HomeMy WebLinkAbout18260 - RESOLUTIONS - 12/15/1993 RESOLUTION NO. 18260
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OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, WAIVING THE
PERSONAL GUARANTEE REQUIREMENT OF THE
AIRPORT PARK PLAZA LEASE ASSUMPTION AND
APPROVING AMENDMENT #3 TO LEASE
AGREEMENTS #2528, #2529 AND #2536 TO
ESTABLISH A MINIMUM TRUST FUNDING LEVEL
OF $120,000.
WHEREAS Resolution #18232 as adopted requires the Apostles to provide a Personal
Guarantee as part of the Lease Assignment approvals on Airport Park Plaza;
WHEREAS the Apostles have expressed a reluctance to sign a Personal Guarantee; however,
have expressed support for a Trust Guarantee of $120,000;
NOW THEREFORE BE IT RESOLVED by I:he City Council of the City of Palm Springs, that: tJ
Section 1 . The Personal Guarantee required under Resolution #18232 is hereby
waived.
Section 2. Amendment #3 to Lease Agreements #2528, #2529, and #2536 are
hereby approved establishing a $120,000 minimum Apostle Family Trust
Funding level, with said Amendments sunsetting upon sale of the
property, subject to City Attorney final language approval.
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ADOPTED this 15th day of December 1993.
AYES: Members Hodges, Lyons, Reller-Spurgin, Schlendorf and Mayor Maryanov '
NOES: None
ABSENT: None
ATTEST: Cl Y PALM SP f� , ALIFORNIA
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City Clerk it anager
REVIEWED & APPROVED: = _
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