Variation of Lease Terms
Committee is asked to:
1. Approve the variation to the lease terms as set out in the report;
2. Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree any variations to the proposed terms (if required); and
3. Authorise the Group Head of Corporate Governance to enter into the deed of variation and any ancillary legal documentation.
Decision:
The Sub-Committee resolved to:
1. Approve the variation to the lease terms as set out in the report;
2. Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree any variations to the proposed terms (if required); and
3. Authorise the Group Head of Corporate Governance to enter into the deed of variation and any ancillary legal documentation.
Minutes:
The Sub-Committee considered a variation for lease terms for a tenant within the Commercial Portfolio.
Councillor Williams returned to the meeting at 14:13.
The Asset Manager set out the history of the tenant. The terms of the lease were summarised as well as the financial risks and benefits or approving the variation versus re-letting the space.
The Sub-Committee resolved to:
1. Approve the variation to the lease terms as set out in the report;
2. Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree any variations to the proposed terms (if required); and
3. Authorise the Group Head of Corporate Governance to enter into the deed of variation and any ancillary legal documentation.