Title
An Ordinance of the City Commission authorizing execution of the Third Amendment ("Third Amendment") to Amended and Restated Lease ("Lease") between the Biltmore Hotel Limited Partnership, a Florida Limited Partnership ("Developer") and the City of Coral Gables, a Florida Municipal Corporation ("City") executed February 10, 1986 and Amended and Restated July 29, 1999 (the “Original Lease”) and amended on January 2, 2001 (the "First Amendment") and on March 29, 2022 (the “Second Amendment”) [the Original Lease, the First Amendment and the Second Amendment being collectively referred to as the "Lease"] amending Section 15 of the Lease by revising the property insurance requirements.
Lobbyist: N/A
Body
Background:
The lease of the redeveloped Biltmore Hotel was originally executed on February 10, 1986, between the City of Coral Gables (the “City”) and the Biltmore Hotel Limited Partnership (the “Biltmore”). On July 29, 1999, an Amended and Restated Lease was executed combining into one agreement between the City and the Biltmore the terms and conditions pertaining to the Biltmore Hotel Lease Agreement and the Management Agreement for Operation of the Biltmore Hotel Country Club Property (the “Original Lease”).
On January 2, 2001, the City and Biltmore entered into a first amendment to the Original Lease for the purpose of adjusting the Fixed Rent Amortization Schedule (“First Amendment”). On March 29, 2022, the City and Biltmore entered into a second amendment to the Original Lease for the purpose of amending the insurance requirements of Section 15 of the Original Lease (“Second Amendment”) (the Original Lease, the First Amendment and the Second Amendment being collectively referred to as the “Lease”).
Section 15 of the Lease requires, among other types of insurance, that the Biltmore obtain property insurance for all risks in an amount equal to the lesser of (i) the full actual replacement cost of the buildings and structures, including imp...
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