HomeMy Public PortalAbout1986_03_12_O017Tl~e Town. of Leesburg in Virginia
PRESENTED March 12, 1986
ORDINANCE NO. 86-0-17
ADOPTED March 12~ 1986
AN ORDINANCE: AMENDING THE LEASE AND DEVELOPMENT AGREEMENT WITH MARKET
SQUARE ASSOCIATES, INC.
WHEREAS, the Council by Ordinance No. 83-0-30 authorized a Deed
of Lease and Development Agreement between the Town of Leesburg and Market
Square Associates, Inc., dated October 13, 1983; and
WHEREAS, Market Square Associates, Inc. has completed construction
of a retail commercial and office facility in accordance with said agree-
ment; and
WHEREAS, permanent financing for this facility is jeopardized by
certain provisions contained in Paragraph 18 of the Lease and Development
Agreement which refer to bilateral authority of landlord and tenant to
terminate the aforementioned lease if more than 25% of the net leasable
floor area of the improvements on the premises are rendered untenable; and
WHEREAS, these provisions are unreasonable and not necessary to
protect the interests of the Town of Leesburg; and
WHEREAS, the deputy town attorney has prepared substitute language
for Paragraph 18 which the Council has concluded is in the public interest:
THEREFORE, ORDAINED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The Deed of Lease and Development Agreement between
the Town of Leesburg and Market Square Associates, Inc. dated October
13, 1983, is amended to incorporate language approved by the deputy town
attorney and in the form transmitted with a memorandum to the Mayor and
Council dated February 28, 1986.
SECTION II. The manager is authorized and directed to execute the
aforementioned amendment on behalf of the town.
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AN ORDINANCE AMENDING THE LEASE AND DEVELOPMENT AGREEMENT WITH MARKET
SQUARE ASSOCIATES, INC.
SECTION III. This amendment shall not impair or alter any other
provision of the Lease and Development Agreement between the Town of
Leesburg and Market Square Associates, Inc. dated October 13, 1983, and
all prior ordinances and resolutions in conflict herewith are hereby
repealed.
SECTION IV. This ordinance shall be effective upon submission by
Market Square Associates, Inc. of a certified copy of a resolution by
the Board of Directors of Market Square Associates, Inc. authorizing
and designating such officer or officers empowered to execute the Lease
and Development Agreement amendment.
PASSED this 12th day of
March , 1986.
Robert E. S~'vJ~, Mayor
Town of Leesburg
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