Loading...
HomeMy WebLinkAboutWaterloo Water Works-Lease Agreement-11.20.2006 Reo GROUND LEASE This Ground Lease (the "Lease") is made and entered into as of f\joikyr,(y.er 20 , 2006, by and between Waterloo Water Works,a municipal utility of the City of Waterloo, Iowa("Landlord"),whose address for purposes of this Lease is 325 Sycamore Street,Waterloo, IA 50703, and the City of Waterloo, Iowa("Lessee"),whose address for the purpose of this Lease is 715 Mulberry Street, Waterloo, IA 50703. 1. PREMISES AND TERM. The Landlord, in consideration of the rents herein reserved and of the agreements and conditions herein contained, on the part of the Lessee to be kept and performed, leases unto the Lessee and Lessee hereby rents and leases from Landlord, according to the terms and provisions herein,the following described real estate, situated in Black Hawk County, Iowa, to-wit: The area bounded by Josephine Street, Burton Avenue, Walker Street, and Longfellow Avenue, legally described as Lot M in Cedar Dale;the North one-half of Lot N in Cedar Dale;that part of Lot N in Cedar Dale commencing on the East line of said Lot N 135.95 feet North of the Southeast corner of Lot N, thence North 164.94 feet, thence West 231.03 feet, thence South 163.95 feet, thence East to the point of beginning;and the West 264 feet of the South 165 feet of the South one- half of Lot N in Cedar Dale; all in Waterloo, Black Hawk County, Iowa, excepting streets; with the improvements thereon and all rights, easements, and appurtenances thereto belonging, for a term of three(3) years, commencing at midnight of the day previous to the first day of the Lease term,which shall be on the 1st day of January , 2007, and ending at midnight on the last day of the Lease term,which shall be on the 31st day of December , 2009, upon the condition that the Lessee pays rent therefor, and otherwise performs as provided in this Lease. At the end of the lease term, Lessee shall have the option to renew this Lease upon the terms set forth in paragraph 19(a) below. 2. RENTAL. Lessee agrees to pay 1:o Landlord as rental for said term, as follows: $ 1.00 , in advance, and such payment becoming due upon execution of this Lease by Lessee. All sums shall be paid at the address of Landlord,as above designated, or at such other place as the Landlord may,from time to time, previously designate in writing. In the event that this Lease is terminated by either party for any reason before the end of the Lease term, no part of the above rental shall be refundable. 3. POSSESSION. Subject to paragraph 11(a)below, Lessee shall be entitled to possession upon the first day of the Lease term. Lessee shall yield possession to the Landlord at the time and date of the close of this Lease term, except as herein otherwise expressly provided. 4. USE OF PREMISES. Lessee covenants and agrees during the term of this Lease to use and to occupy the leased premises only for activities and purposes consistent with and incidental to public recreation. Lessee shall not use the premises for any other purpose without the prior written consent of Landlord. Lessee's use of the premises shall comply with all applicable laws, regulations, and ordinances. 5. QUIET ENJOYMENT. Landlord,as managing agent of the premises,covenants with Lessee that on paying the rent and performing all the agreements by the Lessee to be performed as provided in this Lease, Lessee shall and may peaceably have, hold and enjoy the demised premises for the term of this Lease free from molestation, eviction or disturbance by the Landlord or any other persons or legal entity whatsoever. 6. CARE AND MAINTENANCE OF PREMISES. Lessee shall have complete and sole responsibility to care for, repair,and maintain the premises in a safe and serviceable condition at its sole expense,including but not limited to all sidewalks, parking areas, lawns,shrubbery, landscaping,structures,and other facilities. Lessee shall make no additional structural alterations or improvements without the Landlord's prior written consent,which consent shall not be unreasonably withheld. 7. FACILITY SERVICES. Lessee, during the term of this Lease, shall pay before delinquency all charges for use of telephone,water,sewer,gas,electricity, power,garbage or trash disposal, and all other utilities or services of whatever kind and nature which may be used in or upon the leased premises. 8. END OF TERM. (a)This Lease shall terminate upon expiration of the original term or,if this Lease expressly provides for any option to renew, and if any such option is exercised by Lessee,then this Lease will terminate at the expiration of the option term(s). (b) TERMINATION FOR CAUSE. At any time during the term of this Lease or any renewal thereof,Landlord may terminate this Lease for cause by delivery of written notice of termination to Lessee no less than ninety(90)days before such termination. For purposes of this Lease, "cause" shall mean any material breach of the terms or conditions of this Lease by Lessee. Said notice shall specify the grounds constituting cause for termination and shall state that this Lease will be canceled and forfeited ninety (90) days after the giving of such notice, unless such default, or defaults, are remedied to the reasonable satisfaction of Landlord within a period of sixty (60) days following delivery of such notice, and following such cure Landlord shall deliver to Lessee a written notice of revocation of notice of termination. (c) SURRENDER OF PREMISES AT END OF TERM. Lessee agrees that upon the termination of this Lease it will surrender, yield up and deliver the leased premises in good and clean condition, except the effects of ordinary wear and tear and depreciation arising from lapse of time, or damage not covered by insurance. (d) HOLDING OVER. Continued possession beyond the expiratory date of the term of this Lease by the Lessee, coupled with the receipt of the specified rental by the Landlord (and absent a written agreement by both parties for an extension of this Lease, or for a new lease) shall constitute a year-to-year extension of this Lease. 