HomeMy WebLinkAbout5988 RESOLUTION NO. 5,988
A RESOLUTION AUTHORIZING A LEASE AND AGREEMENT
BY AND BETWEEN THE CITY OF LITTLE ROCK, ARKANSAS ,
AS LESSOR, AND PULASKI FEDERAL SAVINGS & LOAN
ASSOCIATION, LITTLE ROCK, ARKANSAS , AS LESSEE ,
IN SUBSTANTIALLY THE FORM AND WITH SUBSTANTIALLY
THE CONTENTS SET FORTH IN AND MADE A PART OF
THIS RESOLUTION; AUTHORIZING THE EXECUTION AN
DELIVERY OF THE LEASE AND AGREEMENT; AND PRE-
SCRIBING OTHER MATTERS RELATING THERETO.
BE IT RESOLVED by the Board of Directors of the City of
Little Rock, Arkansas:
Section 1. That there be, and there is hereby, authorized
the execution and delivery of a Lease and Agreement wherein the
City of Little Rock, Arkansas (the "City" ) , is Lessor, and
Pulaski Federal Savings & Loan Association ( "PFS" ) , is Lessee,
for certain airspace pursuant to Ark. Stat. Ann. §76-137, in
substantially the form and with substantially the contents here-
after set forth. The Mayor and City Clerk be, and they are
hereby, authorized to execute, acknowledge and deliver the Lease
and Agreement for and on behalf of the City. The form and con-
tents of the Lease and Agreement which are hereby approved and
which are made a part hereof, shall be substantially as shown on
Exhibit A hereto.
Section 2. That the Mayor, City Clerk and City Manager, or
any of them, for an on behalf of the City, be, and they are
hereby, authorized and directed to do all things, execute all
instruments and otherwise take all action necessary to the reali-
zation of the rights of the City and to discharge the obligations
of the City under the terms of the Lease and Agreement.
Section 3. That the Board of Directors hereby finds and
declares the execution and delivery of the Lease and Agreement is
in the furtherance of the public interest, does not impair the
public use of public streets and alleys beneath the airspace
conveyed thereby, and is not in violation of any federal require-
ment with respect to any federal aid funds involved in the con-
struction or improvement of such streets and alleys.
Section 4 . That the provisions of this Resolution are
hereby declared to be separable, and if any section, phrase or
provision shall , for any reason, be declared to be invalid, such
declaration shall not affect the validity of the remainder of the
sections, phrases or provisions.
Section 5 . That all ordinances and resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section 6 . This Resolution shall be in full force and
effect from and after its adoption.
PASSED: August 9 , 1978.
APPROVED:
By
ice Mayor
ATTEST:
S ,
/ 4.444.. . �. � �
( ty Clerk
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LEASE AND AGREEMENT
This Lease and Agreement (called "Lease" ) made this /C'
day of August, 1978, by and between the City of Little Rock,
Arkansas, a city of the first class under the laws of the State
of Arkansas (called "City" or "Lessor" ) , pursuant to authority of
Resolution No. 5,988 of the Board of Directors of the City of
Little Rock, Arkansas, dated August 9 , 1978, and Pulaski
Federal Savings & Loan Association, a federal savings and loan
association, organized and existing under the laws of the United
States of America (called "Lessee" ) ;
W I T N E S S E T H
1 . LEASED PREMISES
Lessor hereby leases to Lessee subject to the conditions
hereafter expressed, those certain parcels of real estate situ-
ated in Pulaski County, Arkansas, described on Exhibit 1 attached
hereto.
2. LESSOR'S TITLE
Lessor hereby represents that it owns the fee simple title
to the right-of-way for Spring Street, for Fourth Street and for
the alley located within Block 96, Original City of Little Rock,
which streets and alley are open to vehicular traffic as public
ways. The Lessor further represents that it has authority to
make this Lease and that it will defend its title to the leased
premises and the right to make this lease.
3. TERM
The term of this Lease shall be for ninety-nine (99 ) years,
commencing on the date of execution, unless otherwise terminated,
4. CONSIDERATION
As consideration for this Lease, Lessee agrees to pay and
Lessor agrees to accept as rent for the premises for the lease
EXHIBIT A
term the sum of Ninety-nine Dollars ( $99. 00 ) payable as follows:
The sum of One Dollar ($1 . 00 ) upon the execution and delivery of
this Lease and a like sum on or before the same day of each
succeeding year thereafter during the entire term of the Lease.
