15210 1 RESOLUTION NO. 15,210
2
3 A RESOLUTION TO APPROVE A MODIFICATION OF THE LEASE
4 AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS,
5 THE LITTLE ROCK ADVERTISING & PROMOTION COMMISSION
6 AND FWH II LITTLE ROCK,LLC,TO DEFER THE RENTAL PAYMENT
7 DUE ON APRIL 1, 2020, UNTIL JULY 1, 2020; TO CONSIDER A
8 FURTHER MODIFICATION OF TERMS OF THE LEASE AGREEMENT
9 OCCASIONED BY THE COVID-19 PANDEMIC; AND FOR OTHER
10 PURPOSES.
11
12 WHEREAS,the steps taken by the Federal, State, County and Local Governments in response to the
13 COVID-19 Pandemic have had an adverse impact upon certain industries, and particularly on the tourist
14 industry, as a result of cancellation of hotel reservations, availability of hotel or motel space that complies
15 with social distancing guidelines,and the cancellation of conventions and expositions; and,
16 WHEREAS,the lease agreement entered on February 28, 2013 ("the Agreement"), between the City
17 of Little Rock, Arkansas ("the City"), the Little Rock Advertising & Promotion Commission ("the
18 Commission"), and FWH II Little Rock, LLC ("Fairwood"), has been under discussion because of
19 requirements of quarterly rental payments during this pandemic;and,
20 WHEREAS, the Commission has recommended a minor modification of the requirements while the
21 issue is more fully discussed,and on Tuesday,April 21,2020,approved a resolution that would accomplish
22 this modification.
23 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTIONS OF THE CITY
24 OF LITTLE ROCK,ARKANSAS:
25 Section 1. The modification of the Agreement between the City, the Commission, and Fairwood, as
26 to Quarterly Rental Payments is approved to the extent that it defers payment of the rental originally due
27 April 1,2020, until July 1, 2020.
28 Section 2. The City understands and supports the efforts of the Commission and Fairwood to work
29 through issues that have been occasioned by the COVID-19 Pandemic during this same period and, if
30 appropriate,to consider further modifications to the agreement.
31 Section 3. The Mayor and City Clerk are authorized to execute a document in substantially the same
32 form as that attached as Exhibit 1 to this resolution.
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1 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
2 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
3 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
4 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
5 ordinance.
6 Section 5. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with
7 the provisions of this ordinance are hereby repealed to the extent of such inconsistency.
8 ADOPTED: A l r' 21,2020
9 APPROVED:
10 441
11 I/uL k _,
12 us.n La g •y, ..ty Clerk Frank Scott,Jr.,
13 APPR c LDA 0 LEGAL FORM:
14
15
16 Thomas M. Carpenter, ity Attor
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1 Exhibit 1
2
3 LEASE MODIFICATION RELATED TO
4 QUARTERLY PAYMENT OF ANNUAL RENT
5 The parties, as evidenced by their signatures below, modify the terms of their lease dated as of
6 February 28, 2013, ("Lease") by and among The City of Little Rock, Arkansas, the City of Little Rock
7 Advertising and Promotion Commission (together, "Lessors") and FWH II Little Rock, LLC ("Lessee")
8 only as follows:
9 Lessee's quarterly payment of Annual Rent due on April 1,2020,
10 Under Section 5.1 of the Lease,is now due on July 1,2020.
11 SO AGREED:
12 LESSORS:
13 City of Little Rock,Arkansas
14
15 By:
16 Title: Mayor
17 Date:
18
19 Little Rock Advertising and Promotion Commission
20
21 By:
22 Title: Chair
23 Date:
24
25 LESSEE:
26
27 FWH II Little Rock,LLC
28
29 By:Fairwood Capital,LLC
30
31 By:
32 Title:
33 Date:
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