HomeMy WebLinkAbout2009 - 1st Lease AmendmentFIRST AMENDMENT OF AIRPORT LEASE AGREEMENT
THIS FIRST AMENDMENT of that certain AIRPORT LEASE AGREEMENT by and
between the CITY OF SEBASTIAN (hereinafter called "Landlord") and LoPresti Aviation, dated 2
April 2008, (hereinafter called "Lease"), provides as follows:
WITNESSETH:
WHEREAS, the Landlord is the owner of certain property located in the County of
Indian River, Florida; and
WHEREAS, the Landlord agreed to lease such property under the Lease to Tenant; and
WHEREAS, Tenant wishes to modify said Lease; and
WHEREAS, Tenant and Landlord are mutually agreeable to said changes;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter provided, the
receipt and sufficiency of which are hereby acknowledged, the parties have agreed as follows:
Section 20. DEFAULT BY TENANT, of the Lease is hereby amended to read
as follotx~s:
20 (1) Mortgage Authorized: Tenant may encumber only its leasehold estate
by the execution and delivery of a Mortgage. Landlord's written consent is required before
any mortgage, other than one for construction of the approved structures for the site plan
for the Premises, is made which encumbrances said Leasehold estate. Landlord will not
subordinate its interest in the Premises or in this Lease to any Mortgage. The Mortgagee
of any such Mortgage may deliver to Landlord a written notice specifying (i) the amount of
the obligation secured by the Mortgage and the date(s) of the maturity thereof; and (ii) the name
and address of the Mortgagee. After receipt of such notice, Landlord shall serve such
Mortgagee by certified or registered mail, at the latest address furnished by such Mortgagee,
a copy of every notice of default or demand served by Landlord upon Tenant under the
terms and provisions of this Lease so long as such Mortgage is in effect. In the event of
any assignment of a Mortgage or in the event of a change of address of the Mortgagee or of
an assignee of such Mortgage, notice of the new name and address shall be provided to
Landlord.
20 (m) Mortgagee's Rights. Upon receipt of a notice of default, Mortgagee shall
have thirty (30) days after receipt of such notice within which, at Mortgagee's election,
either: to cure the default if it can be cured by the payment or expenditure of money; to
perform such other action as may be necessary to cure the default- or if the default is not a
default in the payment or expenditure of money and is curable but cannot be cured within
thirty (30) days, to commence performance within such thirty (30) day period and thereafter
diligently prosecute the same to completion, in which event the default will be deemed to
have been cured. In the event it is necessary for Mortgagee to obtain possession of the
,Premises in order to cure a default, Mortgagee shall be deemed to have cured said default if
it institutes foreclosure proceedings within such thirty (30) day period and completes such
foreclosure proceedings or otherwise acquires Tenant's interest under this Lease with
diligence and continuity and thereafter commences and diligently proceeds to cure such
default; provided, however, that Mortgagee shall not be required to continue such
possession or continue such foreclosure proceedings if the default which would have
been the reason for serving a default notice shall be cured, and provided further, that
nothing in this Article shall preclude Landlord from exercising any rights or remedies under
this Lease with respect to any other default by the Tenant during any period of such
forbearance.
20 (n) Additional Rights of Mortgagee. In the event of foreclosure by any Mortgagee,
the purchaser at the foreclosure sale or the Person acquiring Tenant's interest in lieu of
foreclosure shall succeed to and be bound by all of Tenant's rights, interests, duties and
obligations under this Lease. In the event that a Mortgagee shall become the owner or
holder of the Tenant's interest by foreclosure of its Mortgage or by assignment of this
Lease in lieu of foreclosure or otherwise, the term "Tenant", as used in this Lease, means
only the owner or holder of the Tenant's interest for the time being so that, in the event of
a sale, assignment or other disposition of the Tenant's interest in this Lease by the
Mortgagee, the Mortgagee shall be entirely freed and relieved of all covenants and
obligations of the Tenant under this Lease arising after the date of such sale, assignment or
other disposition, and it shall be deemed and construed, without further agreement between
Landlord and Mortgagee or between Landlord, Mortgagee and the Mortgagee's purchaser
or assignee at any such sale or upon assignment of Tenant's interest, that the purchaser or
assignee of Tenant's interest has assumed and agreed to carry out any and all covenants and
obligations of Tenant. In the event of the termination of this Lease or of any extension of
said Lease prior to its stated expiration date, or in the event of the termination of Tenant's
right to possession of the Premises as a result of an event of default by Tenant hereunder,
Landlord will enter into a new lease of the Premises with Mortgagee or, at the request
of such Mortgagee, with a corporation which is wholly owned by such Mortgagee, for the
remainder of the term effective on the date of such termination of this Lease (or termination
of Tenant's right to possession of the Premises) at the Rent and upon the covenants,
agreements, terms, provisions and limitations contained in this Lease, provided that such
Mortgagee makes written request and executes, acknowledges and delivers to Landlord
such new lease within thirty (30) days from the date of such termination of this Lease
(or termination of Tenant's right to possession of the Premises) and such written request
and such new lease are accompanied by payment to Landlord of all amounts then due to
Landlord, including Attorneys' Fees incurred by Landlord in connection with any such
default and termination as well as in connection with the execution and delivery of such
new lease. In addition, immediately upon execution of such new lease, Landlord shall
execute, acknowledge and deliver to Mortgagee an assignment of all subleases covering
the Premises which theretofore may have been assigned and transferred to Landlord and all
subleases under which subtenants shall be required to attorney to Landlord pursuant to the
terms and conditions of such subleases or this Lease. Such assignment by Landlord shall be
deemed to be without recourse as against Landlord. Reference in this Lease to a
Mortgagee shall be deemed to refer, where circumstances require, to any assignee of a
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Mortgagee; provided that such assignee shall forward to the Landlord a duplicate original of
the assignment of the Mortgage, together with a written notice setting forth the name and
address of the assignee.
All remaining terms and conditions of the initial Lease shall remain in full force and effect.
This document contains three (3) pages.
IN WITNESS WHEREOF, the parties hereto have set their hands this 22°d day of
April 200~°~
ATTEST:
,' ~,~,
Sally A. M 'o, MMC
City Clerk
CITY OF SEBASTIAN
A Municipal Corporation
III, City Manager
Approved as to Form and Legality for
Reliance by the City of Sebastian only:
TENANT
LoPresti Aviation
Robert Ginsburg, City Attorney Curtis LoPresti, President