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Home My WebLink AboutAddendum - 1ADDENDUMNO.1TOLAG-21-OO1PENNEYLOFTS,LLCCityCenterParkingGarageTHISADDENDUMNo.1toLeaseAgreementLAG-21-001iseffectiveFebruary1,2023(“EffectiveDate”)byandbetweentheCityofRenton(“City”or“Owner”)aWashingtonmunicipalcorporation,andPenneyLofts,LLC(PENNEY)aWashingtonlimitedliabilitycompany,forthepurposeofleasingparkingstallsintheCityCenterParkingGaragetoPENNEYasaconditionofLUA#19-000109offstreetparkingrequirementsforthedevelopment.TheCityandPENNEYareattimescollectivelyreferredtoas“Parties.”WHEREAS,bythisAddendum,thePartiesmutuallyagreetoamendtheoriginaland existingPenneyLofts,LLCLeaseAgreement.NOW,THEREFORE,inconsiderationofthemutual promisesandcovenantsintheAddendumandothergoodandvaluableconsideration,thesufficiencyandreceiptofwhichisherebyacknowledged,thePartiesagreetothefollowing:1.SECTION2.A.TermandTerminationoftheAgreementisamendedtoaddthefollowing:AgreedRenewal:ThisagreementshallberenewedforanadditionalperiodoftwoyearsfromFebruary1,2023toJanuary31,2025unlessotherwiseterminatedpursuanttotheterminationsectionoftheAgreement.2.SECTION4.A.1PaymentandConsiderationoftheAgreementisamendedtoadd:2023-2025(noincrease)$41.07+LET$5.27=$46.34perstall3.AlltermsoftheAgreementnotexplicitlymodifiedhereinshallremaininfullforceandeffectandsuchtermsshallapplytothisAmendmentasiffullysetforthherein.INWITNESS WHEREOF,thePartiesagreethatthisAmendmentshallbecomebindingasoftheeffectivedatenotedabove.CITYOF RENTONPENNEYLOFTS,LLC.ArmondoPavone,Mayor.‘‘avidSmith,TitleDateSigned:__________Title:cs_Date Signed:li/IJasonA.Seth,CityClerkDateAttested:LAG-21-001AddendumNo1Page1of3LAG-21-001, Adden #1-2212-20-202212-20-2022 APPROVEDASTOFORMONLYShaneMoloney,CityAttorneyclb125811-16-22LAG-21-OO1AddendumNo1Page2of3Approved by Cheryl Beyer via 11/17/2022 email