The URL can be used to link to this page

Home My WebLink About1252 Consent to Lease W.W. Grainger BILL NO. 2013 -077 ORDINANCE NO. /ol_ _ AN ORDINANCE AUTHORIZING THE EXECUTION AND DELIVERY OF A CONSENT TO LEASE BETWEEN THE CITY OF RIVERSIDE, MISSOURI, HORIZONS INDUSTRIAL II, LLC, AND W.W. GRAINGER, INC. AND AUTHORIZING OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, pursuant to that certain Lease Agreement between the City of Riverside, Missouri ( "City ") and Horizons Industrial II, LLC ( "Horizons "), dated September 14, 2012 (the "Prime Lease "), the City leased to Horizons the property located at 4950 NW 42n Street, Riverside, MO 64150 and having the following legal description: All of Lot 1, Riverside Horizons East First Plat, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, recorded March 9, 2012, as Document No. 2012003467, in Plat Book 21 at Page 10 (the "Property "); and WHEREAS, pursuant to a certain Standard Commercial Lease between Horizons and W.W. Grainger, Inc. ( "Grainger"), Horizons leased to Grainger a portion of the Property (the "Sublease "); and WHEREAS, as contemplated by Section 13.1(b) of the Prime Lease, the City, Horizons, and Grainger desire to enter into the Consent to Lease attached hereto as Exhibit A and incorporated herein (the "Consent to Lease "); and WHEREAS, the Board of Aldermen find it to be in the best interests of the City and to otherwise further the objectives of the economic development within the City to enter into and deliver the Consent to Lease as set forth herein. NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF RIVERSIDE, MISSOURI, AS FOLLOWS: Section 1. CONSENT TO LEASE APPROVED. In order to further the economic development objectives within the City, the Consent to Lease is hereby approved. Section 2. AUTHORITY GRANTED. The City hereby authorizes the Mayor of the City to execute and deliver the Consent to Lease, consistent with the terms of this Ordinance and Missouri law, and hereby authorizes the Mayor, the City Administrator, Special Counsel to the City and other appropriate City officials to take any and all actions as may be deemed necessary or convenient to carry out and comply with the intent of this Ordinance and to execute and deliver for and on behalf of the City all certificates, instruments, agreements and other documents, as may be necessary or convenient to perform all matters herein authorized. Section 3. EFFECTIVE DATE. This Ordinance shall be in full force and effect from and after its passage and approval. WA 4530065.1 BE IT REMEMBERED that the above was read two times by heading only, PASSED AND APPROVED by a majority of the Board of Aldermen and APPROVED by the Mayor of the City of Riverside, Missouri, this 1st day of October, 2013. Kathleen L. Rose, Mayor ATTEST: " Robin Littrell, Ci y Clerk Approved as to form: • - - Fane Britt & Browne LLP Spe ' -I Couns> to the City -. ar 2 WA 4530065.1 EXHIBIT A CONSENT TO LEASE This CONSENT TO LEASE is entered into by the City of Riverside, Missouri (the "City "), Horizons Industrial II, LLC ( "Horizons ") and W.W. Grainger, Inc. (the "Tenant ") as of the day of August, 2013. WHEREAS, pursuant to a certain Lease Agreement, dated September 14, 2012, between the City and Horizons (the "Prime Lease "), the City leased to Horizons the property located at 4950 NW 42 Street, Riverside, MO 64150 (the "Property ") and having the following legal description: All of Lot 1, Riverside Horizons East First Plat, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, recorded March 9, 2012, as Document No. 2012003467, in Plat Book 21 at Page 10. WHEREAS, pursuant to a certain Standard Commercial Lease between Horizons and Tenant (the "Sublease "), Horizons leased to Tenant a portion of the Property; and WHEREAS, as contemplated by Section 13.1(b) of the Prime Lease, the parties desire to enter into this Consent to Lease; Now, THEREFORE, in consideration of the promises and covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 1. The City hereby consents to the Sublease. 2. Horizons acknowledges that the Sublease shall not release or discharge Horizons from its primary liability for the payment of Basic Rent and Additional Rent under the Prime Lease and the performance of each and all of the covenants and agreements contained in the Prime Lease. 