5654 RESOLUTION NO 5,654
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO ENTER INTO AND EXECUTE AN AMENDMENT TO LEASE
AGREEMENT WITH EAST 26TH STREET DEVELOPMENT COR-
PORATION AND CONSENT OF LESSOR TO ASSIGNMENT OF
SAID LEASE; 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 Corporation 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 bene-
fit of the Oakland Cemetery; and
WHEREAS , the City of Little Rock, pursuant to provisions of Reso-
lution No. 2 , 804 entered into an Amendment to said Lease Agreement;
and,
WHEREAS , the City of Little Rock and East 26th Street Development
Corporation now desire to enter into a second Amendment to Lease Agree-
ment, to provide for continuation of an existing Lease to Worthen Bank
and Trust Company, in event East 26th Street Development Corporation,
its successors or assigns should fail to exercise the option to renew
said Lease Agreement dated June 11, 1959 ; and
WHEREAS , East 26th Street Development Corporation desires to assign
said Lease to W. S . Sherman, Ruby S. McCaskill and Sam Strauss , Jr. ,
Trustee for Steven Strauss, Sam Strauss III , and Susan Strauss, which
Assignment is acceptable to the City of Little Rock .
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
Corporation to provide that in event of termination of said original
Lease Agreement dated June 11, 1959 , Worthen Bank and Trust Company
shall be permitted to continue in possession under all the terms and
conditions of existing sublease agreement dated February 23 , 1962 between
East 26th Street Development Corporation and Worthen Bank & Trust Company.
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SECTION 2 . The Amendment to Lease Agreement authorized in Section 1
hereof shall be in form and words as follows :
AMENDMENT TO LEASE AGREEMENT
The original Lease Agreement executed June 11, 1959 by and between
the City of Little Rock, Arkansas (LESSOR) and East 26th Street Develop-
ment Corporation (LESSEE) is hereby amended to add the following provision:
"14. In the event that Lessee , its successors and
assigns shall elect to terminate this Lease under
the provisions of Paragraph 2 . (b) above, (that is,
by failing to give the notice required to extend the
term of this Lease under any option provided in said
subparagraph) , then Lessor agrees, notwithstanding
such termination, to honor the terms of the Sub-Lease
contract executed February 23 , 1962 by and between LESSEE
and WORTHEN BANK AND TRUST COMPANY (SUB-LESSEE) , for the
duration of such lease contract, including the primary
term and all option terms provided therein. It is the
intention of this provision that Sub-Lessee shall con-
tinue in use and possession of the premises described
in said contract without any change in terms or any
other effect from the termination of the underlying
Lease dated June 11, 1959 , except that the City of
Little Rock shall be entitled to receive all the rents,
and shall become the Sub-Lessor in lieu of East 26th
Street Development Corp. , its successors or assigns . "
DATED this day of , 1976 .
East 26th Street Development City of Little Rock, Arkansas -
Corp. - Lessee Lessor
BY BY
PRESIDENT — MAYOR
BY BY
SECRETARY CITY CLERK
SECTION 3 . The Mayor and City Clerk are hereby authorized
acting for and on behalf of the City of Little Rock to execute a
Consent of Lessor to Assignment of Lease which shall be in form
and substance as follows :
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CONSENT OF LESSOR
TO
ASSIGNMENT OF LEASE
The undersigned Lessor hereby consents to the Assignment
by EAST 26TH STREET DEVELOPMENT CORP. to W. S. SHERMAN. RUBY S.
/Susan
McCASKILL and SAM STRAUSS, JR. , Trustee for Steven Strauss, Sam Strauss,III and Straus:
of all the rights of said Assignor under Lease Agreement executed
June 11, 1959 by and between the CITY OF LITTLE ROCK, ARKANSAS
(Lessor) and EAST 26TH STREET DEVELOPMENT CORP. (Lessee) ,
together with all amendments thereto ; provided, however, neither
this Consent nor the acceptance of rent from said Assignee shall
relieve or release Assignor from any obligations under the terms
and conditions of said Lease, as amended.
DATED this day of , 1977.
CITY OF LITTLE ROCK, ARKANSAS
By:
MAYOR
By :
CITY CLERK
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
and , 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 Consent of Lessor
to Assignment of Lease for the purposes therein mentioned and
set forth.
WITNESS my hand and official seal this day of
, 1977 .
NOTARY PUBLIC
MY COMMISSION EXPIRES :
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SECTION 4 . This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: January 26, 1977
ATTEST: APPROVED: (1, •
qty Clerk Mayor