HomeMy WebLinkAboutC2019-608 - 11/19/2019 - Approved AMENDMENT TO GROUND LEASE AGREEMENT
This Amendment To Ground Lease Agreement (the "Amendment") is made this
V1 day of Norz, -- ,2019, by and between the CITY OF CORPUS CHRISTI,a
home rule city (the "Landlord"), and SQH SPORTS & ENTERTAINMENT, INC., a Texas
Corporation(the"Tenant").
WHEREAS, Landlord and Tenant previously entered into that one certain Ground
Lease Agreement(the "Lease") approved October 18 2016, and covering that certain 67.69 acre
parcel of unimproved land, more or less, located near the intersection of State Highway 286 and
FM 43 (Weber Road), in Corpus Christi, Nueces County, Texas, as shown on Exhibit A (the
"Site Plan"), and as more particularly described on Exhibit B(the"Land")attached to and made
a part of said Lease,reference to which is here made for all pertinent purposes; and
WHEREAS, the Lease was previously amended to extend performance milestones as
approved by the City on July 18,2017;
WHEREAS, the purpose of the Lease is for the Tenant to utilize the Land to construct,
operate,repair,and maintain a regional youth sports complex(the"complex");
WHEREAS, Landlord and Tenant desire to amend Articles 8 and 15 of the Lease as
set forth herein;
NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00) and other good
and valuable consideration, together with the mutual benefits inuring to the parties hereto, the
receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby
expressly covenant and agree that the Lease is hereby amended as follows:
Article 8, Section 8.1.2.,Performance Milestones,is amended to read as follows:
"8.1.2. Performance Milestones — Tenant agrees to complete the
following performance milestones by the dates shown below. The determination
of tenant's successful compliance with these Performance Milestones is within the
sole determination and discretion of the Director of Parks and Recreation, whose
approval shall not be unreasonably withheld. Tenant agrees to provide Director
of Parks and Recreation with documentation of completion of each Performance
Milestone, subject to review and approval of Director of Parks and Recreation.
Failure to timely and successfully complete a Performance Milestones shall be
considered an"Event of Default"and subject to further action under Article 15.
8.1.2.A. Left blank.
8.1.2.B. By January 3, 2020, Tenant demonstrates to the satisfaction of the City
Manager that Tenant has full funding for construction of the Improvements listed
in Section 8.1.1 as well as full funding for any additional public improvements
needed for operation of the complex.
SCANNED
8.1.2.C. By May 1, 2020, Tenant shall ensure that all utilities for the Premises
have been approved in accordance with the Unified Development Code.
8.1.2.D. By December 1, 2020, Tenant completes final design of the complex.
8.1.2.E. By January 1,2021, Tenant begins construction of the complex.
8.1.2.F. By February 1, 2022, Tenant substantially completes construction of the
complex.
8.1.2.G. By April 1, 2022, Tenant begins operations of major components of the
complex."
Article 15,Events of Default, is amended to read as follows:
"ARTICLE 15: EVENTS OF DEFAULT; REMEDIES
15.1 Events of Default. The occurrence of any one or more of the
following events (each an "Event of Default") shall constitute a default
and breach of this Lease by Tenant:
If Tenant fails to perform any of Tenant's obligations or breaches any
covenant or representation or warranty under this Lease for a period of
thirty(30) days after written notice from Landlord (the"Cure Period").
15.2 Remedies. Upon the occurrence of an Event of Default, and at any
time thereafter, at Landlord's option, and without limiting Landlord in the
exercise of any other rights or remedies which Landlord may have at law
or in equity by reason of such breach, if such Event of Default shall not
have been cured during such Cure Period, Landlord may terminate this
Lease by giving written notice to Tenant of Landlord's election to so
terminate, re-enter the Premises and take possession of the same, and
expel or remove Tenant and all other parties occupying the Premises
and/or Improvements, and remove all property of Tenant and store such
property in a public warehouse or elsewhere at the cost of and for the
account of Tenant without being deemed guilty of trespass. In such event,
and subject at all times to the law of the State of Texas pertaining to
and/or dictating the duty of a landlord to mitigate damages in the event of
a tenant's breach of a lease, Landlord shall thereupon be entitled to
recover from Tenant all costs to remove Tenant's personal property and
return Premises to good condition."
Except as specifically amended herein, all of the remaining terms, conditions and
provisions contained in the Lease, together with all exhibits attached thereto, shall remain in full
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Except as specifically amended herein, all of the remaining terms, conditions and
provisions contained in the Lease,together with all exhibits attached thereto, shall remain in full
force and effect, and are hereby ratified and confirmed by Landlord and Tenant. In the event of
any conflict between the terms, conditions and provisions of this Amendment and the terms,
conditions and provisions of the Lease,the terms, conditions and provisions of this Amendment
shall control.
IN WITNESS WHEREOF,this Amendment To Lease is made effective for all purposes
as of the date shown above.
LANDLORD:
CITY OF CORPUS CHRISTI,
a home-rule municipal corporation
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Attest:Name:
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Title: City Secr ary
SECRETAft CITY OF CORPUS CHRISTI
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Name: ,
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Date: I I . 19. 1 9
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Assistant CityAttorney TENANT:
For City;',ttoroeY
SQH SPORTS&ENTERTAIIVINET,INC.,a
Texas Corporation
By:
Name: 4,„-,-,;(t-
Title:
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Date: /D Z S'/G�
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