HomeMy WebLinkAboutCarmel/Ham Co. Parks/Lease & Escrow Adden
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ADDENDUM TO LEASE AND ESCROW AGREEMENTS
OF APRIL 2, 1984
WHEREAS, circumstances have developed since the execution of
the Lease and Escrow Agreements of April 2, 1984, between the
City of Carmel, Indiana, hereinafter referred to as the
"Landlord", and the Hamilton County Park Board, hereinafter
referred to as the "Tenant"; and
WHE~EAS, the parties mutually agree that certain terms and
provisions of the Lease and Escrow Agreements should be modified;
and
WHEREAS, in order to implement the construction, by the
Tenant, of the park facilities contemplated under the Lease and
Escrow Agreements, relief from certain provisions of those
Agreements are required by the Tenant due to financial strain.
NOW, THEREFORE, in consideration 'of the mutual promises and
covenants of the original Lease and Escrow Agreements of April 2,
1984, and those additional terms contained herein, the parties
agree to the following modification of the April 2, 1984 Lease
and Escrow Agreements. All terms of the Lease and Escrow
Agreements shall remain in full force and effect unless modified
by the following provisions:
The Lease
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Exhibit B of Article III of the Lease shall be modified to ;
allow the Tenant to begin construction of park facilities on the
Leased Premises by omitting items 1, the eight (8) lane, 50 meter
pool, diving well, and kiddie pool; 3, the lighting on the soft-
ball diamonds; and 6, the lighting on the tennis courts; all of
which was to have been completed within five (5) years from the
date of the Escrow Agreement.
The Escrow
The Landlord agrees to waive the completion requirement of
five (5) years from the date of the Escrow Agreement provided in
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paragraph 3 of the Escrow Lease Recitals and paragraph 3 of the
Escrow Agreement. All other provisions of the Escrow Agreement
shall'remain in full force and effect.
Additional Covenants
It is not contemplated'by either the Tenant or the Landlord
that the modification of the Lease or Escrow Agreement will,
under any circumstances, constitute a waiver of Tenant's obliga-
tion to build the eight (8) lane, 50 meter swimming poolfaci-
lity, diving well, kiddie pool, or the lighting of the softball
diamonds and tennis courts. The Landlord further recognizes that
it is in the best interests of all of the parties that construc-
tion of the remaining portion of the contemplated park facilities
~commenc~. The Landlord, however, retains the right to
require the Tenant to complete the project, including the omitted
items enumerated herein, within a reasonable time after Tenant is
able to obtain financial resources either through the issuance of
bonds or other means.
The Tenant agrees to continue in good faith its efforts to
obtain financing in order to permit construction of the complete
project, including the omitted items, as soon as possible.
IN WITNESS WHEREOF, the parties hereto have signed this
ti- ·
Addendum this 1'1' day of March, 1986.
CITY OF CARMEL, INDIANA
ATTEST:
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DOROTHY J ANCOCK
Clerk-Tre surer
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HAMILTON COUNTY PARK AND
RECREATION BOARD
By
President
ATTEST:
STATE OF INDIANA )
) SS:
COUNTY OF HAMILTON )
BEFORE ME, a Notary Public in and for said County and State,
personally appeared JANE A. REIMAN, Mayor, and DOROTHY J.
HANCOCK, Clerk-Treasurer, of the City of Carmel, Indiana, who
acknowledged the execution of the foregoing Addendum to Lease and
Escrow Agreements of April 1, 1984, and who being first duly
sworn upon their oaths, stated that the matters contained therein
are t.ruei>..
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. ....1986. 'C' .... .
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hand and Notarial Seal, this
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day of March,
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My" Comini:'s'~ ion
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Expires:
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PRINTED: ~p"eNt/"u,L. ;?;7PR77M
Residing in ;'/4/H/l-n:JAJ County
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STATE OF INDIANA
SS:
COUNTY OF HAMILTON
BEFORE ME, a Notary Public in and for said County and State,
personally appeared and
, the President and
of the Hamilton County Park and Recreation Board, who
acknowledged the execution of the foregoing Addendum to Lease and
Escrow Agreements of April 1, 1984, and who being first duly
sworn upon their oaths, stated that the matters contained therein
are true.
WITNESS my hand and Notarial Seal, this
1986.
day of March,
My Commission Expires:
NOTARY PUBLIC
PRINTED:
Residing in
County
This Instrument Prepared By: Stephen K. Andrews
City Attorney
BLEECKER, BRODEY & ANDREWS
2506 willowbrook Parkway, Suite 312
Indianapolis, Indiana 46205
(317) 259-7751
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