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RES 1997-1617 - Real estate purchase agmt with Jayhawk LLC for 1511 Dodge St and 109 S 16th St o IV NF�A i, s- ' Planning Department rti -.51W; • y Omaha/Douglas Civic Center z ��ujC'��' 1819 Farnam Street,Suite 1100 r®,6.Cl '4! 4 C " _ Omaha,Nebraska 68183-0110 �, ro (402)444 5200 O�'T�D FEBR �y (402)444-5150 ' Telefax(402)444-6140 City of Omaha - Hal Daub,Mayor Honorable President and Members of the City Council, The attached proposed Resolution authorizes the City to execute an Assignment and Assumption of Real Estate Purchase Agreement to acquire property for the Downtown Northeast Redevelopment Plan. The property is owned by the Omaha Development Council,Inc. and is located at 1511 Dodge Street and at 109 South 16th Street. This property is part of the site being assembled for a City-owned parking garage for Redevelopment Project Two within the Downtown Northeast Redevelopment Area . • An Agreement between the City of Omaha and Jayhawk L.L.C., approved by the City Council on February 4, 1997, approves a Real Estate Purchase Agreement dated December 6, 1996 between Jayhawk, L.L.C. and the Omaha Development Council, Inc. The attached Assignment and Assumption of Real Estate Purchase Agreement transfers the right of Jayhawk, L.L.C. to purchase the property owned by Omaha Development Council, Inc. to the City. The purchase price is $250,000. Funding for the acquisition will be from the sale of Lease-Purchase Bonds. The Resolution also approves the attached First Amendment to Real Estate Purchase Agreement amending the Real Estate Purchase Agreement to conform the legal description of the property to the survey. Your favorable consideration of this Resolution is requested. Sincerely, Referre City Coun •1 for Consideration: /1,-t•-t.,,-P711 .4 • p7 <7 xt.g Planning Department Director Date Mayor's Office/Title ate pproved as to Funding: IL-A 6701 7 Louis A. D'Ercole Date Acting Finance Director P:\PLN2\5100.SAP . to �._ p - ASSIGNMENT AND ASSUMPTION OF REAL ESTATE PURCHASE AGREEMENT THIS ASSIGNMENT AND ASSUMPTION OF REAL ESTATE PURCHASE AGREEMENT(this "Assignment") is made and entered into by and between JAYHAWK L.L.C., a Delaware limited liability company ("Assignor"), and the CITY OF OMAHA, NEBRASKA ("Assignee"). PRELIMINARY STATEMENTS WHEREAS, Assignor has entered into that certain Real Estate Purchase Agreement dated December 6, 1996, between Omaha Development Council, Inc., a Nebraska nonprofit corporation, as seller, and Assignor, as purchaser, as amended by that certain First Amendment to Real Estate Purchase Agreement made effective as of February 10, 1997 (the "Contract"), for the purchase of the real estate legally described in Exhibit "A" attached hereto, which real estate, together with the improvements located thereon and all hereditaments, appurtenances, easements, and right-of-ways thereunto belonging or in any way appertaining and also the right, title, and interest (if any) of seller in and to the bounding and abutting streets, alleys, and highways, will be referred to in this Assignment as the "Property"; WHEREAS, Assignor has deposited earnest money in the amount of $1,500.00 with Escrow Agent (as defined in the Contract) which shall be credited toward the purchase price of the Property at Closing (as defined in the Contract); and WHEREAS, Assignor desires to assign the Contract to Assignee and Assignee desires to accept such assignment and assume the obligations of the purchaser under the Contract, pursuant to Section 2.6(a) of that certain Redevelopment Agreement dated February 10, 1997, among Assignee, Assignor and First National Bank of Omaha, a national banking association (the "Redevelopment Agreement"). AGREEMENT NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee hereby agree as follows: 1. Assignor hereby transfers and assigns to Assignee all right and interest of the purchaser in, to, and under the Contract, as of the effective date hereinafter set forth. Assignor represents and warrants to Assignee that Assignor has all right and interest of the purchaser in, to, and under the Contract, and has full right and lawful authority to transfer and assign the Contract to Assignee. Assignor further represents that a true and complete copy of the Contract is attached hereto and marked Exhibit "B." OMAHA-27969.1 . 2. Assignee hereby accepts such assignment and assumes and agrees to perform all of the covenants, conditions, duties, and obligations of the purchaser under the Contract accruing from and after the effective date of this Assignment. Assignee represents to Assignor that Assignee has full power and lawful authority to accept such assignment and assume such duties and obligations, and that the execution and delivery of this Assignment on behalf of Assignee has been duly authorized by all necessary action on the part of Assignee. 3. Pursuant to Section 2.6(a) of the Redevelopment Agreement and upon execution of this Assignment, Assignee shall reimburse to Assignor the $1,500.00 earnest money deposit paid to seller under the Contract. In the event Assignee does not reimburse Assignor within three (3) business days of Assignee's execution of this Assignment, Assignee shall be deemed to have requested that Assignor advance to Assignee the purchase price for the Property, all such Property being located within the South Public Parking Garage and Skywalk Plan Area (as defined in the Redevelopment Agreement). Assignee shall repay Assignor the amount of the advance plus interest, accruing from the effective date of this Assignment, not later than June 30, 1998, in accordance with Section 2.6(a) of the Redevelopment Agreement. 4. This Assignment is effective as of February 10, 1997. Assignee hereby agrees to indemnify, defend and hold Assignor harmless from and against any and all claims, liability or expense asserted against or incurred by Assignor as a result of the breach by Assignee of any obligation of the purchaser under the Contract first arising on or after the effective date of this Assignment. Assignor hereby agrees to indemnify, defend and hold Assignee harmless from and against any and all claims, liability or expense asserted against or incurred by Assignee as a result of the breach by Assignor of any obligation of the purchaser under the Contract first arising before the effective date of this Assignment. 5. This Assignment may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which will be deemed to be one and the same instrument. OMAHA-27969.1 2 • •J , l • y IN WITNESS WHEREOF, the parties hereto have executed this Assignment on the dates set forth beneath their respective signatures. ASSIGNOR: JAYHAWK L.L.C. BY: Pacific Associates Capital Corp., Manager By: c�kt.�-, Ja LW.die- President Date: Vim- 4 /447 ASSIGNEE: CITY OF , NEBRASKA By: ayor o Omaha Attest: . By: ....1)701City Clerk Approved as to Form: By: As 1st rty orney OMAHA-27969.1 3 STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) The foregoing instrument was acknowledged before me this 5— day of N_16v1-ki , 1997, by Jay B. Noddle, President of Pacific Associates Capital Corp., a Nebraska corporation, manager of Jayhawk L.L.C.;a Delaware limited liability company, on behalf of the corporation and the limited liability company. Nota Public My Commission expires: GENERAL NOTARY-State of Nebraska '� i C.WILLIAM JOHNSON ` i , III I II II , July 31,1999 STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) The foregoing instrument was acknowledged before me this /3 4day of , t1997,by he Citycs Ti h°4'n ca L., ,who is theMayor of the City of Omaha,Nebras a, on behalf of 1_ t�JtALNOTARY, ,,•.,x..,.4.A LA /J GA✓ MORAL r`» 'u ,lic NY Comm.Exp.Na 24 I997 My Commission expires: Le,,,,,i,_ aC( /99 7 OMAHA-27969.1 4 41) EXHIBIT A LEGAL DESCRIPTION The South 62 feet of the West 22 feet of Lot 4, the South 63 feet of the East 44 feet of Lot 4, and the South 63 feet of the West 22 feet of Lot 3, all in Block 106, ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska; and The West 22 feet of Lot 2, and the East 22 feet of Lot 3, Block 106, ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska. OMAHA-27969.1 EXHIBIT "B" 5'9"` ‘) REAL ESTATE PURCHASE AGREEMENT THIS REAL ESTATE PURCHASE AGREEMENT (this "Agreement") is made and entered into between Omaha Development Council, Inc., a Nebraska nonprofit corporation, referred to in this Agreement as "Seller," and Jayhawk L.L.C., a Delaware limited liability company, referred to in this Agreement as "Purchaser." Introduction Seller has represented to Purchaser that Seller is the owner of the real estate described in Exhibit "A" to this Agreement, which real estate, together with the improvements located thereon and all hereditaments, appurtenances, easements, and right-of-ways thereunto belonging or in any way appertaining and also the right, title, and interest(if any) of Seller in and to the bounding and abutting streets, alleys, and highways, will be referred to in this Agreement as the "Property." Purchaser desires to acquire the Property upon the terms set forth in this Agreement, and Seller is willing to sell the Property to Purchaser upon such terms. * * * In consideration of the provisions of this Agreement, Seller and Purchaser agree as follows: 1. Purchase and Sale. Purchaser agrees to purchase the Property from Seller, and Seller agrees to sell the Property to Purchaser, for a total purchase price of$250,000, which shall be paid by certified check, cashier's check, or wire transfer at Closing. 2. Earnest Money Deposit. Within five (5) days after receiving a fully executed and acknowledged copy of this Agreement, Purchaser will deposit earnest money of$500 in escrow with Pacific Realty Group, Inc., 1905 Harney Street, Suite 403, Omaha, Nebraska 68102. Such deposit will initially be deposited in Pacific Realty Group, Inc.'s Real Estate Brokerage Trust Account. Pacific Realty Group, Inc. will transfer the earnest money to ATI Title Co. or another title insurance company doing business in Omaha, Nebraska, to be held subject to all of the terms of this Agreement. The holder of such earnest money at any time is referred to herein as the "Escrow Agent". Purchaser will have the right to direct that the title insurance company acting as Escrow Agent hold the earnest money in a federally insured interest bearing account. The entire earnest money deposit will be paid over to Seller as part of the purchase price at the Closing, unless the purchase contemplated hereby does not close, in which case the earnest money deposit will be paid over to Purchaser and Seller pursuant to the relevant provisions of this Agreement. All interest earned on Purchaser's earnest deposit will be paid to Purchaser or, at Purchaser's direction, applied to the purchase price when the earnest money is disbursed. OMAHA-22613.2 3. Title Insurance. Promptly after full execution of this Agreement, Purchaser shall obtain a current commitment for an ALTA Form B owner's title insurance policy in the full amount of the purchase price, with the standard exceptions deleted, which Seller represents will show good, marketable and insurable fee simple title to the Property in Seller. Purchaser shall provide Seller with a copy of such commitment promptly after receipt. If Purchaser objects to the condition of the title disclosed by such title insurance commitment, Purchaser shall notify Seller in writing within thirty (30) days after receipt of such commitment and Seller at its expense promptly shall use reasonable efforts to remedy such objectionable matters (which may include payment of liens at Closing out of the proceeds of the sale of the Property). If Seller does not so remedy the title matters objected to by Purchaser (other than liens to be paid at Closing) within forty-five (45) days after the date of such notice from Purchaser, then, at the exclusive election of Purchaser, exercisable in its absolute discretion, Purchaser either(a) may complete the purchase of the Property and accept such title thereto as Seller is able to convey without reduction of the purchase price(unless such title objections are encumbrances or liens for an ascertainable amount, in which case that amount may be deducted from the purchase price) or (b) for a period of thirty (30) days after the expiration of such forty-five (45) day period may elect to terminate this Agreement. Such commitment shall be updated to the date of Closing. The premium for the title insurance policy and all other charges by the title company relating to the issuance of the commitment or the policy shall be divided equally by Seller and Purchaser. 4. Survey. Purchaser, at its expense, shall have the right to obtain a survey or surveys of the Property. If such survey discloses any right-of-way, easement, encroachment or other matter on or applicable to the Property which in Purchaser's reasonable business judgment will interfere with Purchaser's intended use of the Property, then, at the exclusive election of Purchaser, exercisable in its absolute discretion, Purchaser either (a) may complete the purchase of the Property in its existing condition or (b) at any time prior to Closing may elect to terminate this Agreement. 5. Environmental Inspection. Within ten(10) days after execution of this Agreement by Seller, Seller shall deliver to Purchaser copies of all environmental audits, tests, samplings, and reports pertaining to the Property that Seller has in its possession or to which it is entitled, as well as copies of any notices of violation of any environmental law or regulation Seller has received from anyone pertaining to the Property.and Seller's response thereto, if any. If Seller has none of the foregoing, it shall so notify Purchaser. Purchaser, at its expense, may obtain such environmental audits, tests, samplings, analyses, and reports of the Property as it desires. If such environmental audits, tests, samplings, analyses, or reports indicate that the Property is contaminated by regulated substances, hazardous or toxic substances, pollutants or contaminants, then Seller shall have the option to either terminate this Agreement (in which event Purchaser's earnest deposit shall be refunded in full) or, at Seller's expense, take such prompt action as is required to clean up and remediate the contamination of the Property; provided, that if Seller elects to terminate this Agreement, Purchaser shall have five (5) days after receipt of notice of termination to waive Seller's obligation to clean up the Property, in which case Seller's termination notice shall be null and void. At Purchaser's option, the Closing shall be postponed OMAHA-22615.2 2 0 for such period of time as may be reasonably required in order for Seller to complete Seller's obligations under this paragraph. If Purchaser elects to proceed with Closing before clean up or remediation is complete, Seller's obligation to complete the same shall survive Closing, and Purchaser may require that all or part of the purchase price be held in escrow by the Escrow Agent until completion to pay the cost thereof. The amount to be held in escrow shall be mutually determined by Purchaser and Seller after consultation with environmental remediation consultants concerning the probable cost of remediation and contingencies for unknown conditions. 6. Redevelopment Project Approval Contingency. Purchaser's obligation to purchase the Property pursuant to this Agreement is conditioned upon the approval by the. Omaha City Council and the execution on behalf of the City of a Redevelopment Agreement for a redevelopment project on the Property and certain other neighboring property that is satisfactory to Purchaser, in Purchaser's absolute discretion. Purchaser may elect to waive this condition at any time. If this condition has not yet been satisfied or waived by Purchaser, Purchaser shall have the right to terminate this Agreement by notice given to Seller on or before February 14, 1997. If this condition has not been satisfied and Purchaser has not elected to terminate this Agreement by midnight on February 14, 1997, this condition will be deemed waived by Purchaser. 