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HomeMy Public PortalAbout2009.06.23 Letter RE lease for lot 5 McCall Avenue HomesCITY OF MCCALL June 23, 2009 Jodi Frederick Century 21 RE: 1547 McCall Avenue, McCall, Idaho Dear Jodi, The home located at 1547 McCall Avenue, McCall Idaho is subject to the terms of the original Ground Lease agreement recorded on May 23, 2007, instrument #321618. It is important to note that according to the terms of that original ground lease (Section One) the premises can only be used for community/workforce housing. If your buyer would want to use the home for anything else, they would be in default under the original Ground Lease. The First Amendment to lease changed those regulations but also imposed the additional rent if the property was not community/workforce housing. The current owners, or a buyer, do have the option of signing the First Amendment to the Ground Lease so their lease would be the same as the other lots. It is required that where there is a lender involved, the lender should also consent to the change. The City Council is also considering a complete revision to the ground lease that may be something your buyer would want to consider. The restated lease better defines what is required of both parties. If you wish we can provide you a copy of the draft restated lease. Sincerely, BessieJo Wagner City Clerk 216 East Park Street . McCall, Idaho 83638 . (208) 634-7142 . Fax (208) 634-3038