HomeMy WebLinkAboutInternational Wrestling Institute and Museum Inc-6/3/2010LEASE MODIFICATION
This Lease Modification is made, as of the date set forth below, with reference to a certain Business
Property Lease (the "Lease") dated ,41,4y a 7 o/o , by and between the City of Waterloo, Iowa
("Landlord") and International Wresting Institdt,e and Museum, Inc. ("IWIM") concerning premises located at
303 Jefferson Street, Waterloo, Iowa.
WHEREAS, IWIM proposes to assign its interest as tenant under the Lease to National Wrestling Hall of
Fame, Inc. ("Assignee"); and
WHEREAS, paragraph 9 of the Lease provides that the tenant ("Tenant") may not assign its interest in the
Lease without the prior written consent of Landlord; and
WHEREAS, Landlord is willing to consent to said assignment, subject to the terms hereof.
NOW, THEREFORE, the parties agree as follows:
1. Assignee shall be substituted for IWIM as Tenant under the Lease and shall assume and be bound
by all covenants of the Tenant, to the same extent as if Assignee were the original tenant thereunder.
2. If the premises is not open for business to the general public in keeping with the purposes
prescribed by the Lease for a period of fifteen (15) consecutive days, Tenant shall be deemed to be in default
under the Lease, the leasehold interest shall be deemed abandoned, and the Lease shall immediately terminate
upon written notice from Landlord. Tenant or its attorney shall promptly deliver all keys to the office of the
Waterloo City Attorney. All personal property remaining in the premises shall also be deemed abandoned and,
upon Lease termination, shall become the sole property of Landlord, which shall have no accountability to Tenant
or any other person for the disposition or proceeds thereof.
3. The provisions of paragraph 2 above shall not apply with respect to any period in which the
premises is closed as a result of flood, fire, natural disaster, or any other act of nature or act of God.
4. Landlord hereby consents to assignment of the Lease by IWIM and the assumption of same by
Assignee.
5. This Modification shall be governed by the internal laws of the State of Iowa. It represents the
entire agreement of the parties concerning the subject matter hereof. This Lease Modification may not be
modified without the prior written consent of both parties. Tenant agrees to the jurisdiction and venue of the Iowa
District Court for Black Hawk County for the resolution of all disputes arising from or in connection with the
Lease or this Modification. Except to the extent modified hereby, the Lease shall continue in full force and effect.
This Modification is binding on the parties and the respective successors and assigns of each.
IN WITNESS WHEREOF, the parties have executed this Lease Modification by their duly authorized
representatives as of the date of its approval by the Waterloo City Council indicated below.
CITY OF ERLOO, IOWA
est G. Clar Mayor
INTERNATIONAL WRESTLING INSTITUTE
AND MUSEUM, INC.
By:
Title:
Approved by Waterloo City Council on June , 2010
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