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
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