HomeMy WebLinkAboutThe Twin Sports Group, Inc.-Modification Agreement-04.02.2007 MODIFICATION AGREEMENT
This Modification Agreement is entered into as of April 3, 2007, by and between the
Lessor of Waterloo, Iowa("Lessor") and The Twin Sports Group, Inc. ("Lessee").
RECITALS
A. Lessor and Lessee are parties to a certain Waterloo Riverfront Stadium Lease
executed in 2004 (the"Lease"). The Lease establishes the terms of the parties'
relationship with each other and their respective rights and duties in relation to
the facility known as "Waterloo Riverfront Stadium" in Waterloo,Iowa(the
"Stadium").
B. The parties desire to amend the Lease on the terms set forth herein.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises exchanged herein and for
other consideration,the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:
1. Addendum to Lease. The addendum attached hereto as Exhibit"A" is hereby
made a part of and by this reference incorporated into the Lease.
2. No Partnership or Joint Venture. Nothing in this Modification Agreement shall,
or shall be deemed or construed to, create or constitute any joint venture, partnership, agency,
employment, or any other relationship between Lessor and Lessee nor to create any liability for
one party with respect to the liabilities or obligations of the other party or any other person.
3. Entire Agreement; Scope. This Modification Agreement constitutes the entire
agreement between the parties pertaining to the subject matter hereof. Except as amended
herein, the Lease shall continue in full force and effect without modification.
4. Binding Effect. The provisions of this Modification Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective personal representatives,
successors, and assigns.
5. Headings and Captions. The title or captions of paragraphs in this Modification
Agreement are provided for convenience of reference only and shall not be considered a part
hereof for purposes of interpreting or applying this Modification Agreement, and such titles or
captions do not define, limit, extend, explain, or describe the scope or extent of this Modification
Agreement or any of its terms or conditions.
6. Governing Law. This Modification Agreement shall be governed by and
construed in accordance with the laws of the State of Iowa.
7. Counterparts. This Modification Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all of which together shall constitute
one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Modification Agreement by
their duly authorized representatives as of the date first written above.
LESSOR LESSEE
City of Waterloo, Iowa The Twin Sports Group,Inc.
By:
Timothy J. H let,Mayor John P. Marso,President
Atte t- rC1C2J--
Nancy kert, Clerk
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ADDENDUM
A. Lessor has made improvements to the seasonal office in the premises so that it is suitable
for year-round use. The Lease is amended to permit Lessee to make year-round use of
said office, effective as of April 3, 2007 and continuing thereafter on for the same term as
the Lease.
B. As rent for use of the upgraded office facilities,Lessee shall pay Lessor the sum of
$325.00 per month, in advance, on or before the first day of each month during the term
hereof. The rental for April 2007 shall be paid concurrently with Lessee's execution of
the Modification Agreement, without reduction or abatement for less than a full month's
occupancy.
C. Lessee shall pay all utility expenses relating to the office facilities and shall otherwise
pay for all utilities and services as set forth in the Lease.
D. Insurance currently maintained by Lessee pursuant to the Lease shall be deemed to cover
all activities and property in or about the office facilities.
E. Except as set forth in this Addendum,Lessee's use of the office facilities shall be subject
to all terms and conditions of the Lease. In the event of any conflict of terms between
this Addendum and the Lease with respect to the office facilities,this Addendum shall
prevail.
LESSOR LESSEE
By: By:
Timothy J. Hurl ayor John P. Marso,President
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