MODIFICATION OF LEASE
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MODlFICA TION OF LEASE
KNOW ALL MEN BY THESE PRESENTS that this Modification of
Leas e is entered into this
Itd day of
, A, D, 197 I,
between the BANK OF CLEARWATER as Lessor a
ITY OF CLEARWATER,
FLORIDA. as Lessee;
WITNESSETH:
WHEREAS. on February 15, 1971, the parties entered into a written
Lease Agreement for a ten year term to have commenced on July 1, 1970,
and an option agreement, covering the following described property in
Pinellas County, Florida, to wit:
Lots 1 and 2, Block 8, Gould and Ewings First Addition
according to the map or plat thereof as recorded in Plat
Book 1, page 24 of the Public Records of Hillsborough
County, Florida, of which Pinellas County was formerly
a part;
and attached--hereto and made a part hereof is a copy of said Lease Agreement;
and
WHEREAS, the parties hereto desire to amend and modify certain
provisions of said Leas e Agreement;
NOW. THEREFORE. in consideration of the foregoing and other good
and valuable consideration between the parties, receipt of which is hereby
acknowledged, the parties hereto agree to the modification of said Lease
in the following particulars:
1. Paragraph 3 thereof is amended to read as follows:
3. The Lessee will pay to the Lessor, as rent for the leased
property during the term, one-half of all parking revenues,
whether derived from parking meters on said property, monthly
parking permits or otherwise, after first deducting from all the
sums received as parking revenue theron the sum of $4,822.95.
In addition, the Lessee shall either pay directly or reimburse the
Lessor for the annual real estate taxes assessed against said
property and shall pay any sales or use tax applicable because
of this lease.
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2. Paragraph 4 thereof is amended to read as follows:
4. The rent shall become due and payable on a quarterly
basis commencing July 1, 1970, and at which times the Lessee
shall give to the Lessor accountings of all parking revenues
received from parking meters, monthly permits or other
sources.
3. Paragraph 5 thereof is amended to read as follows:
5. It is agreed and understood the leased property shall be
used by the Lessee as a public parking lot; and in the event
that the Lessee discontinues this use and has not exercised
the option to purchase set forth below, this lease shall
become null and void and the Lessor may re-enter. and take
possession thereof. Lessor and Lessee hereby agree that all
parking meters may be removed from the demised premises by
the Lessee and said rental shall be in accordance with the
terms of Paragraph 3 above. The parties hereto further agree
that the Lessee may at any time during the term of this lease
re-install said parking meters, or upon written notice, the
Lessor may require Lessee to re-install said parking meters
within thirty (30) days, at which time the rental of said
lease will be re-negotiated and agreed to between the parties.
In the use of this parking lot the Lessee shall not enter into
any parking permit agreements for longer than one month at a
time.
4. The parties hereto hereby ratify and reaffirm all of the other
terms and provisions of said original lease and option agreement not
herein changed or altered.
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed the day and year first above written.
,
Attest:
ed, sealed and delivered in
the presence ,of:
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As to Bank of Clearwater
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As to City' of Clearwater
Approved as to form & correctness:
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City Attorney
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CASLER, DOUGLAS
BAXTER & THOMPSON
ATTORNEYS AT LAW
. .OUTH "T. HARRISON
P. O. DRAWER .till
CLEARWAiER, FLORIDA
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LEASE
The Lessor, BANK OF CLEARWATER, and the Lessee, CITY OF
CLEARWATER, FLORIDA, each in consideration of the agreements to
be performed by the other, hereby agree:
1. The Lessor hereby leases to the Lessee the real pro-
perty in Pinellas County, Florida described as follows:
Lots 1 and 2, Block 8, GOULD AND EWINGS FIRST
ADDITION, according to the map or plat thereof
recorded in Plat Book 1, Page 24 of the Public
Records of Hillsborough County, Florida, of
which Pinellas County was formerly a part.
2.. The term of this lease shall be for ten years and shall
be deemed to have conunenced on July I, 1970..
3. The Lessee will pay to the Lessor, as rent for the
leased property during the termFone-half of the parking meter
revenue derived from the meters on said property, after first
deducting from all the sums received as revenue thereon the sum
of $5,725.45. In addition, the Lessee shall either pay directly
or reimburse the Lessor for the annual real estate taxes assessed
against said property and shall pay any sales or use tax applic-
able because of this lease.
