HomeMy WebLinkAboutAdden 05 *4wo# LAG -10-001
Amendment No. 5
AMENDMENTTO LEASE AGREEMENT
(City of Renton to The Boeing Company)
THIS AMENDMENT No. 5 to Lease Agreement LAG -10-001 ("Amendment No. 5") is
entered into by the City of Renton and The Boeing Company with reference to that
certain lease designated as LAG-10-001 (the "Agreement") between the same parties
and is effective as of the "Effective Date" as defined in Section 1. of this Amendment No
5.
RECITALS:
1. WHEREAS, under LAG-10-001 dated May 19, 2010, the City of Renton (Landlord) had
leased to The Boeing Company (Tenant) certain land area, facilities and buildings on
the Renton Municipal Airport, Renton, Washington, until May 31, 2030; and
2. WHEREAS, Tenant completed, and City of Renton approved, the restoration work
relating to Boeing Substation B-1 on October 30, 2013; and
3. WHEREAS,Tenant desires to terminate and surrender Boeing Substation B-1 as
described in Exhibit F effective upon the Effective date of this Amendment No. 5.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN
THE LANDLORD AND THE TENANT AS FOLLOWS:
WITNESSETH:
Landlord and Tenant agree to amend the original Lease Agreement, LAG-10-001, in the
following respects:
1. The Effective Date of this Amendment No 5 is November 1, 2013.
2. Effective on the date of this Amendment No. 5, the area known as Boeing Substation
B-1 as shown on "Exhibit F" consisting of 453 square feet is hereby terminated and no
longer a part of the Premises.
3. Effective on the date of this Amendment No. 5, Section 4.a. Minimum Monthly Rent,
of LAG 10-001 is amended to read as follows:
4. RENT AND FEES:
4.a. Minimum Monthly Rent: Tenant shall pay to Landlord a Minimum Monthly Rent in
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ORIGINAL
"s LAG -10-001
Amendment No. 5
the sum of one hundred and three thousand one hundred sixteen dollars and four
cents ($103,116.04), which amount is one-twelfth of the Total Annual Rent shown
in the chart below, minus the temporary "Rental Offset for the Apron C Parcels" as
explained in Section 4.a.1. below, PLUS Leasehold Excise Tax as described in Section
5, below 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, Airport Administration Office,
Renton Municipal Airport, 616 West Perimeter Road, Unit A, Renton, Washington
98057. The Minimum Monthly Rent is computed as follows:
Exhibit Lease Parcel/Building Leased 2013 Rates Annual Rent
Description area (sq ft)
Exhibit A 5-08/5-09 Building and $379,179.54 $379,179.54
Land and Aircraft
Position A-1
Exhibit B 5-50 Building (See note $163,276.80 $163,276.80
below)
Exhibit B Land and Aircraft 132,896 $0.66/sq $87,711.36
Positions A-2 &A-3 ft/yr
(including land under 5-
50 Building)
Exhibit C Aircraft Position A-4 467,809 $0.66/sq $308,753.94
through A-9 and ft/yr
Compass Rose
Exhibit D North Bridge Access 16,778 $0.66/sq $11,073.48
ft/yr
Revised Amended Apron B 174,073 $0.66/sq $114,888.18
Exhibit E ft/yr
Exhibit F Boeing Substation B-1 (area $0
terminated
from lease)
Exhibit G 5-45 Building (building $20,100 $21,366.30
only)
Exhibit G 5-45 Land (land only) 57,130 $0.66/sq $37,705.80
ft/yr
Exhibit I Utility Installations 22,147.74 33%of $4,872.50
Easement Agreement $0.66/sq
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**AW *400 LAG -10-001
Amendment No. 5
ft/yr
Exhibit J 760 Parcel 56,923 $0.66/sq $37,569.18
ft/yr
Exhibit J 756 Building $2,965.68 $2,965.68
760 Building $10,710.00 $10,710.00
Exhibit K 770 Parcel 86,848 $0.66/sq $57,319.68
ft/yr
Total Annual Rent = $ 1,237,392.44 plus Leasehold Excise Tax
2. Note relating to Exhibit B: The Parties acknowledge that in 2009 and 2010, the Tenant
made a substantial capital investment in improvements to the 5-50 Building, including
numerous alterations to the structure as well as improvements within the building.
