 3001, Page
150 (hereinafter referred to a 'Lease'), leasing a parcel of
land located at Bangor International Airport, Bangor, Maine, -
described as follows:
Lot No. 14A3, Plan of H.I.A. Commercial/Industrial
Park, dated June 7, 1976, recorded in File No. D-
626-76 and D -626-76A, Penobscot County Registry of '-
Deeds and revised August 20, 1978, -and recorded as
-Plan D86-00 in Penobscot County Registry of Deeds.
B. Robert R. Burson is deceased and Thomas A. Kaplan and
Kenneth M. Burson are the Co -Personal Representatives of the
Estate of Robert R. Kurson, Notice of Appointment of Domiciliary -
Foreign Personal Representative, dated May 13, 1985, being
recorded in the Penobscot County Registry of Deeds in Volume
3914, page 173. -.
C. Newell B. Burson is deceased and Eleanor M. Burson is
the Personal Representative of his estate, Notice of Appointment
Of Domiciliary Personal Representative being recorded in
Penobscot County Registry of. Deeds in Volume Page
AGREEMENT - s
- For consideration paid, the recaipt and sufficiency of which
is hereby acknowledged, the parties agree as follows::- ?a-'
1. - Asaianment. Assignors hereby assign, transfer, grant,
and convey to Assignee, its successors and assigns forever, all
of Assignors, right, title and interest in# tot under and with -_
regard to the Lease, together with all the right, :titleand
interact of the Assignors in and to the buildings and . -
'improvements constructed on the leased premises, to have and t*-
'hold the same onto Assignee from and after the date of this = -
Assignment. .-
2. Aae_u_m tion of Lease. Assignee hereby agrees to assume
the Lease fo[ tII— a balance o£ the term thereof, and to pay the
rent and to faithfully perform all of the covenants, conditions
and agreements contained therein.
3. Consent. This Assignment .and Assumption of Lease
agreement -1 conditioned upon the delivery by Lessor of any
necessary consent hereto.
IN WITNESS WEEREOF, the parties have executed this agreement
as of the day and year first above written.
WITNESSES
E MEne H. Epste a
ErLLCe A. EpSteln
Car01 A. Epeteln
Kenneth M. Rurson
Eleanor Rurson, personal
Representative of the Estate
of Newell B. Ronson
Thomas Rap aa, Co -persona
Representative and Trustee
under Che will rf Robert R.
Kurson
Representative and Trustee
under the will of Robert R.
.Rurson
CARREL COMPANY .
Its
hereunto duly authorized
iat
STATE OF MAINElgg2
PENOBSCOT, ee.
Personally appeared the above-named Carol A. Epstein and
acknowledged the foregoing instrument to be her free act and
deed.
Before me,
Typed or printed name of
Notary Public
CONSENT
The undersigned, as Lessor pursuant to the Lease dated April
1, 1979, identified in the foregoing Assignment from Elaine N.
Epstein at al. (Asssignors) to Cabral Company (Assignee), hereby
releasee the Assignorsof their obligations under the Lease and
hereby consents to the assignment and assumption of Lease by the
Assignee.
Dated:
City of Bangor
Its
Hereunto Duly Authorized
December 8, 1993
Erik Stumpfel, City Solicitor
City of Bangor
Bangor City Hall
73 Harlow Street
Bangor, Maine 04401
AT; CabralCompany/Lease from City of Bangor
Dear Erik
I an enclosing a proposed assignment and assumption of lease from
Elaine M. Epstein, at al. to Cabral Company, assigning their
Lease for the land at Bangor International Airport, 396 Griffin
Road.
Cenral Company is a corporation owned by three of the present
Lessees: Carol, Blaine,. and Bruce Epstein.
Please let me know if you need further information. If this is
satisfactory will you arrange for execution of the consent
attached to this assignment.
Thank you.
Very truly yours, -
Edith A. RScharLeon -
EAR/jli
Enclosure D
cc: Mr. Robert Collins
oecioI
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December 8, 1993
Erik Stumpfel, City Solicitor
City of Bangor
Bangor City Hall
73 Harlow Street
Bangor, Maine 04401
AT; CabralCompany/Lease from City of Bangor
Dear Erik
I an enclosing a proposed assignment and assumption of lease from
Elaine M. Epstein, at al. to Cabral Company, assigning their
Lease for the land at Bangor International Airport, 396 Griffin
Road.
Cenral Company is a corporation owned by three of the present
Lessees: Carol, Blaine,. and Bruce Epstein.
Please let me know if you need further information. If this is
satisfactory will you arrange for execution of the consent
attached to this assignment.
Thank you.
Very truly yours, -
Edith A. RScharLeon -
EAR/jli
Enclosure D
cc: Mr. Robert Collins
oecioI
(1) Deletion of Article II and addition of the following in
its stead:
NEricia I _ Vm
TO HAVE AND TO BOLD the demised premises Onto the Lessee for
the to= of thirty (30) "are, commencing on the 1st day of
January, 1979, and terminating on the list day of December, 2008.
(2) Deletion of Article III Paragraph a and addition
Of the following in its stead:
B. Lessees further covenants to pay to the Lessor as a
rental each and every year during the next ten (10)
years of the initial tetra hereof, to wit: January 1,
1999 to the 31st day of December, 2008 a monthly rental
of Eight Hundred and Fifty-Three ($843.00) Dollars.
(3) Deletion of the following paragraph from Article XXI:
The Lessees shall have the option to extend this lease
for a further term of ten (10) years, from the let day
of January, 1999, to the 31st day of December, 2008.
Rental for this extension period shall be as provided
for in Article III.
EXCEPT for the foregoing, said Indenture of Lease, dated
April 1, 1979, between the City of Bangor and Cabral Company,
will remain in full force andaffectin all other respects
between the undersigned.
IN WITNESS WHEREOF, the parties hereto have set their hands
and seals the day and year written above.
witnaas: CITY OF BANGOR
By:
Its City manager -
witness: CARREL COMPANY
maaWw�.�-W tans/n1
93-125
Finance Director
V""`1 OWA*
City Solicitor
Introduced For
_Passage
_First Reading Page 2 of 2
_Referral
�.Wm (1115/93)
Aedgned to Coundo, Cohen Jannary 25, 1993
CITY OF BANGOR
(TITLE.) (0rbzr, T°. authorize and direct the City Manager, to, executo
an amendment to a lease agreement with the Cabral Company.
By City CosndU ofW My of Banner, -
ORD&BED.
TUT the City Manager is hereby authorised and directed, on
behalf of the City of Bangor, to execute an amendment to a lease
agreement with the Cabral Company.
IN CITY COUNCIL
January 25, 1993
Amended by Substitution
and Passed.
I CLE
93-125
ORDER
Title,
T➢. PV2)tptf?ff. ?nd. Dl�ec[[Te CICyMa�agai
to Execute an Amendment to a Lease
/drgppep( y1tN the. Cabfe.l ComPevY
tea,
A"gnedto
Eauntilman