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HomeMy WebLinkAbout2000-11-27 01-40 ORDERItem No. 01-40 Date: November 27 2000 Item/Subject ORDEIL Authorbong Amendment to Intlenture of Lease -University of Maine System Responsible Department: Legal On December 12, 1970 the City of Bangor and the University of Maine System entered into a lease for certain property at the UniversiNs Bangor Campus and the Chancellor's office. The lease expires December 17, 2000 but may be renewed by the University subject M nego0adon of rent and other terms. Dead reshictions on abutting property of the City and the University expire on May 10, 2001 and MIs Amendment will extend the lease to that data to give the partles more time to negotiate an extension of the lease and take into consideration other City and University property. The Finance Committee recommends approval. Depart Head Manager's Comments: CRY Manager Associated Inknuation: AmendmeMto Intlenture Finance Director Introducetl for L&ftu^'r e FirstReading page 1 of 4 _ First ReMrnl �,�z Aeeignd bCooncilor glevchette November 27, 2000 CITY OF BANGOR (=E.) ORDER, Authorizing Amendment to Indenture of Lease --University of Maine System By the Ory Cmertll of tie Ory of Aingan ORDERED, THAT the Ory Manager is hereby auttomed, an belelf of Nie Ory of Bangor, to exavW an Amendment W Ind Wm of Lease wtth Me Univ iW of Maine Sys . A copy of sald Amerolmentis attached herero. I CITY COMM Muvenher 27, 2000 Passed CI Cf.®H 01-60 ORDER Mft Authorizing Amesdveut to Indenture of Lease - University of Maine S stem r. li PIN / AMENFE)MENT TO INDENTURE OF LEASE THIS AMENDMENT, executed in duphome, this lscday of December 2000, by and between: ' CITY OF BANGOR, a body politic and corporate, duly organized and existing by virtue of the laws of the Some of Maine, and being located in the County ofPenobscm, State of Maine (hereinafter sometimes refened on as the "City-) AND UNIVERSITY OF MAINE SYSTEM, a body politic and coryorete, duly organized and existing under and by value of the laws of the Same of Maine (hereinafter sometimes referred to as the "University') WrrNFSSETH WHEREAS, by Indenture of Lease dated December 17,1970, the City leazed to the University certain premises described therein located on the easterly side of Maine Avenue, Bangor Maine, said Indenture of Lease having been subsequently amended; and WHEREAS, the term of said Indenture of Lease expires Deco Baer 17, 2000, subject on the University's right to renew the Indenture of Lease subject to certain conditions; met WHEREAS, the City and the University wish to negotiate the corms and conditions of renewal of the Indenture of Lease and WHEREAS, the parties agree that said negotiations may extend beyond the mrmirmtion date of December 17, 2000 for said Iademum of Leese; NOW, THEREFORE, the parries agree as follows: (1) That Article 11 of said Indenture of Lease dated December 17,1970, m amended, shall be amended by deleting the termination data of December 17, 2000 and replacing it with May 10, 2001. (2) Each and every other provision of the Indenture of Lease dated December 1],19]0, as amended, shell remain in full force and effect. M MTNESS WHEREOF, the parties hereto have on their hands and seals the day and year written above. CMM OFY OF�BBA�NGOR mess Edward A. Barren City Manager 11MVERISTY OF MAW SYSTEM Wt[ness B. Rur'ull i u universiry of ae Maine acne m Sy Sysmm