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HomeMy WebLinkAbout2001-05-14 01-203 ORDERItem No, 01-203 Date: May 14. 2001 Item/Subject ORDER, Authorizing second Amendment to Indenture of lease -- University of Maine System Responsible Deparbnent Legal Commentary: On December 17, 1970 the City and University of Maine entered into a lease for certain property M the Bangor Campus and ChancellDYs Office. Since then, the parfies have been involved in discussions about extending the lease and ultimately disposing of Me City and University property in the area. The lease expired on December 17, 2000 but may be renewed by the University subject M negotiation of rent and other terms. The lease was renewed in November 2000 to extent it until May 10, 2001. Negotiations have been ongoing but more time is needed. This Order would extend the lease an addidonal 90 days. The Business & Economic Development Committee recommended approval at its meeting on May 8, 2001. Department Head Manager's Comments: City Manager Associated Information: Second Amendment at Finance Dirednr Legal Approval: City Solicitor Introduced for Consent Agenda 3 passage _ First Reading page 1 of 4 Referral Assipwwcouncilor Paler M y 14, 2001 s x�. CITY OF BANGOR (T !.E.) ORDER, Authorizing Second Amendment to Indenture of Lease -- University of Maine System ay Dce Qtyfaunal & the OI y of Eangw. ORDERED, THAT the City Manager is hereby authorized, on behalf of the City of Bangor, to execute a Second Amendment to Indenture of Lease with the University of Maine System. A copy of said Second Amendment Is attached hereto. m cin cooxcn flay 16, 2001 Passed M 0I-203 CI MERKI O & 0 E B (TITLE,) Auth"LZ: g second Aamdmest to Ianeatare o e - vexa m System Assigned to Councilor fOLA" tea. '01-203 SECOND AMENDMENT TO INDENTURE OF LEASE THIS AMENDMENT, executed in duplicate, thiswe2 day of ////� , 2001, by and beten: /I CITY OF BANGOR, a body politic end corporate, duly organized and existing by virtue of the laws of the State of Maine, and being located in the County ofPeromat, State of Maine (hereinafter sometimes referred to as the "City") [1CUi UNIVERSITY OF MAINE SYSTEM, a body pontic and corporate, duly organized and existing under end by virtne of the laws of the State of Maine (hereinafter sometimes refmred to as the "University") WITNESSETH WHEREAS, by Indenture of Lease dated December 17, 1970, the City lensed to the University certain premises described therein located on the easterly side of Maine Avenue, Bangor Maine, said Indenture ofLom having been subsequently amended; and WHEREAS, the term of said Indenture of Lease expires December 17, 2000, subject to the University's right on renew the htdenauo of Lease subject to certain conditions; and WHEREAS, We City and the University sn to negotiate the terms end conditiore ofa renewal ofthe IndenNre of,{�(e}f]�a!�,I°G/f WHEREAS, the parties excewe Amendment to hrdemure of Lease in November 2000 to extend the teen of the lease Until May 10, 2001; and WHEREAS, the parties have continued to negotiate the terms and conditions of renewal of the Indenture of Lease; and WHEREAS, the parties agree that said negotiations will extend beyond the termination date of May 10, 2001 of said Amendment to Indenture of Lease. 01-203 NOW, THEREFORE, the parties agree as follows: (1) That Article 11 of said Indenture of Lease dined December 17,1970, as amended, shall be amended by deleting the termination date of May 10, 2001, as amended by the November 2000 Amendment to lnderrhne of Lease, and replacing it with Aagost 10, 2001. (2) Each and every other provision of the Indenture of Lease dated December 17,1970, as amended, shall remain in thll have and effect. IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and you written above. I1NNE0FMA / SYS 'M Witness e: !p' �Ud5pECC. �i9/i7�Fp%