3445 To enter into a Lease Extension Agreement with First Capital (Tillsonburg) CorporationTHE CORPORATION OF THE TOWN OF TILLSONBURG
BY-LAW NUMBER 3445
A BY-LAW to enter into a Lease Extension Agreement with First Capital (Tillsonburg)
Corporation.
WHEREAS The Town of Tillsonburg is desirous of entering into a Lease Extension
Agreement with First Capital (Tillsonburg) Corporation to extend the term of the Lease
for the Lease Premises in the Shopping Centre.
THEREFORE the Council of the Town of Tillsonburg enacts as follows:
1. THAT the lease agreement attached hereto forms part of this by-law;
2. THAT the Mayor and Clerk be hereby authorized to execute the attached lease
agreement on behalf of the Corporation of the Town of Tillsonburg.
READ A FIRST AND SECOND TIME THIS > DAY OF September, 2010.
READ A THIRD AND FINAL TIME AND PASSED THIS H> DAY OF September,
2010.
yor -Stephen Molnar
Clerk - Donna Hermeryck
FIRST
CAPITAL
FIRST CAPITAL ASSET MANAGEMENT ULC
iatj for Cvarijdaij lif
June 21,2010
BY COURIER
Town of Tillsonburg
Town Centre Mall, Vd Floor
200 Broadway
Tillsonburg, ON N4G 5A7
RE: LEASE DATED APRIL 27,1981 ("LEASE"), AS AMENDED AND EXTENDED BY AGREEMENTS DATED JUNE28, 1993 AND NOVEMBER 9, 1994 (COLLECTIVELY, "LEASE") BETWEEN THE CORPORATION OF THE
TOWN OF TILLSONBURG ("TENANT") AND FIRST CAPITAL (TILLSONBURG) CORPORATION("LANDLORD") SUCCESSOR TO CENTREFUND (TILLSONBURG) CORPORATION, FOR CERTAIN PREMISES
AT TILLSONBURG TOWN CENTRE, TILLSONBURG, ONTARIO ("SHOPPING CENTRE")
We are pleased to submit the following proposal to extend the Term of the Lease for the Leased
Premises in the Shopping Centre on the following terms and conditions:
1.
2.
3.
4.
TENANT
The Corporation of the Town of Tillsonburg
LANDLORD
First Capital (Tillsonburg) Corporation
EXTENSION TERM
Five (5) years commencing on October 2, 2010 and ending on October 1, 2015.
LEASED PREMISES
Unit No. A002204, comprised of approximately six thousand, seven hundred and ninety (6,790)
square feet, as shovvj>4«\ the approximate location hatched on the plan attached hereto as
Schedule "A".
5.MINIMUM RENT \VV
initia!
Extension Term, thenenantfehall pay an amount equal to the aggregate t/(a) fourteen
dollars artet sixty-three cents ($14.63) tier square foot; and ()) the increase in the CPI (collectively,
the "MinimiiXi Rent"). The Minimum Rpnt shall be increased at the commencement of each twelve
(12) month period (commencing Qctobcr & and ending Od^beM-, in each year "lease year") by
multiplying the\Minimum Rent in the immediately preceding lease year by a fraction which has as its
numerator, the |CPI for the first month of the current lease year, and as its denominator, the CPI for
-October 2010. I In no event, however, shall the Minimum Rent for any lease year be less than the
Minimum Rent [payable for the immediately preceding lease year.
I x ••*•• , " " '
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Tpwn of Tillsonburg-Extension Letter.docx
Initial
6. ADDITIONAL RENT
During the Extension Term, the Tenant shall pay all amounts of additional rent in accordance with
the Lease.
7. OTHER TERMS
The Landlord and Tenant further agree as follows:
(a) The Tenant shall accept the Leased Premises on an "as is" basis with no inducement or
allowance payable or rent free period provided and the Landlord shall have no obligations
to perform any work.
