HomeMy WebLinkAboutAdden 1 LAG 99-003
Addendum#01-02
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Lane Hangar Condominium Owners Association)
THIS ADDENDUM to Lease Agreement LAG 99-003 is effective as of the date
of execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, in 1998, the starting date of lease LAG 99-003, the land rental rate for
the approximately 41,366 square feet was established at $0.28 per square foot per year,
resulting in an annual rental rate of$11,582.48, and said rental rate was to continue until
July 31, 2001, and
WHEREAS, the land rental rate was adjusted by and between both parties,
effective July 31, 2001 for the ensuing three (3) year period using the Consumer Price
Index-Urban.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND THE ASSOCIATION AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to an annual land rent of$12,682.82 for the
41,366 square feet identified in Lease Agreement LAG 99-003.
2. Lessor and Lessee do hereby agree that the annual land rent rate in Paragraph 1 shall
remain in effect until August 1, 2004, and, effective that date the rental rate shall
automatically be readjusted by and between the parties as specified in paragraph 3 of
the Lease Agreement, using the increase of the Consumer Price Index, and for each
three (3) year period thereafter. Minimum base rental for any extended period shall
not be less than the current annual rental of$12,682.82.
3. Lessor and Lessee do hereby further agree that the Consumer Price Index information
to be used for rental adjustments shall be the Consumer Price Index-Urban (CPI-U)
then in effect for all urban consumers, as published by the US Department of Labor
for the Seattle-Tacoma Metropolitan Area.
4. Lessor and Lessee do further agree that the difference between the CPI-U of August
1, 1998 to July 31, 2001, is 9.5% (180.4-164.8=15.60/164.8=.095 or 9.5%). This
results in an annual rate increase from $0.28 to $0.3066 per square foot
($12,682.82/41,366=$0.3066).
5. Lessor and Lessee do hereby further agree that at least thirty (30) days prior to the
Rental Adjustment Date either party shall, if they desire to adjust the base land rental
Lease Agreement 99-003 1
City of Renton to ,
Lane Hangar Condominium Owners Associations ah ii
ON
LAG 99-003
Addendum#01-02
rate for the ensuing three (3) year period by a means other than the Consumer Price
Index-Urban, provide to the other party a written request for readjustment of the
rental rate pursuant to RCW 14.08.120(5).
6. All other terms and conditions of the original Lease Agreement shall remain in full
force and effect.
LANE HANGAR CONDOMINIUM CITY OF RENTON
OWNERS ASSOCIATION a Municipal Corporation
a Washington Co oration
yor, Jesse Tanne7
City Clerk, Bonnie Walton
/a- -aooa
Date
City Attorney
Lease Agreement 99-003 2
City of Renton to
Lane Hangar Condominium Owners Association