Laserfiche WebLink
WHEREAS the Parking Authority has been created for the purpose of operating and <br /> <br /> maintaining parking facilities in the City of Portsmouth and is well-suited to operate the Parking <br /> <br /> Garage; <br /> <br /> NOW, TI:IEREFORE, the parties do hereby AGREE as follows: <br /> <br /> AGREEMENT <br /> <br /> 1. PROPERTY LEASED; TERM. The City does hereby lease and demise unto the <br /> <br /> Parking Authority the Parking Garage for a term of thirty years. <br /> <br /> 2. COMMENCEMENT DATE OF LEASE. This lease shall commence on the date that <br /> <br />the existing bond financing for the Parking Garage is paid and satisfied in full, and a copy of <br /> <br />legal documents evidencing the date of such payment shall be attached hereto and shall be <br /> <br />incorporated by reference. <br /> <br /> 3. RIGHTS AND DUTIES OF PARKING AUTHORITY. The Parking Authority takes <br /> <br />the Parking Garage subject to existing leases. It shall have quiet enjoyment and exclusive use <br /> <br />and possession of the Parking Garage. It may manage and operate the Parking Garage, enter into <br /> <br />such leases of parking spaces as it deems advisable, and enter into maintenance and management <br /> <br />contracts. It will properly maintain the Parking Garage, will not permit any waste, and in the <br /> <br />event of any casualty loss, it shall collect and receive any available insurance proceeds and shall <br /> <br />promptly apply such proceeds for the repair and/or reconstruction of the Parking Garage. It may <br /> <br />not pledge the Parking Garage as security for any debt without the approval of the City, acting <br /> <br />through City Council. It may from time to time fix and amend the rental rates for parking spaces <br /> <br />within the Parking Garage. All rental income from the Parking Garage shall be assigned to the <br /> <br />City. <br /> <br /> 2 <br /> <br /> <br />