ONE HUNDRED AND EIGHTY MONTHS LEASE
J
J
LEASE AGREEMENT
>>:J::J AGREEMENT,
CLEARWATER, FLORIDA, a
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day
executed
this
1983,
by
and
between
CITY
OF
the
Municipal Corporation, hereinafter referred to as
"Lessor" and CLEARWATER BEACH SEAFOOD, INC., a Florida Corporation, 37
Causeway Boulevard, Clearwater, Florida, d/b/a CLEARWATER SEAFOOD ,AND
RESTAURANT, hereinafter referred to as the "Lessee".
WITNESS:
That in consideration of the covenants herein contained of the granting of
this lease and the sums paid, and to be paid hereunder, the Lessor hereby leases to
the Lessee and the Lessee hereby leases from the Lessor according to the terms,
conditions, and covenants herein contained the following described premises
located in the City of Clearwater, Pine lias County, Florida, to-wit:
See attached Exhibit "A" for legal description.
THE PARTIES HERETO HEREBY COVENANT AND AGREE AS FOLLOWS:
I. The term of this lease shall be for a period of 180 months, beginning on
the 30th day of Apr ii, I 984, and endi ng on the 30th day of Apr ii, 1 999. The
Lessor retains the right to terminate this lease for any municipal need
consistent to the Lessor's charter; and in addition Lessor may terminate this
lease when the State of Florida or any of its agencies or political subdivisions
thereof require the demised property or any portion thereof for a public
improvement. This right of termination is to be considered in addition to the
right of termination set out in paragraph fourteen (14) of this Agreement.
Provided, however, that should the Lessor terminate this Agreement for any
reason, the Lessor wi II reimburse the Lessee for its unamortized real
property improvements to the site, provided further that:
a. Said improvements are permanent and cannot be moved
economically to another site;
b. The maximum reimbursement shall not exceed $100,000.00;
c. In the event that additional improvements are made to the
demised premises, with the written consent of the Lessor, during
the term of this lease, the cost of such improvements may be
added to the original value of improvements shown in b. above, as
depreciated. Said improvements, as distinguished from personal
property of the Lessee shall be certified as to cost by an
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independent Certified Public Accountant; and
d. The claim for reimbursement shall be supported by independently
audited financial statements prepared by a Certified Public
Accountant, which shall attest to fairness of the original
investment values and subsequent amortization expenses. The
amortization expenses, however, shall not be less than the
amortization schedule expenses used for Federal Income tax
purposes.
2. The Lessee hereby covenants and agrees to pay rental thereof as
fo Ilows:
a.
To pay the minimum guaranteed sum of $435,000.00 for the
fifteen (15) year term of this lease, plus additional amounts which
become a part of the monthly rent as determined in 2b below.
The minimum annual rent for the first one (I) year of this lease is
$15,000.00, which shall be paid in equal monthly payments
amounting to $1,250.00; and the minimum guaranteed rent for
each of the years beginning with year two (2) and continuing
through year fifteen (15) is $ 30,000.00, which shall be paid in
equal monthly payments amounting to $2,500.00; all monthly
guaranteed rental payments shall become due and payable on the
first day of each month, and continuing on the first day of each
month thereafter during the term of this lease.
In addition to the guaranteed minimum rental referred to above,
the Lessee covenants and agrees to pay to the Lessor, in the
manner and upon the conditions set forth below, during each lease
year of the lease, an amount based upon certain percentages of
monthly gross sales from the operation of the restaurant and
seafood market. The reporting of annual and monthly gross sales
and the manner in which the gross sales percentage rent shall be
paid are as follows: The Lessee shall provide the Lessor within
fifteen (15) days following the end of each monthly period of each
lease year of this agreement, a statement showing the amount of
gross sales during the preceding month and the year-to-date
amount of gross sales from the operation of the restaurant and
seafood market. The monthly payment of gross-sales-
percentage rent shall accompany the monthly statement and shall
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b.
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be made for each monthly period of each lease year of this lease
when the year-to-date gross sales, as reported on the monthly
statements, exceeds $850,000.00; provided, however, there shall
be no percentages of gross sales rent during the first year of this
lease. The gross sales percentage monthly rental payment shall
be based upon annual gross sales-to-date multiplied by the
applicable percentage as reflected in the Annual Gross Sales and
Percentage Schedule shown below, less credit for any gross sales
percentage rental payments made in prior months of the lease
year. For the purpose of paragraph 2b, the term monthly, as used
herein, shall be the time from a given date in any month to the
beginning of the same date in the month immediately following
the month in question.
The statement used by the Lessee to report such sales shall be in
such form as to be satisfactory to Lessor and shall be certified as
correct by the Lessee's chief financial officer, or his designee,
showing the amount of gross sales at and/or from the demised
premises during the monthly period being reported by the
statement.
The Lessee further agrees that all sales shall be recorded on a
cash register utilizing tapes and all such tapes shall be maintained
and shall be made available for inspection and auditing by the
City Auditor or his designated representative. The Lessee shall in
addition make available all books and records relating to the
operation of the business, includ.ing any and all reports or forms
prepared for the purpose of complying with the Federal income
tax laws, and all such books, records, reports and forms shall be
made avai lable for inspection by Lessor when request is made by
the City Manager during the term of this lease.
If the Lessee's chief financial officer, or his designee, is not an
independent certified public accountant, Lessee agrees upon the
request of the Lessor to make all records of gross sales pertaining
to the lease available to an independent certified public
accountant chosen by the Lessor, for the purpose of confirming
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the fair representation of previously submitted statements. Any
such audit provided for in this paragraph may not go back more
than three (3) years.
If the independent certified public accountant, chosen by the
Lessor, audits the business operated hereunder, and finds that a
fair representation of gross revenues understates base revenues
due Lessor, the cost of the independent audit shall be borne by the
Lessee; if the independent audit confirms the fair representation
of the Lessee or confirms an error to the Lessor's advantage, the
Lessor shall pay for the audit. The following Schedule of Monthly
Gross Sales and Percentage referred to above is to be used in
determining the percentage rent due under paragraph 2b of this
agreement.
ANNUAL GROSS SALES and
PECENT AGE RENT FROM RESTAURANT AND SEAFOOD MARKET
YEARS
APPLICABLE
PERCENTAGE
0%
Year I
Years 2 through I 5
5% of annual gross sales
in excess of $850,000.00
c. The term "Gross Sales" shall mean the entire amount of actual
sales, whether for cash or otherwise, for all sales at or from the
facilities as authorized in paragraph 3b below. No deduction shall
be allowed for uncollected or uncollectible credit amounts. Such
term shall not include, however, any sums collected and paid out
for any sales or excise tax imposed by any duly constituted
governmental authority wherein Lessee is regarded as the
collecting agent.
d. In addition to the first month's rent of $1250.00, which is due and
payable on the 30th day of April, 1984, or issuance of a
Certificate of Occupancy, whichever comes first,the Lesseeshall
pay $1250.00 in advance, receipt of which is hereby acknowledged
by the Lessor, as a deposit for the faithful performance of the
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Lessee's obligations hereunder except those in paragraph 2a and
paragraph 10. The Lessor may deduct from the aforementioned
deposit any amount which becomes due from the Lessee to the
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Lessor for damages to the premises, or for any other reason or
cause whatsoever, except rent and paragraph 13 causes.
Provided, however, the aforesaid deposit amount or any balance
thereof, if any, shall be credited to Lessee's last month rental
payment.
e. Any amount due from Lessee to Lessor under this lease which is
not paid when due shall bear interest at the rate of twelve (12%)
percent per annum from date due until paid, together with a late
charge of Ten ($10.00) Dollars to cover Lessor's extra expenses
involved in collecting such delinquency, provided that such
interest and late charges shall be automatically reduced by such
amount as necessary to cause such charges to be in compliance
with usury laws.
