EXHIBIT 10.92
AMENDMENT NO. 1 TO PARKING LEASE - OPTION TO PURCHASE
THIS AMENDMENT NO. 1 TO PARKING LEASE - OPTION TO PURCHASE ("First
Amendment") is entered into and is effective as of this 17th day of February,
2000; by and between CITY OF CRIPPLE CREEK, a municipal corporation ("Lessor")
and WMCK VENTURE CORPORATION, a Delaware corporation ("Lessee").
RECITALS:
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1. Lessor and Lessee entered into a Parking Lease - Option to Purchase as of
June 1, 1998 ("Lease"), covering certain property (the "Property") described as
follows:
Lots 11 through 20, Block 28 Fremont Addition to Cripple Creek, Colorado.
2. Lessor and Lessee agree to amend the Lease as hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual promises set forth herein,
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties agree as follows:
1. Effective Date. The effective date ("Effective Date") of this First
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Amendment shall be as of the date first written above.
2. The Lease is amended as follows:
a. The name of the Lessee is corrected to read, WMCK Venture Corporation, a
Delaware corporation.
b. The Term of the Lease is extended to and shall end on May 31, 2010.
Accordingly, the date May 31, 2010 is substituted for May 31, 2003 in Section 1
of the Lease.
c. The following subparagraph is added at the end of Section 2 of the Lease:
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Consumer Price Index Increases. Subject to the limitations set forth herein, if
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at any time after May 31, 2003 the Events Center Lease, as defined below, has
expired without renewal or extension (such expiration date, if any, shall
hereinafter be called the "Trigger Date"), the Rent provided for in the first
subparagraph of this Section 2 shall be increased as provided below by the
percentage of increase, if any, of the United States Bureau of Labor Statistics
U.S. Consumer Price Index for All Items - Urban Wage Earners and Clerical
Workers ("CPI-W") (base year 1982-84 = 100) (the "Index"). If the Index changes
so that the base year differs from that used in this Section, the Index shall be
converted in accordance with the conversion factor published by the United
States Department of Labor, Bureau of Labor Statistics, to the 1982-84 base. If
the Index is discontinued or revised during the Term, such other government
index or computation with which it is replaced shall be used in order to obtain
substantially the same result as would be obtained if the Index had not been
discontinued or revised.
The Index published nearest to the Trigger Date of this Agreement shall be the
"Beginning Index". The Index published most recently, but at least four (4)
months, before the applicable Adjustment Date shall be the "Adjustment Index".
The Adjustment Date shall be the first day of June following the Trigger Date,
and every June 1st thereafter.
The Rent shall be adjusted as follows:
On each Adjustment Date, the Rent shall be adjusted by multiplying the initial
Rent under this Agreement by a fraction, the numerator of which is the
applicable Adjustment Index and the denominator of which is the Beginning Index;
provided, however, that in no case shall the increase in Rent over the
previously applicable Rent exceed four percent (4.0%); and provided further, in
no case shall such adjustment result in a decrease in the previously applicable
Rent. The amount so determined shall be the adjusted Rent payable under the
first subparagraph of this Section 2 for the lease year beginning on the
applicable Adjustment Date until the next Adjustment Date.
"Event Center Lease" means that certain lease between Lessor, as lessee, and
Lessee, as lessor, of even date herewith, pursuant to which Lessor has leased
from Lessee those certain premises, commonly known as Xxxxxxx Center-Cripple
Creek, which premises are located in a portion of the improvements to be
constructed upon Lots 6 through 8, inclusive, First Addition to Fremont, now
Cripple Creek, Colorado
3. Effect of Amendment. Except as expressly modified in this First
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Amendment, the Lease shall remain unmodified and in full force and effect.
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4. Counterparts. This First Amendment may be executed in counterparts which
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together shall constitute a single original First Amendment.
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5. Facsimile Delivery. Delivery of facsimile copies of the executed
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counterparts of this First Amendment shall be effective as delivery of the
original executed First Amendment.
IN WITNESS WHEREOF, the parties have executed this First Amendment as of the
date first set forth above.
LESSEE:
CITY OF CRIPPLE CREEK, a Colorado municipal corporation
By: /s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx, Mayor
ATTEST:
By: /s/Xxxxxxxx Xxxxxx
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Xxxxxxxx Xxxxxx, City Clerk
STATE OF COLORADO )
) ss.
COUNTY OF TELLER )
The foregoing instrument was acknowledged before me this 17th day of
February 2000, by Xxxxxx X. Xxxxxxxxxx, as Mayor, and Xxxxxxxx Xxxxxx, as City
Clerk, of the City of Cripple Creek, a Colorado municipal corporation.
WITNESS My hand and official seal.
/s/Xxxxxxx X. Xxxxx
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Notary Public
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(SEAL)
LESSOR:
WMCK VENTURE CORPORATION, a Delaware corporation
By: /s/Xxxxx Xxxxxxxxxx
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Name: Xxxxx Xxxxxxxxxx
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Its: Director
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STATE OF COLORADO )
) ss.
COUNTY OF TELLER )
The foregoing instrument was acknowledged before me this 8th day of
February 2000, by Xxxxx Xxxxxxxxxx, as Director of WMCK Venture Corporation, a
Delaware corporation.
WITNESS My hand and official seal.
/s/ Xxxx Xxxx
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Notary Public
(SEAL)
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