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2022-134
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2022-134
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Last modified
8/5/2022 12:12:39 PM
Creation date
8/5/2022 11:59:51 AM
Metadata
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Template:
Official Documents
Official Document Type
Second Amendment
Approved Date
07/12/2022
Control Number
2022-134
Agenda Item Number
11.A.
Entity Name
Verotown, LLC
Subject
Second Amendment to the Amended and Restated Facility Lease Agreement
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Prepared By, <br />Record and Return to: <br />Michael Zito, Esq. <br />Asst. County Administrator <br />c/o Indian River County <br />180127 th Street <br />Vero Beach, FL 32960 <br />SECOND AMENDMENT TO THE AMENDED AND RESTATED FACILITY LEASE <br />AGREEMENT <br />This SECOND AMENDMENT TO THE AMENDED AND RESTATED FACILITY <br />LEASE AGREEMENT ("Second Amendment") is made as of the 12- day of�, 2022 <br />(the "Amendment Effective Date"), by and between Indian River County, Florida, ---a' political <br />subdivision of the State of Florida (hereinafter referred to as the "County"), and Verotown, LLC, <br />a Delaware corporation, (hereinafter referred to as "Verotown"). <br />RECITALS <br />A. WHEREAS, County and Verotown entered into that certain Amended and <br />Restated Facility Lease Agreement by and between County and Verotown effectively dated <br />January 2, 2019 as subsequently amended by that certain First Amendment to the Amended and <br />Restated Facility Lease Agreement as fully executed on February 16th, 2021 (collectively referred <br />to as the "Agreement"); <br />B. WHEREAS, pursuant to Section 13.02 of the Agreement, the Agreement may be <br />amended in a writing executed by both parties; <br />C. WHEREAS, in order to modify certain terms of the Agreement, including certain <br />rights and obligations associated with the Capital Improvements and additional contributions to <br />the Capital Reserve Account, Verotown and the County now desire to amend the Agreement as <br />hereinafter set forth, in accordance with the terms and conditions of this Second Amendment. <br />NOW, THEREFORE, in consideration of the mutual covenants and conditions <br />hereinafter contained, and other valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged, Verotown and the County hereby agree to amend the Agreement as follows: <br />1. Recitals; Defined Terms. The above Recitals are true and correct and are hereby <br />incorporated herein by reference. All capitalized terms not defined herein shall be given <br />the meanings ascribed thereto in the Agreement. <br />2. County Improvements. Section 8.04(a)(5) of the Agreement is hereby deleted in its <br />entirety, it being acknowledged and agreed by the parties that, in exchange for the County <br />depositing the sum of Two Hundred Thousand and No/100 Dollars ($200,000.00) (the <br />"Holman Reimbursement Amount") into the Capital Reserve Account within three (3) <br />
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