HomeMy WebLinkAboutAdden 3 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
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Mayor
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Amendment 03-15 to LAG 12-004 2
City of Renton to Bosair LLC