7. Relocation Assistance. Seller acknowledges that Seller has received and read the City of Omaha Planning Department Relocation Information Booklet. Seller understands that if the Property becomes part of, or Seller is displaced on account of, a redevelopment project, then if not for this paragraph 7, Seller could be eligible for relocation payments and other relocation assistance under the Nebraska Relocation Assistance Act as a result of the sale of the Property for or on account of the redevelopment project. Seller agrees that the consideration to be paid to Seller pursuant to paragraph 1 is sufficient to compensate Seller for all of Seller's moving, relocation, and reestablishment expenses. Therefore, Seller has determined not to claim any benefits under the Nebraska Relocation Assistance Act or any other similar law and hereby knowingly and voluntarily waives all such claims and releases Purchaser, the City of Omaha, and their officers, officials, agents, successors and assigns from any and all liability whatsoever for relocation payments or other relocation assistance under the Nebraska Relocation Assistance Act and any other similar law. Seller understands that the foregoing waiver and release is a material inducement to Purchaser to enter into this Agreement and pay the consideration specified in paragraph 1 of this Agreement. 8. Representations, Warranties and Covenants of Seller. Seller represents, warrants, and covenants to and with Purchaser that: (a) Seller is a nonprofit corporation duly organized and validly existing under the laws of the State of Nebraska; the execution, delivery and performance of the terms of this Agreement on behalf of Seller have been duly authorized by all necessary corporate actions of Seller; and Seller has full authority and power to enter into this Agreement and to consummate the transactions contemplated herein. Neither the OMAHA-22615.2 3 execution, delivery nor performance of this Agreement shall violate or constitute a breach of any existing agreement or applicable law, rule or regulation; (b) There is no action, suit, proceeding or investigation pending or, to Seller's knowledge, threatened before any agency, court or other governmental authority which would materially affect the Property or Seller's ability to perform its obligations under this Agreement; (c) Seller has not received notice of any default or breach by Seller under any agreements, covenants, conditions, restrictions, rights-of-way, or easements which may affect the Property, and no such default or breach now exists to the best of Seller's knowledge; (d) To the best of Seller's knowledge, the Property does not contain and is not contaminated with any asbestos or any other hazardous, toxic, or regulated substance, pollutant or contaminant. To the best of Seller's knowledge, there have never been any underground storage tanks located on the Property; (e) As of the date of Closing, there will be no management, service or other contracts pertaining to the Property, except the Lease (defined below); (f) As of the date of Closing, no third parties will be in possession or have any right to possession of the Property,-except for the rights of the tenant of the Property under the lease now in effect(the "I ease"). Seller will deliver a true and complete copy of the Lease to Purchaser within five (5) days after execution of this Agreement by Seller, and Seller agrees not to approve or consent to any modification of the terms of the Lease without Purchaser's written consent. Seller also agrees that Purchaser will have the right to contact the tenant under the Lease to negotiate an agreement to terminate the Leases if Purchaser purchases the Property. Purchaser's obligation to purchase the Property pursuant to this Agreement is conditioned upon Purchaser's review and approval of the Lease, in Purchaser's absolute discretion,• and Purchaser's ability to negotiate a lease termination agreement with the tenant of the Property on terms acceptable to Purchaser, in Purchaser's absolute discretion. If the conditions set forth in this paragraph have not yet been satisfied or waived by Purchaser, Purchaser will have the right to terminate this Agreement by notice to Seller given on or before February 14, 1997. If the conditions set forth in this paragraph have not been satisfied and Purchaser has not elected to terminate this Agreement by midnight on February 14, 1997, the conditions set forth in this paragraph will be deemed waived by Purchaser; (g) Seller shall deliver possession of the Property to Purchaser at Closing, subject to the Lease; and OMAHA-22615.2 4 (!) • (h) Seller is not a "foreign person" within the meaning of Section 1445 of the Internal Revenue Code, and at Closing Seller shall deliver to Purchaser an affidavit or certificate to that effect satisfying the requirements of such Section. All of the representations, warranties and covenants of Seller contained in this Agreement shall be true and complete as of the date of this Agreement and as of the date of Closing, and shall survive Closing. 9. Closing. The closing of the purchase of the Property(referred to in this Agreement as the "Closing") shall take place at the office of the Escrow Agent within one hundred twenty (120) days after the satisfaction or waiver of the redevelopment project approval contingency set forth in paragraph 6, upon not less than ten (10) days notice from Purchaser to Seller specifying the date and time of Closing. If the Closing has not yet taken place, then prior to 5:00 p.m. on the thirtieth (30th) day of such one hundred twenty day period Purchaser shall deposit with the Escrow Agent an additional earnest money deposit of$1,000.00..If Purchaser does not specify another time for Closing, Closing shall take place at 10:00 a.m., on the last day of such one hundred twenty(120) day period. In addition to the other conditions set forth in this Agreement, Purchaser's obligation to close and pay the purchase price for the Property is subject to the satisfaction of the following conditions as of Closing: 10. Conveyance. At Closing, Seller shall execute and deliver to Purchaser a good and sufficient general warranty deed, in recordable form, conveying to Purchaser good, marketable, and insurable fee simple title to the Property, free and clear of all liens, charges, claims, actions, encumbrances, easements, rights-of-way, restrictions, title exceptions of any kind whatsoever except ad valorem real estate taxes not yet delinquent, title exceptions or other matters shown on the title insurance commitment referred to in paragraph 4 and not objected to by Purchaser, and the rights of the tenant under the I pace. At Closing, Seller shall also deliver to the title insurance company any other documentation reasonably requested by the title insurance company in order to confirm (i) the authority of Seller to consummate the transactions contemplated hereby, and (ii) the marketability and insurability of Seller's title to the Property, including but not limited to the title insurance company's customary form of affidavit and indemnification regarding title matters. 11. Possession. Purchaser shall be entitled to possession of the Property, subject to the Lease, at Closing. 12. Prorations. General ad valorem Property taxes on the Property which became due on December 31 of the year preceding Closing shall be prorated as of Closing. Rents shall be prorated as of the date of the Closing. Fees of Escrow Agent for acting as such shall be divided equally by Purchaser and Seller. 