Summary:
The City and ABB/Dickinson Partnership, Ltd., a predecessor to CNL Dickinson, Ltd, "CNL", entered into an Option for Ground Lease with Option to Purchase dated May 26, 2004, "Agreement". The Agreement granted CNL an option to purchase, "Option," the Option Property, as that term is defined in the Agreement, that would have expired on December 31, 2012. Pursuant to an Amendment to the Agreement, entered into on December 19, 2012, the City and CNL extended the term of CNL's Option by two years, to December 31, 2014. CNL and the City now desire to extend the Option for an additional two (2), one-year extensions, to be exercised at CNL's discretion. The first year option payment will be retained by the City. The second year option payment will be disbursed to the Dr. Phillips Center for the Performing Arts, Inc. |