HomeMy WebLinkAboutI - 07 PBR Tournaments NY - First Amendment to Management Agreement 4340598_1
FIRST AMENDMENT TO MANAGEMENT AGREEMENT
THIS FIRST AMENDMENT TO MANAGEMENT AGREEMENT (“First Amendment”) is
entered into this _____ day of March, 2022 (the “First Amendment Effective Date”) by and between
PBR Tournaments NY, LLC, an Indiana limited liability company (“PBRT”), and the Town of
Cortlandville, a municipal corporation organized under the laws of the State of New York (“Town”).
RECITALS:
WHEREAS, Town is the owner of certain real property located at 3111 Bryne Hollow Crossing
in the Town of Cortlandville, County of Cortland and state of New York and identified as Cortland
County Tax Map No. 105.00-04-02.200. (the “Real Property”);
WHEREAS, the members of PBRT have experience and expertise in the management and
operation of sports events and facilities; and
WHEREAS, the parties have a mutual and shared goal of developing, managing and maintaining
the Real Property and the facilities, fixtures and other improvements to be built thereon.
WHEREAS, PBRT and the Town entered into that certain Management Agreement dated August
1, 2021, (the “Agreement”); and
WHEREAS, PBRT and Town desire to amend the Agreement upon the terms, conditions,
covenants and agreements set forth in this First Amendment.
WITNESSETH:
NOW, THEREFORE, in consideration of the mutual promises herein contained, and other good
and valuable consideration, the receipt and sufficiency of which are acknowledged, and intending to be
legally bound, the parties agree as follows.
1. Recitals; Defined Terms. The recitals contained above are true to the best of the parties’
knowledge and are incorporated by reference herein. Any term used herein that is defined in the
Agreement shall have the same meaning as specified in the Agreement unless otherwise specifically
provided herein.
2. Amendment to Section 1.0(a). Effective on the First Amendment Effective Date, Section
1.01(a) is hereby deleted in its entirety and replaced with the following:
“Four (4), (two of which are already built), ball diamonds all of which will be lighted and
have artificial turf in the entire fields, both infield and outfield, identified more
specifically in Exhibit A (“Diamonds”).”
3. Amendment to Section 3.07. Effective on the First Amendment Effective Date, the first
sentence of Section 3.07 is hereby deleted and replaced with the following:
“Commencing on the first year anniversary of the Rent Commencement Date and
continuing on each annual anniversary thereafter during the Term (with the exception of
the annual anniversary that falls on the last day of the Term) the Town and PBRT shall
each deposit $25,000 ($50,000 in the aggregate annually) into an escrow account
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(“Escrow Account”) maintained by an escrow agent mutually agreeable to the Parties
(“Escrow Agent”) in accordance with an escrow agreement (“Escrow Agreement”)
agreed to by the Parties.”
4. Effective on the First Amendment Effective Date, the Monthly Lease Schedule, attached
hereto and incorporated herein as Exhibit D, will be replaced with the current Exhibit D, attached to the
Agreement.
5. Counterparts. This First Amendment may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original but all of which shall constitute one and the same
instrument.
6. Incorporation. This First Amendment shall be incorporated into and made part of the
Agreement. All other terms and conditions of the Agreement are hereby ratified and shall remain in full
force and effect. PBRT represents to Town that the Agreement has not been assigned, modified,
supplemented or further amended in any way, except with respect to this First Amendment. This First
Amendment will not be binding upon any party until this document has been executed by all parties
thereto.
[Signatures on Following Page]
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IN WITNESS WHEREOF, Town and PBRT have executed and delivered this First Amendment
under seal on the date first above written.
“TOWN” “PBRT”
TOWN OF CORTLANDVILLE PBR Tournaments NY, LLC
By: _________________________________ By:
Printed: Thomas Williams Printed:
Title: Supervisor of Town of Cortlandville, NY Title:
Exhibit
D) Monthly Lease Schedule
Exhibit D
EXHIBIT D
The “Monthly Lease Schedule”
Lease Year Monthly Annual
1 $20,250.00 $243,000.00
2 $20,250.00 $243,000.00
3 $20,250.00 $243,000.00
4 $20,250.00 $243,000.00
5 $20,250.00 $243,000.00
6 $20,250.00 $243,000.00
7 $20,250.00 $243,000.00
8 $20,250.00 $243,000.00
9 $20,250.00 $243,000.00
10 $20,250.00 $243,000.00
Renewal
11 $20,250.00 $243,000.00
12 $20,250.00 $243,000.00
13 $20,250.00 $243,000.00
14 $20,250.00 $243,000.00
15 $20,250.00 $243,000.00
Renewal
16 $20,250.00 $243,000.00
17 $20,250.00 $243,000.00
18 $20,250.00 $243,000.00
19 $20,250.00 $243,000.00
20 $20,250.00 $243,000.00
*Subject to adjustment for late delivery or terminating rights under Section 3.01(b).