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HomeMy WebLinkAbout1999 Amendment FIRST AMENDMENT TO AIRPORT LEASE THIS AGKEEMENT entered this ][~ day of/I/~0f(h , 2005, amends that certain AIRPORT LEASE existing between the CITY OF SEBASTIAN, a Florida municipal corporation (hereinafter called "Landlord") and J & S AVIATION, Inc~, (hereinafter called "Tenant") dated February 22, 1999, and provides THAT 1N AND FOR CONSIDERATION of fulfillment of the existing and previously bargained contractual obligations between the parties, the following is agreed: 1. That the legal description of the leased premises is amended to include the following parcel of land: {See attached Schedule "A '] consisting of 1.93 acres more or less, and is further amended to exclude the following parcel of land: {See attached Schedule "B"] consisting of 1.91 acres more or less. 2. That the payment of rent shall be abated until issuance of a certificate of occupancy for improvements to the newly designated leased premises. Thereafter, the initial rental amount shall be five cents ($.05) per square foot. 3. That the initial term of the lease shall be expanded to run for thirty years through April 23, 2029. 4. During the twenty-fifth year of the Term the Landlord shall obtain an appraisal of the Premises including all Improvements constructed thereupon, unless this requirement and the Option to Extend is waived in writing by Tenant. A. Tenant Options. Within ninety (90) days after delivery to Tenant of the appraisal, Tenant may exercise one of the following four options: i. Accept the rent valuation therein and offer in writing to enter a non-assignable, nonrenewable lease extension agreement for up to ten (10) additional years in accordance with the provisions herein except applying a new base Annual Rent amount equal to eight percent (8%) of the value established in said appraisal. This Extension Agreement shall be substantially in the form attached hereto as Exhibit "F'. ii. Give notice of ks intent to commission a second appraisal by a certified real estate appraiser to be completed within forty-five (45) days. a. If said appraisal results in a valuation of the Premises and Improvements within ten percent (10%) of the initial appraisal, the figures shall be averaged. b. If a disparky of greater than ten percent (10%) results, the respective appraisers shall confer and attempt to negotiate a compromise valuation. c. If no compromise results, said appraisers shall jointly submit the name of a qualified appraiser to the parties who shall then jointly commission an appraisal therefrom. Said appraisal value will be used to establish the rental amount if it falls between the values of the first two appraisals. If the value thereof falls outside the range of the first two appraisals, the relevant value shall be derived from averaging the three appraisals. Within thirty days of establishment of a rental value as set forth above, Tenant may exercise either option contained in subparagraphs "a" or "c" hereof iii.Give notice of its intent to allow the lease to expire at the end of the thirty-year term. iv. Landlord and Tenant may agree on an alternate rental rate for the additional term. B. Landlord Options. If Landlord does not accept an offer to enter into a renewed lease, the lease shall expire at the end of the thirty-year term, but the rent for the final five years of the lease shall be waived as additional consideration to Tenant for relinquishing ownership of all site improvements thereafter. C. Automatic Increases during Extension. During the term of any extension pursuant to this Article, on each anniversary of the Commencement Date, this Annual Rent shall be subject to increases in accordance with the Price Index provisions of the original Lease. 5. That this amendment shall be given retroactive effect to January 15, 2005. 6. All other terms and conditions of the Lease Agreement shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written. Sally A. Maio//CMC City Clerk Approved as to Form and Legality for Reliance by the City of Sebastian only: Rich Stringer, City 3/tt~ney CITY OF SEBASTIAN avis, Intedm City Manager J & S AVIATION, INC. Its: ~e& [Corporate Seal] LEASE EXTENSION AGREEMENT Exhibit "I" Page 1 of 2 THIS LEASE EXTENSION AGREEMENT, made and entered into this __ day of , 2024, by and between the CITY OF SEBASTIAN, a municipal corporation existing under the laws of the State of Florida, (hereinafter referred to as the "Landlord"), and J & S AVIATION, 1NC. (hereinafter referred to as the "Tenant") provides that IN AND FOR CONSIDERATION of compliance with the terms of that certain FIRST AMENDMENT TO AIRPORT LEASE between the parties dated March , 2005, and the mutual covenants hereinafter provided, the receipt and sufficiency of which are hereby acknowledged, the parties have agreed as follows: 1. The Leasehold of the afore-mentioned Lease Agreement is hereby extended for an additional ten years from the date of the expiration of its Initial Term. 2. The Annual Rent for the first year of said extension shall be $**,***. Each year on the anniversary of the Commencement Date, this Annual Rent shall be increased in accordance with the Price Index adjustment provisions set forth in the original Lease. 