5. USE OF LEASED PREMISES
Lessee shall use and occupy the leased premises throughout
the term hereof solely for the purposes of constructing, operating
and maintaining a Skyway over Spring Street, a Skyway over
Fourth Street, and parking over a portion of the alley within
Block 96 of the Original City of Little Rock, in accordance with
the plans and specifications of Lessee. Lessee shall bear all
expenses resulting from relocation of street lighting made
necessary by Lessee ' s construction of the Skyways and parking
over the alley.
6. TAXES
Lessee shall pay all taxes and assessments upon the leased
premises and improvements placed therein and thereon after such
improvements are constructed.
7. REPAIRS AND MAINTENANCE
Lessee shall at all times during the term of this Lease, at
its own expense, put and maintain in thorough repair and in good
and safe condition, all improvements on the leased premises and
their equipment and appurtenances both inside and outside,
structurally and nonstructurally, extraordinary and ordinary,
however the necessity or desirability for repairs may occur, and
whether or not necessitated by wear, tear, obsolescence or
defects, latent or otherwise.
8. COMPLIANCE WITH LAWS
The Lessee at its sole expense shall comply with all laws,
orders and regulations of federal , state and municipal authorities,
and with any direction of any public officer, pursuant to law,
which shall impose any duty upon the Lessor or the Lessee with
respect to the leased premises. The Lessee, at its sole expense,
shall obtain all licenses or permits which may be required for
the conduct of their business within the terms of this Lease and
Agreement, or for the making or repairs, alterations, improve-
ments or additions, and the Lessor, where necessary, will join
with the Lessee in applying for all such permits or licenses.
9. SURRENDER
At the expiration of the lease term, the Lessee shall sur-
render the leased premises in as good condition as they were at
the beginning of the term, reasonable use and wear by the elements
excepted.
10. ALTERATIONS AND MODIFICATIONS
Lessee shall have the right from time to time to make all
such alterations and improvements on the leased premises as shall
be reasonably necessary or appropriate in Lessee 's judgment,
provided all such alterations and improvements will not otherwise
violate any other provision of this Lease.
11 . UTILITIES
The Lessee shall pay all charges for gas, electricity,
lights, heat, power, telephone or other communication services
used, rendered or supplied upon or in connection with the leased
premises and shall indemnify the Lessor against any liability or
damages on such account.
12. INSURANCE
After improvements are constructed thereon, Lessee shall
keep the leased premises insured throughout the term of this
lease against the following:
(a) Comprehensive public liability insurance with the
limits of such of at least $1 , 000, 000 for bodily
injury and $100, 000 for property damage.
(b) Lessee shall further indemnify Lessor against any
expense of whatever nature resulting from any
claim arising out of the erection, maintenance and
operation of buildings or business ani activities
conducted thereon throughout the term of this
lease.
All policies of insurance shall name the City of Little Rock
(where appropriate) as an additional insured. All such policies
shall , to the extent obtainable, contain an agreement by the
insurers that such policy shall not be cancelled without at least
ten (10 ) days prior written notice to the City. All such policies
or certificates on their issuance shall be delivered to the City.
13. ASSIGNMENT
Lessee shall have the right to assign or sublet an undivided
interest in that part of the leased premises described as Parcel "A"
solely to First National Building Company, Little Rock, Arkansas,
or First National Bank in Little Rock but shall not otherwise
assign or sublet or lease the premises or any part thereof without
the prior written consent of the Lessor in each instance, which
consent shall not be unreasonably withheld. Lessee shall specifi-
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cally have the right to mortgage the leased premises and Lessor
acknowledges that borrowed funds are being provided Lessee for
the construction of structures within the leased premises.
14. LEASE BINDING ON SUCCESSORS AND ASSIGNS
This Lease shall be binding upon and inure to the benefit of
the parties hereto, their successors and assigns.
