HomeMy WebLinkAbout2005-15•
TOWN OF PULASKI, VIRGINIA
RESOLUTION 2005-15
RESOLUTION AUTHORIZING A UDAG LOAN/GUARANTEE TO MAGNOX
WHEREAS, the Town Council of the Town of Pulaski, Virginia has determined it is consistent
with the general health, safety and welfare to encourage the retention of existing businesses within the
Town of Pulaski; and
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Pulaski, Virginia
that a UDAG loan/guarantee be made to Magnox, its successors, assigns and/or subsidiaries and/or Tim
Hopkins under the following terms and conditions:
To secure with a lender up to a maximum of $250,000.00 in loan monies not to exceed a
3 year period for Magnox, its successors and assigns, and/or subsidiaries; and
2. A repayment plan of all current debt owed to the Town of Pulaski by Magnox be received
on or before April 1, 2005 from Magnox; and
3. A contract for a note and security agreement (for equipment and property) to the Town of
Pulaski be executed by Magnox converting said note from a guarantee status securing the
loan by a lender as stated herein to an active note upon payment by the Town of Pulaski
of the loan guarantee in Item 1. above repayable upon demand at 6% interest on the
unpaid balance until paid in full; and
4. Such other terms and conditions as may be acceptable to the Town Manager and
Economic Development Director.
This resolution is effective upon passage.
Bettye H. Steger -Aye
John T. Bolen -Aye
Lane R. Penn -Aye
Joel B. Burchett, Jr. -Aye
Jeffrey S. Worrell -Aye
Daniel Talbert, Jr. -Aye
Town of Pulaski, Virginia
ATTESTED:
Patricia Cruise, Clerk of Council
By:
Char es L. a e, Mayor
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In witness whereof, the parties have executed this lease on the day of
2005.
John J. Hawley, Town Manager
Town of Pulaski, Virginia
Anthony D. Thomas, APATGroup, L.L.C.
COMMONWEALTH OF VIRGINIA
COUNTY OF PULASKI, to-wit;
The foregoing instrument was acknowledged before me this day of
2005 by John J. Hawley, a duly authorized agent of the Town of
Pulaski, Virginia, acting in its name and on its behalf.
•
Notary Public
My commission expires:
COMMONWEALTH OF VIl2GINIA
COUNTY OF PULASKI, to-wit;
The foregoing instrument was acknowledged before me this day of
2005 by Anthony D. Thomas, a duly authorized agent of
APATGroup, L.L.C., acting in its name and on its behalf.
Notary Public
My commission expires:
15. Lessor represents that as of the commencement of this Lease, and Lessee's
assumption of the possession of the leased Premises on or about
the Premises are in good condition and repair and fit for
Lessee's business purposes and Lessee has inspected and accepted same. Lessee
shall have the obligation and responsibility to otherwise maintain the interior of the
Premises and those electrical, mechanical, plumbing, HVAC and other systems
installed by Lessor or Lessee in the build out of the Premises, except for those
obligations and responsibilities of the Lessor set forth herein above.
16. Assignment and/or subletting of this lease by Lessee shall be prohibited unless with
the express written consent of Lessor.
17. If any rent provided herein shall be due and remain unpaid for thirty (30) days or if
Lessee fails to perform any of the provisions of this Lease Agreement, Lessor may
cancel this Lease Agreement by giving Lessee thirty (30) days' notice in writing.
After such period has expired, Lessor shall have the right to re-enter the Leased
Premises and take possession thereof. Notwithstanding such re-entry or cancellation,
the liability of the Lessee for rent due hereunder shall not be extinguished for the
balance of the rental period, and Lessee shall make good to Lessor any deficiency
arising from a re-entry and re-letting of the Subleased Premises at a reduced rental.
18. Lessee shall be strictly obligated to comply with all laws, statutes and ordinances of
the Town of Pulaski and the Commonwealth of Virginia.
19. ENTIRE AGREEMENT. It is agreed between the parties hereto that this
• Agreement contains the entire understanding of the parties and that no other
negotiations or verbal or written agreements exist, but that all such agreements are
hereby merged into this document. No modification of this Agreement shall be
allowed unless in writing and signed by the parties hereto.
20. FURTHER DOCUMENTS. Each party agrees to execute any and all documents,
instruments, or further writings or documents which maybe necessary or appropriate
to effectuate the terms of this Agreement.
21. SEVERABILITY. If a Court of competent jurisdiction at any time holds that a
portion of this Agreement is invalid, the remainder shall not be affected thereby and
shall continue in full force and effect.
22. VOLUNTARY EXECUTION. The parties acknowledge that they are entering into
this agreement freely and voluntarily and that no coercion, force, pressure or undue
influence has been used in the execution of this agreement, either by the other party
hereto or by any other person or persons; that they have ascertained and weighted all
facts and circumstances likely to influence their judgment herein; that they have
sought or had the opportunity to seek and obtain legal advice independently of each
other or have freely availed themselves of such opportunity or waived such
opportunity; and that they clearly understand and assent to all provisions herein. All
questions pertinent thereto, have been fully and satisfactorily explained to them; that
• the settlement embodied in this agreement are in all respects acceptable to them, and
that accordingly they assent to all the provisions hereof.
23. INTERPRETATION. This agreement shall be interpreted in accordance with the
laws of the State of Virginia.
a
$. The Lessee shall indemnify the Lessor against all costs and expenses, including
' ~ counsel fees, lawfully and reasonably incurred in or about the premises, or in the
defense of any action or proceeding, or in discharging the premises from any charge,
. lien, or encumbrance, or in obtaining possession after default of the Lessee or the
termination of this Lease pursuant to default by Lessee.
9. In the event of a breach of this Lease by Lessee or Lessor same shall be submitted to
binding arbitration by a qualified arbitrator to be agreed upon by the parties and if no
agreement can be reached, then the arbitrator shall be selected by the Judge of the
Circuit Court of Pulaski, Virginia. The decision of the arbitrator shall be final and
non-appealable.
10. At the termination of this lease, the Lessee shall surrender the Premises to Lessor
with all buildings, structures and/or improvements erected thereon and additions
thereto and all Lessee's permanent fixtures affixed thereto during the said term are to
be in good repair and condition, reasonable wear and tear excepted.
11. The Lessor shall warrant and defend the Lessee in the enjoyment and quiet, peaceful
possession of the Premises during the said term.
12. It is expressly agreed that if the rent shall be unpaid for thirty (30) days after
becoming due and payable, whether formally demanded or not, of if any covenant of
the Lessee's part shall not be performed or observed, then it shall be lawful for the
Lessor after giving Lessee thirty (30) days notice, to re-enter upon the premises, and
thereupon this lease shall terminate, but without prejudice to the right of action of the
Lessors in respect of any of the Lessee's covenants. No waiver by the Lessor of any
• covenant shall be a waiver of any succeeding breach of the same or different
covenant.
13. In case the whole or any part of the Premises is taken for any public use, the entire
damages which maybe awarded for the Premises shall be paid to the Lessor and the
Lessee shall receive all sums relating to or awarded for the improvements made by
Lessee. In the event of such condemnation the rent reserved herein shall be reduced
in proportion to the Premises taken in such percentage as the Premises taken bears to
the Premises leased; provided, however, that if the remaining leased Premises is
insufficient for its business purposes, in Lessee's sole discretion, Lessee shall have
the option to terminate this Lease upon written notice given to Lessor within thirty
(30) days of Lessor providing written notice to Lessee of the initiation of the
condemnation proceedings. Additionally, should the building be destroyed and not
subject to continued use or repair within three (3) months from the date of the damage
by water, fire, or catastrophe then in such event this lease shall be cancelable by the
Lessee upon written notice which shall be received within fifteen (15) days of
knowledge by Lessee that the building is damaged to such an extent that it will not be
useable for the purposes stated in this Lease within the time period set forth in this
provision, or ninety (90) days from the date of the damage by water, fire or
catastrophe, whichever is later. During the time that building is not useable for
Lessee's business purposes, the rent herein shall abate.
• 14. It is agreed that the covenants, stipulations, and conditions herein contained shall
inure to the benefit of and shall be binding upon the heirs, successors and assigns of
the Lessor and heirs, executors, administrators, successors and assigns of the Lessee.
LEASE
This lease agreement by and between Anthony D. Thomas and APATGroup, LLC,
• hereinafter referred to as Lessee, and the Town of Pulaski, Virginia, hereinafter referred to as
Lessor, shall be binding on the parties, heirs, successors in interest and/or assigns as hereinafter
set forth pertaining to the following described land and building:
in the Pulaski Business Plaza, Pulaski, Virginia (hereinafter referred to as the "Premises") all in
accordance with the following terms:
1. That for and in consideration of the mutual covenants hereinafter set forth and ten
dollars cash ($10.00) in hand received and paid by Lessee to Lessor and hereby
acknowledged, the Lessor does hereby lease the Premises unto the Lessee, and the
Lessee agrees to lease the Premises from Lessor, for a term of two (2) years.
2. That Lessee shall pay unto Lessor the sum of Three Hundred Forty-one Dollars
($341.00) per month for two (2) years. Said sum shall be due and payable to Lessor
by Lessee in twenty-four (24) equal monthly payments each due the 1St day of the
month beginning on the 1St day of , 200_, until the termination of
the Leasehold period. However, the first year's rental shall be waived by the Lessor
upon the sole condition that the Lessee pays rent and occupies the "Premises" for the
full second year of the lease otherwise the full first and second years lease payment
shall be owed by Lessee at the time of cessation of occupancy or default in any
payment by Lessee.
3. Lessee shall be allowed under this lease to use the leased premises for the purpose(s)
• of computer sales and service and related activities.
4. The Lessee shall not suffer the premises or any erection or improvements thereon to
become subject to any lien, charge, or encumbrance whatsoever, and shall indemnify
the Lessors against all such liens, charges, and encumbrances resulting from any
action or inaction on the part of APATGroup, L.L.C., and it being expressly agreed
that the Lessee shall have no authority, express or implied, to create any lien, charge,
or encumbrance upon the premises or the improvements thereon.
5. The Lessee shall pay all insurance on the interior and contents of the leased Premises
and keep in force business and general liability insurance to protect the Lessor from
any liability or claim for injuries or property damage sustained as a result of the
negligence of Lessee and its employees and agents, and provide satisfactory proof of
same to Lessor.
6. The Lessee shall permit the Lessor or its agents at reasonable times to enter upon the
premises to check the condition of the premises and building, upon reasonable
advance notice from Lessor to Lessee.
7. The Lessee shall not make or suffer any use or occupancy of the premises contrary to
any law, governmental regulation or ordinance now or hereafter in force. The Lessee
shall not permit any hazardous waste, including, but not limited to petroleum
products, to be stored, used, or places in or on the Premises. The Lessee shall not
• place any underground or above-ground storage tanks or containments on the
Premises without Lessor's prior written consent.