3. The Leasehold shall terminate at the end of this extended term and Tenant shall surrender possession of the Premises. All other terms and provisions of the Lease Agreement, as modified by the First Amendment thereto, shall remain in full force and effect unless application of the same shall lead to a ludicrous result. AGREED to on the date first set forth above. ATTEST: CITY OF SEBASTIAN A Municipal Corporation By: City Clerk City Manager Approved as to Form and Legality for Reliance by the City of Sebastian only: City Attorney J&SAV~T~N,~C.. By: Its: Corporate Seal: Exhibit "I" Page 1 of 2 A PARCEL OF LAND LYING AND BEING IN THE COUNTY OF INDJ4N RIVER, STATE OF FLORIDA, BEI~IG A PORTION OF THE FLEMING GRANT IN TOWNSHIP 31 SOUTH, RANGE ~8 EAST, TALLAHASSEE MERIDIAN, FLORIDA, AS SHOWN ON THE SUBOIVISION PLAT OF SAID FLEMING GRANT RECORDED AT PAGES 72 AND 73 IN PLAT 800K NO. t iN THE PUSUC RECORDS OF' THE COUNTY OF BREVARD, STATE OF FLORID~ SAID LAND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS; COMMENCING AT THE EASTERLY CORNER OF SECTION 29 OF THE FLEMING GRANT IN TOFfNSHIP $I SOUTH, RANGE 38 EAST, TALLAHASSEE MERIDIAN, FLORIO~ AS SHOWN ON THE SUBDMSION PLAT OF SAID FLEMING GRANT RECORDED AT PAGES 72 AND 73 IN PLAT BOOK NO. I IN THE PUBUC RECORDS OF THE COUNTY OF BREVARD, STATE OF FLORIDA, RUN SOUTH 44'59'29' WEST ALONG THE SOUTHEASTERLY LINE OF SAID SECTION 29 A DISTANCE OF 2685.27 FEET? THENCE OEPARTING SAID SOUTHEASTERLY UNE, RUN NORTH 45°00°$f'~ WEST A DISTANCE OF 1726.30 FEET TO THE POINT OF BEGINNING; FROM THE POINT OF BEGINNING RUN SOUTH 39'53'00~ WEST A DISTANCE OF 70.06 FEET; THENCE RUN SOUTH 89'47'36' WEST A DISTANCE OF 511.49 FEET; THENCE RUN NORTH 44'35°50' EAST A DISTANCE OF 374.95 FEET; THENCE RUN SOUTH 45'06'05' EAST A DISTANCE OF 120.22 FEET,. THENCE RUN NORTH 43'25'18" EAST A DISTANCE OF 57,02 FEE');' THENCE RUN SOUTH 45'09'00' EAST A DISTANCE OF 238. 14 FEET TO THE POINT OF BEGINNING. SAID LANDS NOW LYING AI~D' BEING'IN INDIAN RIVER COUNTY, FLORIDa,~ CONTAINING t.95 ACRES, MORE OR LESS. Schedule"A" PARCEL 1: LEGAL DESCRIPTION From the East Corner of Section 29, being also the South corner of Section 30 of the Fleming Grant, Indian River County, Florida, Run 1705.85 ft. bearing S-45°08'49" W along the Fleming Grant line to a concrete monument, thence run 1137.65 ft. bearing N-44°26,00" W to a concrete monument being the Southwest corner of Tract No. 4 as shown in the Lloyd & Associates Survey, Job 58-142, dated August 12, 1958, thence run 382.22 ft. bearing N-01o54,41,, E to a point, thence run 367.63 ft. bearing S-89 54'38" to a point which is the point of beginning, contSnuing 219.97 ft. along said bearing being_the south edge of the East-West runway of Roseland Satellite Field't0 a~nail & disk, thence run 175.031 ft. bearing N-O° 02'59" W to a concrete monument, thence run 220.026 ft. bearing N-89 54'06" W to a concrete monument, thence run 174.98 ft. bearing N-0°04'55" E to the point of beginning, containing .88' acres more or less. PARCEL 2: LEGAL DESCP,1PTiON FOP. From the Bait comer of Section 29, being also the South comer of Sec/eon 30 of T'a¢ Flaming Grant, Indian River County, Florida, run S ,0,5 degree~ 08 minutes 49 seconds W along fac Flemi-S G't'ant line a distaoce ' of 1705.85 f~-t to a concrete monument; thence run lq 4A degrees 26 mlnut~s 00 seconds W a distance of 1137.65 feet to a concrete monument; said corner being the Southwest comer of Tract No. 4 as shown in the Lloyd & Associates Survey Job Nc. 55-141, dated August 12, 1958; thence nm IN 1 degree 54 minutes 41 ~econds E a distance of 352.22 f~et; thence run S 89 degrees $4 minutes 38 seconds W a distance of $87.60 feet; ~cace run lq 0 degrees 02 minutes 59 seconds Ih' a distance of 100.0 feet to thc Point of Begln-lng of the herein described, parcel; thence rrm S 89 degrees 54 minutes 38 ~econds W a digtance of 450.0 feet; thence run H 0 d¢llrees 02 minutes 59 seconds W a distanc~ of 100.0 f~et; thence run N 89 degrc~ Sa minutes 38 seconds E a distance of 450.0 feet; ~henc¢ tun S 0 degrees 02 minute~ 59 seconds 1~ a distance of 100.0 feet to the Po/ut of · Begi~ni~$. Con:aiaing ,~$,000 square feet or 1.03 acres. Schcdul¢"B"