HomeMy WebLinkAbout32674 / 83-03c ti
December 8, 1983
(CARRIED
PURPOSE:
INITIATED BY
f[�b'ji
LAID OVER
#3 RESOLUTION
WITHDRAWN )
APPROVE AMENDMENTS TO OSHKOSH CENTRE
GROUND LEASE AGREEMENT
CITY ADMINISTRATION
WHEREAS, the Common Council of the City of Oshkosh approved a
Ground Lease Agreement for the Downtown Centre Project on November 17,
1983, and
WHEREAS, in order to clarify and make more specific said Ground
Lease Agreement, certain modifications and amendments to the Ground Lease
Agreement should be made,
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the Ground Lease agreement heretofore adopted is approved as
amended by the attachments to this resolution.
S(JBl�ITTED fff
-_�i;iL'l'ki
-.�-� � RESOLUTION #3 '>'
SUBSTZT�TE FOR PARAGRAPH 10 OF GROUND LEASE
10, MORTGAGE BY LESSEE. Lessee may, provided that Lessee is not
then in default hereunder, execute mortgages upon Lessee's leasehold
interest in the Demised Premises and the improvements upon the Demised
Premises through an institutional lender, an UDAG mortgage upon the
Lessee's leasehold interest in the Demised Premises and improvements
upon the Demised Premises through Lessor as security for the payment
of notes, a third mortgage in £avor of Abacus Mortgage Company,
Chicago, Illinois, fABACUS) such other mortgage or mortgages as are
approved by lessor in writing, and any renewal or extensions thereof,
to be executed by Lessee, uQon the following terms and conditons:
(a) Lessor shall not be obligated for the payment of any such
loans or any part thereo£.
(b) The notes and mortgages shall provide that in the event of
any de£ault as to the terms and provisions o£ each or any
notes and mortgages which would permit the institutional
lender and/or Lessor and/or Abacus to accelerate the loan
balance, the institutional lender and/or Lessor and/or
Abacus sha11 be obligated to give Lessor written notice of
such default and ooportunity to cure such default for a
period of thirty (30) days following the receipt of such
notice.
ic) Lessee covenants and agrees that the proceeds of the loans
shaii be used solely and exclusively to pay for development
and building costs, loan expenses and other related costs
with respect to improvements to be made upon the Demised
Premises and a parking structure adjacent to said Demised
Premises, and for no other purpose.
(d) The notes and mortgages may provide that this Lease and the
Lessor's fee interest in the Demised Premises shall be sub-
ject and subordinate to the lien of the mortgages placed
upon the Demised Premises and the improvements upon the
Demised Premises or any portion thereof by Lessee, its
successors or assigns, and to replacements, renewals and
extensions thereof. The Lessor shall, upon request, furnish
Lessee with counsel's opinion stating that the existing law
of the State of Wisconsin does not prohibit the Lease and the
Lessor's fee interest in the Demised Premises being made sub-
ject and subordinate to the lien of the mortgages, and that
said subordination is in accordance with the terms of this
Lease. The Lessor sha11 at any time after demand execute and
deliver any instruments, releases or documents that may be
reasonably required for the purpose of subjecting and sub-
ordinating its interest in the Lease and its fee interest
in the Demised Premises, as above provided, to the liens o£
any such mortgages.
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