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Reso 2011-1749
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Reso 2011-1749
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Last modified
8/19/2013 2:24:28 PM
Creation date
7/22/2011 3:25:33 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2011-1749
Date (mm/dd/yyyy)
07/21/2011
Description
Approving a Ground Lease and Dev. Agreement w/4M Investors, LLC
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<br />connection with the foregoing, the Parties contemplate and agree that submission and review of <br />design and [mancial materials will be a continuing process with the Parties working <br />cooperatively, expeditiously, reasonably, and in good faith with respect to the design and <br />implementation of the publiclprivate partnership between the City and the Tenant (the "Project"), <br />continually coordinating the same to the extent required or deemed advisable with the City. <br /> <br />(iv) Either Party may notify the other that it deems any action or submission or <br />disapproval unreasonable or in bad faith, and describing the consequences of such action and <br />requesting accelerated review of the submission to ameliorate such consequences. Failure to give <br />written notice within thirty (30) days of any such action shall be deemed acquiescence in the <br />reasonableness thereof. Failure to make written protest of any notice within ten (10) days hereof <br />shall constitute acquiescence to the requested relief. <br /> <br />Section 9. Design Documents. At all stages of the development review process set forth in <br />Section VI(8) hereof, the Landlord shall have access to all design documents and technical <br />backup information supporting such documents. The Tenant shall disclose to the Landlord the <br />existence of all design contracts and other technical contracts, and all architectural, engineering <br />or other contracts entered into by the Tenant relating to the design of Major Alterations <br />(including without limitations all plans, specifications, renderings, engineering data, soul reports <br />and other technical documents) are hereby collaterally assigned, to the extent assignable, to the <br />Landlord, subject only the rights of any Approved First Mortgagee therein. All documents <br />produced thereunder, to the extent assignable, shall become the property of the Landlord if this <br />Lease is terminated as a result of default by the Tenant (subject to the rights of any Approved <br />First Mortgagee if such Approved First Mortgagee exercises a right to receive a new Lease <br />pursuant to Article XVII; provided, however, that the Landlord shall pay any outstanding <br />amounts due to said contractors or consultants as of the date of such termination for any work <br />completed or in progress as of such date if the Landlord wishes to assert its rights to such design <br />documents or other work products). <br /> <br />Section 10. Park/Parking Garage. The Tenant and the Landlord acknowledges that Tenant <br />will need adequate parking spaces to serve customers of the restaurant facilities, and the Parties <br />will enter into a separate agreement for the construction of Landlord's Parking Garage. Upon <br />the selection of the Acceptable Vendor, the Landlord and Tenant shall negotiate a parking <br />agreement to provide adequate parking to serve the restaurant facilities. Landlord reserves the <br />right to charge fees for the use of the Parking Garage. <br /> <br />Section 11. Final Construction Documents. Prior to commencing construction of the <br />Improvements or Major Alterations, the Tenant shall furnish the Landlord with: <br /> <br />(i) Final Plans and Specifications approved by the Landlord and by any Approved First <br />Mortgagee or other lenders requiring approval; <br /> <br />(ii) Evidence that the applicable contractor ("Contractor") will perform satisfactorily, <br />including, a completions guaranty by the parent corporation of Tenant or a lien bond and a <br />performance and payment surety bond whichever shall be required by an Approved First <br />Mortgagee. If an Approved First Mortgagee requires a completion guaranty, such guaranty shall <br /> <br />12 <br /> <br />..7 <br />
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