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HomeMy WebLinkAboutC21-051 Northside HangarDocuSign Envelope ID : 93829BCE-023F-4D8C-B058-1 F50E0E289D6 AMENDMENT TO Eagle County , CO Regina O'Brien Pgs: 5 REC : $0.00 DOC: $0.00 AMENDED AND RESTATED 202104445 03/02/2021 02:19 :32 PM HANGAR GROUND LEASE BETWEEN EAGLE COUNTY, COLORADO AND NORTHSIDE HANGAR, LLC, A COLORADO LIMITED LIABLITY COMP ANY THIS AMENDMENT, made and entered into this 2/23/2021 modifies that certain amended and restated lease between Eagle County Colorado and Northside Hangar, LLC dated December 20, 2016 and recorded at Reception No. 201700888 in the Eagle County, Colorado, Clerk and Recorders office (hereinafter "Ground Lease"). Any capitalized term used in this Amendment without definition herein shall have the meaning given that term in the Ground Lease. WHEREAS Lessee desires to develop additional real property at the Airport by construction of aircraft hangars of various sizes thereon. In order to add that additional property to the Ground Lease and provide certain specific terms related to that additional property, Lessor and Lessee determine to amend the Ground Lease. NOW, THEREFORE, in consideration of the covenants herein contained and of Ten Dollars ($ 10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee hereby agree to amend the Ground Lease as follows: 1. Phase II Premises and Development. That certain real property described on Exhibit A attached hereto and incorporated herein by this reference ("Phase II") is hereby included as a part of the Leased Premises as of the date that this Amendment is recorded in the real property records of Eagle County, Colorado. Lessee intends to develop Phase II with aircraft hangars generally in the size and layout attached hereto as Exhibit B and incorporated herein by this reference. In connection with determining the Rent Calculation Area (see Section 2 below) and preparing condominium map(s) for the hangars constructed within Phase II, the parties may amend this Amendment to indicate the actual legal description of Phase II. 2. Rent Calculation Area. Rent for Phase II shall be calculated based on the square foot area of each hangar building constructed within Phase II plus a ten (I 0) foot envelope surrounding said improvements, plus any paved aircraft taxiways/lanes and ramp area in front of the hangar and necessary for the use of the hangars constructed within Phase II, plus one-half of the square foot area of all ramp, apron and aviation service areas (but not taxiways) (the "Phase II Rent Calculation Area"). The Rent Calculation Area as defined in the Ground Lease shall include the Phase II Rent Calculation Area. The Phase II Rent Calculation Area shall be calculated and later revised upon completion of construction and availability for use of the relevant improvements within Phase II (which for any hangar building means the issuance of a certificate of occupancy), and rent payable under the Ground Lease shall be adjusted at that time. Upon completion of improvements "as-built" drawings will be submitted by Lessee to Lessor. 3. Rent. The square foot rent payable for Phase II shall be the same rent as calculated and currently owing at the time rent commences for any portion of Phase II, as provided in Section 3 of the Ground Lease , and all provisions of Section 3 shall apply to Phase II. C21-051 OocuSign Envelope ID: 93829BCE-023F-4DBC-8058-1 F50E0E289D6 4. Term. The Lease Term with respect to Phase II shall commence upon the date of recording of this Amendment. The Lease Term with respect to that portion of Phase II containing all improvements that receive a certificate of occupancy in calendar year 2021 ("Phase II-A") shall expire October 31, 2051. The Lease Term with respect to that portion of Phase II containing all improvements that receive a certificate of occupancy January 1, 2022 or later ("Phase 11-8") shall expire October 31, 2052. These Lease Terms shall have the extension rights as provided in Section 2.8 of the Ground Lease. 5. Miscellaneous. a. In case of any conflict between the terms of this Amendment and the Ground Lease, the provisions of this Amendment shall prevail. b. The terms and provisions of this Amendment may not be amended, modified or terminated, except by an agreement in writing signed by the parties hereto. c. The provisions of this Amendment shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. d. This Amendment may be signed in one or more counterparts, each of which shall be an original and all of which together shall constitute a single agreement. The parties may execute and exchange signatures on this Amendment by electronic means. IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the day and year first above written. ATTEST: (i ... ~ .. . IM, /J-' (?yiUA, ~~ Clerk to the Board of County Commissioners 2 LESSOR: COUNTY OF EAGLE, ST ATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By ~~cus~~s<-=..."duw-'-'-by:-'-'------ S°@~~cehair . DocuSign Envelope ID: 93829BCE-023F-4D8C-B05B-1 F50E0E289D6 STA TE OF COLORADO ) ) ss. LESSEE: NOR THSIDE HANGAR, LLC, a Colorado limited liability company By: r[;b~~ ~~--~--~---· COUNTY OF E° 0.51 g , ) 18~ The foregoing document was acknowledged before me th.is loih day of~1~e~ , by Denis Beaudin as Manager ofNORTHSIDE HANGAR, LLC, a Colorado limited liability company. Witness my hand and official seal. My commission expires: 10 ID?... I 202'-/ 3 YAMILE MORENO NOTARY PUBLIC STATE OF COLORADO NOTARY ID 20204034a32 MY COMMIS8ION EXPIAES 1M>IJ2024 DocuSign Envelope ID : 93829BCE-023F-4O8C-B05B-1F50E0E28906 Exhibit A Northside Phase II Lease Limits (Dimensions indicated by blue lines are approximate) DocuSign Envelope ID: 93829BCE-023F-4D8C-B05B-1 F50E0E289D6 Exhibit B Northside Hangar Phase II Proposed Hangar Layout