A Resolution that the City Manager, or designee, be authorized to sign a First Amendment of Ground Lease between the City of El Paso, Texas (“Lessor”), and Exeter 50 Walter Jones, L.P. (“Lessee”), in conjunction with Lessee’s first lien financing for the airport ground Lease dated May 12, 2020 for 50 Walter Jones Blvd., which amendment (1) provides that a receivership by the lender does not constitute a Lessee default under the Lease, (2) provides that if the Lease is rejected in bankruptcy while the mortgage is still outstanding, such lender has the option to lease the premises for the remainder of the term; (3) incorporates the new Federal Aviation Administration required lease provisions.

Committee

City Council

Requested by

Airport

Introduced

April 8, 2024

On agenda

April 23, 2024

Where it was heard

City Council Apr 23, 2024