The purpose of this Resolution is to authorize a Consent to Assignment of Lease from the City of Riviera Beach in favor of Stateside Capital Group, Incorporated to Oz Realty, LP., on a long term lease agreement between the City and Solitron Devices, Incorporated.
The City entered into a Lease Agreement dated May 25, 1982 (the “Lease”), with Solitron Devices, Inc., a Delaware corporation (“Solitron”), recorded in Official Records Book 3745, Page 642, of the Public Records of Palm Beach County, Florida.
Pursuant to the Lease, the City leased to Solitron, and Solitron leased from the City, all of the certain real property which is attached to the Resolution.
The term of the Lease is forty (40) years from May 25, 1982, and Solitron has the right to extend the Lease for an additional forty-year term at a rental rate to be agreed to by the parties, which amount shall not exceed the fair market value as determined by a qualified property appraiser if the parties are unable to agree on a rental figure.
Also pursuant to the Lease, Solitron may sublet the premises in whole or in part and may assign or transfer this Lease, or any interest herein, with prior written consent of the City and such consent may not be unreasonably withheld.
The leased premises is currently used as a parking facility in connection with the Lessee’s business located on Lot 2 of the Replat of Solitron, 1177 West Blue Heron Boulevard, immediately west of the leased premises.
On September 20, 1993, the City consented to an assignment of this Lease to an assignee, FNB Properties, Inc., and consented to a future assignment by the Assignee to a subsequent third-party assignee.
Then on September 18, 1996, FNB Properties, Inc., assigned the lease to Stateside Capital Group, Inc., a third-party assignee. At this time Stateside Capital Group, Inc., (“Stateside”) the third-party assignor, desires to assign to Oz Realty (Blue Heron Logistics Center Florida) Limited Partnership, all of Stateside’s leasehold estate, right, title and interest under the Lease.
Pursuant to the terms of the Lease regarding assignment, the City may consent to the assignment of lease. However, such consent shall not be unreasonably withheld.
The parties understand that the Lease is set to expire on May 25, 2022, and the City intends to negotiate a new rental rate consistent with the fair market value as determined by a qualified property appraiser if the parties are unable to agree on a rental figure.