3. In the event that the Prime Lease, and the leasehold estate of Horizons created thereunder, is terminated by the City by summary proceedings or otherwise in accordance with the terms of the Prime Lease, then such termination shall not result in a termination of the Sublease and the Sublease shall continue in full force and effect on the same terms and conditions as set forth in the Sublease as a direct lease between the City and the Tenant, with the same force and effect as if the City had originally entered in the Sublease as landlord thereunder, and Tenant shall not be named or joined in any action to terminate the Prime Lease or to recover possession of the Property, for so long as no Event of Default shall then be occurring under the terms of the Sublease on behalf of the Tenant. [SIGNATURE PAGES FOLLOW] 3 WA 4530065.1 SIGNATURE PAGE: -TO CONSENT TO LEASE AMONG CITY OF RIVERSIDE, MISSOURI, HORIZONS INDUSTRIAL II, LLC AND W.W. GRAINGER, INC. RELATING TO 4950 NW 42ND STREET, RIVERSIDE, MISSOURI LANDLORD: HORIZONS INDUSTRIAL II, LLC, a Delaware limited liability company By: THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation, a Member By: NORTHWESTERN MUTUAL REAL ESTATE INVESTMENTS, LLC, a Delaware limited liability company Its: Wholly -owned Affiliate and Authorized Representative By: — Printed Name: Ct.' „S C. (e-ffrlrJGt-.1 Its: -Managing Director By: NORTHPOINT HOLDINGS, LLC, a Missouri limited liability company, a Member Nathaniel Nage..rn Manager TENANT: W.W. GRAINGER, Inc. an Illinois corporation Printed Name: Aaii Fdgar Vice President, Its: Global Real Estate & Facilities Services q- f( -y013 4 WA 4530065.1 CITY: CITY OF RIVERSIDE, MISSOURI By: Kathy Rose, Mayor ATTEST: Robin Littrell, City Clerk 5 WA 4530065.1 CONSENT TO LEASE This CONSENT TO LEASE is entered into by the City of Riverside, Missouri (the "City"), Horizons Industrial II, LLC ( "Horizons ") and W.W. Grainger, Inc. (the "Tenant ") as of the / day of ch 2013. WHEREAS, pursuant to a certain Lease Agreement, dated September 14, 2012, between the City and Horizons (the "Prime Lease "), the City leased to Horizons the property located at 4950 NW 42 " Street, Riverside, MO 64150 (the "Property") and having the following legal description: All of Lot 1, Riverside Horizons East First Plat, a subdivision in Riverside, Platte County, Missouri, according to the recorded plat thereof, recorded March 9, 2012, as Document No. 2012003467, in Plat Book 21 at Page 10. WHEREAS, pursuant to a certain Standard Commercial Lease between Horizons and Tenant (the "Sublease "), Horizons leased to Tenant a portion of the Property; and WHEREAS, as contemplated by Section 13.1(b) of the Prime Lease, the parties desire to enter into this Consent to Lease; Now, THEREFORE, in consideration of the promises and covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 1. The City hereby consents to the Sublease. 2. Horizons acknowledges that the Sublease shall not release or discharge Horizons from its primary liability for the payment of Basic Rent and Additional Rent under the Prime Lease and the performance of each and all of the covenants and agreements contained in the Prime Lease. 3. In the event that the Prime Lease, and the leasehold estate of Horizons created thereunder, is terminated by the City by summary proceedings or otherwise in accordance with the terms of the Prime Lease, then such termination shall not result in a termination of the Sublease and the Sublease shall continue in full force and effect on the same terms and conditions as set forth in the Sublease as a direct lease between the City and the Tenant, with the same force and effect as if the City had originally entered in the Sublease as landlord thereunder, and Tenant shall not be named or joined in any action to terminate the Prime Lease or to recover possession of the Property, for so long as no Event of Default shall then be occurring under the terms of the Sublease on behalf of the Tenant. [SIGNATURE PAGES FOLLOW] (1893/022/6RA114GER/00761029;1 ) 1 SIGNATURE PAGE TO CONSENT TO LEASE AMONG CITY OF RIVERSIDE, MISSOURI, HORIZONS INDUSTRIAL II, LLC.AND W.W. GRAINGER, INC. RELATING TO 4950 NW 42ND STREET, RIVERSIDE, MISSOURI LANDLORD: HORIZONS INDUSTRIAL II, LLC, a Delaware limited liability company By: THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation, a Member By: NORTHWESTERN MUTUAL REAL ESTATE INVESTMENTS, LLC, a Delaware limited liability company Its: Wholly -owned Affiliate and Authorized Representative By: ..4--- Printed Name: k K t t ..L G. IC E.#40.1 ay Its: Managing- Director By: NORTHPOINT HOLDINGS, LLC, a Missouri limited liability company, a Member By: Nathaniel Hagedo r s ager TENANT: W.W. GRAINGER, INC. an Illinois corporation corporation s By: o C �r- Printed Name: Gail Edgar Vice Presiaerlr, Its: Global Real Estate & Facilities Services 41 . (1893/022/GRAINGER/00761029;1 ) 2 CITY: CITY OF RIVERSIDE, MISSOURI By: .,Ct.t /C A4J-� Kathy. ose, Maur ATTEST: , A Robin F,ittrell, ° Ci Clerk , (1893/022/GRAINGER/00761029;1 ) 3