10/17/97 Lease Committee Actions

DRAFT LEASE COMMITTEE

Dallas Townsend elected Chair

Action Plan

1. Craig
Compile definitions of all terms
Compile glossary of acronyms
Include both at beginning of lease, not end (Article 1 instead of 2)
Post on web for comment and feedback

2. Owen
Ensure all language in lease follows legal form and protocol

3. Lease term 25 years minimum received general consensus
Additional compensation for longer term did not receive consensus
This topic referred to web discussion list for additional consideration

4. Articles 4,5,8,9,10, 11 referred to web discussion list for additional consideration (to view these articles click on: Lease Committee Priorities).

5. Dallas
Prior to the next meeting, web generated discussion will be summarized and a statement of consensus published.

6. Conclusions by article (to view an article, click below on the article number of your choice):

Article 1 See action 1 above
Article 2 Esoteric differences, however with the clarification in terms, many issues will be resolved
Article 3 Definitions will also apply here
Article 4 See #4 above
Article 5 See #4 above
Article 6 OK as is
Article 7 Generally OK as is; issue is negotiable at time of signing
Article 8 A separate contract specific document may need to be attached here
Article 9 See #4 above (may be most important)
Article 10 See #4 above
Article 11 See #4 above (may have hidden problems, or have site specific document attached
Article 12 Article 4 and Article 12 are not consistent (10 acres/25 acres) Insert "Acreage to be determined." in both
Article 13 Generally OK as is; insert "Not less than 12 months nor more than 24 months."
Article 14 Need clarification of "surrender" as to specific rights and duties of lessor and lessee. Suggestion: Lessee to return to Lessor at end of term with the following stipulations: (TBD). Owen will finalize this after definitions (#1 above) are complete.
Article 15 Generally OK as is.|
Article 16 Needs a footnote -- looks like cash payments or "rent" instead of tax relief. When legislation is in place, specific defaults and remedies will be in place. Owen has draft of deletions/insertions that will do for the interim.
Article 17 Change and to or in "Assignment or sublease"
Article 18 Change #15 to "This agreement shall run with the land" (Owen has specific correct language); Change #13 from no recording requirement to "Must be recorded."

Last changed: August 29, 2003