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CITYOFASPEN
RESOLUTION# 12
(Series of 2021)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING A FIRST AMENDED LEASE EXTENSION AGREEMENT BETWEEN
THE CITY OF ASPEN AND VALLEY FINE ART LTD AND AUTHORIZING THE
CITY MANAGER OR ASSITANT CITY MANAGER TO EXECUTE SAID
AMENDMENT ON BEHALF OF THE CITY OF ASPEN.
WHEREAS,there has been submitted to the City Council a First Amended Lease
Extension Agreement between the City of Aspen and Valley Fine Art LTD, a true and
accurate copy of which is attached hereto as Exhibit"A"; and
WHEREAS,the City Council has determined that it is in the best interest of the
City of Aspen to approve the Lease Amendment pursuant to the terms thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO,
That the City Council of the City of Aspen hereby approves the First Amended Lease
Extension Agreement between the City Of Aspen And Valley Fine Art LTD and authorizes the
City Manager or Assistant City Manager to execute said amendment, a true and correct copy of
which is attached hereto, on behalf of the City of Aspen.
INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on
the 26th, day of January 2021.
L
Torre, Mayor
I,Nicole Henning, duly appointed and acting City Clerk do certify that the foregoing
is a true and accurate copy of that resolution adopted by the City Council of the City of
Aspen, Colorado, at a meeting held, January 26, 2021.
Nicole Henning, City Clerlt
DocuSign Envelope ID:501 D1F23-65413-4376-92F1-835D6G205FD4
FIRST AMENDED LEASE EXTENSION AGREEMENT
VALLEY FINE ARTS
THIS LEASE EXTENSION AGREEMENT, is made and entered into as of this day of
1/21/2021 1 12:46:320 1,�tween City of Aspen, 130 South Galena Street,Aspen, Colorado
(hereinafter referred to as "Landlord"), and Valley Fine Art LTD (hereinafter referred to as
"Tenant"), whose address is 213 S. Mill Street,Aspen, Colorado, 81611.
WITNESSETH:
WHEREAS,on or about May 12,2011,the parties hereto entered into a lease agreement for certain
property described as the north east rental space of the Wheeler Opera House, 213 S. Mill Street,
Aspen, Colorado (hereinafter be referred to as the "Lease"); and,
WHEREAS, the initial term of the Lease was for a period of five (5) years commencing on
December 1, 2011 and terminating on November 30, 2016; and,
WHEREAS, in November of 2016, Tenant exercised its right to extend the lease for a period of
60 months commencing on December 1, 2016 on the same terms as set forth in the Lease, except
as modified therein; and,
WHEREAS, the Landlord and Tenant now desire to modify the term of the lease and Paragraph 3
of the Lease, Early Termination of Term by Tenant.
NOW, THERFORE, in consideration of the mutual covenants contained herein and other good
and valuable consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, the parties agree as follows:
Section 1• Term
The tenant shall have the right to extend the term of the lease for an additional two years,
commencing noon November 30, 2021 and expiring at noon on November 30, 2023,by giving
notice to the Landlord of the intent to extend the lease in writing no later than October 1, 2021.
Section 2: Early Termination of Term by Tenant
Tenant shall have the right to terminate the Lease Agreement and the extension exercised pursuant
to Section 1, above, by providing the Landlord with written notification three months prior to the
desired early termination date. However,in the case of a water damage event in which significant
damage to a piece of art occurs or a significant loss of the use of the Lease Premises occurs and in
which the Tenant cannot adequately recover from the Landlord,the Landlord's insurance company,
or the Tenant's insurance company (without cancellation of Tenant's coverage), the Tenant shall
have the right to terminate this Lease Agreement effective in thirty days by providing the Landlord
written notice of an intent to terminate this Lease no less than thirty days before the proposed
DocuSign Envelope ID:501D1F23-654D-4376-92F1-835D6C205FD4
termination date. The notice of intent to terminate shall state that the Tenant is availing itself of
this provision of the Lease and shall state the reasons the Tenant believes that it is entitled to avail
itself of this provision of the Lease.
Section 3: Other provisions
A. Landlord hereby waives all rent due from July 1, 2020, through May 31, 2021.
B. All other Lease terms, not otherwise amended herein, shall remain in full force and
effect, including the terms set forth in the Lease and Summary of Business Terms.
C. The parties hereby waive any claims that each may have against the other that arose prior
to the execution of this First Amended Lease Extension Agreement, including but not limited to
any closing mandated pursuant to any duly issued public health order and any closing resulting
from construction taking place in and around the Wheeler Opera House.
IN WITNESS WHEREOF,the Landlord and Tenant have executed this Lease
Extension Agreement on the day and year first above written.
LANDLORD: City of Aspen
D"Usloned by;
Date 1/29/2021 1 1:05:20 PM PST
M41 GOMM—.
Sara Ott
City Manager
TENANT: Valley Fine Art
W.
V 1/21/2021 1 12:46:39 PM PST
Date
Mia Valley