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AN ORDINANCE AMENDING 6PSF-C ADOPTED ON SEPTEMBER 9, 2020, A LEASE AGREEMENT WITH EL SID PROPERTIES, LLC, FOR THE PURPOSE OF UPDATING AND AMENDING RECITALS AND DEFINED TERMS OF THE ORIGINAL LEASE AGREEMENT, SETTING FAIR MARKET RENT, SETTLING PAST DUE BASE RENT AND REIMBURSEMENT OF OTHER CHARGES, AND SETTING FORTH BASIC RENT FOR YEARS (5) THROUGH (20) AND OTHER COMMON TERMS AND CONDITIONS.
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WHEREAS, El SID Properties, LLC (the "Landlord") and the City of Newark (the "Tenant") entered into certain Lease Agreement effective as of August 6, 2020 (the "Lease") pursuant to which Tenant leases certain premises located at and known as 704-738 Doremus Avenue, City of Newark, Essex County, New Jersey 07105, as more particularly defined in the Lease (the "Premises") for a term of twenty (20) years from the Commencement Date (the "Term"); and
WHEREAS, Landlord acquired title to the Premises by a deed delivered by the City dated July 29, 2020 that was recorded by the Essex County Register of Deeds and Mortgages on August 6, 2020; and
WHEREAS, Landlord constructed a new Firing Range on the Premises substantially in accordance with the City's specifications as required by the Lease, and the Department of Public Safety, Police Division deemed the Firing Range fully operational, no later than August 6, 2020; and
WHEREAS, the Tenant acknowledges that the City began using the Premises as early as August 6, 2020, and the Parties accept this date as the date that triggers the three (3) year Rent Abatement Period; and
WHEREAS, the Parties agree that the Certificate of Occupancy for the Premises was not issued until August 31, 2023; and
WHEREAS, based on Landlord's satisfaction of the conditions set forth in Section 2 of the Lease, the Commencement Date of the Term was August 6, 2020, and the three (3) year Rent Abatement Period expired on August 5, 2023; and
WHEREAS, a Subdivision of the Premises was completed when the Deed ...
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