The URL can be used to link to this page

Home My WebLink AboutReso 98-037 - Approving a lease Ext of the City's Lease from Parlay Investments, Inc for the Redding Police Investigations Facility ..� • � � RESOLUTION NO. 98-� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING A LEASE EXTENSION OF THE CITY'S LEASE FROM PARLAY INVESTMENTS, INC. FOR THE REDDING POLICE INVESTIGATIONS FACILITY. BE IT RESOLVED that the City Council of the City of Redding approves entering into the attached Lease Extension between Parlay Investments, Inc. as Landlord and the City of Redding as Tenant, extending the lease term of the Redding Police Investigations Facility in the Downtown Mall through May 31, 2002. BE IT FLTRTHER RESOLVED that the Mayor is authorized to sign the Lease Extension on behalf of the City, and the Clerk is directed to attest his signature and affix the seal of the City of Redding. I HEREBY CERTIFY that the foregoing resolution was introduced, read and adopted at a regular meeting of the City Council on the 7 r h day of An,-; i , 1998, by the following vote: AYES: COiTNCIL MEMBERS: ANDERSON , KEAOE , MCGEORGE , AND MURRAY NOES: COUNCIL MEMBERS: NONE ABSENT: COUNCIL MEMBERS: NONE ABSTAIN: COUNCIL MEMBERS: NONE � �� - KEN AY, M yor Attest: Form Approved: �� ; ; � . ---_ _ ,,�� "%= � `� � Connie �tr�hmayer, ic. C'le�k W. Leonard Wingate, ' Attorney � � . � ..� � • LEASE EXTENSION THIS AGREEMENT is made and entered into this 8 t h day of A p r i� 1998, by and between PARLAY INVESTMENTS, INC., a California Corporation, hereinafter referred to as "Landlord," and the CITY OF REDDING, a municipal corporation, hereinafter referred to as "Tenant." WI 'TNESSETH: The parties agree to the following recitals, to wit: a) Landlord and Tenant entered into a written Lease dated May 16, 1994, wherein Landlord leased to Tenant that portion of Assessor's Parcel 101-790-25, designated as 1512, 1514 and 1516 Market Street in the Redding Mall, in Redding, California, containing approximately 7,000 square feet. � b) The term of said lease expires on May 31, 1999, and the parties desire to enter into this agreement to extend said lease as hereinafter set forth. NOW THEREFORE IT IS MUTUALLY UNDERSTOOD AND AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS,TO WI'T: 1. TERM: The initial term of said lease, which expires May 31, 1999, shall be extended for a period of three (3) years commencing June 1, 19Q9, and expiring on May 31, 200?, all upon the same terms and conditions as set forth in said original Lease, excepted as provided herein. 2. RENTAL: Tenant shall pay to Landlord as rent for the Premises the following sums per month, in advance, on the first day of each month during the extended term of this Lease. During the first year of the extended term of this Lease, the sum of Three Thousand Three Hundred Sixty-seven Dollars and Eight Cents ($3,367.08). During the second year of the extended term of this lease, the sum of Three Thousand Four Hundred Sixty-four pollars and Seventy-four Cents ($3,464.74). During the third year of the extended term of this lease, the sum of Three Thousand Five Hundred Sixty-five Dollars and Thirty-one Cents ($3,565.31). ., • � • � � 3. OPTION TO EXTEND TERM: Tenant may, at Tenant's option, further extend the initial term of this Lease on all of the same terms and conditions contained in this L,ease, except for rental, for one additional and consecutive five-year period (June 1, 2002 - May 31, 200� by giving written notice to Landlord on or before 5:00 p. m., December 31, 2001, provided that if Tenant is in default on the date of giving such option notice, the oprion notice shall be totally ineffective; or if Tenant is in default on the date the five-year extended term is to commence, the five-year extended term shall not commence, and this Lease shall expire at 5:00 p. m., May 31, 2002. The parties shall have thirty (30) days after Landlord receives an option notice in which to agree on the monthly rent during the extended term. If the parties agree on the monthly rent for the , extended term during that period, they shall immediately execute an amendment of this Lease stating the monthly rent. If the parties are unable to agree on the new monthly rent for any extended term within that period, the amount thereof shall be determinerl by arbitration as follows: One arbitrator shall be appointed by Landlord and one by Tenant and a third arbitrator shall be selected by the two arbitrators selected as aforesaid. The persons so selected as arbitrators shall be qualified and competent to determine rental value of the nature involved under this Lease and shall be of good business integrity and ability and shall not be related by blood or marriage to any of the parties hereto and shall not be any employee of or associated in business, directly or indirectly, with any of the parties hereunder. In determining rental value the arbitrators will consider the market value of the premises. The decision of two of the arbitrators shall be binding upon the Landlord and Tenant In the event of the inability of the parties hereto to agree on rental, either party sha11 have the right to demand such arbitration in writing within ten (10) days after the other has advised it of disagreement of rental in accordance herewith. Either party shall have the right to enforce the provisions of this Lease providing for arbitration in the courts. In the event of the inability of the parties hereto to agree on the rental, the Tenant shall continue to pay the rental as set forth herein for the last year of the original or extended term pending arbitration or enforcement or arbitration in the courts as herein provided. Provided, however, in no event shall the rental for the additional extended term hereunder be redeternuned by the parties or by arbitration to be less than that in effect at the expiration of the 1 ' � � � original term or previous extended term hereunder. IN WITNFSS WHEREOF, the Landlord and Tenant have caused this Agreement to be executed the day and year first hereinabove written. � � ;� L, Dated: `� � � � � PARLAY INVESTMENTS, INC. � , -.—, . __ ' • _., � � :�_ ; . � _.__--- f , , . .:_:.- .._ ___..._ _ _ _� . � . .,,, BRIAN D. LEIDIG, President '} -----/ Dated: CITY OF REDDING By: KEN MURRAY,Mayor ATTEST: FORM APPROVED: �v C'?�,"t�„�� COI�iNIE STROHMAYER, City Clerk LEONARD 1o'ATE,City Attorney