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Last modified
8/28/2017 2:58:39 PM
Creation date
8/28/2017 12:49:24 PM
Metadata
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Template:
Official Documents
Official Document Type
Third Amendment
Approved Date
06/04/2013
Control Number
2013-099
Agenda Item Number
13.D.
Entity Name
Verotown LLC
MiLB
Subject
Amendment No. 3 Facility Lease Agreement
Area
Hotel Room Renovations
Alternate Name
Dodgertown
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1. Recitals. The above recitals are true and correct and are incorporated herein. <br />2. Definitions. Except as set forth herein, all capitalized terms shall have the same <br />meaning as set forth in the Original Lease, the First Amendment and the Second Amendment. <br />3. Exercise of Option. Verotown hereby exercises its first renewal option set forth <br />in section 2.03. The term of the Facility Lease Agreement is hereby extended for the period of <br />the Renewal Term; provided, however, that, except as set forth in sections 5 and 15 below, this <br />Third Amendment shall be effective commencing at the beginning of the Renewal Term. <br />Between the date of this Third Amendment and the commencement of the Renewal Term, the <br />terms and conditions of the Original Lease, as amended by the First Amendment and the Second <br />Amendment, shall remain in full force and effect without regard to any amendment of such terms <br />and conditions set forth in this Third Amendment. <br />4. Rent. The amount of rent, set forth in section 2.04, shall remain the same during <br />the Renewal Term. The parties acknowledge that the amount of such rent is based, in part, on (a) <br />Verotown's payment of the substantial cost of maintenance and operation of the Facility, and <br />other costs incurred in the performance of this Facility Lease Agreement, which costs would <br />otherwise be a burden upon the taxpayers of Indian River County, and (b) Verotown's agreement <br />with respect to net income, set forth in section 11 below. <br />5. Hotel Room Renovations. As of the date of this Third Amendment, Verotown <br />has renovated 22 of the 89 hotel rooms included within the Facility. The County shall pay for or <br />reimburse Verotown for the actual costs of the renovations of the remaining 67 rooms in an <br />amount not to exceed $600,000. This amount shall not be funded with funds currently on deposit <br />in the Capital Reserve Account, or required to be deposited by the County into the Capital <br />Reserve Account in the future. At the election of the County, such renovations shall be <br />undertaken by the County; otherwise, such renovations shall be undertaken by Verotown, in <br />which case all books or records of Verotown relating to the renovations shall be open to <br />inspection by the County upon reasonable request. Procurement of the contractor(s) to perform <br />such renovations shall be by public bid, conducted by the County in accordance with applicable <br />law. In the event that renovations are undertaken by Verotown, Verotown shall be reimbursed <br />for all such renovation costs within the time periods set forth in the Florida Prompt Payment Act, <br />§218.70, et seq, Florida Statutes; provided, however, that reimbursement shall be in accordance <br />with the procedure set forth in this Facility Lease Agreement and the Capital Reserve Account <br />Agreement, and upon submittal and review of supporting documentation. This section 5 shall be <br />effective as of the date of this Third Amendment. <br />6. Contribution to Capital Reserve Account. Section 8.02(c) is hereby deleted <br />and replaced with the following language: `Beginning with the first Renewal Term, the County <br />shall deposit $250,000 per Lease Year into the Capital Reserve Account as a means of <br />supplementing the Capital Reserve Account balance. Out of each $250,000 deposited into the <br />Capital Reserve Account, and subject to the remaining terms of the Capital Reserve Account <br />Agreement and this Facility Lease Agreement (a) there shall be no limit on the amount of such <br />funds which may be used for any fixed capital expenditure or fixed capital outlay associated with <br />the construction, reconstruction or improvement of the Facility which has a life expectancy of <br />Page 2 of 6 <br />
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