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HomeMy WebLinkAboutC04-190 Tiga Advertising_ECATC. oc.~- 1 ct0 -~1~ . ~<< , t- SECOND AMENDMENT TO THE ADVERTISING DISPLAY CONCESSION AGREEMENT BETWEEN EAGLE COUNTY AIR TERMINAL CORPORATION AND TIGA ADVERTISING, INC. This Second Amendment (hereinafter "Second Amendment") to the Advertising Display Concession Agreement between Eagle County Air Terminal Corporation, a nonprofit ^orporation of the State of Colorado (hereinafter "CORPORATION") and Tiga Advertising, Inc., a Colorado corporation (hereinafter "CONCESSIONAIRE") is made this~S~ day of May, 2004. CORPORATION and CONCESSIONAIRE are collectively referred to as the "Parties." RECITALS The circumstances surrounding the making of this Second Amendment are as follows: WHEREAS, on August 29, 2003, Eagle County Air Terminal Corporation entered into an Advertising Display Concession Agreement (hereinafter "Agreement") with Tiga Advertising, Inc. for the purpose of granting concession rights and advertising privileges to portions of the Eagle County Air Terminal Building for installation of advertising displays; and WHEREAS, pursuant to Article 10, section 10.17 of the Agreement `2To alterations, amendments, changes or modifications, unless expressly reserved to the CORPORATION herein, shall be valid unless executed by an instrument in writing by all the parties with the same formality as this Agreement"; and WHEREAS, pursuant to Article 3, section 3.1 of the Agreement "Provided that the CONCESSIONAIRE is not in default at the expiration of the initial one year term, such term maybe extended for one additional four (4) year period, or such other term as the parties may mutually agree, unless either party gives the other party written notice of its intent not to extend the Term no less than 90 days prior the expiration of the Term"; and WHEREAS, the Parties now desire to extend the term of the Agreement for an additional four (4) yeaz term from September 1, 2004 through August 31, 2008; and WHEREAS, pursuant to Article 10, section 10.17 of the Agreement the Parties each have the authority to enter into this Second Amendment. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises set forth herein and in the Agreement, the Parties agree as follows: 1. Article 3, section 3.1 shall be amended to read as follows: •' , "The Term of the Agreement shall be extended by this Second Amendment for a four (4) year term from September 1, 2004 through August 31, 2008, subject to prior termination as provided in Article 8 of the Agreement. Notwithstanding the foregoing, upon the defeasance of the bonds issued pursuant to the CORPORATION's Trust Indenture dated as of June 1, 1996, following maturity or earlier as provided in the Trust Indenture this Agreement shall terminate, as of the date of defeasance, and C~?NCESSIONAIRE shall vacate the premises leased hereunder within not more `han ninety (90) days. CORPORATION will give not less than thirty (30) and not more than sixty (60) days notice of an intent to defease the bonds in accordance with the Trust Indenture. CORPORATION also will give CONCESSIONAIRE notice of the date of defeasance within two (2) business days following the actual defeasance." 2. Except as expressly provided in this Second Amendment all terms and conditions of the Agreement shall remain in full force and effect. 3. If any conflict exists between the provisions of this Second Amendment and the Agreement, the provisions of this Second Amendment shall control. 4. This Second Amendment shall be binding on the Parties hereto, their heirs, executors, successors and assigns. IN WITNESS WHEREOF, the Parties hereto have executed this Second Amendment to the Advertising Display Concession Agreement between Eagle County Air Terminal Corporation and Tiga Advertising, Inc. on the day and year first written above. CORPORATION: By: ATTEST: EAGLE CO Y AIIZ TERMINAL CORP TIO Colorado nonprofit Arn NI-i~~ni, President 2 CONCESSIONAIRE: TIGA ADVERTISING, INC. a Colorado Corporation By. r Greg Moffet, reside STATE OF COLORADO ) ss COUNTY OF EAGLE ) The foregoing instrument was subscribed and sworn to before me this day of 2004 by Greg Moffet as President of Tiga Advertising, Inc. Witness my hand and official seal. My commission expires: Notary Public