Assignment of Wind Turbine Lease

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The decision

2019-06-13 · Board of Governors of Exhibition Place · adopted

As filed

The Board of Governors of Exhibition Place: 1. Subject to obtaining the necessary authority from the City of Toronto (the "City"), consented to the assignment by Toronto Hydro Energy Services Inc. ("THESI") of its interest in the Lease dated February 15, 2002, extended March 1, 2017 and expiring February 28, 2021, for certain lands near the west end of the Exhibition Place grounds on which the tenant constructed a wind turbine, to TREC Windpower Co-Operative (No.

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1) Incorporated (the Assignment). 2. Authorized the Chief Executive Officer, Exhibition Place to request that the necessary City authorities consent to the Assignment. 3. Subject to obtaining the necessary authority from the City, agreed entering into any agreements, documents or instruments required to give effect to Recommendation 1 above.

On the agenda

As the city filed it

The Board of Governors of Exhibition Place (the "Board"), as landlord and Toronto Hydro Energy Services Inc. ("THESI") and TREC Windpower Co-Operative (No. 1) Incorporated ("TREC", and THESI and TREC are collectively referred to as the "Tenant") entered into a Lease dated February 15, 2002, as extended by a Lease Extension Agreement dated March 1, 2017 (collectively, the "Lease") for certain lands near the west end of the Exhibition Place grounds, on which the Tenant constructed a wind turbine, for a term expiring on February 28, 2021.

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On March 4, 2019, a written request was received from THESI for it to be removed as a Tenant under the Lease, so that the co-Tenant TREC would become the sole Tenant. The Board has advised the Tenant that this would constitute an assignment by THESI of its interest in the Lease to TREC. Article 15 of the Lease provides that the Tenant shall not effect any assignment of its interest in the Lease without first obtaining the written consent of the Landlord, which consent shall not be unreasonably withheld or delayed.

Staff recommended

The Chief Executive Officer recommends that: 1. Subject to obtaining the necessary authority from the City of Toronto (the "City"), the Board consent to the assignment by Toronto Hydro Energy Services Inc. ("THESI") of its interest in the Lease dated February 15, 2002, extended March 1, 2017 and expiring February 28, 2021, for certain lands near the west end of the Exhibition Place grounds on which the tenant constructed a wind turbine, to TREC Windpower Co-Operative (No.

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1) Incorporated (the Assignment). 2. The Board authorize the Chief Executive Officer to request that the necessary City authorities consent to the Assignment. 3. Subject to obtaining the necessary authority from the City, the Board enter into any agreements, documents or instruments required to give effect to Recommendation 1, above.

On the record

The item as the City filed it

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