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HomeMy WebLinkAbout2003-06-09 03-188 ORDERItem No. 03-188 Date: June 9, 3003 Item/Subject: Amendment W Indenture of Lease- Stillwater Realty, LLC - Adjacent W Oak and Washington Streets Responsible Department Community and Economic Development C msnraHary: The City has retained ownership of narrow strips of land adjacent to Washington and Our Streets to provide for the potential future widening of these streets should it become necessary. Stillwater Realty, LLC, Carol Epstaiq Manager, leases this land from the City for use as part of the parking lot for Career Carter (formerly Maine Employment Security Commission) budding on Oak Sued. Should the land be needed for the future widening of either suet[, the City, with 30 days notice, can terminate the lease. Current lease terms provide the lessee may extent the lease m 2015. The State of Maine proposes to enter into a new lease agreement for the property, and Stillwater Realty, LLC hes requested an extension of the lease with the City to December 31, 2029 to coincide with the proposed tams of Stillwater Realty's lease to the Stale. All other terms would remain the same. At the BED Committee's May 20, 2003 meeting, the Committee considered and recommended Council approval of the request by Stillwater Realty, LI . The City hes no other use for the property leased other than for potential street widening, in which case the City could terminate the lease with 30 days notice. Department Head City htana Associated Informati0n: Finance Director Legal Approval: solidtoi Intrgduced for X Passage RM Reading Page _ of Referral 03-180 Assigned to Councilor ab... June 9. 2003 w CITY OF BANGOR (TRLE.) Order, Amendment to Indenture of Lease - Stillwater Realty LLC - adjacent to Oak and Washington Streets WHEREAS, by Indenture of Lean dated November 6, 1975, recorded in Pawbscot County Registry of Deeds in Book 2641, Page 60, the City leased W the framway Realty Company certain premises described therein locatetl on the easterly side of Oak Street and southerly, side of Washington Street, Bangor Maine; and WHEREAS, the said Indenture of Lease was assigned W Sidney Epstein, Kenneth M. Mason, Robert R. Kurmn and Newell B. Kuimn on May 6, 1976, by Assignment recorded in mid - Registry in Book 2641, Page 64; and WHEREAS, the mid Indenture of Lesson was assigned by Sidney Epstein, Kenneth M. Kurson, Robert R. Kurson and Newell B. Kurson to Carel A. Epstein, Trustee of Stilixater ReaAy, Trust on April 11, 1995, by Assignment recorded in Book 5836, Page 201; and WHEREAS, the mid Indenture of Lease was assigned by Card A. Epstein, Trustee of Stillwater Realty Trust W Stillwater Realty, LLC on January 1, 2000, Assignment recorded in mid Registry in Book 7326, Page 98; and WHEREAS, the mid Indenture of Lose provided for a term of thirty, (30) years with an option to adend the term for an additional ben (10) years; and WHEREAS, Stillwater Realty wishes W extend the term of the mid Indenture of Lease to December 31, 2029; NOW, THEREFORE, BE BORDERED BY THE CRY COUNCIL OF THE CRY OF BANGOR THAT the City Manager Is hereby authorized to execute an amendment to the Now:mber 6, 1975 Indenture of Lease with WINvater Realty, LLC, by claiming the following: 71M TO HAVE AND TO HOLD the same for a term of thirty (30) years from the date of the execution of this Lease, at the and of such thirty (30) year term, the Lessee is hereby granted the right to eMend the period of this Lease upon the same terms and conditions for a further term of loco (10) years, provided written notes of Its exwcim of such option is sent W the Lessor by ore Lessee at least thirty (30) days prior to the termination of the original thirty (30) year term of this Lease. IN cin COUNCIL Jume 91 2003 Paste x 03-188 c- ORDER (TITLEJ Amemumeoc to Juaemturc of Least - Stinvater Rea ry. - Washington Streets Assigned to