HomeMy WebLinkAboutAdden 2 fir.► "�✓ LAG 12-004
Amendment 2-14
AMENDMENT TO LEASE AGREEMENT
(City of Renton to Bosair, LLC.)
THIS AMENDMENT to Lease Agreement LAG 12-004 is effective as of the date of execution by
THE CITY OF RENTON, a Washington municipal corporation (hereinafter "Landlord") and
BOSAIR, LLC, a Washington Limited Liability Company (hereinafter "Tenant").
RECITALS:
WHEREAS, Landlord and Tenant entered into a Ground Lease dated October 1, 2012, LAG-
12-004 on the premises described in Exhibit "A"; and
WHEREAS, Tenant has applied for a Small Business Administration Loan pursuant to
Section 504 of the Small Business Investment Act of 1950; and
WHEREAS, The Authorization and debenture Guaranty issued by the U.S. Small Business
Administration pursuant to the application of Tenant for the loan referred to herein requires
Tenant's assignment of the Lease as security to the Northwest Business Development Association
and further assignment to the U.S. Small Business Administration; and
WHEREAS, Pursuant to Authorization for Debenture Guarantee (SBA 504 Loan), Loan No.
6806965004, Tenant will execute a Leasehold Deed of Trust and Note, which Deed of Trust is in
favor of Northwest Business Development Association and which Deed of Trust will be
immediately assigned to U.S. Small Business Administration, an Agency of the United States of
America; and
WHEREAS, it is a condition precedent to obtaining said loan that the SBA be specifically
excluded from and against any and all obligations imposed on the Tenant as set forth in
Paragraph 13 of the Lease due to the Federal Anti-Deficiency Act (USC Title 31, Subtitle II, Chapter
13, Subchapter III, Section 1341 ("Act").
NOW,THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
LANDLORD AND TENANT AS FOLLOWS:
WITNESSETH:
1. EFFECT OF FEDERAL ANTI-DEFICIENCY ACT: The parties agree that SBA shall not be
obligated to perform, and shall be completely relieved from, any obligation under Paragraph 13
(Indemnity) of the Lease (LAG 12-004) to the extent that such performance would constitute a
violation of the Act. SBA shall be deemed a third party beneficiary of this Amendment for these
purposes. The Tenant, however, remains subject to Paragraph 13 of the Lease.
ORIGINAL
2. NO WAIVER OF SOVEREIGN IMMUNITY: Nothing whatsoever in this Amendment
constitutes or shall be construed as a waiver of the sovereign immunity of SBA, an Agency of the
United States Government.
3. COUNTERPARTS: This Amendment may be executed in counterparts.
4. Except as modified herein, all terms of the original Lease shall remain unchanged
and shall remain in full force and effect.
BOSAIR, LLC CITY OF RENTON
a Washington Limited Liability Corporation a Municipal Corporation
2—U
urt R. Boswell Denis Law
Mayor
Title
Jas A. Seth
Act ng City Clerk
Date
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City Attorney
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STATE OF WASHINGTON )
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I certify that I know or have satisfactory evidence that d,U l I is
the person who appeared before me, and s/he acknowledged that s/he signed this instrument,
on oath stated that s/ as aut rued to execute the instrument and acknowledd�t as the
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free and voluntary act of suchfor the uses and purposes mentioned in the
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Dated thisD'day of
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[Signature 8f Notary]
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v';A PUgL\27k; ,`�`�� Notary Public in and for the-State of
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LAG-12-004, Adden #3-15
LAG 12-004
Amendment 03-15
AMENDMENT TO EASE AGREEMENT
City of Renton to Bosair, LLC
THIS AMENDMENT No. 3 to Lease Agreement LAG 12-004 is effective as of October 1,
2015, by the City of Renton, a municipal corporation (Landlord) and Bosair LLC, a limited
liability company (Tenant), and amends that certain lease agreement LAG 12-004, dated
October 1, 2012.
RECITALS:
WHEREAS, under LAG 12-004, effective October 1, 2012, the City of Renton
(Landlord) had leased to Bosair LLC (Tenant) certain land on the Renton Municipal Airport,
Renton, Washington, until September 30, 2052; and
WHEREAS, under LAG 12-004, Tenant leases 80,811.88 square feet of land; and
WHEREAS, on October 1, 2012, the Commencement Date, the land rental rate for the
80,811.88 square feet of land was determined to be $0.63 per square foot per year and
continuing until October 1, 2015 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, pursuant to LAG 12-004, section 4.c., in a letter dated March 23, 2015,
Lessee was notified by certified letter that the lease rate would be readjusted using a means
other than the Consumer Price Index-Urban; and
WHEREAS, on October 1, 2015, the land rental rate was adjusted using the lease
arbitration process, to a rate of$0.7252 per square foot per year for the 80,811.88 square
feet of leased land, resulting in an annual rental amount of$58,604.78 (80,811.88 x
$0.7252), and continuing until October 1, 2018.
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 TO
AMEND THE LEASE AND LEASE AMENDMENTS AS SET FORTH BELOW:
Amendment 03-15 to LAG 12-004 ORIGINAL 1
City of Renton to Bosair LLC
LAG 12-004
Amendment 03-15
WITNESSETH:
1. The Landlord and Tenant do hereby agree to amend section 4.a. of LAG 12-004 to
provide an annual land rent of$58,604.78 (80,811.88 x$0.7252), PLUS leasehold
excise tax, for the 80,811.88 square feet identified in lease LAG 12-004, effective
October 1, 2015 through October 1, 2018.
2. All other terms and conditions of the original Lease Agreement and Amendments
thereto, insofar as they are not inconsistent herewith, shall remain in full force and
effect.
Bosair LLC CITY OF RENTON
a Washington Limited Liability Company a Municipal Corporation
441-1
Denis Law
Mayor
Atte- l:
LLC - I •
Title Jasonr.eth
C y Clerk
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City Attorney
Amendment 03-15 to LAG 12-004 2
City of Renton to Bosair LLC