Title
AN ORDINANCE AUTHORIZING A FIRST RENEWAL LEASE AGREEMENT BETWEEN UNIVERSITY HOSPITAL (UH), A BODY CORPORATE AND POLITIC OF THE STATE OF NEW JERSEY (LANDLORD), AND THE CITY OF NEWARK, DEPARTMENT OF HEALTH AND COMMUNITY WELLNESS (TENANT) AUTHORIZING THE EXERCISING OF THE FIRST ONE YEAR RENEWAL OPTION PERIOD FOR THE LEASING OF THE PREMISES COMMONLY KNOWN AS 140 BERGEN STREET (CENTRAL WARD) BLOCK 211, LOT 1 FOR THE PERIOD OF MARCH 1, 2015 THROUGH FEBRUARY 28, 2016.
Body
WHEREAS, on September 5, 2013 the Municipal Council adopted Ordinance 6PSF-C authorizing original lease agreement ("Agreement") between University Hospital (UH) (Landlord) and the City of Newark, Department of Child and Family Well-Being n/k/a Health and Community Wellness (Tenant), which was amended by the Municipal Council on January 22, 2014 through Ordinance 6PSF-H ("First Amended Agreement," and collectively with Agreement, the "Lease Agreement"); and
WHEREAS, the Lease Agreement set forth the commencing date of the lease to be September 1, 2013 or date of occupancy by tenants whichever is later and permitted two one-year extension options; and
WHEREAS, the tenant began occupying the Leased Premises on March 1, 2014 for a term of March 1, 2014 through February 28, 2015; and
WHEREAS, The Landlord and the Tenant desire to exercise the first available option to extend the Lease Agreement for the period of March 1, 2015 through February 28, 2016 ("First Renewal Lease Agreement"), at the same base rent of $80,316.00 (approximately $23.00 per rentable square foot) set forth in first year of the Lease Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT;
Section 1. The City is authorized to exercise its first one year renewal options to continue leasing the premises commonly known as 140 Bergen Street, Block 211, Lot 1 for use as an Ambulatory Care Facility, ...
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