Tenant's financial investment as well as these improvements and Tenant's use of the
building as a paint hangar have made this a unique building. Pursuant to provisions in
the prior lease, Renton will assume ownership of this building on June 1, 2010. So,
while Landlord will charge Tenant rent for its use,the Parties have agreed to treat this
building differently from other buildings in certain provisions of this Lease. The rental
rate for the 5-50 Building shall adjust according to the terms set out in this Paragraph
4, EXCEPT that in those years when the Minimum Monthly Rent is adjusted to the
"then current market rent", pursuant to Paragraph 4.b.2, below, the parties agree that
the appraisal (or other form of analysis to determine fair market rental) relating to the
5-50 Building shall evaluate the building as an aircraft hangar, and as if the
improvements made by Tenant in 2009-2010, and described in Paragraph 4.d, below,
had not been made. However, the Parties agree that the condition of the building, as
it is maintained by Boeing, shall be considered in the appraisal (or other form of
analysis) to determine the fair market rental.
4.a.1. Rental Offset for the Apron C Parcels: Beginning on the
commencement of the Term for the Apron C Parcels and ending on March 31,
2015, or when Tenant takes possession of the 760 and 770 Parcels, whichever
is earlier, Landlord shall apply a credit of Three Thousand Seven Hundred
Twenty Four dollars and zero cents ($3,724.00) per month, which amount is
one-twelfth of the Current Tenant Rental Income, toward the Minimum
Monthly Rent paid by the Tenant under the Lease, as amended herein.
4. Miscellaneous Provisions Applicable to this Amendment No. 5.
4.1. All terms used in this Amendment No. 5 that are defined in the Agreement are
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*r.r LAG -10-001
Amendment No. 5
used in this Amendment No. 5 as they are defined in the Agreement.
4.2. This Amendment No. 5 may be executed in multiple counterparts, each of which
shall be deemed an original, but all of which, together, shall constitute but one and the
same instrument.
4.3. This Amendment No. 5 supersedes any prior agreements, negotiations, and
communications, oral or written, with respect to the subject matter of this
Amendment No. 5 and contains the entire agreement between, and the final
expression of, Landlord and Tenant with respect to the subject matter of this
Amendment No. 5. No subsequent agreement, representation, or promise made by
either party hereto, or by or to an employee, officer, agent or representative of either
party hereto shall be of any effect unless it is in writing and executed by the party to be
bound thereby.
4.4. Status of Agreement: As amended by this Amendment No. 5, the Agreement
continues in full force and effect in accordance with its terms. On and after the date of
this Amendment No. 5, the Agreement shall be deemed amended by this Amendment
No. 5 and all references in the Agreement to "this Agreement" "this Lease" "herein"
"hereof" and the like shall be deemed to be references to the Agreement as amended
by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, and
this Amendment No. 5.
TENANT: LANDLORD:
THE BOEING COMPANY CITY OF RENTON
a Delaware Corporation a Municipal Corporation
F Doug Tillotson Mayor, Denis Law
thorized Signatory)
y-
zz -
icy
Date
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*%We wr LAG -10-001
Amendment No. 5
ATTEST:
City Clerk, Bonnie Walton
is ao i
Date
Appr ved as to legal form:
Lawrence J. Warren
City Attorney
Oo0%-� 0 t1
` O
CIO
I,
!1!111
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• v.r► LAG -10-001
Amendment No. 5
On this reday of�- 2014, before me, the undersigned, tho C-ity £perk
of the City of Renton, personally appeared me
known to be the person who signed as 'Y1—, �Y�,�, Jr y C_ �,e of THE CITY
OF RENTON, the municipality that executed the within and foregoing instrument, and
acknowledged said instrument to be the free and voluntary act and deed of said
municipality for the uses and purposes therein mentioned, that T 6qu'thorized to
execute said instrument and that the seal affixed is the municipal seal of the City of Renton,
King County, Washington. IN WITNESS WHEREOF I have hereunto set my hand and official
seal the day and year first above written.
H.
n, rity clerk
�' f3
N• PUP7\�: t~o `Date: �� STATE OF
w=rF OF W PPS l���
'�� �� WASHINGTON)
ss.
COUNTY OF )
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"%0" 14 r
On thisday of C4
Coc,I , 2014, before me, the undersigned, a Notary
Public in and for the State of Washington, duly commissioned and sworn, personally
appeared 1 -..'-�n ,to me known to be the
person who signed as of THE BOEING COMPANY, the
corporation that executed the within and fore ' g instrument, and acknowledged said
instrument to be the free and voluntary act and deed of said corporation for the uses and
purposes therein mentioned, and on oath stated that_�,.��was duly elected, qualified
and acting as said officer of the corporation, that Ll-� was authorized to execute said
instrument and that the seal affixed, if any, is the corporate seal of said corporation.
IN WITNESS WHEREOF I have hereunto set my hand and official seal the day and year first
above written.
(Signature otary)
-�p�AC 4 ,
(Print or stamp name of Notary)
�2'0
%U NOTARY PUBLIC in and for the State
4 (�
'°UBsN� of Washington, residing at
s '�.x o My appointment expires:
QF,\NAg�
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