FOURTH AMENDMENT TO GENERAL GROUND LEASE
SUNCOAST GOLF CENTER, LLC AND
SARASOTA MANATEE AIRPORT AUTHORITY
This Fourth Amendment to the General Ground Lease is entered into this 15th day of November 2021, by and between the Sarasota Manatee Airport Authority (hereinafter “Authority”) and Suncoast Golf Center, LLC (hereinafter “Lessee”).
WHEREAS, Authority and Lessee (collectively the “Parties”) entered into a General Ground Lease, dated July 14, 2003 (hereinafter “the Lease”), which Lease included a Term of seven years, ending July 31, 2010; and
WHEREAS, the Authority approved that certain Release and Assignment of Lease, dated October 23, 2006, that assigned the Lease from Lessee to Bullas Golf, Inc; and
WHEREAS, the Parties, as assigned, entered into a First Amendment to the Lease, dated April 20, 2010, that extend the Term of the Lease through July 31, 2013, to provide time for Lockheed Martin Corporation to complete the Tallevast Remediation Project; and
WHEREAS, the Parties, as assigned, entered into a Second Amendment to the Lease, dated November 21, 2011, to provide for Rental Adjustments during the Term of the Lease and to extend the Term of the Lease through July 31, 2018; and
WHEREAS, the Parties, as assigned, entered into a Third Amendment to the Lease, dated October 1, 2014, to reduce the Rent from $3,500 per month to $2,000 per month, reduce the Percentage Rental from five percent (5%) above $150,000 to (5%) above $265,000, and to extend the Term of the Lease through July 31, 2023; and
WHEREAS, concurrent with the Third Amendment to the Lease, the Authority approved that certain Assignment and Assumption of Lease, dated October 1, 2014, to assign the Lease from Bullas Golf, Inc. to Suncoast Golf Center, LLC; and
WHEREAS, the Lessee's, as assigned, use of the Premises as a golf course is a compatible land use of the Premises, which Premises lies in part in the Runway Protection Zone for Runway 22, and the Authority has no other demand for use of the Premises; and
WHEREAS, the Authority has granted rent relief to certain tenants and users of the Airport impacted negatively by the COVID 19 Pandemic; and
WHEREAS, the Parties, as assigned, desire to enter into a Fourth Amendment to the Lease to provide retroactive rent relief to Lessee, also impacted negatively by the COVID 19 Pandemic;
NOW THEREFORE, in consideration of the Premises, mutual covenants, terms and conditions set forth herein, the Parties, as assigned, agree as follows: