Res 1926 2/15/1977RESOLUTION NO. /y)o
RESOLUTION APPROVING LEASE OF PARKING LOTS
TO CITY NATIONAL BANK IN WICHITA FALLS.
BE IT RESOLVED BY THE BOA RD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS, THAT:
That certain lease agreement, a copy of which is attached hereto, whereby
the City of Wichita Falls leases to City National Bank in Wichita Falls two
downtown parking lots owned by the City, are hereby approved, and the City
Manager is authorized to execute the same for the City of Wichita Falls.
PASSED AND APPROVED this the 15th day of February , 1977.
A Y O 7
ATTEST:
City Clerk
STATE OF TEXAS
COUNTY OF WICHITA )
This lease made and entered into this the 16 day of February 1977,
between the City of Wichita Falls, Texas, Lessor and City National Bank in
Wichita Falls Lessee,
WITNESSETH:
In consideration of the covenants herein contained on the part of Lessee to
be kept and performed, Lessor does hereby lease unto Lessee all those certain
lots, tracts, and parcels of land situated in Wichita County, Texas, to-wit:
All of Lots 6 and 7, Block 176, and all of Lots 8 and 9, Block 177,
in the Original Town site of Wichita Falls, Texas.
The term of this lease shall be a period of five years, beginning the 1st
day of March 1977 and ending the 28th day of February 1982.
Lessee has an option to renew this lease for an additional period of five years;
Lessor may exercise such option by giving Lessee notice in writing of his
intention to exercise same not less than sixty days prior to the expiration of the
primary term of this lease.
The leased premises shall be used by Lessee for parking purposes only.
Lessee shall pay annual rental for this lease in the sum of one thousand
eight hundred dollars ($1,800.00) per year, which shall be payable monthly in
advance in installments of one hundred fifty dollars ($150.00) each.
Lessee shall maintain the property in a clean and attractive condition during
the term of this lease.
Lessee shall pay any ad valorem taxes which may be assessed against
the leasehold estate during the term of this lease.
If the Lessee fails to pay any monthly installment of rent within fifteen
days after it becomes due, or if Lessee breaches any other covenant of this lease
and fails to correct such breach within thirty days after being notified in writing
by Lessor of such breach, Lessor shall have the right to terminate this lease.
fi
If, during the term of this lease, the Board of Aldermen of Wichita Falls
should find that either lots 6 and 7 of Block 176, or Lots 8 and 9 of Block 177,
or all four of such lots, are needed by the City for some other public purpose
which is of higher priority, Lessor may terminate this lease as to Lots 6 and
7, as to Lots 8 and 9, or as to all lots, by giving Lessee notice in writing one
year prior to such termination. If the lease is terminated on a part of the pro-
perty, the rental shall be reduced proportionately. Lessee shall also have such
right to terminate the lease in whole or in part, by giving Lessor one year's
notice in writing.
Lessee shall make no modifications to the improvements on the premises
without the consent of Lessor's City Manager. If modifications are made, at
termination Lessee will restore the premises to the condition they were in at
the beginning of the lease.
IN WITNESS WHEREOF, the parties hereto have caused these presents
to be executed as of the day and year first stated above.
ATTEST: City of Wichita Falls
f y eL By:
City Clerk City Manager
ATTEST: City National Bank
l Asst. Vice President President