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Addendum #06-93
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Puget Sound Power & Light Company)
THIS ADDENDUM to Lease Agreement LAG #00555-73 is effective as of
September 1, 1993, and entered into this AS.a., day of , 1993.
RECITALS:
WHEREAS, the City of Renton and the Lessee previously entered into Lease
Agreement 05-73 dated September 1, 1973, with a term of twenty (20) years
commencing on September 1, 1973 and terminating on September 1, 1993, and
WHEREAS, rental payments were established to continue from September 1, 1973
to September 1, 1978, and every consecutive five (5) years thereafter rental rates were to
be readjusted by and between the parties to be effective for each ensuing five (5) year
period, resulting in rental rate adjustment dates of September 1, 1978, 1983, 1988 and
1993, and
WHEREAS, on November 12, 1991, Lessee agreed to an increase of the annual
rental rate to $0.30 per square foot per year, said rental rate to be retroactive to the
June 1, 1990, and
WHEREAS, upon expiration of the lease in 1993, Lessee has the right and option
to renew or extend the lease for a further term of ten (10) years upon notice, by the
Lessee to the Lessor, of the exercise of such option at least ninety (90) days prior to the
expiration of the original term of the lease, i.e., June 1, 1993, and
WHEREAS, Lessee did by letter dated May 25, 1993, delivered by certified mail
to the Airport Manager, notify the Lessor of Lessee's intent to exercise its option to
extend the term of the lease for an additional ten (10) year period beginning September
1, 1993, and
WHEREAS, the extended term of the lease will begin September 1, 1993 and
expire September 1, 2003, with no additional rights or options to renew or extend the
lease, and
WHEREAS, the current rental payments, as specified in Addendum #05-92 to
this lease, shall continue until the first day of September 1995. Effective as of that
date, and every consecutive five (5) years thereafter, said rental rate shall be readjusted
by and between the parties to be effective for each ensuing five (5) year period,
respectively, as specified in paragraph 18 of said lease, and
WHEREAS, upon expiration of this extended term of the lease on September 1,
2003, all structures and any and all improvements of any character whatever installed on
the leased premises shall be and become the property of the Lessor and title thereto shall
pass and revert to the Lessor City upon September 2, 2003, unless Lessor exercises its
option to require Lessee to remove any and all improvement and structures at Lessee's
expense,
1;ktials
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Addendum #06-93 (Continued)
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND PUGET SOUND POWER & LIGHT
COMPANY AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to an extension of the lease term
effective September 1, 1993 and expiring September 1, 2003.
2. The Lessor and Lessee do hereby agree to a rental rate of Five Hundred
Forty-Seven Dollars and Twelve Cents ($547.12) per month, computed at the annual rate
of Thirty Cents ($0.30) per square foot per year.
3. Lessor and Lessee do hereby agree that the annual rate of Thirty Cents
($0.30) per square foot shall remain in effect until September 1, 1995, and effective as
of that date the rental rate shall be readjusted by and between the parties as specified in
paragraph 18 of the lease.
4. All other terms and conditions of the original Lease Agreement shall remain
in full force and effect.
PUGET SOUND POWER & LIGHT COMPANY CITY OF RENTON
a Washington Corporation a Municipal Corporation
1111
BY BY
Director Real state Mayor
Age
City 0-7
Approved as to legal form
Date: 4 -ate-73
C7eAmV/AjdAltit01,--
City Attorney
Files/Lessees
PugetPwr/Lease
Adden06.doc