HomeMy Public PortalAbout1989_02_14_R025eesourg in cVirgittia
RESOLUTION NO. 89- 25
A RESOLUTION:
PRESENTED February 14, 1989
ADOPTED February 14, 1989
DECLARING THE I,EASE AGREEMENT BY AND BETWEEN MARKET
SQUARE ASSOCIATES AND THE TOWN OF LEESBURG, DATED OCTOBER
15, 1987, TO BE IN DEFAULT AND TERMINATED AND AUTHORIZING A
NEGOTIATED SETTLEMENT
WHEKF_d~, the Town of Leesburg and Market Square Associates, Inc. entered into a lease
agreement on October 15, 1987, which called for the construction of a stone parking facility in
consideration of rental in the amount of $900.00 per month; and
WHE~, rental payments required under the lease agreement have not been paid for the
months of October, November, December and January; and
WHEREAS, notice was sent on December 5, 1988, and formal notice was sent on December 12,
1988, under the terms of Paragraph 8 of the lease agreement giving tenant thirty days to cure the
rental payment default or have the lease declared in default and terminated in accordance with
Paragraph 6 of said lease agreement; and
WHEREAS, more than 30 days has elapsed from said notice and no payments have been made
to cure the default:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
The lease agreement by and between Market Square Associates and the Town of Leesburg
dated October 15, 1987, is hereby declared to be in default and terminated and the town manmger is
directed to negotiate a fair and equitable settlement with the former tenant.
PASSED this 14th day of
ATI'EST:
Clerk of Co ~un~
February_ _ ~989.
/John W7 Tolbert~- ~r., Vi~e~lavor
Town of Leesburg