4. The rent shall become due and payable on a quarterly
basis conunencing July I, 1970 and at which times the Lessee shall
give to the Lessor accountings of all the revenue received from
the parking meters on the leased property.
5. It is agreed and understood the leased property shall
be used by the LessJ"e Cis am€'teJ:'e(L I>l;lp;Lic parl<inglo_t; ,and in the
event that the Lessee discontinues this use and has not exercised
the option to purchase as set forth below, this lease shall becorn
null and void and the Lessor ~ay re-enter and take possession
thereof. In the ev~nt,however, that the Lessor and the Lessee
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CASLEII, DOUGLAS
BAxTER & THOMPSON
ATTORNEY" AT LAW
. SOUTH FT. HARRISON
P. O. DRAWER .."
CLEARWATER, flORIDA
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.., agree that the-parking meters may be removed from the parking lot_"
it is then agreed that a payment in lieu of the meter revenue may
be made in amounts monthly as may be agreed upon, giving consider
ation to the amount of the revenues derived therefrom during the
preceding two-year period so long as the leased property shall
remain open to the public for parking purposes.
6. The Lessee shall have an option to renew the lease for
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an additional ten year period, provided that the rent for such
period shall be in such amounts then to be agreed upon by the
parties, the parties taking into consideration the investment of
the sum of $36,000.00 in the leased property by the Lessor.
7. During the term of this lease or any renewal thereof,
the Lessee shall have an option to purchase the leased property
for the sum of $36,000.00, provided that the sale is approved by
federal and state banking regulatory agencies.
8. In the event that the Lessee exercises its option to
purchase, as set out in the preceding paragraph, it is agreed
that Lessor will convey the leased premises by good and sufficien
Warranty Deed free and clear of all encumbrances save and except
taxes for the current year and restrictions and reservations of
record, if any. Lessor shall place the required documentary
stamps on said Warranty Deed and the Lessee will pay for record-
ing the same. The closing of the transaction shall be within
30 days from the date of the Lessee's exercise of option, or
later by mutual agreement of the parties. At least 15 days prior
to the date of closing, the Lessor agrees to deliver to the
Lessee a commitment for title insurance or commitment to guar-
antee title in the amount of the purchase price insuring the
title of the purchaser to the leased premises, excepting only
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CAsLER, DOUGlAS
8o\XTER & THOMPSON
AnORNIl". AT LAW
. MtUTH ". HARA1ION
P. O. DRAWn ..
CLEARWATER, FLORIDA
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unpaid, mechanic's and materialmen's liens ,'taxes, ass ssments for
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the current year and for the standard conditions and ~xceptions
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as are usually warranted in a policy issued by the title insuror.
The Lessee shall have ten days from the date of receipt of said
commitment to examine same a~d make an objection thereto. If
no objection is made thereto within said ten-day period, title
will be deemed to be accepted. If such written objection is made
by the Lessee, the Lessor shall have ninety days from the date of
receipt of said written objection by said purchaser in which to
remedy such defect. Should the Lessor remedy such defect, then
this transaction shall thereafter be closed within the time limits
set forth. Should the Lessor fail to remedy such defect, then
the Lessee shall have the option of terminating this agreement or
it may accept title in its then condition and this transaction
shall be closed within the time hereinabove set forth without
rebate in the purchase price. All costs of procurring said
commitment and ultimate title insurance policy shall be borne
by the Lessor.
IN WITNESS WHEREOF, the parties hereto have caused these
presents to be executed the
day of
5th
February
,
191~, in Clearwater, Florida.
Attest:
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?;.1, c~<,",v,l' /.
, Ass't, Vice PJ;es-
_Signed, sealed and delivered
ithepresence of:
of he Board
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CASLER, DOUGLAS
BAXTER & THOMPSON
ATTORNEYS AT LA.W
. .OUTH n. HARAlSON
P. O. DRAWm ao
CLEARWATER, flORIDA
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CITY
By
City Clerk
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Appro~ed as to fo & correctness:
/ ~~~-C-t-rJ
Ci ty Attorney'
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