HomeMy WebLinkAbout32807 / 84-16, .,.
April 5, 1984 1116 RESOLUTION
(CARRIED � LOST LAID OVER WITHDRAWN )
PURPOSE: APPROVE MODIFIED LEASE FOR OSHKOSH CITY
EMPLOYEES CREDIT UNION BUILDING
INITIATED BY: OSHKOSH CITY EMPLOYEES CREDIT UNION
BE IT RESOLVED by the Comnon Council of the City of Oshkosh that the
proper City officials are hereby authorized and directed to enter into a
Lease with Oshkosh Telco Credit Union for the premises now occupied by the
Oshkosh City Employee's Credit Union.
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SUBMITTED BY
F.i377�1�ia�l
.. . . i
L E A S E
RESOLUTION # 16
THIS LEASE, made and entered into this day of April, 1984, by and
between the CITY OF OSHKOSH, a municipal corporation, hereinafter called LESSOR,
and OSHKOSA CITY EMPLOYEE'S CREDIT UNION, a Wisconsin corporation, hereinafter
called LESSEE.
WITN�SSETH, AS FOLLOWS:
1.
Lessor hereby leases to Lessee and Lessee hereby leases from Lessor, pur-
suant to Resolution duly adopted by the Common Council of the City of Oshkosh,
August 21, 1963, land in the City of Oshkosh, Winnebago County, Wisconsin, des-
cribed as follows:
Beginning at the Northeasterly corner of the City central
heating plant and garage (located in Block G, Leach's Map
of 1894, 7th Ward, City of Oshkosh), thence southeasterly
along said building 40 feet; thence northeasterly at right
angles to said building 26 feet to a point; thence north-
westerly parallel to said buflding 4D feet to a point; thence
southwesterly 26 feet to point of beginning.
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TERM
The term of this Lease is for a thirty (30) year period commencing on the
26th day of August, 1963, and ending the 25th day of August, 1993. Lessee to have
an Option to renew said Lease for four (4) additional terms of five (5) years
each. Notice in writing of an election to renew said Lease for an additional
term of five (5) years shall be given to the City Clerk of the City of Oshkosh
at least six (6) months prior to the expiration of this Lease and at least six
(6) months prior to the end of the renewal terms of said Lease.
3
USE
The premises hereinabove described shall be used solely for the Oshkosh
City Employee`s Credit Union purposes, Lessee does hereby covenant that it
will, on or before the lst day of November, 1963, cause to be completely con-
structed and equipped upon said premises, a Credit Union office building.
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4.
RENTAL
RESOLUTION # 16
Rental payments shall be Tr�o Thousand Dollars ($2,000.00) per year from the
inception of this Lease and shall increase or decrease according to the Consumer
Price Index issued by the Department of Industry, Labor and Human Relations every
five (5) years during the term of this Lease.
Zn the event said property under the laws of [he State of Wisconsin becomes
assessable for tax purposes, then the amount of real estate taxes shall be deduc-
tible from the rent payment.
5.
ASSIGNING & SUBLETTING
It is understood and mutually agreeable that the Lessee intends to sub-let
the above-described premises to the Oshkosh Telco Credit Union. Lessee shall not
assign this Lease or sub-let any part or all of the premises to anyone other than
Oshkosh Telco Credit Union without the specific permission of the Lessor.
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IMPROVEMENT BY LESSEE
The parties agree that the Lessee shall have permission to construct or
replace at any time during the term of the Lease, such building or buildings and
structures, including advertising signs, as shall be necessary or desirable in the
conduct of the business of the Lessee, providing, however, that the City Manager
of the City of Oshkosh shall first approve any plans for the construction of the
building on said premises so as to insure that the structure proposed to be con-
structed by Lessee, will be of such a design and color so that it will blend
aesthetically with the surrounding city owned buildings. Any painting of,or
placement of,a sign on said premises shall be subject to the approval of the
City Manager of the City of Oshkosh.
7.
RIGHTS UPON TERMINATION OF LEASE
It is understood and agreed by and between the parties hereto that upon termin-
ation of this Lease, Lessor shall own full title and all interest in and to said
buildings and all improvements thereon. _ 23b -
' . 8. RESOLUTION # t6
BREACH OF CONDITIONS
If Lessee shall fail to pay rent as herein provided, or shall make default
in any of the agreements herein, Lessor shall have t:�e right to terminate and
cancel this Lease Agreement.
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MAINTENANCE
It is agreed by the parties hereto that all repairs and all maintenance on
the bailding and improvements and on the land herein leased shall be at the sole
cost and expense of the Lessee and the Lessee agrees to maintain said improve-
ments and grounds in good condition.
10.
TERMINATION
This Lease shall be terminable by either party upon one year notification
to the other party. Said notice shall be in writing and shall be served upon
the City Clerk of the CiCy of Oshkosh if termination is by the Lessee, and shall
be served upon the Secretary of the Oshkosh City Employee's Credit Union if
terminated by the Lessor.
11.
This Lease agreement supercedes that Lease agreement enter into by the
parties on August 26, 1963.
12.
ARBITRATION
If di.fereaces sha11 arise over the settlemenc of any oi t.�e prcvisYuns of
this Lease, a board of three arbitrators, whose decision will be accepted as
final and binding, will be selected; one by the Lessor, another by the Lessee,
and a third by the two first chosen, These arbitrators shall decide each point in
question.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the
day and year first above written.
Signed and sealed in the CITY OF OSHKOSH
presence of:
BY� {SEAL)
William D. Frueh, City Manager
_ And: (SEAL)
_ 2 3� _ Donna C. Serwas, City Clerk
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APPROVED AS TO FORM:
City Attorney
RESOLUTION # 16
OSHKOSH CITY EMPLOYEE'S CREDIT UNION
By:
And
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SEAL)
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