Submitted By: Matthew Grow
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Presentation By: Matthew Grow
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Department: Aviation
FORMAL TITLE:
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Estoppel certificate for Londons Landholdings, LLC ground lease
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OCALA’S RELEVANT STRATEGIC GOALS:
Quality of Place, Operational Excellence
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
On January 1, 2021, the City Council approved a ground lease with Londons Landholdings, LLC at the Ocala International Airport. The tenant has requested that the City execute an estoppel certificate regarding the lease's financing and title matters.
FINDINGS AND CONCLUSIONS:
The estoppel certificate confirms that the lease remains in full force and effect, that rent is current, and that the City is not aware of any defaults, claims, liens, or offsets under the lease.
Execution of the estoppel certificate does not modify the terms of the lease or create any additional obligations for the City.
Staff recommends approval.
FISCAL IMPACT:
None.
PROCUREMENT REVIEW:
N/A
LEGAL REVIEW:
This Agreement has been reviewed and approved for form and legality by City Attorney, William E. Sexton.
ALTERNATIVE:
• Approve with Changes
• Table
• Deny