Fifth Avenue North Parking Garage Sample Clauses

Fifth Avenue North Parking Garage. The Parties acknowledge that the City’s right, title, and interest in the real property underlying the Fifth Avenue North parking garage arises pursuant to that certain Ground Lease (Garage) dated July 16, 2008 by and between the City and Iris Holdings, LLC (“Iris”), as amended (as may be further amended from time to time, the “Fifth Avenue North Lease”). The Fifth Avenue North Lease is currently set to expire on July 15, 2058, or such earlier date as described in Section 2 thereof (the “Fifth Avenue North Lease Expiration Date”). Notwithstanding anything to the contrary set forth in this MOU, OVG acknowledges and agrees that the City cannot make any commitments as to the availability of the Fifth Avenue North parking garage for Arena parking or as to the future availability of Parking Receipts or Commercial Parking Tax revenues from the Fifth Avenue North parking garage beyond the Fifth Avenue North Lease Expiration Date, as such date might be further extended by mutual agreement of the City and Iris.
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