HomeMy WebLinkAboutLake Elsinore Storm Stadium Interim Management Agreement 05th Amendment Restated - Extension 06-26-2018 DocuSign Envelope ID:7532ACF3-572E-4EA0-BC7E-406466C2FCE3
EXTENSION TO RESTATED FIFTH AMENDMENT
TO STADIUM INTERIM MANAGEMENT AGREEMENT
This Extension to Restated Fifth Amendment to Stadium Interim Management
Agreement ("Extension") is made and entered into as of June 26, 2018 by and between the
Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ("Successor
Agency"), and the Lake Elsinore Storm LP, a California limited partnership ("Storm").
RECITALS
A. The Successor Agency and the Storm entered into that certain Restated Fifth
Amendment to Stadium Interim Management Agreement for Professional Services dated as of
May 8, 2018 (the "Restated Fifth Amendment"). Except as otherwise defined herein, all
capitalized terms used herein shall have the meanings set forth for such terms in the Restated
Fifth Amendment.
B. The Restated Fifth Amendment will expire June 30, 2019 which falls in the
middle of the 2019 baseball season which would result significant uncertainty, disruption and
potential financial liabilities.
C. The Successor Agency and Storm desire to extend the term of the Restated Fifth
Amendment to September 30, 2019 in order to provide for continued efficient and cost effective
management, maintenance and operation of the Premises through the 2019 baseball season in
accordance with the Restated Fifth Amendment.
NOW, THEREFORE, incorporating the foregoing recitals herein, and in consideration of
the mutual covenants and conditions set forth herein and in the Restated Fifth Amendment,
Successor Agency and the Storm agree as follows:
1. Section 6.1 of the Interim Agreement, "Term" as amended by Section 3 of the
Restated Fifth Amendment is hereby deleted in its entirety and replaced with the following:
6.1 Term. The term of this Interim Agreement (hereinafter the "Term") shall
commence on the Effective Date and shall, unless earlier terminated in
accordance with Sections 6.2, 19, or 20 hereof, shall expire September 30,
2019.
2. All references to "June 30, 2019" in the Restated Fifth Amendment shall be
replaced with "September 30, 2019".
3. Except for the changes specifically set forth herein, all other terms and conditions
of the Restated Fifth Amendment shall remain in full force and effect.
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Extension to Restated Fifth Amendment 1
DocuSign Envelope ID:7532ACF3-572E-4EA0-BC7E-406466C2FCE3
IN WITNESS WHEREOF, the parties have executed this Extension to Restated
Fifth Amendment to Stadium Interim Management Agreement on the respective dates set
forth below.
"SUCCESSOR AGENCY"
SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF
THE CITY qF hAKE ELSINORE
Docu igne y:
Dated: 1/2/2019 10:15 AM PST By: �
rd�'�' ;FExecutive Director
ATTEST:
SUCCESSOR AGENCY SECRETARY
DocuSigned by:
By: �+--�—
�t�3� f�CE...
APPROVED AS TO FORM:
LEIBOLD McCLENDON & MANN, P.C.
Successor Agencv Counsel
Docu igned y:
By:
�OL6 ld
"STORM"
LAKE ELSINORE STORM LP, a
California limited partnership
By: GJJ STORM MANAGEMENT,
LLC, a California limited
liability company
Its: General Partner
DocuSigned by:
Dated: 1/2/2019 1 10:04 AM PST By:
SavycEE96,Jauebs, Manager
Extension to Restated Fifth Amendment 2