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HomeMy WebLinkAboutWest Park Lease Purchase 2005 ~ ' 341 17- -41.,, 7 r li:)i'i..t p:. ,,a•.t.ii;7 i;%+;,:';;: + t 1 4 t p h1 t#1 1( h s• \9) ,rrsrliNd1(�l xj ({,;pit 5iIt %ra ,§tg! ;I it:AIM If?,T' ts LEASE AGREEMENT AND OPTION TO PURCHASEfl, M t 7 2i1t t:d4 j`�Ii{,1 This LEASE,entered into as of the 21st day of September,2005,is by and between JILL LOUISE PERELMAN of Missoula,MT(hereinafter"Lessor"), and the CARMEL/CLAY BOARD OF PARKS AND RECREATION(hereinafter the"Tenant"),and is entered into pursuant to Indiana Code§36-1-10 and is subject to all the terms and conditions contained therein and herein. The"Effective Date"of this Lease shall be as set forth in Article XVI Section 10 below. • WITNESSETH THAT: Whereas,Lessor,sold and/or donated to Tenant in 1997,approximately 75 acres of real property, located at 2700 West 116th Street in Carmel,Hamilton,County,Indiana,now developed as a public park and commonly referred to as"West Park"; Whereas,in conjunction with the sale of West Park to Tenant,Lessor arranged a grant to Tenant of a Right of First Refusal to acquire approximately five(5)acres of real property at the southeast corner of West Park, which right Tenant has exercised and which real property Tenant has acquired and on which property Tenant has secured a Schematic Design for further future development of West Park;and Whereas, in conjunction with the sale of West Park to Tenant,Lessor also granted to Tenant a Right of First Refusal dated December 8, 1997, granting Tenant the right to acquire four additional contiguous parcels of real property (the "First Right") totaling approximately forty (40) acres lying immediately west of the west boundary of West Park(the"West Park Extension"); and Whereas,Lessor has offered to Tenant,in compliance with the terms of the First Right,the right to allow Tenant to acquire a portion of the West Park Extension pursuant to the lease purchase process allowed by applicable Indiana law;and Whereas, Tenant has determined that it is in the best interest of new development within the Cannel-Clay Community to exercise its right to acquire the West Park Extension subject to the terms and 1 • Section 4. Deed Escrow.Upon execution of this Lease,Lessor hereby agrees to execute a valid and binding General Warranty Deed and other documents necessary to transfer ownership of the Leased Premises to Tenant and shall place the same in the possession of the title insurance company issuing the policy insuring the Tenant's interest in the Leased Premises,to be held and recorded upon the exercise of • the Option to Purchase and/or successful completion of the terms of this Lease by the Tenant The General Warranty Deed shall contain a perpetual restrictive covenant requiring that the property shall be used solely for park and recreational facilities and purposes, and prohibiting the development of the • Leased Premises for residential or commercial purposes. Section 5. P-1 Zoning. As soon as practicable after the closing on the Leased Premises,Tenant shall initiate a rezone of the Leased Premises to the P-1 District or other then existing zoning district which would allow it to be used as contemplated in the recently adopted 2005-2010 Zone Improvement • Plan and Ordinance Z-471-05 AS AMENDED. Should Lessor desire to initiate such proceedings during the Demised Term,a rezone of the Leased Premises to the P-I District Zoning or other compatible zoning classification consistent with the recently adopted 2005-2010 Zone Improvement Plan and Ordinance Z- 471-05 AS AMENDED,Tenant shall agree to and assist in the process but shall not be required to pay any fees involved in such process. • ARTICLE XV Insurance The Tenant shall, at its sole cost and expense, procure and maintain throughout the Demised • Term,fire and extended coverage insurance together with all risk coverage,in an amount at least equal to the total initial principal outstanding pursuant to this Lease as set forth in Exhibit"B". Such coverage shall name Lessor as an additional named insured, and shall contain a clause that the insurer will not • cancel the policy without first giving Lessor at least fifteen(15)days prior written notice. In addition, 18