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Home My WebLink AboutAdden 5 � LAG 14-005 � Amendment 05-17 � � AMENDMENT TO LEASE AGREEMENT � � (City of Renton to Rainier Flight Service, LLC) THIS AMENDMENT to Lease Agreement LAG 14-005 is effective as of November � 1, 2017. RECITALS: � WHEREAS, under (ease LAG 14-005, executed November 1, 2014, as subsequently amended, the City of Renton (Landlord) leased to Rainier Flight Service LLC (Tenant) certain land on the Renton Municipal Airport, Renton, Washington, until � September 30, 2024; and � d WHEREAS, pursuant to section 4.a. of LAG 14-005, Rainier Flight Service, LLC's � lease rate is further divided into two sub sections, a land component, and a building � component of the lease; and � � WHEREAS, on February 1, 2015, through a lease arbitration process, a new land ` rental rate for the approximately 88,601 square feet of land area leased by Tenant was � established at $0.7252 per square foot per year, and continuing until February 1, 2017; � r and � WHEREAS, the land and building rental rate is subject to a three-year � adjustment based on the Consumer Price Index-Urban (CPI-U) pursuant to Section 4.b � of LAG 14-005; a n d � � WHEREAS, Landlord and Tenant agree that the difference between the CPI-U of � April 2017, as compared to April 2014, is 6% (261.560/246.616 = 1.06), and this results � � in a ground lease rate increase from $0.7252 to $0.77 per square foot per year ($0.7252 � X 1.06= $0.77), and a building lease rate increase from $1.46 to $1.55 per square foot " per year ($1.46 x 1.06= $1.55), and continuing until February 1, 2020; and � � WHEREAS, Landlord and Tenant agree that on November 1, 2017, and for the k ensuing three (3) year period, the land rental rate should be adjusted to a rate of$0.77 � per square foot per year for the 88,601 square feet of leased ground area, resulting in ` an annual ground rental amount of$68,222.77 (88,601 x$0.77), and a monthly ground � rental rate of five thousand six hundred eighty five dollars and twenty three cents � � ($5,685.23) ($68,222.77/12=$5,685.23), and continuing until November 1, 2020. � � WHEREAS, Landlord and Tenant agree that on November 1, 2017, and for the � ensuing three (3) year period, the building rental rate should be adjusted to a rate of � � � ORlGI�fA� q Amendment to Lease Agreement LAG 14-005 1 City of Renton to Rainier Flight Service,LLC � LAG 14-005 Amendment 05-17 $1.55 per square foot per year for the 20,020 square feet of leased building area, i resulting in an annual building rental amount of$31,031 (20,020 x$1.55), and a � monthly rental rate of two thousand five hundred and eighty five dollars and ninety two s cents ($2,585.92) ($31,031/12=$2,585.92), and continuing until November 1, 2020; and � € � WHEREAS, pursuant to Amendment 01-14, Tenant is permitting Landlord's use � of the Northwest Corner Room, in the Tenant-leased building, on a month-to-month " basis for the sum of one hundred sixty one dollars and thirty three cents ($161.33), per �' month toward the Minimum Monthly Rent paid by the Tenant under the Lease. � t: � NOW,THEREFORE, IN CONSIDERATION OF THE TERMS AND CONDITIONS HEREIN � CONTAINED AND FOR OTHER GOOD AND VALUABLE CONSIDERATION,THE RECEIPT � AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, LANDLORD AND TENANT ; � AGREE AS SET FORTH BELOW: � L WITNESSETH: i F � 1. On the effective date of this amendment, Section 4.a. of LAG 14-005, is hereby � amended to read as follows: ` � 4a. Minimum Monthly Rent: Tenant shall pay to Landlord a Minimum Total � (Ground lease + Building lease) Monthly Rent in the sum of eight thousand two hundred seventy one dollars and fifteen cents ($5,685.23 + $2,585.92 = $8,271.15), which amount is one-twelfth of the Total Annual Rent, PLUS leasehold excise tax as : described in Section 5 of lease BLAG 14-005, without deduction, offset, prior notice � or demand, payable promptly in advance on the first day of each and every month � during the Term. All such payments shall be made to the City of Renton, Renton � Municipal Airport, 616 West Perimeter Road-Unit A, Renton, Washington 98057. � � � � � � � s � b t �. � �. k 4: � �. 6, �. 4, R � � Amendment to Lease Agreement LAG 14-005 2 � City of Renton to Rainier Flight Service,LLC � & � 4 E LAG 14-005 R Amendment 05-17 � � 2. Ail other terms and conditions of the original Lease Agreement and Addenda thereto, insofar as they are not inconsistent herewith, shall remain in full force and � effect. � Rainier Flight Service LLC CITY OF RENTON a Washington Limited Liability Company a Municipal Corporation ¢ �/ � �� f L�..✓i ,' �� ,A,� - � =�1 ' v� �/V VV V ��„� Denis Law May r � F ��-� � � Title Jason eth Ci y Clerk � , �. ,,`��a��t�u�iir�� .��G��(Y 0 F�;��,,� � �' +'+`�. `\`��a�tnur,�,��iy �is'/i , i � � ; � ''�, O: Date = = S " Z: : � = ��L = : : o =,, � : * � � ' '' ' ' Approved as to legal form - , _ , . : � '/��i��'P,',/��N�n n�U��```90�``��• ��i��rF�SEP;`6``��`� � �/�I/C'�� L �# €' Shane Moloney, City Attorney � � r � � � � � � � � F. � � Amendment to Lease Agreement LAG 14-005 3 City of Renton to Rainier Flight Service,LLC €