Summary:
The City and Rosie O'Grady's of Orlando, Inc. entered into an Agreement and Easement, "Agreement," on June 18, 1984, providing authorization for Rosie O'Grady's to construct a pedestrian bridge, "Bridge," over Church Street. The Agreement provides that in the event ownership of the real property separates, the City reserves the right to reevaluate the Agreement and approve or disapprove the assignment of rights thereunder. TSLF Church Street Retail, LLC, "TSLF", currently owns both the north side of the property, "Church Street parcel", and the south side of the property, "Cheyenne Parcel, but has contracted to sell the Cheyenne Parcel to Church Garland Retail, LLC, "Church Garland". In conjunction with the closing, TSLF desires to assign the obligation to operate and maintain the Bridge to Church Garland. Under the terms of the attached Assignment, Church Garland agrees to fully assume the obligations to maintain and operate the Bridge as well as insuring the City against liability arising from the Bridge consistent with the terms of the original Agreement. |