HomeMy WebLinkAboutAdden 2 sloeI*M01 LAG 14-005
Amendment 2-14
AMENDMENT TO LEASE AGREEMENT
(City of Renton to Rainier Flight Service LLC)
THIS AMENDMENT to Lease Agreement LAG 14-005 is effective as of the date of execution by
THE CITY OF RENTON, a Washington municipal corporation (hereinafter "Landlord") and Rainier
Flight Service, LLC, a Washington Limited Liability Company (hereinafter "Tenant").
RECITALS:
WHEREAS, Landlord and Tenant entered into a Ground Lease dated November 1, 2014,
LAG-14-005 on the premises described in Exhibit "A"; and
WHEREAS, Tenant is seeking financing from Pacific Continental Bank; and
WHEREAS, Tenant is requesting that the city execute a Landlord Subordination
Agreement ("Subordination Agreement") be executed among Pacific Continental Bank, the
Landlord, and the Tenant; and
WHEREAS, Pacific Continental Bank will not agree to remove, at their expense, Collateral
as defined in Exhibit 1 to the Subordination Agreement. And
WHEREAS, the Landlord and Tenant desire to have the Tenant take on the responsibility
of removing property, at the Landlord's discretion, at the termination of the Lease,
NOW,THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
LANDLORD AND TENANT AS FOLLOWS:
WITNESSETH:
A: Section 18 of Lease Agreement LAG 14-005 is hereby amended to read as follows:
Section 18. SURRENDER OF PREMISES: Tenant shall quit and surrender the Premises at
the end of the Term in a condition as good as the reasonable use thereof would permit,
normal wear and tear excepted. Alterations, additions or improvements which may be
made by either of the parties hereto on the Premises, except movable office furniture or
trade fixtures put in at the expense of the Tenant, shall be and remain the property of
the Landlord and shall remain on and be surrendered with the Premises as a part
thereof at the termination of this Lease without hindrance, molestation, or injury.
Tenant shall remove from the Premises, upon request of the Landlord, movable office
furniture or trade fixtures put in at the expense of Tenant. Tenant shall, at its sole
expense, properly and promptly repair to Landlord's reasonable satisfaction any damage
Amendment 02-14 to LAG 14-005
City of Renton to Rainier Flight Service LLC
ORIGINAL
to the Premises occasioned by Tenant's use thereof, or by the removal of Tenant's
movable office furniture or trade fixtures and equipment, which repair shall include the
patching and filling of holes and repair of structural damage.
B. All remaining provisions of LAG 14-005, as previously amended, shall remain in full force and
effect, insofar as not inconsistent herewith.
Rainier Flight Service, LLC CITY OF RENTON
a Washington Limited Liability Corporation a Municipal Corporation
I
GcVdon Alvord Denis Law
Mayor
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City lerk, J son A. Se � O'LoG�
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City Attorney
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Amendment 02-14 to LAG 14-005 2 of 3
City of Renton to Rainier Flight Service LLC
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I certify that I know or have satisfactory evidence that is
the person who appeared before me, and s/he acknowledged that s/he signed this instrument,
on oath stated that s/he was authorized to execute the instrument and acknowledged it as the
of , a , to be the
free and voluntary act of such for the uses and purposes mentioned in the
instrument.
Dated this day of 12014.
[Signature of Notary]
[Print Name of Notary]
Notary Public in and for the State of
Washington, residing at
My commission expires:
Amendment 02-14 to LAG 14-005 3 of 3
City of Renton to Rainier Flight Service LLC
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BLAG 14-005
Amendment 03-15
AMENDMENT TO BUILDING LEASE AGREEMENT
City of Renton to Rainier Flight Service, LLC
THIS AMENDMENT No. 3 to Lease Agreement LAG 14-005 is entered into as of
February 1, 2015, by the City of Renton, a municipal corporation (Landlord) and Rainier
Flight Service, a limited liability company (Tenant) and amends that certain lease agreement
LAG 14-005, dated November 1, 2014.
RECITALS:
WHEREAS, under BLAG 14-005 dated November 1, 2014, the City of Renton
(Landlord) had leased to Rainier Flight Services LLC (Tenant) certain land area and building
space on the Renton Municipal Airport, Renton, Washington, until September 30, 2024; and
WHEREAS, under BLAG 14-005, Tenant leases 88,601 square feet of land; and
WHEREAS, under BLAG 14-005 the land rental rate was set at $0.75/sq. ft./year, and
Tenant had paid said rental rate pursuant to lease LAG 14-005; and
WHEREAS, after the Lessor and Lessee agreed to the land rental rate an arbitration
was conducted; and
WHEREAS, on January 8, 2015, a new land rental rate was established, through the
lease arbitration process, at a rate of$0.7252 per square foot per year; and
WHEREAS, the Lessor and Lessee desire to amend BLAG 14-005 to reflect this new
land rental rate, effective retroactively to the commencement of the lease agreement, BLAG
14-005; a n d
WHEREAS, the annual difference between 88,601 Sq.Ft. x $0.75 and 88,601 Sq.Ft. x
$0.7252 is $2,197.30 ($66,450.75 - $64,253.45). The monthly amount of the differential is
$183.11 (2,197.30/ 12). The refund amount is Seven Hundred Thirty Two dollars and Forty
Four cents ($732.44) (4 months x$183.11), for the period beginning November 1, 2014 to
February 28, 2015. The refund will be deducted from the land rental amount for March
2015.
Amendment 03-15 to LAG 14-005
City of Renton to Rainier Flight Service LLC G I n 1
I V AL