AMENDMENT TO AGREEMENT WITH CHI CHI RODRIGUEZ YOUTH FOUNDATION INC
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'10 Rec lcq~J6< AMENDMENT TO AGREEMENT WITH
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n'7 ~ THIS AMENDMENT TO AGREEMENT is made and entered into on this
~ 5th day of March .1987. by and between the City of
Clearwater, Florida, a municipal corporation, hereafter referred to as "City," and the
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Chi Chi Rodriguez Youth Foundation, Inc., a Florida nonprofit corporation, whose
address is Post Office Box 1521, Largo, Florida, hereafter referred to as "Foundation,"
amending the Agreement between the parties dated November 12, 1985.
In consideration of the premises and of the faithful performance by each of the
parties of the covenants and agreements between each other made, it is mutually
agreed that the Agreement between the parties dated November 12, 1985, is amended
as follows:
1. Paragraph 11 is amended by adding the italized language set forth
below:
11. The Foundation shall not assign this lease or any of its rights under this
agreement, sublease any part of the leased premises except as authorized above, or
mortgage, transfer, hypothecate, pledge or dispose of the leased property in any form
or manner whatsoever. This paragraph shall not be deemed to prohibit a constrqction..:,....
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loan or loans to the Foundation secured by the leasehold interest of the Foundati~Il ,. E-
arising under this agreement, as amended, in a principal amount not to exceed '{;O
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$2,000,000.00 in the aggregate, plus interest, costs, fees, and any sums advanced...lfo
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protect the collateral, to be matched with additional funds of the Foundation in 8&;
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amount not less than $200,000.00 in cash, together with a minimum of an additional
$500,000.00 in pledges which are unrestricted or restricted to construction of the golf
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course or clubhouse, or both (herein, the Pledges), which loan proceeds and matching
funds are to be used for the design and construction of a golf course and clubhouse on
the property, nor shall this paragraph be deemed to prohibit an assignment by a
secured creditor of the Foundation of its interests in the leasehold.
2. A new Paragraph 35 is added to read:
35. In the event of a default by the Foundation upon any loan secured by the
leasehold interest of the Foundation arising under this agreement, such default shall
also constitute a default under this agreement.
(a) In the event of such a default, the City shall have the right to reoccupy the
land and improvements thereto immediately upon notice to the Foundation, and
without the necessity of formal eviction proceedings. In such event the City shall
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either pay the secured creditor of the Foundation or the successors or assigns of the
secured creditor (herein, the Lender) the outstanding balance of the loan, in a principal
amount not to exceed $2,000,000 in the aggregate, plus interest, costs, fees, and any
sums advanced to protect the collateral, or exercise the alternative described in
Subparagraph (b); provided, however, that the proceeds of any such loan or loans,
together with matching funds of the Foundation in an amount not less than $200,000.00
cash plus all amounts collected upon the Pledges as described in Paragraph 11 above,
in an amount not less than $500,000.00, shall have been expended for or irrevocably
committed for payment of the costs of design and construction of a golf course and
clubhouse on the real property leased to the Foundation under this agreement, or are
available as unencumbered cash for payment to the Lender; and provided, further, that
the construction of the golf course and clubhouse shall have been completed by the
Foundation or by the Lender prior to such payment by the City. Any such payment by
the City shall be from funds available to the City from any source or financing method
not requiring the exercise of the ad valorem taxing powers of the City. This paragraph
shall not be deemed a pledge of the general revenue of the City and no secured
creditor or other person may compel the City to exercise the ad valorem taxing power
of the City pursuant to this paragraph. This paragraph shall be deemed to authorize a
lien as described herein upon the leasehold interest of the Foundation arising under
this agreement, but not upon the real property leased to the Foundation by this
agreement.
(b) In the alternative, the City may elect to allow the Lender to assume the
rights and obligations of the Foundation under this agreement, and to construct and
operate the golf course and clubhouse for the unexpired term of this agreement. In
that event, the Lender:
i. Shall comply with that part of Paragraph 3 of this agreement requiring
the development and construction of an eighteen-hole PGA regulation size golf course
on the west side of McMullen Booth Road, and the development and construction of a
family golf center on the east side of McMullen Booth Road, but not necessarily a
"PGA tour" family golf center; otherwise, the remaining provisions of Paragraph 3
shall be inapplicable to the Lender;
ii. Shall not be obligated to comply with the terms of Paragraphs 9, 20, 26,
30 or 34 of this agreement;
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Hi. Shall not be required to operate the golf course or clubhouse as an
educational and rehabilitative facility as provided in Paragraphs 3 and 14 of this
agreement;
iv. Shall not be subject to the financial records review provisions of
Paragraph 27 of this agreement; and
v. Shallnot be entitled to the rental or other revenues from the family
golf course, which shall be payable directly to the City.
(c) In the event that the Lender should obtain title to the leasehold interest of
the Foundation arising under this agreement, either by deed in lieu of foreclosure or as
the successful bidder at a clerk's sale pursuant to a judgment of foreclosure, then the
City shall have the right of first refusal to purchase the Lender's title to said leasehold
interest upon the terms and conditions contained in any bonafide contract to sell said
leasehold interest to a third party. In such event, the City shall have thirty (30) days
after receipt of notice of the proposed sale within which to notify the Lender of its
desire to purchase the leasehold interest on the same terms and conditions as the
proposed sale. In the event that the City does not notify the Lender within said thirty-
day period, the Lender may proceed to consummate the proposed sale. At any time
during. which the Lender should own said leasehold interest, except during the
aforementioned thirty-day notice period, the City may at its option purchase the
Lender's leasehold interest by paying to the Lender all unpaid principal plus accrued
interest, costs, fees and sums expended for the preservation and protection of the
collateral. In the event that the Lender or any third party purchaser at judicial sale
should become the owner of said leasehold interest, then the provisions of
Subparagraph (b) above shall apply to said owner or its successors and assigns.
(d) In the event of a default by the Lender which shall remain uncured after
thirty (30) days written notice of such default from the City to the Lender, the
leasehold interest shall terminate and title to the property shall be free and clear of
any and all claims or liens by the Lender.
3. All of the terms and conditions of the Agreement which are not expressly
amended herein shall continue in full force and effect, and are incorporated herein by
reference as if set forth in full.
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, IN WlrNESS WHE~E9F, the undersigned parties have set their hands and seals
the, day and year first above written.
Approved as to form
and correctness:
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CITY OF CLEARWATER, FLORIDA
By: ~-
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Attest:
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CHI CHI RODRIGUEZ YOUTH
FOUNDATI~~. 11: , , ~
By: //(/~~ -~
PresIdent
By:
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Vice-Presideht . .
, l1ereby certify that this. i~ a. true ~~d
COli eCl copy of the onglSlaf "as If
a'"0ars in thefiles'9tt)1(} City Od
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