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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. -2- 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Associates, Inc. dated October 13, 1983, and all prior ordinances and resolutions in conflict herewith are hereby repealed.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 ATTEST: