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HomeMy WebLinkAbout1961-01-09 62-N ORDERM, 1n4oduced by councilor Bla iatlell, ]an. 4, 1961 CITY OF BANGOR (TITLE.) MrUri_. Authorizing. city Manages.. to Execute _Option. to Lease. By the aty Council of tke City of Banaor: M303" THAT the City Manager be and is hereby authorized for and on behalf of the City of Bangor, to execute the Option to Lease between City of Bangor and Pe8&-Buwyan Theatre, Inc., a copy of which is hereto attached. I,N CITY COUNCIL Jan. 9, 1961 Tabled CITY CLtV IN CITY COUNCIL Jan. 23, 1961 Voted to remain on table. ItCIT LERK IN CITY COUNCIL Feb. 13, 1961 Taken fron table, indefinitely Post ed. TTY Ci ER Tiuep Authorizing City Manager to. Execute Option to Lease. _... _... mgmeauaed eed Bled by OPTION TO LEARN In consideration of the sun of One Dollar and other valuable F'li. ;'< considerations paid to the City of Bangor by Peakyatyen Theatre# Inc., the receipt whereof is hereby aelanowledged, the City of r� Bangor hereby Brants to the 9flld Ppp tx3�anyan Theatre# Inc., an option to rent the promisee known as the Old Bangor Auditorium, upon the fallowing terms and conditions: 1. Term of Lease: Five (5) years, for a period in each year beginning June 1. and ending October 1, 2. Rental: Thirty Thousand Dollars (430,000.00) for the entire term of the lease. y(,.. 1" y:. 3. Faa2�Bonyen Theatre, Inc., to be allowed to install a permanent stage at its expense, subject to the approval of the City Manager of the City of Bangor. k3a-`' I 4. PaniBunyan Theatre, Inc. to be allowed to install, at its expense, seating which can be removed at the end of each yearly period as hereinbefore set cut, subject to the approval of the City Manager of the City of Bangor. 5, The City of Bangor to place and maintain the building in safe structural condition during the term of the lease and to paint the bhu�ilding, inside and outside. Pll� 6. PeaY;punyen Theatre, Inc. to poet a Bond satisfactory to the City Solicitor to guarantee payment of the amount of Thirty Thousand Dollars (430,000.00) for the aforesaid rental. This option may be exercised by said Paul Bunyan Theatre, Inc. within four (4) months from the date hereof upon notice of intention to exercise said option being given by Paul Bunyan Theatre. Ino. to the City Hanger of the City of Bangor, at which time a lease shall be drawn and executed by the parties hereto, containing the above Lerma and in form satisfactory to said parties. Feted this day of January, A.D. 1961. City Of Bangor 37 City Manager