20-138S:U,egal\Our pocumertts\Ordinances�20\Amend-KDB Lease w Rail Yard L,td- Eazly Termination Option.docx
oxDnv�vcE No. 20-138
AN �RDINANCE OF THE CITY OF DENTON AUTHORIZING THE CITY MANAGER C1R
HIS DESIGNEE TO EXECUTE AN AMENDMENT TO THE LEASE AGREEMENT WITH
RAIL YARD PARTNERS, LTD FOR OFFICE SPACE AT 608 EAST HICKORY STREET,
SLTITE 130, TO INCLUDE AN EARLY TERMINATION OPTION; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, in November 2015, the City of Denton {"City") and Rail Yaxd Partners, Ltd.
("Rail Yard") entered into a five (5) year lease agreement for office space at 608 East Hickory
Street, Suite 130, Denton, Texas, in support of Keep Denton Beautiful as autharized by Ordinance
No 2015-319 (the "Lease"); and
WHEREAS, City desires to amend the Lease to include an early termination option, and
to exercise said option (the "Amendment"); and
WHEREAS, Rail Yard is amendable to the Amendment as attached hereto; and
WHEREAS, the City Cauncil of the City of Denton hereby finds that the Amendment and
subsequent early termination of the Lease between the City and Rail Yard is in the public interest;
NOW THEREFORE,
THE COUNCII., OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1: The findings set forth in the preamble of this Ordinance are incorporated by
reference into the body of the Ordinance as if fully set forth herein.
SECTION 2: The City Manager, or his designee, is hereby authorized to execute a
Commercial Lease Amendment Early Termination Option with Rail Yard Partners, Ltd. and
exercise the early termination option in accordance with the Amendment, which is attached hereto
as Exhibit "A" and made a part hereof for all purposes.
SECTION 3: This Ordinance shall become effective immediately upon its passage and
approval.
The motion to approve this Ordinance was made by ����,,, /��LT and
seconded by _�y�"�� ''��_ mITITmIT m_www� ; the Ordinance was passed and approved by
the following vot�- �J ]:
Aye 1Va� Abstain Absent
Chris Watts, Mayor: ��
Gerazd Hudspeth, District 1: ✓
Keely G. Briggs, District 2: 1%
1 of 6
S:�L,egal\Our pocuments\Ordinances�20\Amend-KDB Lease w Rail Yard Ltd- Early Termination Option.docx
Jesse Davis, District 3:
John Ryan, District 4:
Deb Armintor, At Large Place 5:
Paul Melt ���, At Large Place 6:
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PASSED AND APPROVED this the day of �.., , 2020.
ATTEST:
ROSA RIOS, CITY SECRETARY
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APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
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CHRIS WATTS, MAYOR
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COMMERCIAL LEASE AMENDMENT
EARLY TERMINATION OPTION
Re: Lease dated November 2, 2015 (the "Lease") between Rail Yard Partners, Ltd
("Landlord") and City of llenton {Keep Denton Beautiful) ("Tenant") for the
premises, located at 608 E. Hickory Street, Suite 130, Denton, Texas 76201
("Premises"). Unless otherwise specified, all eapitalized terms used herein shall
have the same meanings as in the Lease.
WHEREAS, Tenant has vacated, or desires to vacate, the Premises and has requested to terminate
the Lease early if Landlord is able ta find a replacement tenant.
WHEREAS, Landlord is acceptable to the early termination subject to the conditions set forth
herein.
NOW THEREFORE Landlord and Tenant do hereby agree as follows:
i. Landlord may advertise and show the Premises to prospective tenants, and relet the
Premises to another tenant.
2. U��tifl execution of a new lease agreement with a replacement tenant, all terms of
the I,ease shall continue in full force and effect, except as specifically amended herein.
3. Landlord will not be obligated to lease the Premises to another tenant for an amount
less than the current base rent set forth in the Lease.
4. If the Landlord does lease the Premises to another tenant, Tenant will have 30 days
to terminate utilities in its name and to fully vacate the Premises.
5. A termination agreement will be created once a new lease is fully cxccuted, with
Tenant's duty to pay rent terminating upon the commencement of rent under said new
lease.
6. Landlord will refund any Security Deposit within 60 days following termination of
the Lease in accordance with Article III, Section 3.04 of the Lease.
All other terms and conditions of the Lease are ratified and acknowledged to be unchanged.
[Signatures on Foilowing PagesJ
EXECUTED as oi �, �,�'"���"�°���� � ���. � , _. r 2020.
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TENANT:
City of Denton
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THIS AGREEMENT HAS BEEN BOTH
REVIEWED AND APPROVED AS TO
FINANCIAL AND OPERATIONAL
OBLIGATIONS AND BUSINESS TERMS:
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Attest:
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Rosa Rios, City Secretary
City of Denton
APPROVED AS TO FORM:
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Aaron I,eal, City Attorney
City of Denton
LANDLORD
Rail Yard Partners, Ltd
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