2804U
I
RESOLUTION NO. 2,804
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO ENTER
INTO AND EXECUTE AN AMENDMENT TO LEASE AGREEMENT WITH THE
EAST 26TH STREET DEVELOPMENT CORP. ; AND FOR OTHER PURPOSES .
WHEREAS, the City of Little :Rock, pursuant to provisions of
Resolution No. 2361, entered into a Lease Agreement with the
East 26th Street Development Corp . , on June 11, 1959 , wherein
the said Development Corporation leased from the City of Little
Rock certain real property owned by the said City and used for
the benefit of the Oakland Cemetery; and
WHEREAS, the City of Little Rock and the East 26th Street
Development Corp . now desire to amend the Lease Agreement to pro-
vide for the sub-lettin by the Lessee of a portion of said lands
to Worthen Bank & Trust Company for the purpose of construction
and maintaining a drive-in banking facility;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Mayor and City Clerk are hereby authorized and
directed to execute and enter into on behalf of the City of Little
Rock an Amendment to Lease Agreement with the East 26th Street
Development Corp. , to provide for the sub-letting of a certain
portion thereof to Worthen Bank & Trust Company, which sub-lease
is not provided for under the terms of the original Lease Agree-
ment.
SECTION 2. The Amendment to Lease Agreement authorized in
Section 1. hereof shall be in form and words as follows:
AMENDMENT TO LEASE AGREEMENT
WHEREAS, the City of Little Rock, pursuant to provisions
of Resolution No. 2361, entered into a Lease Agreement between
the said City and East 26th Street Development Corp. , which
instrument was dated June 11, 1959, wherein the said Development
Corporation leased from the City of Little Rock certain real
property owned by the said City and used for the benefit of the
Oakland Cemetery; and
WHEREAS, the Lessee now desires to lease to Worthen Bank
and Trust Company of the City of Little Rock a portion of said
lands for the purpose of construction and maintaining a drive-
in banking facility; and
WHEREAS, the rental terms of said Lease Agreement do not
provide for a business of such nature; and
WHEREAS, both the City of Little Rock and the East 26th
Street Development Corp. desire to amend said Lease Agreement
to provide for a rental for such banking facilities.
NOW THEREFORE, Section 2 of said Lease Agreement is hereby
amended to provide an additional subsection to be identified as
"(f)" which shall be in words and phrases as follows :
"Section 2. Rental
"(f) Lessee will lease to Worthen Bank and
Trust Company certain portions of land described in
the underlying lease for the purpose of erecting a
drive-in banking facility. At the termination of
the sixth (6th) lease year, which is the first re-
porting date required by Lessee, Lessee will assign
to the bank building a per square foot volume which
will equal the highest per square foot volume re-
ported by any merchant located on the demised
- 2 -
premises. Provided, however, Lessee will not be re-
quired to pay overage rentals unless the aggregate of
all gross volume done by all merchants, including the
bank, exceeds Four Million Dollars ($4,000,000.00) . "
DATED this day of 1962.
EAST 26TH STREET DEVELOPMENT CITY OF LITTLE ROCK, ARKANSAS -
CORP. , - LESSEE LESSOR
BY BY
President Werner C. Knoop, Mayor
BY BY
Secretary Pauline G. Beeson, City Clerk
A C K N O W L E D G M E N T
STATE OF ARKANSAS)
)ss.
COUNTY OF PULASKI)
On this day personally appeared before me the undersigned,
a Notary Public within and for the County and State aforesaid,
duly qualified and acting, the within named Werner C. Knoop and
Pauline G. Beeson, to me well known as the Mayor and City Clerk,
respectively, of the City of Little Rock, Arkansas, and stated
that they had executed the foregoing Amendment to Lease Agreement
pursuant to the provisions of Resolution No, for the consid-
eration and purposes therein mentioned and set forth.
WITNESS my hand and official seal this day of
, 1962.
Notary Public
My Commission Expires :
A C K N O W L E D G M E N T
STATE OF ARKANSAS)
)ss.
COUNTY OF PULASKI)
On this day personally appeared before me the undersigned,
a Notary Public within and for the County and State aforesaid,
- 3 -
duly qualified and acting, the within named
and , to me well
known, who stated that they are t e rest ent an ecretary, res-
pectively, of the East 26th Street Development Corp. , and that
they are duly authorized in their respective capacities to exe-
cute the foregoing instrument for and in the name and behalf of
said corporation, and further stated and acknowledged that they
had so signed, executed, and delivered said foregoing instrument
for the considerations, uses and purposes therein mentioned and
set forth.
WITNESS my hand and official seal this day of
, 1962.
Notary Public
My Commission Expires :
SECTION 3 . This resolution shall be in full force and
effect from and after its adoption.
February 19, 1962
ATTEST:L,11,L ai / L P OVED: / , .
City Clerk I Lyor..