Councilor 03-188 AMENDMENT TO WOENTORE OF ]EASE THIS AMENDMENT, executed in duplicate, thiJ01 day of fare, 2003, by add between CTTY OF BANGOR, a body politic and corporate, duly organized and existing by virtue of the laws of the State of Maine, and being totaled in the County of Penobscot, State of Maine (hereinafter sometimes refined to as the "City') and STILLWATER REALTY, LLC, a limited liability company, duly organized and existing under and by vdaw of the laws of the State of Maine (hereinafter somMimes referred to as the "Stillwater Realty WITNESSETH WHEREAS, by IrMetLLure of Lease dates November 6, 1975, recorded in Penobscot County Registry of Deeds in Book 2641, page 0, the City leaned to the Fransway Realty Company certain premises described therein located on the easterly side of Oak Street and southedy side of Washington Street, Bangor Maine; and WHEREAS, the said Indenture of Lease was assigned to Sidney Epstein, Keodth M. Karon, Robert R. Kumon and Newell B. Kurson on May 6,1976, by Assignmant recorded in said registry in Book 2641, page 64; and WHEREAS, the said Indenture oflease was assigned by Sidney Epstein, Kennth M. Kerner, Robert R. Kurson and Newell B. Kurson to Carol A. Epstein, France of Stillwater Realty Trust on April 11, 1995, by Assignment recorded in Bank 5836, page 201; and WHEREAS, the said Indenture of Lease was assigned by Carol A Epstein, Trustes of Stillwater Realty Trust to Stillwater Realty, LLC an January 1, 2000, Awagmnent recorded in said Registry in Book 7326, page 98; and WHEREAS, the said Indenture of Lease provided for ahrm ofdirty (30) years with an option to extend the term for an additional ten (10) years; and WHEREAS, Stillwater Realty wishes to extend the [earn of the said Indenture of Lease to December 31, 2029; and NOW, THEREFORE, the parties agree to amend the said Indenture of Lease as follows: By deleting the following: TO HAVE AND TO HOLD the same far a tmv oftlurty (30) years from the date of the execution of this Lease, at the end of each thirty (30) year term, the Lessm is beroby granted the right to extend the period of this Lease upon the same terms and conditions for a further term often (10) years, provide written notice of its exercise of such option is sent to the Lessor by the Lessee at least thhty, (30) days prior to the temdnation of the original thirty (30) year term of this Lease. And replacing it with the following: TERM TO HAVE AND TO HOLD the same for aterm of fifty-four yearn one and cons- half no-half months from the data of the execution of this Lease, ending on December 31, 2029. Each and every other provision of the Indenture of Lease dated November 6, 1975 shall remain in full force suit effect. 1N WITNESS WHEREOF, the parties hereto have set thein hands and seals the day and year written above. CITY OF BANGOR STH.LWATERREALTYLLC f Name: Carol A Epstein Title: Mmuger, Stillwater Realty LLC 03-189 STATE OF AAA WE COUNTYOFPENOBSCOT ,JWfil 1$6 .2003 Thmpemonally appeared the abovo-named FAward A. Barred and acknowledged the foregoing instrmnmt to be his free act and deed in his said capacity and the free act and deed of said City of Bangor. Before me, _. Notary Pubic qrL COREY NDTAHYKi ±,IC,MRINg w CCMsassal NF%rygE9CECEMBEgytppy STATE OF MAINE COUNTY OF PENOBSCOT Tuwie SD 2003 Thmpasmiaally appeared the above-named Carol A. Epstein and acknowledged the foregoing instwneat to be her free act and deed in her said capacity and the free set and deed of said Stillwater Realty, LLC. Beforc rn , ary lie ROBERTE COLIAS NOTARYPMBOC-NNE MY OOMMESFON EPF ES JANUARY 13, M And replacing it with the following: TO HAVE AND TO HOLD the same for a term of fifty-four (54) years one and one-half (I Vx) men" from the date of Une a udon of this Lease, ending on December 31, 2029. Each and every other pmvision of We Indenture of Lease dated November 6, 1975 shall remain In full force and effect.