15. NOTICES
Any notice required or permitted to be given under this
lease must be in writing and must be sent by registered or certified
mail to the last address of the party to whom notice is being
given as designated by the party. Lessor designates its address
as:
City of Little Rock
c/o City Clerk
City Hall
Little Rock, Arkansas 72201
Lessee designates its address as:
Pulaski Federal Savings & Loan Association
P. 0. Drawer 2499
Little Rock, Arkansas 72203
Either party may change its address by written notice to the
other party. Any notice or other communication shall be deemed
to have been given at the time it is deposited or certified in
any United States Post Office or Branch Post Office.
IN WITNESS WHEREOF, the parties have executed this Lease and
Agreement this ,O b day of August, 1978.
CITY OF LITTLE ROCK, ARKANSAS
LESSOR
ATi ?'(,0 nCJi 14iatu (C))7A/.
By
Vice Mayor , {1
ATTEST:
( 1,n-C
? ( 6C-4 ity Clerk
PULASKI FEDERAL SAVINGS & LOAN
ASSOCIATION, LESSEE
By ,
W. P. Gulley, Jr. , President
ATTEST:
--ci2 -71 ,')k (7,(2.e./44,14_,-;
Mildred M. Orsburn, Secretary
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ACKNOWLEDGMENT
STATE OF ARKANSAS )
COUNTY OF PULASKI )
On this day personally appeared before me the undersigned, a Notary
Public in and for the County and State aforesaid, duly qualified and
acting, D. James Dailey, Jr. and Jane Czech, to me well known to be the
Vice Mayor and City Clerk, respectively, of the City of Little Rock,
Arkansas, and stated that they had executed the foregoing Lease and
Agreement for the consideration and purposes therein mentioned and set
forth.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 9th
day of August, 1978.
Notary Public
My Commission Expires :
'9 - 3 - l
ACKNOWLEDGMENT
STATE OF ARKANSAS)
COUNTY OF PULASKI)
On this day, before me, a Notary Public duly commissioned, qualified and
acting within and for the county and state, aforesaid, appeared in person
the within named W. P. Gulley, Jr. and Mildred M. Orsburn being the President
and Secretary respectively of Pulaski Federal Savings & Loan Association, a
federal savings and loan association, who stated that they were designated by
said Association and were duly authorized in their respective capacities to
execute the foregoing instrument for and in the name and behalf of said
Association, and further stated and acknowledged that they had so signed,
executed and delivered said Lease and Agreement for the consideration, uses
and purposes therein mentioned and set forth.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this /6 --
day of August, 1978.
Notary P lic
My Commission Expires :
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PARCEL A
All that certain airspace beginning 14 ' 6" above existing
pavement on the following described property located West of
Lot 5 , Block 95 , Original City, Little Rock, Arkansas :
Beginning at the Southwest corner of Lot 6 , Block 95 ,
Original City, Little Rock , Arkansas ; thence N 6°48 ' 24 "E 73 ' to
the point of beginning; thence N 83°14 ' 41"W 60 ' ; thence
N 6°48 ' 24"E 19 . 0 ' ; thence S 83°14 ' 41"E 60 ' ; thence S 6°48 ' 24"W
19. 0 to the point of beginning.
PARCEL B
All that certain airspace beginning 15 ' above existing
pavement on the following described property located North of
Lot 1 , Block 95 , Original City, Little Rock, Arkansas :
Beginning at the Northeast corner of Lot 1 , Block 95 ,
Original City, Little Rock, Arkansas ; thence N 83°14 ' 11"W 30 '
to the point of beginning; thence N 83°14 ' 11"W 16 ' ; thence
N 6°48 ' 24 "E 60 ' ; thence S 83°14 ' 11"E 16 ' ; thence S 6°48 ' 24"W 60 '
to the point of beginning.
PARCEL C
All that certain airspace beginning 13 ' 7" above existing
pavement on the following described property located in
Block 96 , Original City of Little Rock, Arkansas :
Beginning at the Southeast corner of Lot 6 , Block 96 ,
Original City; thence N 6°48 ' 07"E 120 . 0 ' ; thence S 83°14 ' 41"E
20. 0 ' ; thence S 6°48 ' 07"N 120. 0 ' ; thence N 83°14 ' 11"W 20 . 0 '
to the point of beginning.
EXHIBIT 1