3. The demised premises shall be used only for the purpose of conducting
the business of:
a. Retail and wholesale fish market, including the sale of cooked and
uncooked seafood for off-premise consumption. This portion of
the business shall be conducted only on the first (I st) floor of the
demised premises and shall be open to the public during the hours
of 9:00 a.m. to 6:00 p.m., not less than five (5) days each week,
during fifty (50) weeks of each and every year during the term of
this lease; and,
b. A seafood restaurant, including the sale of beer and wine for on-
premise consumption. This portion of the business shall be
conducted only on the second (2nd) floor of the demised premises;
and shall be open to the public not earlier than 5:00 p.m. nor later
than 12:00 midnight, not less than five (5) days each week, during
fifty (50) weeks of each and every year during the term of this
lease.
If at any time during the term of this lease the restaurant portion of
the business ceases to operate, the Lessor may, at its option, invoke the provision
of paragraph ten (10) of this lease; or, negotiate a new lease agreement with the
Lessee, including a new rental fee, for the operation of the retail and wholesale
fish market on the first floor of the demised premises, with the Lessor taking
possession of the restaurant portion of the demised premises and renting or using
said portion of the demised premises as the Lessor deems appropriate.
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4. . The Lessee hereby covenants and agrees to mak~ no unlawful, improper, or
offensive use of the leased premises. Lessee further covenants and agrees not to
assign, mortgage, pledge, hypothecate, or sublet this lease in whole orin part
without the prior written consent of the Lessor. The consent of Lessor to any
assignment, mortgaging, pledging, hypothecating, or subletting shall not constitute
a waiver of the necessity for such consent to any subsequent assignment, mortgage,
pledging, hypothecating, or subletting. This paragraph shall be construed to include
a prohibition against any assignment or subletting by operation of law. If this lease
is assigned, or if the premises or any part thereof are sublet or occupied by
anybody other than Lessee, Lessor may collect from the assignee, sub-tenant, or
occupant, and apply the net amount collected to the rent herein reserved, but no
such assignment, underletting, occupancy or collection shall be deemed a waiver of
this covenant, or the acceptance of the assignee, sub-tenant or occupant as tenant,
or a release of Lessee from the further performance by Lessee of covenants on the
part of Lessee herein contained. If at any time during the term of this lease, any
part or all of the corporate shares of Lessee shall be transferred by sale,
assignment, bequest, inheritance, operation of law or other disposition so as to
result in a change in the present effective voting control of Lessee by the person,
persons or entity which presently is the ultimate owner of a majority of such
corporate shares on the date of this lease, Lessee shall promptly notify Lessor in
writing of such change. If the new owner is a public corporation, Lessor shall
promptly advise Lessee if it has any objections thereto and the detailed reasons
therefor. Lessee shall have thirty (30) days from receipt of said objections within
which to try to convince Lessor of the unreasonableness of its objections, fai ling
which Lessor may terminate this lease any time after such change in control by
giving Lessee ninety (90) days prior written notice of such termination, such notice
to be provided within thirty (30) days following the time period provided to Lessee.
Lessee shall not permit any business to be operated in or from the premises by any
concessionaire or license.
5. Lessee agrees that it will promptly pay all ad valorem real property taxes
and personal property taxes that may be assessed and billed against the demised
property during the term of this lease. Lessee further agrees that it will pay any
state sales tax due on the rental payment made by the Lessee to the Lessor and
that it wit pay all other taxes, including, but not limited to, occupational license,
beverage license, and permits relating to the operation of the business conducted
on the demised premises, which are required by law. It is further agreed by the
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Lessor that nothing herein shall obligate Lessee to pay ~r to reimburse Lessor for
the payment of assessments for permanent improvements or betterments, such as
sidewalks, sewers, and streets that would normally accrue to the demised premises.
6. The Lessee hereby covenants and agrees to pay all bi lis for electrical
current, gas, water, heat, refuse collection, and other services to the premises
when due.
7. The Lessee further covenants and agrees to operate the enterprises on the
demised premises during each and every year of the term of this lease as indicated
in paragraph 3 above, except:
a. For any period of time involved in a bona fide natural disaster,
including governmental orders or requirements such as
evacuations for hurricane preparation, and that time necessary to
repair or replace any damage caused to the demised premises by a
bona fide natural disaster.
b. For other periods of time when damage, including the time
necessary to make repairs, to the demised premises is caused by
action beyond the control of the Lessee.
8. The Lessee assumes full responsibility for and covenants and agrees to
indemnify and hold harmless the Lessor, its agents and employees, from and against
any and all actions, claims, losses or expenses (including attorney's costs) for any
damages because of bodily injury, personal injury or property damage, including
loss of use thereof, resulting from the Lessee's use or occupancy of the demised
premises. In addition, during the term of this lease, Lessee shall at Lessee's
expense obtain and maintain insurance coverage conforming to that described in
Exhibit "B" attached hereto.
9. If at any time during the term of this lease, the buildings or
premises or any part, system, or component thereof, (hereinafter, the "demised
premises") shall be damaged or destroyed, said demised premises and any additions
or improvements thereto, shall be promptly repaired or rebuilt or restored by the
Lessee to the condition as good as the same was immediately prior to such damage
or destruction at the Lessee's risk and expense, and in accordance with plans and
specifications mutually agreed upon at the time; or if none can be agreed upon, then
in accordance with the original plans and specifications and any subsequent plans
and specifications for any additions or improvements constructed prior to the
damage. The work of restoration or rebuilding shall be in full compliance with all
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laws and regulations and government ordinances applicable thereto. The insurance
proceeds shall be paid to the Lessor, and such proceeds will be used for the repair
or restoration. Any cost of repairs or restoration in excess of the insurance
proceeds shalI be borne by the Lessee. Any insurance proceeds in excess of the
cost of repairs or restoration shalI belong to the Lessee.
During the period of such damage or destruction, whether in whole or in part,
the monthly guaranteed rent as provided in paragraph 2a above shall abate for no
more than 120 days or until commencement of business, whichever is sooner.
If the demised premises shall be totally destroyed or so damaged as to render
it practicalIy useless during the term of this lease, then and in that event, the
Lessee may terminate this lease as of the date of such damage or upon thirty (30)
days written notice to the Lessor. In the event of such termination, the insurance
proceeds provided for under this lease shall be paid to the Lessor. In the event of
such destruction and except as otherwise specifically provided under this
agreement, both parties waive any and alI rights of recovery against each other for
any direct or indirect loss occurring to the demised premises.
10. Except as otherwise provided herein, upon the happening of anyone or
more of the folIowing events ("Events of Default"):
a. Lessee's default in the payment of any rental or other sums due
for a period of twenty (20)days after the due date;
b. Lessee's continued default with respect to any covenant of this
lease for a period of fifteen (15) days after receipt of written
notice of such default by Lessee from Lessor, provided that if
such default reasonably required more than fifteen (15) days to
cure, there shalI be no Event of Default if Lessee has commenced
correcting action within the fifteen (15) day period and is
diligently prosecuting such action;
c. There shall be fi led by or against Lessee in any court pursuant to
any statute either of the United States or of any state, a petition
in bankruptcy or insolvency or for reorganization or arrangement,
or for the appointment of a receiver or trustee of all or a portion
of Lessee's property, or if Lessee makes an assignment for the
benefit of creditors or if there is an assignment by operation of
law, or if Lessee makes application to Lessee's creditors to settle
or compound or extend the time for payment of Lessee's
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obligations, or if execution, seizure or attachment shall be levied
upon any of Lessee's property or the premises are taken or
occupied or attempted to be taken or occupied by someone other
than Lessee; however, Lessee may post a bond satisfactory to
Lessor which bond shall stay the default resulting from any
execution, levy, seizure or attachment for a period of 120 days.