13. Tax Stamps. The amount of the tax imposed by the Documentary Stamp Act, Article 9, Chapter 6 of the Nebraska statutes which will be payable in connection with the recording of the deed to the Property either shall be paid by Seller, or shall be credited to Purchaser as part of Purchaser's payment of the purchase price at Closing. OMAHA-22615.2 5 �7 • • • 14. Special Assessments. All special assessments against the Property for public improvements completed or commenced prior to Closing, whether or not levied or assessed prior to Closing, shall be the obligation of and shall be paid in full by Seller. If such special assessments have not been levied or assessed prior to Closing, then Seller's obligation to pay such special assessments as soon as they have been levied and assessed shall survive Closing; and Seller shall pay such special assessments in full as soon as they have been levied and assessed. At Purchaser's request, an appropriate escrow will be established at the Closing to provide for the payment of any special assessments for which Seller is liable under this paragraph but the exact amount of which is not known at the time of Closing. 15. Refund of Downpayment. In the event that Purchaser becomes entitled to terminate this Agreement and elects to do so, then Escrow Agent shall, forthwith upon receiving notice from Purchaser of such election, refund to Purchaser the full amount of the earnest deposit made by Purchaser pursuant to paragraph 2. Purchaser's acceptance of such refund shall not be deemed to be a waiver of Seller's liability to Purchaser for any default on the part of Seller in the performance of Seller's obligations under this Agreement. 16. Risk of Loss. Risk of loss with respect to the Property shall be on Seller until Closing. In the event of any damage to or destruction of the Property prior to Closing, Purchaser at its exclusive election, exercisable in its absolute discretion, either (a) may complete the purchase of the Property in its existing condition and receive from Seller at Closing any insurance proceeds relating to such damage or destruction which have been received by Seller and not expended to repair or restore the Property (or an assignment of the right to receive such proceeds from the insurance company if they have not yet been paid) or (b) at any time prior to Closing may elect to terminate this Agreement. 17. Inspection of Property. Purchaser and its agents shall have the right to conduct inspections, reinspections, analyses and feasibility studies regarding the Property at any time prior to Closing. At Purchaser's option, such inspection may be conducted by one or more surveyors, engineers, contractors, environmental consultants, architects, or other consultants the expense of which shall be borne by Purchaser. Seller agrees to cooperate fully with Purchaser and • Purchaser's agents to allow them full access to the Property during normal business hours. Following completion of any such activity, Purchaser shall restore the Property to a condition substantially equal to that existing prior to such activity. Purchaser shall indemnify and hold Seller and the Property harmless from and against any liens or claims arising out of any such activity. 18. Protection Against Construction Liens. Seller represents and warrants to Purchaser that all contractors, subcontractors, laborers, and materialmen performing work upon or furnishing labor and materials to improve or benefit the Property at Seller's request have been or will be paid in full by Seller, prior to the date Seller delivers possession of the Property to Purchaser. Accordingly, Seller hereby agrees to indemnify, defend, and save Purchaser harmless from any claims, liabilities, damages, or expenses which.Purchaser, or its successors or assigns, may incur by reason of any construction liens being filed against the Property for work performed or materials furnished by or at the request of Seller. Seller will execute the necessary affidavits and OMAHA-22615.2 6 1 • • indemnities required by the title insurance company to eliminate from its owner's and lender's title policies any exception for unfiled construction liens. 19. Offer to Purchase. In the event that Purchaser has signed this Agreement prior to Seller, then this Agreement shall be deemed to be merely an offer to purchase on the part of Purchaser which automatically shall terminate five (5) days after the date upon which this Agreement is delivered to Seller for signature unless Seller shall have signed this Agreement and delivered a fully executed copy thereof to Purchaser within such five (5) day period. 20. Purchaser's Remedies. Although Purchaser has the right under various circumstances to terminate this Agreement, such right shall not be Purchaser's exclusive remedy in the event of a breach by Seller of any of Seller's obligations under this Agreement; and Purchaser shall also have available to it the remedy, among others, of an action for damages or for specific performance. • 21. Multiple Copies. Seller and Purchaser may execute multiple copies of this Agreement, each of which shall be an original for all purposes. 22. Binding Agreement. This Agreement shall run with the land which is the subject of this Agreement and shall be binding upon and inure to the benefit of Seller and Purchaser and their respective heirs, personal representatives, successors, and assigns. 23. Notices. All notices required or permitted to be given under this Agreement shall be in writing and either personally delivered or sent by prepaid United States certified mail, return receipt requested, addressed as follows: If to Seller: Omaha Development Council, Inc. 1301 Harney Street Omaha, NE 68102 Attn: Barbara Haggart . If to Purchaser: Jayhawk L.L.C. do Pacific Realty Group, Inc. 1905 Harney Street, Suite 403 Omaha, NE 68102 Attn: Jay B. Noddle • Either party may change its address shown above by giving notice of such change to the other ply 24. Agency and Brokerage Commissions. Pacific Realty Group, Inc. is acting as a dual agent for Purchaser and Seller in connection with the transaction contemplated by this Agreement, OMAHA-22615.2 7 e • with the informed written consent of Purchaser and Seller, which both hereby reaffirm. Seller shall pay to Pacific Realty Group, Inc., at Closing, a real estate commission on account of this transaction in accordance with the terms of the existing listing agreement between Seller and Pacific Realty Group, Inc. 25. Interest of Real Estate Licensees. Seller has been advised in writing, prior to the execution of this Agreement by Seller, that Jay Noddle and John Waldbaum are members of Purchaser and shareholders of Pacific Associates Capital Corp. and Pacific Realty Group, Inc. As such, they have ownership interests in Purchaser and Pacific Realty Group, Inc. Jay Noddle and John Waldbaum are real estate professionals and hold real estate salesperson licenses under the Nebraska Real Estate License Act. This disclosure has been given pursuant to the Nebraska Real Estate License Act and the Nebraska Real Estate Commission Rules and Regulations. Purchaser. Purchaser shall have the right to assign Assignable by all of Purchaser's rights and delegate all of Purchaser's duties under this Agreement to.anyone. In the event of such an assignment, all references to "Purchaser" in this Agreement thereafter shall mean such assignee; and upon the assumption by such assignee of Purchaser's duties under this Agreement, the assignor shall have no further liability under this Agreement. 27. Condemnation. In the event that any action is initiated prior to Closing by any governmental entity to acquire all or any portion of the Property by condemnation or eminent domain proceedings, then Purchaser at its exclusive election may terminate this Agreement by giving written notice of the exercise of such election to Seller within thirty (30) days after Seller furnishes written notice of the commencement of such condemnation or eminent domain proceedings to Purchaser or, if no such notice is furnished by Seller, at any time prior to Closing. 28. Liquidated Damages. Purchaser's liability to Seller for nonperformance of this Agreement shall be limited to the forfeiture of its earnest money deposit, as liquidated damages, and Seller shall have no further remedies (including, without limitation, specific performance) against Purchaser. 