(b) Any last months' rent or security deposit paid by the Tenant to the Landlord during the
Term will continue to be held by the Landlord during the Extension Term.
(c) There shall be no further option to extend the Term or renew the Lease and Section 2.02
to the Lease is hereby deleted in its entirety.
(d) The Landlord's address for notice in Section 6.06 of the Lease is hereby deleted and
replaced with "85 Hanna Avenue, Suite 400, Toronto, Ontario M6K 3S3, Attention: Vice
President, Central Canada, with a copy to Vice President, Legal Affairs, at the same
address".
(e) The Tenant shall, if requested by the Landlord, forthwith execute and deliver the
Landlord's standard form of net lease then in use for the Shopping Centre which will
incorporate the amendments contained in this Agreement.
(f) The Landlord and the Tenant agree to use their commercially reasonable efforts to
negotiate and finalize the Tenant's relocation of its other municipal offices in the Town of
Tillsonburg to the Shopping Centre.
8. EXECUTION BY COUNTERPARTS
This Agreement may be executed in several counterparts, each of which when so executed shall
be deemed to be an original and such counterparts shall constitute one and the same instrument.
This Agreement shall be considered properly executed and delivered by either party if executed
and transmitted by facsimile to the other party.
9. BINDING AGREEMENT
It is intended that once this Agreement is signed by all parties, it shall form a binding agreement
between the parties. The parties confirm that, except as modified by this Agreement, the terms,
covenants and conditions of the Lease remain unchanged, and in full force and effect. It is
understood and agreed that all terms and expressions when used in this Agreement, unless a
contrary intention is expressed herein, have the same meaning as they have in the Lease.
This Agreement shall enure to the benefit of and be binding upon the parties hereto, the
successors and assigns of the Landlord and the heirs, executors, administrators, permitted
successors and permitted assigns of the Tenant.
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Town of Tillsonburg-Extension Letter.docx
This Agreement is open for your acceptance until 5:00 p.m. on July 7, 2010 after which it will be of no
further force or effect. Please execute and return all copies of this Agreement to our office on or before
that date and time. If either the Landlord or the Tenant wishes to have further documentation prepared,
then the Landlord and the Tenant will co-operate with each other to complete such an agreement and will
execute it promptly.
Yours truly,FIRST CAPITAL ASSET MANAGEMENT ULCFOR FIRST CAPITAL (TILLSONBURG) CORPORATION
CT --""'Greg Schmidt
Leasing Manager
ACCEPTED by the Tepan?this \ ^ day of iL/p4~y /^\ki.r~ 2010.
THE CORPORATION OF TjJE TOWN OF TILLSONBURG
(Tenant) / /
^^L,
Nafae. Stephen MolnarTitle: Mayor
Per: .^'^s^^"'^______
Name: Donna HemeryckTitle: Clerk
I/We have authority to bind the Corporation.
ACCEPTED ty the Landlord this rJ n day of <\(^^Tr^j^K^^ . 2010.
FIRST CAPIT/AL (TlilsONBURG) CORPORATION
(Landlord) ///> /
Per: ______ \
Name: Marta/O./LeWycky
Title: Vice Pi^Sdent X7
Per: /J~ / /Name: Jaitue CHisholm
Title: Viq/President•' /
We h^v^authority to bind the Corporation.
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Town of Tillsonburg-Extension Letter.docx
SCHEDULE"A"
SITE PLAN
l
we cnt rvAf* ii:;fnr:Rc:M't:DCu t
TILLSONBURG TOWN CENTRE
TiLLSONBURG, ONTARIO
The purpose of this plan is to identify the approximate location of the Leased Premises in the Shopping
Centre. The Landlord reserves the right at any time to relocate, rearrange, or alter the buildings andstructures, other premises, and Common Areas and Facilities, and the Leased Premises from that shown
on this site plan,
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Town of Tillsonburg-Extension Letter.docx