November 09, 2010
Status:
Approve the Extension of Sublease Agreement between Mortgage Systems International, LLC and The School Board of Broward County, Florida for Building H, Sawgrass Technology Park, Sunrise.
Approve and additional appropriation in the amount of $18,633 which will come from the Capital Projects Reserve.
On June 5, 2007, SBBC entered into a sublease agreement (the “Sublease”) with Mortgage Systems International, LLC (“MSI”) for the occupancy of 22,294 square feet of office space within Building H, Sunrise Technology Park in Sunrise, Florida. This space is currently occupied by the South Central Area Superintendent’s office.
The primary lease between MSI and the Landlord expires on November 30, 2010. However, as a result of a calculation error by MSI, the Sublease between MSI and the SBBC expires two weeks earlier on November 15, 2010. Notwithstanding the calculation error, SBBC desires to continue occupancy until November 30, 2010, and MSI agrees to extend the term of the Sublease by two weeks up to November 30, 2010.
In exchange, the SBBC agrees to pay $18,633 to MSI, which represents SBBC's pro-rata share of the November lease expense.
This agreement has been reviewed and approved as to form and legal content by the School Board Attorney.
The financial impact to the school district is $18,633. The source of funding will be the Capital Projects Reserve.
Requested Action
Approve the Extension of Sublease Agreement between Mortgage Systems International, LLC and The School Board of Broward County, Florida for Building H, Sawgrass Technology Park, Sunrise.
Approve and additional appropriation in the amount of $18,633 which will come from the Capital Projects Reserve.
Summary
On June 5, 2007, SBBC entered into a sublease agreement (the “Sublease”) with Mortgage Systems International, LLC (“MSI”) for the occupancy of 22,294 square feet of office space within Building H, Sunrise Technology Park in Sunrise, Florida. This space is currently occupied by the South Central Area Superintendent’s office.
The primary lease between MSI and the Landlord expires on November 30, 2010. However, as a result of a calculation error by MSI, the Sublease between MSI and the SBBC expires two weeks earlier on November 15, 2010. Notwithstanding the calculation error, SBBC desires to continue occupancy until November 30, 2010, and MSI agrees to extend the term of the Sublease by two weeks up to November 30, 2010.
In exchange, the SBBC agrees to pay $18,633 to MSI, which represents SBBC's pro-rata share of the November lease expense.
This agreement has been reviewed and approved as to form and legal content by the School Board Attorney.
School Board Goals
| Goal Six: Parents, Business and Community Partnerships (2008-2011) |
Financial Impact
The financial impact to the school district is $18,633. The source of funding will be the Capital Projects Reserve.
Source of Additional Information
Chris Akagbosu 754 321-2162
Associated File Attachments
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Agreement (Files) | |
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Letter (Files) | |
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Collaboration (Files) | |
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ExecutedCompleteCopy (Files) |