9. ASSIGNMENT AND SUBLETTING. Lessee may not assign this Lease without the Landlord's prior written permission, but Lessee may sublet the premises or any part thereof without the Landlord's consent. 10. PROPERTY TAXES. The premises are currently exempt from taxation. In the event the premises ever become taxable during the term of this Lease,or any renewal or extension thereof, Lessee shall pay all installments that would become delinquent if not paid during the term of this Lease. Lessee shall also timely pay all taxes, assessments, or other public charges levied or assessed by lawful authority against its personal property on the premises during the term of this Lease. Lessee shall pay all special assessments that would become delinquent if not paid during the term of this Lease. Each party reserves the right to protest any assessment of taxes. 11. INSURANCE. Lessee covenants and agrees that it will at its own expense procure and maintain casualty and liability insurance under its city-wide policies. Landlord may at its own expense procure and maintain additional insurance. Subrogation rights are hereby waived, to the extent permitted by the parties' respective policies of insurance. 12. CONDEMNATION. (a)DISPOSITION OF AWARDS. Should the whole or any part of the demised premises be condemned or taken by a competent authority for any public or quasi-public use or purpose, each party shall be entitled to retain, as its own property, any award payable to it. Or in the event that a single entire award is made on account of the condemnation, each party will then be entitled to take such proportion of said award as may be fair and reasonable. (b) DATE OF LEASE TERMINATION. If the whole of the demised premises shall be so condemned or taken, the Landlord shall not be liable to the Lessee except and as its rights are preserved as in paragraph 14(a) above. 13. Reserved. 14. SIGNS. Lessee shall have the right and privilege of attaching, affixing, painting, or exhibiting signs on the leased premises. 15. RIGHTS CUMULATIVE. The various rights, powers, options, elections, and remedies of either party as provided in this Lease shall be construed as cumulative and no one of them as exclusive of the others or exclusive of any rights, remedies, or priorities allowed either party by law, and shall in no way affect or impair the right of either party to pursue any other equitable or legal remedy to which either party may be entitled as long as any default remains in any way unremedied, unsatisfied, or undischarged. In the event of any legal proceeding between the parties with respect to the Lease, the prevailing party shall be entitled to recovery of its reasonable attorney's fees and legal expenses incurred in connection with such proceeding. 2 16. NOTICES AND DEMANDS. Notices as provided for in this Lease shall be given to the respective parties hereto at the respective addresses designated on page one of this Lease unless either party notifies the other, in writing, of a different address. Without prejudice to any other method of notifying a party in writing or making a demand or other communication,such message shall be considered given under the terms of this Lease when sent, addressed as above designated, postage prepaid, by first class mail and so deposited in a United States mail box. 17. BINDING EFFECT. Each and every covenant and agreement herein contained shall extend to and be binding upon the respective heirs, personal representatives, successors, and assigns of the parties hereto. 18. CHANGES TO BE IN WRITING. None of the covenants, provisions,terms,or conditions of this Lease to be kept or performed by Landlord or Lessee shall be in any manner modified,waived,or abandoned,except by a written instrument duly signed by the parties and delivered to the Landlord and Lessee. This Lease contains the entire agreement of the parties and supersedes any and all discussions, negotiations, understandings, or agreements pertaining to the subject matter hereof. 19. OTHER TERMS. (a) Option to renew. At the end of the Lease term or any renewal term,this Lease shall renew automatically upon the same terms and conditions for an additional period of three(3)years, unless Lessee delivers to Landlord,or Landlord delivers to Lessee,a written notice of termination before the end of the term then in effect. 20. CONSTRUCTION. Words and phrases herein, including acknowledgment hereof,shall be construed as in the singular or plural number, and as masculine, feminine, or neuter, according to the context. IN WITNESS WHEREOF, the parties hereto have executed this Ground Lease by their duly authorized representatives as of the date first written above. LESSEE LANDLORD City of Waterloo, Iowa Waterloo Water Works By: By: d(Ct. , (c-ei41/1--- — Timothy J. Hur ayor Craig lavka, Chairman, Board of Trustees Attest: By: Nancy Eckert, City Jerk Dennis D. Clark, Secretary, Board of Trustees 3