Summary:
The Greater Orlando Aviation Authority, "GOAA", All Aboard Florida-Operations, LLC, "AAF", and the City of Orlando, "City," entered into a Rail Line Easement Agreement on January 22, 2014 which governs the parties' rights and obligations related to the development of an inter-city rail project that terminates at Orlando International Airport. The parties also entered into a Premises Lease and Use Agreement which described the parties rights and obligations related to the development of the rail station building and the rail company premises. Due to a change in the timing of construction of the rail project by AAF, and scheduling constraints on GOAA's part, it will be necessary for AAF to complete certain utility-related improvements prior to the Release of Escrow and establishment of the Easement and Lease. The attached Utility Work Agreement provides that AAF will construct the utility improvements at its sole cost and will insure and indemnify the City and GOAA from any liability arising from said construction. |