HomeMy WebLinkAboutresolution.council.105-23RESOLUTION # 105
(Series of 2023)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO, APPROVING A SECOND LEASE EXTENSION AGREEMENT
BETWEEN THE CITY OF ASPEN AND FIERCELY LOCAL LLC.
WHEREAS, there has been submitted to the City Council a Second
Amended Lease Extension Agreement between the City of Aspen and Valley
Fine Art LTD, regarding the continuation of the lease in the northeast rental space
of the Wheeler Opera House, a true and accurate copy of which is attached hereto
as Exhibit "A".
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 that Second
Amended Lease Extension Agreement between the City of Aspen and Valley
Fine Art LTD regarding the continuation of the lease in the northeast rental space
of the Wheeler Opera House, a copy of which is attached hereto and incorporated
herein, and does hereby authorize the City Manager to execute said agreement on
behalf of the City of Aspen.
INTRODUCED, READ AND ADOPTED by the City Council of the City of
Aspen on the 1 lth day of July, 2023.
74?ff,
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 m g held July 11, 202 .
Nicole Henning, City C k
A
DocuSign Envelope ID: E82944313-3743-47137-13551-F21D3D4331D2
SECOND AMENDED LEASE EXTENSION AGREEMENT
VALLEY FINE ARTS
THIS SECOND AMENDED LEASE EXTENSION AGREEMENT, is made and entered into
as of this day of _ 2023, between City of Aspen, 427 Rio Grande
Place, 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 (S) 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, in January of 2021, Tenant and Landlord agreed to amend the initial term of the Lease
to allow Tenant to extend the Lease for an additional period of two years on the same terms as set
forth in the Lease, commencing November 30, 2021, and terminating on November 30, 2023.
WHEREAS, the Landlord and Tenant now desire to modify of 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 period of four
months, commencing on noon November 30, 2023 and expiring at noon on March 31, 2024, by
giving notice to the Landlord of the intent to extend the lease in writing no later than October 1,
2023.
Section 2: Early Termination of Term bv 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
DocuSign Envelope ID: E8294438-3743-47137-6551-F21D3D4331D2
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
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 vrovisions
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.
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
FSArx G.
âocuSignpd by:
0*
Sara Ott
City Manager
TENANT: Valley Fine Art
Mia Valley
Date 7/13/2023 1 6:56:55 AM PDT
Date A