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AMENDMENT TO Material Sales Contract <br />• Aleutian Materials, Inc. <br />Tract's B-1 and B-2, Bells Flats Subdivision <br />AMENDMENT, made this 20 day of Ch-704 Get. , 2000, by and between the <br />KODIAK ISLAND BOROUGH, "KIB", and ALEUTIAN MATERIALS Inc., "AMF': <br />WHEREAS, the contract entered into between the partiesslid not make provisions for <br />the payment of real property taxes assessed on the Premises; and, <br />WHEREAS, the parties agreed to an amendment to the contract on Sept. 7, 1984; and, <br />WHEREAS, the method used for dealing with property taxes in that amendment does <br />not comply with State Law, which requires the payment of property taxes and does not allow <br />KIB the legal authority to exempt possessory interests in real property; and, <br />WHEREAS, AMI requests the option to renew for an additional 5 years pursuant to the <br />agreement, <br />NOW, THEREFORE, in consideration of the promises and mutual covenants of the <br />parties hereto, and for other good and valuable consideration, the receipt and sufficiency of <br />which are hereby expressly acknowledged, the parties hereby adopt this amendment, and agree <br />that Paragraph 6 of the Material Sales Contract dated July 7, 1982 and amended September 7, <br />1984, shall be amended as follows: <br />6. Annual Use Fee. <br />(a) An annual use fee will be paid to KIB by the AMI on each anniversary <br />data occurring during the term of the contract. The annual use fee for the <br />tract of land described in Section 1 above is $5,000 and resulted from <br />competitive bidding on June 24, 1982. No refund will be made to AMI for <br />any portion of a year remaining if this contract is terminated or cancelled. <br />(b) The annual use fee of $5,000 will be reduced dollar for dollar for the <br />amount of property taxes paid on the premises during the calendar year <br />assessed against AM1's possessory interest in KIB's land if the annual use <br />fee is timely paid in full. If AMI does not timely pay in full this section <br />• does not apply and the annual fee of $5,000 will be due in addition to the <br />• property taxes lawfully assessed against the Premises. <br />FURTHER: <br />AMI acting in good faith is in complete compliance with all provisions of the <br />agreement and pursuant to Article 5 of the agreement a timely request for renewal of the <br />option for extension having been received, parties agree that Article 4 of the Material <br />Sales Contract dated July 7, 1982 and amended September 7, 1984 and further amended <br />by this document shall be further amended as follows: <br />4. Term. The term of this contract is twenty five (25) years, beginning on July 1, <br />1982, and ending on June 30, 2007, (the balance of this section remains in force and <br />unchanged). <br />IN WITNESS WHEROF, the parties have executed this Amendment to the Material <br />•Sales Contract the day and year first written above. <br />