29. Governing Law. This Agreement shall be governed by the laws of the State of Nebraska. 30. Paragraph Titles. The paragraph titles in this Agreement are solely for convenient reference and shall not be considered in the interpretation or application of this Agreement. 31. Number and Gender. Where the context requires, all singular words in this Agreement shall be construed to include their plural and all words of neuter gender shall be construed to include the masculine and feminine forms of such words. 32. Entire Agreement. This document contains the entire Agreement between Seller and Purchaser with respect to the subject matter of this Agreement; and there are no Agreements, promises, assurances, representations, warranties, undertakings, or understandings, either written or oral, between Seller and Purchaser concerning the Property other than those set forth in this OMAHA-22615.2 8 t • Agreement. No amendment of this Agreement shall be effective or binding unless it is in writing and has been signed by both Seller and Purchaser. IN WITNESS WHEREOF, Seller and Purchaser have executed this Real Estate Purchase Agreement on the dates set forth beneath their respective signatures, the latter of which dates shall be considered the date of this Agreement. JAYHAWK L.L.C. By: Pacific Associates Capital Corp., Manager � eop, By: J ''o i dle, President Date: /'f/i/fb OMAHA DEVELOPMENT COUNCIL, INC. By: l�4✓ Name: (Ul 1?1 Ci ) 1 1 Uui.,A---be-vi Title: !ems 1 ce, Date: (r 1.91 (0 • oMaxn-22615s 9 • STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) ' The foregoing instrument was acknowledged before me this __ day of 4,.,__, , 1996, by Jay B. Noddle, President of Pacific Associates Capital Corp., a Ne raska corporation, Manager of Jayhawk L.L.C., a Delaware limited liability company, on behalf of the corporation and limited liability company. 0_. -L,P--cx )--/;) Notary Public Commission ex ire GENERAL NOTARY• • �2 ��► Slafe ofPie-FIT-- My , "k \ -1 C.L. ROSS MY Comm.Exp.Sept 16. port , J STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) The foregoing instrument was acknowledged before me this 6 day of 9)P Chzm 6e.A_ , 1996, by h i w/ Grp - , of Omaha Development Council, Inc., a Nebraska nonprofit corporation, on behalf of the corporation. GENERAL NOTARY-81�h of N��lu �,/ �/' �� Q .. DIANE p. IAICEK Q ,,,, / ._ / 7/ l 17 My Cm�.E�Joni 20,19➢1 Notary Public My Commission expires: pti/i--.( t5//f7 • OMAHA 22615.2 10 Il • • ACCEPTANCE OF ESCROW AGENT Pacific Realty Group, Inc., designated as Escrow Agent pursuant to the foregoing Agreement, hereby acknowledges receipt of a fully executed counterpart of the foregoing Agreement, and hereby agrees to act as Escrow Agent and to hold and apply all sums received by it as Escrow Agent in accordance with the terms and provisions of the foregoing Agreement. DATED: /y/G/f PACIFIC REALTY GROUP, INC., Escrow Agent By: 16 Name: % Title: - • • • • • OMAHA-22615.2 11 4111) • EXHIBIT A TO REAL ESTATE PURCHASE AGREEMENT BETWEEN OMAHA DEVELOPMENT COUNCIL, INC. AND JAYHAWK L.L.C. All of the property owned by Omaha Development Council, Inc. located in Block One Hundred Six (106), ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska. The legal description of such property will be determined by the title insurance commitment and the survey to be obtained by Purchaser pursuant to this Agreement. When such legal description has been determined, the parties will enter into an amendment to this Agreement setting forth such legal description. • OMAHA 22615.2 • FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT THIS FIRST AMENDMENT TO REAL ESTATE PURCHASE AGREEMENT (this "Amendment") is made effective as of February 10, 1997, by and between OMAHA DEVELOPMENT COUNCIL, INC., a Nebraska nonprofit corporation, referred to in this Agreement as "Seller," and the JAYHAWK L.L.C., a Delaware limited liability company, referred to in this Agreement as "Purchaser." WITNESSETH: WHEREAS, Seller and Purchaser, entered into that certain Real Estate Purchase Agreement dated December 6, 1996 (the "Contract") for the purchase of that certain real estate legally described in Exhibit "A" to the Contract, which real estate, together with the improvements located thereon and all hereditaments, appurtenances., easements, and right-of-ways thereunto belonging or in any way appertaining and also the right, title, and interest (if any) of Seller in and to the bounding and abutting streets, alleys, and highways, will be referred to in this Amendment as the "Property"; WHEREAS, pursuant to the Contract, (i) the legal description of the Property is to be determined by the title insurance commitment and the survey to be obtained by Purchaser pursuant to the Contract and (ii) the closing of the purchase of the Property is to occur within 120 days after the satisfaction or waiver of redevelopment project approval; • WHEREAS, a title commitment was issued by ATI Title Company on behalf of Stewart Title Guaranty Company, effective date December 5, 1996, Commitment number 96010249 (the "Commitment") and a survey was prepared by Kirkham Michael, dated March 24, 1997, job number A970136 (the "Survey"); and WHEREAS, the redevelopment project was approved on February 10, 1997; WHEREAS, Seller and Purchaser wish to amend the Contract to (i) include the legal description as determined by the Commitment and the Survey and (ii) extend the closing date. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree as follows: 1. Legal Description. The legal description of the Property, as set forth in Exhibit "A" to the Contract, is hereby deleted in its entirety and replaced with the following: OMAHA-28262.2 e ! n The South 62 feet of the West 22 feet of Lot 4, the South 63 feet of the East 44 feet of Lot 4, and the South 63 feet of the West 22 feet of Lot 3, all in Block 106, ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska; and The West 22 feet of Lot 2, and the East 22 feet of Lot 3, Block 106, ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska. 2. Closing. The closing of the purchase of the Property shall be on or before Friday, June 27, 1997. Notwithstanding the foregoing, Seller and Purchaser shall use their best efforts to close the purchase of the Property on Tuesday, June 17, 1997. 3. Miscellaneous. Except as expressly modified herein, all terms and conditions of the Contract are hereby ratified and confirmed as set forth in the Contract. IN WITNESS WHEREOF, Seller and Purchaser have executed this Amendment as of the day and year first above written. SELLER: OMAHA DEVELOPMENT COUNCIL, INC. By: /0 Name: r ka.ra ,c� • 44 A5r,u,t Title: tc� {-ti th9 Date: �� .� S i /99 J PURCHASER: JAYHAWK L.L.C., a Delaware limited liability company By: Pacific Ass• '. - . Capital Corp., a Nebraska corpora 's By: IWO oddle,,�President Date: 644 f , if 1 OMAHA-28262.2 2 ; , .. STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) The foregoing instrument was acknowledged before me this day of %AAAt9 , 1997, by 64 . l%t'7 a , P j of Omaha Development Council, Inc., a Nebraska nonprofit corporation on behalf of the corporation. 