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<br />n;iulNANCE NO. 2005-46 .
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<br />AN ORDINANCE TO AUTHORIZE AND TO DIRECT CERTAIN PROPERTY
<br />TRANSACTIONS WITH UNIVERSAL MARITIME SERVICE CORPORATION AND
<br />THE VIRGINIA PORT AUTHORITY, INVOLVING TWO PROPERTIES OWNED BY
<br />THE CITY OF PORTSMOUTH AT PORTSMOUTH MARINE TERMINAL.
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<br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia:
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<br />I. That the City Attorney, the City Manager, and the Portsmouth Port and Industrial
<br />Commission, as applicable, shall make certain property transactions involving property owned
<br />by the City of Portsmouth, located at Portsmouth Marine Terminal. All references are to parcels
<br />depicted on a certain overview map prepared by Moffatt & Nichol dated January 7, 2005,
<br />attached hereto as Exhibit A, being the same properties previously acquired by the City from the
<br />Virginia Port Authority through various deeds.
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<br />2. That the following property transactions are hereby authorized and directed:
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<br />(a) The City shall enter into a lease extension with the Portsmouth Port and Industrial
<br />Commission for Parcel 2 on Exhibit A, extending the existing lease between said parties dated
<br />April 1 , 1974. The lease extension shall be through October 31, 2009, subject to possible earlier
<br />termination and a possible one-year extension.
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<br />(b) The Portsmouth Port and Industrial Commission shall enter into a lease extension
<br />with Universal Maritime Service Corporation, Inc., a New York corporation, successor in
<br />interest to Sea-Land Service, Inc (the "Lease Extension"). The Lease Extension shall extend a
<br />Lease Agreement dated March 20, 1974, as modified by a Supplemental Lease Agreement
<br />between Sea-Land Service, Inc. and the Portsmouth Port and Industrial Commission dated
<br />November 1,1975. The Lease Extension shall be for the lease of Parcel 2 on Exhibit A. It shall
<br />be for a term offour years, commencing November 1,2005, subject to possible earlier
<br />termination and a possible one-year extension, at annual rent of $580,000, payable quarterly in
<br />advance. All rent received shall be payable to the City of Portsmouth.
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<br />(c) The City Manager and the City Attorney shall transfer and convey unto the
<br />Virginia Port Authority Parcel 2 on Exhibit A, as per the terms of two deeds of bargain and sale
<br />between the Virginia Port Authority and the City of Portsmouth dated September 27, 1973 and
<br />April I, 1974 and recorded respectively on September 27,1973 and April 10, 1974 in Deed
<br />Book 630, page 588 and Deed Book 644, page 522 in the Clerk's Office of the Circuit Court of
<br />the City of Portsmouth, save and except that portion conveyed to the Virginia Port Authority in a
<br />deed of bargain and sale dated April 10, 1974, recorded in Deed Book 645, page 128, and that
<br />portion conveyed to the Virginia Port Authority in a deed of exchange dated April 24, 1975,
<br />recorded in Deed Book 663, page 156, and that portion conveyed to the City of Portsmouth in
<br />the aforesaid deed of exchange, and as per the terms of an Agreement between the Virginia Port
<br />Authority, the City of Portsmouth, and the Portsmouth Port and Industrial Commission, dated
<br />March 30, 1971. Said conveyance shall be by general warranty deed and shall be subject to all
<br />rights of the City and the Portsmouth Port and Industrial Commission in and to the Lease
<br />Extension.
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