Madison, WI Header
Share to Facebook Share to Twitter Bookmark and Share
File #: 74439    Version: 1 Name: 11881 First Amendment to Lease
Type: Resolution Status: Passed
File created: 10/26/2022 In control: Economic Development Division
On agenda: 11/1/2022 Final action: 12/6/2022
Enactment date: 12/9/2022 Enactment #: RES-22-00822
Title: Authorizing the execution of a First Amendment to Lease for the property at 354 E. Lakeside Street. (13th AD)
Sponsors: Tag Evers
Attachments: 1. 11881 Resolution Exhibit A.pdf
Fiscal Note
The revenues from this lease will be deposited to the Parks Division’s Operating Budget (Munis 51110-43522). No appropriation is required.
Title
Authorizing the execution of a First Amendment to Lease for the property at 354 E. Lakeside Street. (13th AD)
Body
WHEREAS, the City is the owner of certain real property located at 354 E. Lakeside Street, Madison, Wisconsin, and depicted on attached Exhibit A (“Property”); and

WHEREAS, the City and the current tenant, S. Stevens (“Tenant”) are parties to that certain Lease, dated December 20, 2019 (“Lease”); and

WHEREAS, the Lease was for an original term of one (1) year and in accordance with the terms of the Lease, the Tenant has exercised all of the Extension Options, as provided in Section 1.2(b) of the Lease, such that the current expiration date of the Lease is December 31, 2022; and

WHEREAS, the parties desire to amend the Lease to provide for two (2) additional Extension Options; the first for a period of two (2) years, and the second for a period of one (1) year; and

WHEREAS, the parties desire to amend the Lease to revise the amount of the monthly rent due as provided in Section 3.1 of the Lease.

NOW, THEREFORE, BE IT RESOLVED, that the Director of the Economic Development Division is hereby authorized to execute the First Amendment to Lease, subject to the following terms and conditions:

1. Section 1.2(b) of the Lease is amended to provide that the Tenant shall have two (2) additional Extension Options (the “Third Option Term” and “Fourth Option Term”, respectively, each an “Option Term”). The parties agree that the Tenant has provided the requisite notice as set forth in said Section 1.2(b) and the City hereby agrees to extend the Lease for the Third Option Term, which shall begin on January 1st, 2023, and continue for a period of two (2) years, expiring at midnight on December 31, 2024. The Fourth Option Term shall be for a period of one (1) year, beginning on January 1st, 2025 and expi...

Click here for full text