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HomeMy WebLinkAbout2001-10-10 01-388 ORDERItem No. 01-386 Dates ORaber 10. 2001 Item/Subject: ORDER, Authorizing Fouts Amendment to indenture of Lease -- University of Maine System Responsible Department: Legal On December 17, 1970 the CIN and University of Maine entered Into a lease for certain property at the Bangor Campus and Chancellors office. Since then, the parties have been involved In discussions about extending the lease and ultimabdy disposing of the City and University, property In the area. The lease expired on December 17, 2000 but may be renewed by the University subject W negotladon of rent and other tams. The lease was renewed in November 2000 to extend it un0l May 10, 2001, and extended a second time through August 10, 2001. The lease was again extended! to October 10, 2001 as negotiations continued. We now have an agreement In concept Additional time is needed to have surveying done, documents prepared and final language agreed upon so a proposed agreement will he able to be presented to the Council. The Business & Economic Development Committee recanmended approval at its meeting on October 2, 2001. Department Head Manager's Comments: __ �_ ,, City Manager Associated Information: Fourth Amendment Finance Director City Solicitor Introduced for Consent Agenda _JL Passage Find Reading Page I of 4 Referral Aesigid [o Councilor 9eldacci nctobec 10. 3001 CITY OF BANGOR (T E,) ORDER, Authorizing Fourth AmendmenttolnEm muf4m-- University of Maine System By the Ory Co upa of the Ory of Rangor. ORDERED, TFIAT the City Manager is hereby authorized, on behalf of the City of Bangor, to execute a Fourth Amendment tO Indenture of Lease with the University of Maine System. A COPY of Bald F Urlh Amendment Is attached hereto. CITY COONCIL ober 10, 3001 p 01-388 oRIER (rITLE,)Aucboriaiug Fourth Amendment cn Indenture of Leas, — IlEversity of M System. Assigned W Councilor olage FOURTH AMENDMENT THIS AMENDMENT, executed in duplicate, dds�&dday of &L?'t6 4 , 2001, by and between: CITY OF BANGOR, a body politic and corpotwa, duly organized and existing by virtue of the laws of the State of Maine, and being located in the County of Penobscot, Stele of Maitre (hereinafter sometimes referred m as the "City'? no P, UNIVERSITY OF MAINE SYSTEM, abody politic and corporate, duly organized and existing under and by vhme of the laws of the State of Maine (hereinafter sometimes refereed to as the"Univereiyj WITNESSETH WHEREAS, by ndentum of Lease dated December 17,1970, the City leased to the University certain premises described therein located on the easterly side of Maine Avenue, Bangor Mane, said nde duce of Lease having been subsequently amended; anal WHEREAS, the term of said Indenture of Uwe eapues December 17, 2000, subject to the University's tight to renew the ndenlem of Lease subject m certain conditions; and WHEREAS, the City and the Utdvetsity wish to negotiate the terns and conditions of a renewal of the Indenane of Lease; and WHEREAS, the parties executed an Amerulmetn to ndentme of Lease in November 20M to extend the term ofthe lease until May 10, 2001; and WHEREAS, on May 3, 2001 the parties executed and AmeMment to Indenture of Lease to extend the term of the lease until August 10, 2001; end WHEREAS, on July 31, 2001 the parties executed and Amendment to lndentum of Lease to extend the term of the keen and Octobet 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 data of October 10, 2001 of said Amendment m Indenture of Lease. NOW, THEREFORE, the parties agree as follows: (1) That Article It of said Indenture of Lease dated December 17,1970, as amendN, shall be amended by deleting the termination dura of October 10, 2001, as amended by the July 31, 2001 AmerMment to Indernure of Lease, and replacing it with December 10, 2001. (2) Each and every other provision of the Indenture of Lease dated December 17,1970, as amended, shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have set their hands and seals Ne day and year written above. IINIYfiRSffY OF M SYSTEM �- Wilvess N:�OflNNH >�flffg o n : 7R�s u e2