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6360 s RESOLUTION NO 6 ,360 A RESOLUTION AUTHORIZING A FIRST AMENDMENT TO LEASE AND AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS, AS LESSOR, AND CAMELOT INN- LITTLE ROCK, INC. , AS LESSEE; AND FOR OTHER PURPOSES WHEREAS, the City of Little Rock, Arkansas, as Lessor, and Camelot Inn- Little Rock, Inc. , as Lessee, and based on the recommendations of the Little Rock Advertising and Promotion Commission, find it advantageous to all parties to amend the original Lease Agreement between the parties dated February 17, 1971 pertaining to auditorium facilities East of and adjacent to the Robinson Auditorium. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS. SECTION 1. The Mayor and City Clerk, acting for and on behalf of the City of Little Rock, Arkansas, are hereby authorized to execute that certain First Amendment to Lease and Agreement between the City of Little Rock, as Lessor, and Camelot Inn-Little Rock, Inc. , as Lessee, in form and substance as set forth on Exhibit "A" attached hereto and made a part hereof the same as though set out herein word for word. SECTION 2, This Resolution shall be in full force and effect from and after its adoption, ADOPTED: June 17 , 1980 ATTEST; APPROVED; �� City Cler Mayor FIRST AMENDMENT TO LEASE AND AGREEMENT BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS, AS LESSOR AND CAMELOT INN-LITTLE ROCK, INC. , AS LESSEE WHEREAS, under date of February 17, 1971, the City of Little Rock, Arkansas, as Lessor, and Camelot Inn-Little Rock, Inc. , as Lessee, entered into a Lease and Agreement pertaining to and for hotel facilities adjacent to and East of Robinson Auditorium in the City of Little Rock; and WHEREAS, the Lessor and Lessee find it advantageous to both parties to amend said Lease in certain particulars as hereinafter provided. NOW THEREFORE, in consideration of the mutual benefits accruing to both Lessor and Lessee under that certain Lease Agreement pertaining to hotel facilities East of and adjacent to Robinson Auditorium dated February 17, 1971, the said parties hereby amend said Agreement in the following particulars only: I The initial term of this Lease shall be extended to a date ending December 31, 2031, unless sooner terminated or extended as herein provided. II The Lease Agreement may be renewed for an additional twenty-five (25) years after the expiration of the initial term hereof and for an additional twenty-five (25) years after the expiration of the first renewal term provided for herein, pro- vided the Lessee is not then in default upon the general terms and conditions as to the Lease provisions provided for therein. Lessee must notify Lessor of its intent to renew by written notice six (6) months prior to the end of the initial term or any renewal term. III Lessee shall pay to Lessor as basic rent for the premises for each year during the basic term as herein provided, and for each year UL any renewal term, the sum of Twenty thousand two hundred ($20,200,00) dollars payable in semi-annual installments of Ten thousand one hundred ($10,100.00) dollars in advance. IV The Lessee hereby wavies all its rights pertaining to additional convention facilities as provided for in Paragraph XII of the Lease and Agreement between the -2- parties dated February 17, 1971. V The terms and conditions and covenants set forth in this First Amendment to Lease and Agreement are subject to approval and acceptance by KIN-ARK Corporation, Guarantor of the initial lease between the parties dated February 17, 1971. Exe- cution by the Guarantor in the appropriate spaces below shall be deemed approval and acceptance. VI Except to the extend and where this Amendment provides to the contrary, all and each of the provisions of the original Lease of the parties dated February 17, 1971 shall remain in full force and effect and be binding upon the parties, their successors and assigns. IN WITNESS WHEREOF, this instrument is executed in duplicate originals this day of , 1980. CITY OF LITTLE ROCK, ARKANSAS - LESSOR BY ATTEST: CAMELOT INN-LITTLE ROCK, INC. - LESSEE BYE>��.f. a ATTEST e/c• ,-Aart %3 oa.� 2‹.-e e f//C B APPROVED AND ACCEPTED by the undersigned as of the /4///1 day of /4y 1980. KIN-ARK CORPORATION GUARANTOR BY crf.-C Title /)/Ci WRMA•✓ sc /30.4 ATTEST: Title S-B AL/ -3- STATE OF ARKANSAS) ) ss ACKNOWLEDGMENT COUNTY OF PULASKI). On this day of , 1980, before me, a Notary Public, duly commissioned, qualified and acting, within and for the County and State aforesaid, appeared in person the within named Webster L. Hubbell, and Jane Czech, Mayor and City Clerk, respectively, of the City of Little Rock, Arkansas, a municipality of the State of Arkansas, to me personally known, who stated that they were duly autho- rized in their respective capacities to execute the foregoing instrument for and in the name of the City and further stated and acknowledged that they had signed, exe- cuted and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth, IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day of , Notary Public My commission expires; STATE OF ARKANSAS) 1 ss ACKNOWLEDGMENT COUNTY OF PULASKI) On this day of , 1980, before me, a Notary Public, duly commissioned, qualified and acting within and for the County and State aforesaid, appeared in person the within named Robert G, Walker and Paul R. Chastain, Chairman of the Board and 'Vice President, respectively, of Camelot Inn-Little Rock, Inc. , an Arkansas, corporation authorized to do business in the State of Arkansas, to me per- sonally well known, who stated that they were duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said corporation, and further stated and acknowledged that they had so signed, exe- cuted and delivered said foregoing instrument for the consideration, uses and purposes therein xentioned and set forth, IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day cif , 1980, Notary Public My cgzmmiss&on expires; •