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379 <br /> April. 28. 1998 <br /> <br /> WHEREAS the Pa~king Garage is currently leased to.the Portsmouth <br />Redevelopment and Housing Authority pursuant to a July t, 1980 lease(the "1980 <br />Lease'!), and paragraph 8 of the 1980 Lease provides that in the event that existing <br />bond finanCing is paid and satisfied, the 1980 Lease shall terminate; and <br /> <br /> ' WHEREAS the existing bOnd financing is abOut t° be paid and satisfied, <br />Which event will terminate the 1980 Lease; and <br /> <br /> WHEREAS the Parking Authority has been created for the purpose of. <br />operating and maintaining parking facilities in the City of Portsmouth and is well- <br />suited to operate the 'Parking Garage; <br /> <br /> NOW, THEREFORE, the parties do hereby AGREE as follows: <br />AGREEMENT <br /> <br /> 1. PROPERTY LEASED; TERM. The City does hereby~lease and demise <br />unto the Parking Authority the Parking Garage for a term of thirty years. <br /> <br /> 2. COMMENCEMENT DATE OF LEASE. This lease shall commence on the <br />date that the existing bond financing for the Parking Garage is paid and satisfied <br />in full, and a copy of legal documents evidencing the date of such payment shall <br />be attached hereto and shall be incorporated by reference. <br /> <br /> 3. RIGHTS AND DUTIES OF PARKING AUTHORITY. The Parking Authority <br />takes the Parking Garage subject to existing leases. It shall have quiet enjoyment <br />and exclusive use and possession of the Parking Garage. It may;manage and <br />operate the Parking Garage, enter into such leases of parking spaces asit deems <br />advisable, and enter into maintenance and management contracts. It will properly <br />maintain the Parking Garage, Will nOt permit any waste, and in the event of any <br />casualty loss, it shall collect and receive any available insurance proceeds and <br />shall promptly apply such proceeds for the repair and/or reconstruction of the <br />Parking Garage. It may not pledge the Parking Garage as security for any debt <br />without the approval of the City, acting through City Council. It may from time to <br />time fix and amend the ~rental rates for parking spaces within the Parking Garage. <br />All rental income from the Parking Garage shall be assigned to the City. <br /> <br /> 4. RIGHTS AND DUTIES OF THE CITY. The City shall have the right of <br />inspection of the Parking Garage. It shall from time to time provide such financial <br />support to the Parking Authority as it may determine to be reasonably necessary <br />for the operation and maintenance of the Park!ng Garage..: <br /> <br /> 5. GENERAL '~ ~' <br /> PROVISIONS. This is a Virginia agreement and is to be <br />interpreted under applicable Virginia law. It may be modified only in writing <br />executed by executed by the parties. If any provision of it is determined to be <br />illegal, invalid, or unenforceable, that provision shall be deemed severable, and <br />such determination shall not affect the legality, validity, or enforceability of the <br />balance hereof: <br /> <br /> WITNESS the following signatures and seals: <br /> <br />THE CITY OF PORTSMOUTH <br /> <br />By. <br /> <br />ROnald W. Mass/e, City Manager <br /> <br />THE PORTSMOUTH PARKING AUTHORITY <br /> <br />By. <br />Executive Director <br /> <br />AyeS: Berm, ~lem°ns, Griffin~ Martin, Pitts, Robinett, Holley <br />Nays: None <br /> <br /> <br />