September 19, 2006
Status:
Approve the Subordination, Attornment and Nondisturbance Agreement with Stirling Bank for Lauderhill Middle Community School lease premises at Lauderhill Mall.
On June 20, 2006 the School Board approved three lease agreements with the Lauderhill Mall, LLC for the Lauderhill Middle Community School use of Unit 39-40 (1309/11 NW 40th Avenue), Unit 48-5 (1375B NW 40th Avenue), and Unit 56 (1475 NW 40th Avenue) for a two-year term commencing July 1, 2006.
Stirling Bank (the Lender) is requiring the Lauderhill Mall LLC (Landlord), obtain a Subordination, Attornment and Nondisturbance Agreement with all the Tenants occupying space within the Lauderhill Mall. In general, the agreement provides the Lender a mechanism to collect rental charges from the Tenants should the Landlord defaults throughout the term of the mortgage. So long as the Tenant is not in default in payments, performance of terms and conditions, the Tenant's rights and privileges under the Lease will not be diminished or interfered with by the Lender.
The Lender, through Lauderhill Mall, LLC requests the School Board execute the agreement first.
The School Board Attorney has approved these agreements as to form.
There is financial impact to the School District.
Requested Action
Approve the Subordination, Attornment and Nondisturbance Agreement with Stirling Bank for Lauderhill Middle Community School lease premises at Lauderhill Mall.
Summary
On June 20, 2006 the School Board approved three lease agreements with the Lauderhill Mall, LLC for the Lauderhill Middle Community School use of Unit 39-40 (1309/11 NW 40th Avenue), Unit 48-5 (1375B NW 40th Avenue), and Unit 56 (1475 NW 40th Avenue) for a two-year term commencing July 1, 2006.
Stirling Bank (the Lender) is requiring the Lauderhill Mall LLC (Landlord), obtain a Subordination, Attornment and Nondisturbance Agreement with all the Tenants occupying space within the Lauderhill Mall. In general, the agreement provides the Lender a mechanism to collect rental charges from the Tenants should the Landlord defaults throughout the term of the mortgage. So long as the Tenant is not in default in payments, performance of terms and conditions, the Tenant's rights and privileges under the Lease will not be diminished or interfered with by the Lender.
The Lender, through Lauderhill Mall, LLC requests the School Board execute the agreement first.
The School Board Attorney has approved these agreements as to form.
School Board Goals
| Goal 3 - All operations of the school system will demonstrate best practices while supporting student achievement. |
Financial Impact
There is financial impact to the School District.
Source of Additional Information
Thomas J. Coates 754 321-8351
Associated File Attachments
 |
Subordination, Attornment & Nondisturbance Agreements (Files) | |
|
|
PartiallyExecuted(PAOS) (Files) |