Failure to remove the levy, seizure or attachment within the 120
day period shall actuate the default provided by this paragraph,
and the bond posted shall be forfeited;
d. Lessee's vacating or abandoning the premises.
Lessor, at its option, may exercise anyone or more of the following remedies
which shall be cumulative:
(I ) Terminate Lessee's right to possession under this lease and reenter and
take possession of the premises, relet or attempt to relet the premises
on behalf of the Lessee; however, such reletting or attempt to relet
shall only involve a prospective tenant capable of providing comparable
or better type services, at such rent and under such terms and
conditions as Lessor may deem best under the circumstances for the
purpose of reducing Lessee's liability, and Lessee shall remain liable for
all rents and additional rents due under this lease and for all damages
suffered by Lessor because of Lessee's breach of any of the covenants
of this lease. Said damages shall include, but not be limited to, charges
for removal and storage of Lessee's property, remodeling and repairs,
leasing, commissions and legal fees. In addition to its remedies
hereunder, Lessor may accelerate all fixed rentals due under this lease,
in which event the Lessee shall be liable for all past due rent,
accelerated rent and damages as described above; however, with
respect to the accelerated rent, Lessor shall receive only the present
value of such accelerated rent. At any time during repossession and
reletting pursuant to this subsection, Lessor may, by delivering written
notice to Lessee, elect to exercise its option under the following
subsection to accept a surrender of the premises, terminate and cancel
this lease, and retake possession and occupancy of the premises on
behalf of Lessor.
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(2) Declare this lease to be terminated, whereupon the term hereby
granted and all rights, title and interest of Lessee in the premises shall
end and Lessor may reenter upon and take possession of the premises.
Such termination shall be without prejudice to Lessor's right to collect
from Lessee any rental or additional rental which has accrued prior to
such termination together with all damages, including, but not limited
to, the damages specified in paragraph 10 (I), suffered by Lessor
because of Lessee's breach of any covenant under this lease.
(3) Exercise any and all rights and privileges that Lessor may have under
the laws of the State of Florida and/or the United States of America.
II. Lessee shall secure prior written approval from Lessor for modifications
or remodeling of existing faci lities or for the construction of any new faci lities,
such apJ1r"oval not to be unreasonably withheld or delayed. The terms remodeling or
modifications as used herein shall include only those events requiring the issuance
of a building permit. It is agreed that the existing improvements, together with
any improvements constructed by Lessee during the term of this lease on the
demised premises, shall become the property of the Lessor upon the expiration or
termination of this lease; provided, however, that said reference to improvements
herein contemplates improvements to the real estate which becomes a part of the
land as distinguished from personal property utilized by the Lessee.
As a condition of this Lease Agreement, the Lessee hereby covenants and
agrees, at its expense, to make improvements and modernize the existing building
and to construct a two-story addition to the existing building as shown and in
accordance with the provisions contained in the attached Exhibit "C". The Lessor
reserves the right of final approval pertaining to the improvements, alterations,
new structure, parking, beautification and signs. This reservation addresses the
questions of when said improvements are to be made, the aesthetics, and how the
overall plan complements the property and environs.
The Lessee shall provide to the Lessor an itemized statement of cost incurred
by the Lessee for the repairs, improvements, and equipment provided in compliance
with the provisions of Exhibit "C" attached hereto. This accounting of cost shall be
used should such cost be less than $100,000.00. In the event that the cost incurred
by the Lessee in making the improvement exceeds $100,000.00, the maximum
reimbursement provided for under paragraph Ib above shall be $100,000.00.
