3337 RESOLUTION NO. 3 ,337
A RESOLUTION EXTENDING A CERTAIN LEASE
AGREEMENT BETWEEN THE CITY OF LITTLE ROCK,
ARKANSAS, AND TERMINAL WAREHOUSE COMPANY,
AUTHORIZED AND ENTERED INTO PURSUANT 10
ORDINANCE NO. 9856, ENACTED ON JUNE 27,
1955; PROVIDING FOR MODIFICATION OF TriE
CONSIDERATION DURING SUCH EXTENSION PERIOD;
AND FOR OTHER PURPOSES.
WHEREAS, pursuant to Ordinance No. 9856, enacted on
June 27, 1955, and a written lease executed pursuant thereto
on July 1, 1955, the Terminal Warehouse Company has occupied
certain public property identified as Water Street in Pope' s
Addition to the City of Little Rock, Arkansas, and specifically
that portion thereof which is bounded on the North by the
Arkansas River, on the West by the East line of Block One (1),
Pope's Addition, as extended North to the Arkansas River,
bounded on the East by the East line of Block 2, Pope's Addi-
tion, as extended North to the Arkansas River on the South by
the Missouri Pacific Railroad Company right-of-way, which
property, during the term of said lease, was used as a parking
area; and
WHEREAS, according to paragraph 3 of the said lease
authorized by the aforesaid ordinance, the Terminal Warehouse
Company owns an option to renew the lease at the end of the
original ten-year (10-year) period for an additional term of
five (5) years on the same terms and conditions of the original
lease, except for the consideration which, upon exercise of the
option, would be payable during the extension at the rate of
One Hundred and No/100 Dollars ($100.00) per month; and
WHEREAS, the lessee, Terminal Warehouse Company, has
claimed the option under the aforesaid lease agreement within
the time provided therein for the additional five-year (5-year)
period; and
WHEREAS, the sum of One Hundred and No/100 Dollars
($100.00) per month is excessive and would be manifestly unfair
to the lessee under the circumstances now existing;
-2-
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The tenancy of Terminal Warehouse Company in
and of that certain portion of Water Street as described in
Ordinance 9856, enacted on June 27, 1955, and which is the
subject of a certain lease agreement executed on the 1st day
of July, 1955, between the City of Little Rock and 'Eerminal
Warehouse Company, is hereby extended for a period of five
(5) years from the tenth (10th) anniversary of the original
lease under and pursuant to paragraph 3 of the said lease
instrument.
SECTION 2. The consideration, payable monthly during the
extension of the original lease, referred to in Section 1
hereof, shall be Fifty and No/100 Dollars ($50.00) per month
in lieu of the sum of One Hundred and No/100 Dollars ($100.00)
per month as called for in the original lease.
SECTION 3. This resolution shall be in full force and
effect from and after its adoption.
ADOPTED: May 17 , 1965
ATTEST APPROT D:
City Clerk Asst. Ma, or