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HARBOR COURT PARKING GARAGE LEASE <br /> <br /> THIS LEASE, made this day of April, 1998, by and between THE CITY OF <br /> <br /> PORTSMOUTH, VIRGINIA, a political subdivision of the Commonwealth of Virginia (the <br /> <br /> "City") and THE PORTSMOUTH PARKING AUTHORITY, a political subdivision of the <br /> <br /> Commonwealth of Virginia created by 1964 Acts ofthe General Assembly, Ch. 351 (the <br /> <br /> "Parking Authority"), provides as follows: <br /> <br /> RECITALS <br /> <br /> WHEREAS the City owns a parking garage generally known as the Harbor Court Parking <br /> <br />Garage (the "Parking Garage"), being described as all that certain lot, piece or parcel of land, <br /> <br />with the buildings and improvements thereon situate, lying and being designated as Parcel A, as <br /> <br />shown on a certain survey entitled "Plat Showing a Portion of Crawford Harbor Project, <br /> <br />Portsmouth, Virginia, for Portsmouth Redevelopment and Housing Authority," dated May 21, <br /> <br />1980, made by Robert T. Addison & Associates, Ltd., Surveying-Engineering, Portsmouth, <br /> <br />Virginia, and duly recorded in the Clerk's Office of the Circuit Court of the City of Portsmouth <br /> <br />in Map Book 11, page 49; and <br /> <br /> WHEREAS the Parking Garage is currently leased to the Portsmouth Redevelopment and <br /> <br />Housing Authority pursuant to a July 1, 1980 lease (the "1980 Lease"), and paragraph 8 of the <br /> <br />1980 Lease provides that in the event that existing bond fmancing is paid and satisfied, the 1980 <br /> <br />Lease shall terminate; and <br /> <br /> WHEREAS the existing bond financing is about to be paid and satisfied, which event will <br /> <br />terminate the 1980 Lease; and <br /> <br /> <br />