The lessee may install and maintain a sign on the premises consistent with
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the appropriate ordinances in effect at the time of installation. Provided,
however, this paragraph is not to be construed to grant to the Lessee a variance
that would be inconsistent with the sign ordinance at the time of installation of the
sign or any future sign ordinance adopted by the City.
12. Lessee shall, at its expense, at all times during the term of this lease
keep the leased premises and all improvements and facilities thereon in good order,
condition, and repair. Upon the termination or expiration of this lease, Lessee shall
repair any and all damages to the premises causedc by the removal by Lessee of
personal property.
13. Lessee agrees to indemnify and save harmless the Lessor as follows:
a. For any mechanics lien which may be asserted as a claim against
the leased property; and
b. For the faithful performance of the covenants contained in
paragraph I I above; and
c. To furnish to Lessor good and sufficient bonds signed by a
reputable bonding company doing business in Florida, which bonds
shall each be in an amount equal to 100 percent (100%) of the cost
of construction of the contemplated improvements to the demised
premises.
14. In the event of the condemnation of this property or any portion thereof
by exercise of proper authority, by an governmental agency other than Lessor,
whether by eminent domain or otherwise, it is understood and agreed that
notification of the institution of such action shall be promptly given Lessee, so that
Lessee may intervene in such action as a party. Award of compensation shall be
apportioned by the parties in accordance with the Florida law of eminent domain.
Rents shall abate in proportion to the extent of interference with or discontinuance
of Lessee's business; provided, however, and it is further understood and agreed, in
the event of condemnation of the demised property or any portion thereof by
exercise of proper authority by any governmental agency other than Lessor,
whether by eminent domain or otherwise, the Lessor may, at its sole discretion,
terminate this lease under the provisions of numbered paragraph one (I) of this
Agreement by making the payment to the Lessee as provided therein.
15. Lessor covenants and agrees that upon payment by Lessee of the rents
herein provided, and upon observance and performance by Lessee of all the
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covenants, terms, and conditions required of the Lessee by the lease, Lessee shall
peaceably and quietly hold and enjoy the leased premises for the term of the lease
without hindrance or interruption by Lessor.
16. Notices hereunder shall be given only by registered letter or telegram
and shall, unless otherwise expressly provided, be deemed given when the letter is
deposited in the mail or the telegram filed with the telegraph company, postage or
charges prepaid, addressed to the party for whom intended at such party's address
first herein specified or to such other address as may be substituted therefor by
proper notice hereunder. Lessee's notices shall be directed in care of its Law
Department at the above-cited address.
17. It is hereby mutually agreed between the Lessor and the Lessee that the
Lease Agreement dated April 20, 1979, between the City of Clearwater, Florida, as
Lessor, and William F. Goodwin, as Lessee, along with the First Amendment to
Lease dated September 16, 1979, and the Second Amendment to Lease dated July
24, 1981, become null and void upon the effective date of this Lease Agreement.
Provided, however, the provisions of paragraph 2b shall become effective on the
first day of the month immediately following the month during which construction,
as outlined in paragraph II of this lease, is completed and a Certificate of
Occupancy issued; or, April 30, 1984, whichever date occurs first.
18. Lessee hereby covenants and agrees to promptly and continuously comply
with all constitutional regulations and orders of Health Departments and Health
Officers of local, state and national governments; and Lessee hereby covenants and
agrees to keep, operate, and maintain the restaurant and retail and wholesale fish
market in such manner as to keep said restaurant and retai I and wholesale fish
market at a rating higher than the lowest rating considered acceptable by the
inspecting agency, or the equivalent thereof according to any method of grading
which may subsequently be adopted from the State Health Department and the
State Hotel and Restaurant Commission in the State of Florida. In the event that
the premises are kept or the business operates in such a manner as to cause the
revocation of the State Restaurant License and/or the license of the retai I and
wholesale fish market, then this lease shall immediately terminate at the option of
the Lessor.
