City of Madison, Wisconsin | Legislative Information Center
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File #: 64592    Version: 1 Name: 0497 - Assignment of Lease
Type: Resolution Status: Passed
File created: 3/9/2021 In control: Economic Development Division
On agenda: 3/16/2021 Final action: 4/20/2021
Enactment date: 4/26/2021 Enactment #: RES-21-00278
Title: Authorizing the assignment of a Ground Lease Agreement from Larry E. Lichte and Dolores A. Lichte to their living trust for their homestead located within Marshall Park at 2 Thorstrand Road. (19th AD)
Sponsors: Keith Furman
Fiscal Note
No City appropriation required.
Title
Authorizing the assignment of a Ground Lease Agreement from Larry E. Lichte and Dolores A. Lichte to their living trust for their homestead located within Marshall Park at 2 Thorstrand Road. (19th AD)
Body
WHEREAS, Larry and Dolores Lichte own the homestead addressed at 2 Thorstrand Road, located within a City-owned property commonly known as Marshall Park. The homestead is a single-family residential dwelling subject to a Ground Lease Agreement between Larry and Dolores Lichte (together, the “Lessee”) and the City of Madison (the “City”), recorded in the office of the Dane County Register of Deeds as Document No. 1696381, followed by that certain Addendum to Ground Lease Agreement recorded as Document No. 2098367, followed by that certain Second Addendum to Ground Lease Agreement recorded as Document No. 3538831, and finally that certain Third Addendum to Ground Lease Agreement recorded as Document No. 4661067 (collectively, the “Ground Lease”); and

WHEREAS, Article VI, Paragraph H of the Ground Lease states that the Lessee shall not assign the Ground Lease without the prior written approval of the City, and further, that assignment shall be limited to owners of the residential dwelling, shall be simultaneous with the sale of the residential dwelling, and shall only be used as a single-family residence with historic significance; and

WHEREAS, Larry and Dolores, as Trustees, wish to transfer ownership of their homestead, as well as their interest in the Ground Lease to the Larry E. Lichte and Dolores A. Lichte Living Trust dated ___________, 2021 (the “Trust”). The proposed transfer of the homestead and the Ground Lease to the Trust will have no impact upon the occupancy or usage of the homestead or the City’s park property. The Trustees will continue to be the sole occupant of the homestead in accordance with the Ground Lease and historic use; and

WHEREAS, the City Attorney’s Office, the Parks Division, a...

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