401 CLEVELAND ST - CAPEL PROPERTIES INC & OPUS SOUTH CORPCITY ATTORNFY S OFFICE
C
ITY OF CLEARWATER
POST OFFICI. Box 4748, CITARWATF.R, FLORIDA 33758-4748
CTIY HALL, 112 SooTH OsCFOIA AVI?NUE, CLIARWATF.R, FLORIDA 33756
TELEPHONE (727) 562-4010 TAX (727) 562-4021
December 19, 2008
Mr. Grant Wood
Opus South Corporation
4200 West Cypress Street, Suite 444
Tampa, Florida 33607
Mr. K. Tyler Hill, Esq.
Hill, Ward & Henderson, P.A.
101 East Kennedy Blvd., Suite 3700
Tampa, Florida 33602
Received
JAN 12 20G9
Re: 401 Cleveland St., Clearwater, FL 33755 Cltygorlley
Capel Properties, Inc. and Opus South Corporation Lease dated May 1, 2005,
as amended October 1, 2007, and as assigned to City of Clearwater, Florida,
December 9, 2008 ("Lease")
Dear Messrs. Wood and Hill:
As you are aware, the City of Clearwater has taken assignment of the above-referenced Lease
through its purchase of the subject property and in accordance with that certain Transfer of Lease
Agreement and Security Deposit dated December 9, 2008.
This letter shall serve as notice required under Article 20 of the Lease, that the City of
Clearwater, being a municipal corporation of the State of Florida, routinely self-insures for its losses.
Therefore, in lieu of the property insurance policy required to be obtained by the Landlord in Section
11.2 of the lease, the City of Clearwater will provide self-insurance for losses occurring as a result of
the Landlord's obligation thereunder. As consideration for consenting to the City's self-insurance
for the remainder of the Lease term, the City agrees to waive Opus' obligation under Article 3.4 of
the Lease, to reimburse as additional rent, the regular premiums for said insurance.
All other obligations of the Landlord and Tenant shall remain in full force and effect. If
Tenant agrees to such modification of the insurance requirement, please have an authorized
representative of the Tenant sign below and return to my office at your earliest convenience.
Also, please be advised that monthly rent commencing on January 1, 2009, will be $6,478.00
per month, plus sales tax of $453.46, plus ad valorem tax escrow of $1,270.49. The rent adjustment
reflects Consumer Price Index increase of 3.65% between October 2007 through October 2008 and
tax proration represents 1/12'h of gross 2008 ad valorem billing of $15,245.90. There are no tangible
property taxes levied. The total monthly remittance, of $8,201.95, should be directed to:
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"EQUAL I MPLOYN'11?N'I' AND Ail 1;11tMA'I'IVI? Ac TION EMPLOY EW
y l ? ?
City of Clearwater - Finance Department
Attention: Steve Moskun, Cash and Investments Manager
P.O. Box 4748
Clearwater, Florida, 33758
Should you have any questions, please feel free to contact me at (727) 562-4015.
Sincerely yours,
Laura Mahony -
Assistant City Attorney
cc: Sharon Walton, Risk Management
Earl Barrett, Real Estate Services Coordinator
, agree that Landlord's obligation for property insurance, as
I, _0,uW f?1 ?•s J-.1,)
provide in Section 11.2 of the above-referenced Lease, shall be satisfied through self-insurance and
reimbursement for same by Tenant is hereby waived by Landlord.
Signed:
Title: V, G c Daw5riio-f
Opus South Corporation
Date: 1 ?' o
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