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Res 2024-247 approving a five-year Ground Lease Agreement with Frayezur Properties, LP to lease city-owned property
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Res 2024-247 approving a five-year Ground Lease Agreement with Frayezur Properties, LP to lease city-owned property
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City Clerk - Document
Resolutions
City Clerk - Type
Approving
Number
2024-247
Date
12/17/2024
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2. Abatement. Tenant's covenant to pay Rent and Landlord's covenants are <br /> independent.Except as otherwise provided,Tenant will not be entitled to abate Rent <br /> for any reason. <br /> 3. Insurance. Tenant and Landlord will maintain the respective insurance coverages <br /> described in the attached Exhibit B "Insurance Addendum". <br /> 4. Release of Claims/Subrogation. LANDLORD AND TENANT RELEASE EACH <br /> OTHER AND LIENHOLDER, AND THEIR RESPECTIVE AGENTS, FROMALL <br /> CLAIMS OR LIABILITIES FOR DAMAGE TO THE PREMISES, DAMAGE TO OR <br /> LOSS OF PERSONAL PROPERTY WITHIN THE PREMISES, AND LOSS OF <br /> BUSINESS OR REVENUES THAT ARE COVERED BY THE RELEASING <br /> PARTY'S PROPERTY INSURANCE OR THAT WOULD HAVE BEEN COVERED <br /> BY THE REQUIRED INSURANCE IF THE PARTY FAILS TO MAINTAIN THE <br /> PROPERTY COVERAGES REQUIRED BY THIS LEASE. THE PARTY <br /> INCURRING THE DAMAGE OR LOSS WILL BE RESPONSIBLE FOR ANY <br /> DEDUCTIBLE OR SELF-INSURED RETENTION UNDER ITS PROPERTY <br /> INSURANCE. LANDLORD AND TENANT WILL NOTIFY THE ISSUING <br /> PROPERTYINSURANCE COMPANIES OF THE RELEASE SET FORTH IN THIS <br /> PARAGRAPH AND WILL HAVE THE PROPERTY INSURANCE POLICIES <br /> ENDORSED, IF NECESSARY, TO PREVENT INVALIDATION OF COVERAGE. <br /> THIS RELEASE WILL NOT APPLY IF IT INVALIDATES THE PROPERTY <br /> INSURANCE COVERAGE OF THE RELEASING PARTY. THE RELEASE IN <br /> THIS PARAGRAPH WILL APPLY EVEN IF THE DAMAGE OR LOSS IS <br /> CAUSED IN WHOLE OR IN PART BY THE ORDINA R Y NE GLIGENCE OR <br /> STRICT LIABILITY OF THE RELEASED PARTY OR ITS AGENTS BUT <br /> WILL NOTAPPLY TO THE EXTENT THE DAMAGE OR LOSS IS CAUSED <br /> BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE <br /> RELEASED PARTY OR ITS AGENTS. <br /> 5. CondelnnationlSubstantial or Partial Taking <br /> a. If the Premises cannot be used for the purposes contemplated by this lease <br /> because of condemnation or purchase in lieu of condemnation, this lease <br /> will terminate. <br /> b. If there is a condemnation or purchase in lieu of condemnation and this <br /> lease is not terminated, Landlord will, at Landlord's expense, restore the <br /> Premises, and the Rent payable during the unexpired portion of the Term <br /> will be adjusted as may be fair and reasonable. <br /> c. Tenant will have no claim to the condemnation award or proceeds in lieu <br /> of condemnation. <br />
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