1 Notary Public My Commission Ex GENERAL NOTARY-State of Nebraska C.WILLI JHNS MyCamm.Ex AM..JuOly31,199ON9 STATE OF NEBRASKA ) ) ss. COUNTY OF DOUGLAS ) The foregoing instrument was acknowledged before me this 5— day of , 1997, by Jay B. Noddle, President of Pacific Associates Capital Corp., a Delaware corporation, Manager of Jayhawk L.L.C., a Delaware limited liability company, on behalf of the corporation and limited liability company. • / 1/Ii)if or&Notary Public My Commissio GENERAL NOTARY-State of Nebraskal C.WILLIAM JOHNSON My Comm.Exp.July 31,1999 • • OMAHA-28262.2 3 0 s ASSIGNMENT AND ASSUMPTION OF LEASE THIS ASSIGNMENT AND ASSUMPTION OF LEASE is made and entered into by and between OMAHA DEVELOPMENT COUNCIL, INC., a Nebraska nonprofit corporation, hereinafter referred to as "Assignor," and the CITY OF OMAHA, NEBRASKA, hereinafter referred to as "Assignee." ' 1. For good and valuable consideration from Assignee to Assignor, the receipt of which is hereby acknowledged, Assignor hereby sells, transfers, and assigns to Assignee all right, title, and interest of the lessor in, to, and under the following lease: Lease Agreement dated August 13, 1992 between Assignor, as Landlord, and Easy Parking of America, Inc., a Nebraska corporation, as Tenant, demising the property legally described as follows: The South 62 feet of the West 22 feet of Lot 4, the South 63 feet of the East 44 feet of Lot 4, and the South 63 feet of the West 22 feet of Lot 3, all in Block 106, ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska; and The West 22 feet of Lot 2, and the East 22 feet of Lot 3, Block 106, ORIGINAL CITY OF OMAHA, as surveyed and lithographed, in Douglas County, Nebraska. Such lease will hereinafter be referred to as the "Lease." Assignor represents and warrants to Assignee that Assignor is the owner of all right, title, and interest of the lessor in, to, and under the Lease, and has full right and lawful authority to sell, transfer, and assign the Lease to Assignee. Assignor further represents that a true and complete copy of the Lease is attached hereto and marked "Exhibit "A," Assignor is not in default in any material respect under the Lease as of the date hereof, and that Assignor will not be in default in any material respect under the Lease on the effective date hereof. 2. Assignee hereby accepts such assignment and assumes and agrees to perform all of the covenants, duties, and obligations of the lessor under the Lease accruing from and after the effective date of this Assignment. Assignee represents and warrants to Assignor that Assignee has full power and lawful authority to accept such assignment and assume such duties and obligations, and that the execution and delivery of this Assignment on behalf of Assignee has been duly authorized by all necessary company action on the part of Assignee. 3. This Assignment will become effective on u/te 17 , 1997. 4. This Assignment may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which will be deemed to be one and the same instrument. OMAHA-31555.1 IN WITNESS WHEREOF, the parties hereto have executed this Assignment on the dates . set forth beneath their respective signatures. ASSIGNOR: OMAHA DEVELOPMENT COUNCIL,INC., a Nebras a nonprofit corporation By:. c(14.4-,%- L - c.G Name: 34 g.,t3 8, 4/;T ; 4:7 Title: EXECc(riVV p/JeEC7O,� Date: J u N E 17, 19 97 ASSIGNEE: CI OF O AHA, NEB' ''111 1 . —ofe City of Omaha Date: //177- Attest: By: 7>trt, ity Clerk Approved as to orrm: By: (/ Assis ant C. Attorne OMAHA-31555.1 • 115502F3 . • LEASE AGREEMENT THIS LEASE, made this /3 day off?ryu , 1992, between the OMAHA DEVELOPMENT COUNCIL, INC. , a Nebraska nprofit corporation (here- inafter called "Landlord") , and EASY PARKING OF AMERICA, INC. , a Nebraska corporation (hereinafter called "Tenant") . WITNESSETH, that the Landlord, in consideration of the covenants hereinafter set forth, does by these presents lease to Tenant, the following described property ("leased premises") , to-wit: The South 62 feet of the West 22 feet of Lot 4 , the South '.3L' 63 feet of the East 44 feet of Lot 4, and the South 63 feet of the West 22 feet of Lot 3 , all in Block 106, Original City of Omaha, as surveyed and lithographed in Douglas County, Nebraska; and The West 22 feet of Lot 2, and the East 22 feet of Lot 3 , 5,,S."- Block 106, Original City of Omaha, as surveyed and - lithographed, in Douglas County, Nebraska. 1. The leased premises shall be used by Tenant only as a commercial parking and storage facility for motor vehicles and any other purpose incidental thereto, including, but not limited to, the right to erect, at its expense, a sign or signs suitable for the Tenant' s purposes and to place any personal property (including trade fixtures) necessary for such purposes on the leased premises. • 2. The term of this lease shall begin on the first day next following the completion of Tenant's Site Preparation as provided in paragraph 20 hereof or October 1, 1992, whichever is earlier and shall continue thereafter, unless earlier terminated as hereinafter provided, and end on the last day of the sixtieth (60th) calendar month wholly included in the term of this lease. Landlord and Tenant hereby agree to confirm in writing the actual beginning date of the term of this lease. 3 . Landlord shall have the right to terminate this lease at any time by giving Tenant at least sixty (60) days prior written notice thereof and on or prior to the effective date of termination paying to Tenant the then applicable "Termination Amount" (as defined in paragraph 18) (any such termination shall not be effec- tive unless and until Tenant has received the then applicable Termination Amount) ; provided, however, Landlord may not exercise such termination right unless Landlord has entered into a bona fide sale of the leased premises, or any part thereof (in which case the termination shall become effective on the date of the sale) . b _ (a) In the event that Tenant is not able for reasons beyond its control to obtain or continue in effect all governmental approvals, permits, and licenses necessary to operate or continue to operate a commercial parking facility for automobiles on the leased premises; or (b) in the event through governmental zoning or other ordinances, laws, or regulations the leased premises can not or can no longer be used for a commercial parking facility for automobiles; or (c) in the event that Tenant is not able to obtain or continue to have automobile access between the street(s) adjacent to the leased premises and the leased premises at least to the extent that such access was available at the beginning of the term of this lease (other than for temporary closures of five (5) days or less for street repairs or emergency situations) ; or (d) in the event that there is a "Revenue Reduction" (as herein defined) at the leased premises together with one or more of the following contemporaneous conditions: • (1) there is imposed by any governmental authority or agency any automobile gasoline supply rationing or general automobile use restrictions affecting private automobiles operated in the city in which the leased premises are located; or (2) fifty percent (50%) or more of the number of tenants (including their employees) occupying the United States Government Building located at the intersection of 15th • Street and Dodge, Omaha, Nebraska as of the beginning of the term of this lease vacate the United States Govern- ment Building; or (3) - fifty percent (50%) or more of the number of tenants (including their employees) occupying the Union Pacific Building located at the intersection of 15th Street and Dodge, Omaha, Nebraska as of the beginning of the term of this lease vacate the Union Pacific Building; then in or upon the occurrence of any one or more of such events, and while any one or more of such events exists or continues, Tenant may elect to terminate this lease. If the event allowing Tenant to terminate this lease under this provision occurs, Tenant shall make its election to terminate this lease, if at all, by written notice to Landlord setting forth its election to terminate and the event authorizing it. If Tenant dayss termination, r Tenant giveshe termination shall take effect thirty (30) Ys notice of its election thereof. "Revenue Reduction" as used herein shall mean whenever the • Gross Receipts for any calendar month following the occurrence of an applicable event is equal to less than eighty percent (80%) of the average monthly Gross Receipts for the three (3) calendar months next preceding the occurrence of the applicable event. 