19. This Lease constitutes the entire contract between Lessor and Lessee
concerning the leasing of the premises and consideration thereof.
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IN WITNESS WHEREOF, the parties hereto have set their hands and seals this
( 4-' ~ day of ~ ,Jt.,..~ "t.,./ I 982.
all/~ ity
/Attest:
ct.. ~ L ..u.~' ~
City Clerk
Witnesses as to Lessor:
~,. ~}~~ {)~h{l>,;--
,~~
(Lessee)
CLEARW A TER
BEACH
SEAFOOD,
INC.
BY&~~ ~
William. F. Goodwin
Witnesses as to Lessee:
r.---- ~-~~~.,-. "-,~~,~::.....,'--~----
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Exhibit "A"
Legal Description
That part of Lots 12 and 13, CITY PARK SUBDIVISION, according to the
plat thereof recorded in Plat Book 23, Page 37, of the public records
of Pinellas County, Florida, described as follows: Begin at the North-
west corner of Lot 13 and run Easterly along the North line of Lot 13,
a distance of 110 feet to a point, said point being the Point of Begin-
ning; run Easterly along the North line of Lots 12 and 13, a distance
of 100 feet to a point; thence run Southerly along a line parallel to
the East line of Lot 13, a distance of 60 feet to a point; thence run
Westerly a distance of 100 feet along a line parallel to and 60 feet
South of the North line of Lots 12 ~~d 13 to a point; thence run
Northerly along a line parallel to the East line of Let 13, a distance
of 60 feet to a point of beginning.
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Exhibit "B"
1. Property Insurance - (Real property, including improvements and/or
additions). Lessee shall keep all structures on the demised premises
insured in an amount equal to the full replacement cost of said
structures. The City of Clearwater, as Lessor, shall be named as an
additional insured.
2. Liability Insurance
a. Comprehensive General Liability - Lessee shall maintain comprehensive
general liability insurance to include premises and/or operations
liability; independent contractor liability; products and/or completed
operations liability; Liquor law liability, if applicable; and personal
injury, with employee and contractual exclusions removed, in an amount
not less than $500,000.00 combined single limit Bodily Injury Liability,
Personal Injury Liability, and Property Damage Liability.
b. Automobile Liability - Lessee shall maintain automobile liability
coverage in an amount not less than $500,000.00 combined single
limit Bodily Injury Liability and Property Damage Liability.
c. Workers' Compensation - Lessee shall evidence of coverage for all
employees for statutory limits in compliance with applicable State
and Federal laws. In addition, the policy must include Employees'
Liability coverage of not less than $100,000.00.
d. Additional Insurance - The City is to be specifically included as
an additional insured on all liability coverage noted above.
3. Notice of Cancellation - All policies of insurance most be endorsed to
provide the City with sixty (60) days notice of cancellation and/or
restrictions.
4. Certified Copies of Policies - The Lessee shall provide the Lessor with
certified copies of all policies required above.
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EXHIBIT IIC"
I. GENERAL - The existing one-story building on the demised premises is to be
modified and modernized to accommodate the construction of a two-story
addition on the west side of the present building to house a restaurant on the
second floor. The first floor of the addition shall be open space without
walls, except for that portion used for an entrance, restroom, storage and
stairwell to the second floor.
2. The size and design of the addition shall be approximately similar to that
shown on the three plan sheets marked I, 2 and 3 attached.
3. Final construction plans, including modifications, renovation, expansion or
additions, etc., made to the existing building and use of the land shall be in
accordance with applicable City ordinances, rules and regulations. The use of
the property and improvements placed upon the demised premises shall be
subject to Site Plan Review and approval of the City Commission.
4. The cost of the new addition and modifications of the existing building is
estimated to be $100,000.00. This figure does not include restaurant
equipment and furniture not becoming a part of the building.
5. Construction to be completed not later than 180 days after the effective date
of this lease.
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16.
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