HomeMy WebLinkAbout430 S COLLEGE AVE - CORRESPONDENCE - 1/28/2005 (11)FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT is entered into by and between
THE CITY OF FORT COLLINS, COLORADO, a municipal corporation ("the City") and THE
BOARD OF GOVERNORS OF THE COLORADO STATE UNIVERSITY SYSTEM, formerly
known as THE STATE BOARD OF AGRICULTURE, acting by and through COLORADO
STATE UNIVERSITY ("CSU"), and shall be effective as of the date last signed below.
WHEREAS, the City entered into a lease agreement with the State Board of Agriculture
for the use and benefit of Colorado State University ("CSU') dated February 15, 1994 (the
"Lease Agreement") for the following described real estate located in the County of Larimer,
Colorado:
and
See attached "Exhibit A" which is incorporated herein by this reference (the "Property");
WHEREAS, the parties desire to amend the Lease Agreement.
NOW, THEREFORE, in consideration of the mutual covenants, promises and
agreements herein contained, as well as other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties agree to amend the Lease Agreement as
follows:
A. The second sentence of paragraph 2. Term of Lease shall be amended to read as follows:
This Lease shall be automatically renewed for four (4) successive five (5) year
periods following the initial ten (10) year term, unless CSU gives notice to the
City of its intent not to avail itself of any such automatic five (5) year renewal
by giving written notice to the City of such intent not less than five (5) years
prior to the expiration of the term then in effect (the initial term or the then in
effect five (5) year renewal term).
B. The first sentence of paragraph 3. Termination shall be amended to read as follows:
This Lease may be terminated by either party at any time by and upon giving
the other party not less than five (5) years advance written notice of such
termination.
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