2 • "Gross Receipts" as used herein mean all revenue collected by Tenant from Tenant' s operations on the leased premises (including any revenue from subletting for automobile parking or otherwise) exclusive of any (if any) sales, parking, or other taxes (but not income taxes imposed on Tenant) or levies that Tenant is or may become obligated by law to collect from its customers, either directly or indirectly, that are or may be imposed on or with respect to gross receipts from parking or storing automobiles, or that are or may be imposed based on the number of parking spaces on the leased premises. 5 . Tenant covenants and agrees to pay Landlord a monthly rental for each calendar month in the lease term in accordance with the following schedule: For each calendar month in the period beginning on the first day next following the completion of Tenant's Site Preparation as provided in paragraph 20 hereof and ending on the last day of the twelfth (12th) calendar month wholly included in the term of this lease, the sum of One Thousand One Hundred Fifty and No/100 Dollars ($1, 150 . 00) ; and For each calendar month in the period beginning on the first day of the thirteenth (13th) calendar month wholly included in the term of this lease and ending on the last day of the twenty-fourth (24th) calendar month wholly included in the term of this lease, the sum of One Thousand Two Hundred and No/l00 Dollars ($1, 200.00) ; and For each calendar month in the period beginning on the first day of the twenty-fifth (25th) calendar month wholly included in the term of this lease and nending gnon the last day of the thirty-sixth (36th) calendar wholly included in the term of this lease, the sum of One Thousand Two Hundred Twenty-Five and No/100 Dollars ($1,225. 00) ; and For each calendar month in the period beginning on the first day of the thirty-seventh (37th) calendar month wholly included in the term of this lease and ending on • the last day of the forty-eighth (48th) calendar month wholly included in the term of this lease, the sum of One Fifty Two Hundred F y and No/100 Dollars ($1, 250.00) ; and For each calendar month in the period beginning on the first day of the forty-ninth (49th) calendar month wholly included in the term of this lease and ending on the last day of the sixtieth (60th) calendar month wholly included in the term of this lease, the sum of One Thousand Two Hundred Seventy-Five and No/100 Dollars ($1, 275. 00) . 3 11 Said rental shall be paid monthly in advance on the first day of each calendar month to which it relates, without notice. It is agreed that the rental for any calendar month partially within the term of this lease shall be prorated. 6 . Landlord and Tenant agree and acknowledge that Tenant has previously deposited with Landlord the sum of One Thousand One Hundred Fifty Dollars ($1, 150. 00) as security deposit for the full and faithful performance by the Tenant of all the terms and conditions upon the Tenant' s part to be performed, which sum will be returned to the Tenant without interest at the expiration date of this lease. If Tenant fails to pay any rent or perform any covenants when due hereunder, Landlord may apply such deposit toward curing such default; whereupon Tenant shall replenish such security deposit immediately upon invoice by Landlord. Tenant will not be entitled to any interest or other yield upon said deposit at any time, even though Landlord is free to commingle, invest or otherwise use said deposit, subject to Landlord' s obligation to return the deposit as herein provided. 7. Tenant agrees that it will not damage the surrounding • property, and will not damage or in any way interfere with any existing improvements on the leased premises. 8 . At the conclusion of the term of this lease, or upon termination hereof, Tenant shall return the leased premises to the Landlord in its present condition, subject to . Tenant's Site Preparation as hereinafter provided, normal wear and tear excepted. • 9 . Tenant agrees that it will protect and save and keep Landlord harmless and indemnify against and from any penalty or damage charges imposed for any violation of any laws or ordinances, whether occasioned by the neglect of Tenant or its representatives, will at all times protect, indemnify and save and keep harmless the. Landlord against and from any and all loss, costs, damage or • expense arising out of or from any accident or other occurrence on or about the leased premises, causing injury to any person or property, whomsoever or whatsoever and will protect, indemnify and save and keep harmless the Landlord against and from any and all claims and against and from any. and all loss, costs, damage or expense arising out of any failure of Tenant or its representa- tives, agents or employees in any respect to comply .with and perform all of the requirements and provisions -hereof. 10. If Tenant makes default in the payment of any rent or additional rent amount due Landlord and remains in default with respect thereto for five (5) days after receipt of notice in writing pointing out such default; of if Tenant makes default in the performance of any of Tenant's other obligations hereunder and remains in default with respect thereto for thirty (30) days after receipt of notice in writing pointing out such default, unless such 4 • default cannot be reasonably cured in such thirty (30) days in which case provided that Tenant has promptly commenced to cure so long thereafter as Tenant is diligently attempting to cure such default; or if Tenant be declared bankrupt or insolvent, or if a receiver, trustee or liquidator be appointed for Tenant, or a substantial part of its property; or if Tenant attempts to transfer this lease for the benefit of creditors; or if Tenant vacates the premises during the lease term; or if Tenant shall make a general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a petition in bankruptcy or insolvency or have a petition in bankruptcy or insolvency filed against it; or shall file a petition seeking reorganization, arrangement, composition, adjustment, liquidation or similar relief; or if the leasehold interest of Tenant shall be taken on execution or other process of law, then in any of said cases, Landlord may at Landlord's option (i) declare this lease terminated immediately or at any time thereafter while such default or contingency continues without any right by Tenant to reinstate by performance and may thereupon without further notice enter upon the leased premises and take possession thereof, or (ii) Landlord may at Landlord' s election re-enter the premises and re-let them as agent of Tenant and receive the rent therefor, . applying same first upon such expenses as Landlord may be put to in re-entering, re-letting, operating and maintaining the leased premises and then to the payment of rent or any other sum accruing . under the terms of this lease, and Tenant shall remain liable for any deficiency. No waiver by Landlord of any breach of any of the covenants .to be performed by Tenant shall be construed as a waiver of any other breach of any of the covenants of this lease and any such waiver must be in writing to be effective. Any and all remedies available to Landlord hereunder, and at law and in equity, shall be cumulative and concurrent. Neither the termination of this lease, nor the taking or recovering possession of the leased premises shall be deprive Landlord of any remedies or actions, actions against Tenant for rent or damages for the breach of any covenant or condition contained herein, nor shall the bringing of any action for rent or damages, nor the resort to any other remedy from recovery of rent or damages be construed as a waiver or release of the right to obtain possession. 11. Tenant agrees not to assign or in any manner transfer this lease or any estate or interest therein without the prior written consent of Landlord, and not sublet the leased premises or any part or parts thereof or allow anyone to come in, with, through or under it without the like consent; provided, however, that this shall not be construed as prohibiting or restricting Tenant from entering into parking agreements with its customers for period of one month or less for part or all of the leased premises without Landlord' s consent. 