HomeMy WebLinkAboutresolution.council.177-23RESOLUTION # 177
(Series of 2023)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,
COLORADO, APPROVING A THIRD LEASE EXTENSION AGREEMENT
BETWEEN THE CITY OF ASPEN AND VALLEY FINE ART LTD.
WHEREAS, there has been submitted to the City Council a Third 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 Third
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 28th day of November, 2023.
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 November 28, 2023.
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Nicole Henning, Cit� Clerk
DocuSign Envelope ID: F1 F3A6B1-3E83-40AD-A87A-6CDABB03F712
THIRD AMENDED LEASE EXTENSION AGREEMENT
VALLEY FINE ARTS
THIS THIRD AMENDED LEASE EXTENSION AGREEMENT, is made and entered into
as of this 28`h day of November, 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 (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, 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; and
WHEREAS, in July of 2023, Tenant and Landlord agreed to amend the initial term of the Lease
to allow Tenant to extend the Lease for an additional period of four months on the same terms as
set forth in the Lease, commencing November 30, 2023, and terminating on March 31, 2024; and
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 to extend the term of the lease by one
additional month
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 l: Term
The Tenant shall have the right to extend the term of the lease for an additional period of one
month, commencing on noon March 31, 2024 and expiring at noon on April 30, 2024, by giving
notice to the Landlord of the intent to extend the lease in writing no later than December 1, 2023.
DocuSign Envelope ID: F1F3A6B1-3E83-40AD-A87A-6CDABB03F712
Section 2: Earl 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
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
A11 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:
TENANT:
City of Aspen
DocuSipned by:
SW L& G, lit
9244EE4942e.41
Sara Ott
City Manager
Valley Fine Art
Mia Valley
11/30/2023 � 9:21:30 AM PST
Date