5 12 _ During the term of the lease Tenant shall, at its own expense, provide and maintain in full force and effect an insurance policy or policies protecting Landlord and Tenant and their officers and employees against any loss, liability or expense from personal injury, death, property damage or otherwise arising or occurring upon or in connection with the- leased premises or by reason of the Tenant' s operations upon or occupancy of the leased premises. Landlord shall be included as an additional insured under such policy or policies. Such insurance shall be written by responsible insurance companies reasonably satisfactory to the Landlord and shall be in an amount not less than $100,000 for injuries to any one person, not less than $500, 000 for injuries to more than one person arising out of one accident or occurrence, and not less than $50, 000 for damage to property. Certificates of insurance showing compliance with the foregoing requirements shall be furnished by Tenant to Landlord. Such certificate shall state that polices will not be cancelled nor altered without ten (10) days' prior written notice to Landlord. 13 . Landlord agrees to pay before they become delinquent all ad valorem real estate taxes and special assessments lawfully levied -or assessed against the leased premises, including, without limitation, any possessory interest created hereby;- however, Land- lord may at its expense contest and dispute the same, and in such case the disputed item need not be paid until finally adjudged to • be valid. 14 . Tenant shall pay or cause to be paid throughout the term of this lease all taxes and assessments whatsoever levied or assessed against Tenant's personal property situated on the leased premises. 15. Tenant agrees to procure any and all permits or licenses necessary for its operation of an automobile parking facility at the leased premises. If Tenant is unable to obtain any such permit or license preventing Tenant from operating, Tenant may thereupon terminate this lease upon written notice of termination to Landlord without liability hereunder, termination being effective on the date such notice is given. • 16: Tenant shall, at its expense, repair all damage caused by Tenant' s employees, agents or contractors and perform custodial services -to the property to keep the same in a clean, neat and safe condition. • 17 . It is agreed and understood that any holding over by Tenant of the leased premises after the expiration of this lease shall operate and be construed as tenancy from month to month at the same rental rate as provided in paragraph 5 for the last -month in the lease term. 6 r 18 . Landlord covenants, warrants and represents that it has full right and power to execute this lease and to grant the estate demised herein and, so long as Tenant is not in default under any Tenant. shall peaceably helddand quietly enjoyyiof the terms and conditions leased premises, and shall have the h right of ing ressd egress spect and from the leased leased premisesrfrometime to reasonably neces y time at any reasonable time. 19. Any notices or communications required by this lease shall be given or served by mailing the same, properly addressed and stamped, by United States registered ttenenoticea rtifie ma addressesil, uof receipt requested. Unless changed by l the respective parties shall be as follows: As to Landlord: Omaha Development Council, Inc. . Attn: Michael C. Wiese 1301 Harney Street Omaha, Nebraska 68102 As to Tenant: Easy Parking of America, Inc. 202 N. 19th Street Omaha, Nebraska 68102 20. Subject to Tenant obtaining all requisite governmental permits to construct a commercial parking lot for automobiles on the leased premises, Tenant will repair andfor replace the s the s adjoining (all eased suchwork isehereinafter referred repair and utoace as the leased premisesgood and "Site Preparation") . All such work shall be done in a l workmanlike manner and in conformity twinhsall llllaws eatnd o herelegal requirements. All such Site Prep letion of the Site and the sole responsibility of Tenant. Upon comp Preparation, Tenant shall furnish Landlord with an itemized statement, certified by an officer of Tenant, on which is stated the total cost incurred by Tenant for the Site Tenant reparati ill prerei(herein referred to as Site Preparation Cost") . Landlord with appropriate should exercisesLa verifying' right of such a termination the event Landlord sTenant as as provided in paragraph 3, Landlord covenants topay the lesser provided in paragraph 3 , a Termination Amount equal of (i) the product of the total Site Preparation Cost (as snshown ho_invoices) , Tenant' s aforesaid statement and verified by appropriate multiplied by a fraction the numerator of which shall be the number fective date of such termination and the e months between thise elease and the denominator of which shall be and of the term of sixty (60) or (ii) $100 .00 multiplied by the number of months between the effective date of termination and the end of the term of this lease. 21. This lease contains the entire nderstandings and agreement of the parties, supersedes all prior 7 • `1 I• agreements and cannot be changed orally. Upon becoming effective, this lease shall supersede and cancel that one certain lease dated February 1, 1991 by and between Landlord and Tenant covering the leased premises . 22 . The provisions of this Lease shall be binding upon, ensure to the benefit of and apply to the respective heirs, executors, administrators, successors and assigns of the parties hereto. IN WITNESS WHEREOF, the parties hereto execute this Lease as of the day and year first above stated. LANDLORD Omaha Development Council, Inc. W' ness• a Nebraska nonprofit corporation �`P By / TENANT EASY PARKING OF AMERICA, INC. Wi ss: By Its 8 ., 4c-25A - _ • CITY OF OMAHA 1111k): LEGISLATIVE CHAMBER Omaha,Nebr 19 RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: WHEREAS,the Downtown Northeast Redevelopment Plan was approved by the City Council as the Redevelopment Plan for the redevelopment area bounded by 17th Street on the west, Interstate 480 on the north and east and Douglas Street on the south on December 17, 1996; and, WHEREAS,the City Council approved an Agreement between the City of Omaha and Jayhawk, L.L.C. on February 4, 1997 that approves a certain Real Estate Purchase Agreement between Jayhawk,L.L.C. and Omaha Development Council,Inc. dated December 6, 1996 for the purchase of property at 1511 Dodge Street and at 109 South 16th Street for$250,000.00; and, WHEREAS, the attached Assignment and Assumption of Real Estate Purchase Agreement transfers and assigns to the City.of Omaha all right and interest of Jayhawk,L.L.C.to the City of Omaha; and, WHEREAS, the attached First Amendment to Real Estate Purchase Agreement amends the Real Estate Purchase Agreement to conform the legal description of the property to the survey. NOW THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF OMAHA: THAT, the Mayor is hereby authorized to execute,and the City Clerk to attest,the attached Assignment and Assumption of Real Estate Purchase Agreement and the attached First Amendment to Real Estate Purchase Agreement with Jayhawk,L.L.C.,a Delaware Limited Liability Corporation, 1905 Harney Street,Omaha,Nebraska 68102 in the amount of$250,000.00; including any other documents necessary or appropriate to purchase property at 1511 Dodge Street and at 109 South 16th Street. Funding shall be payable from Lease-Purchase Bonds Fund No. 356,Organization No. 2025. APPRO D A TO FORM: % K Aar CITY ORNEY DATE P:\PLN2\5101.SAP By v '- ouncilmember Adopted JUN 1 1997 .... . . .... .. .. . . sty Clerk Approve cn CAD �+ 2 N N ,. - ( 2 •co• z w LA �) coN cocD ,.., ,-r = Y K. :., t' WUai `C Z _ .. z . n iN �� � a. poro rn CD CD p. no �° a) �° Nan ¢ mot `•< w " CD = 0. • c K. O\ a c,D cco a.. CD . V ' kt(le..- 111 \ !...,‘ 'It, • • .a