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Addendum 5-13
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Lane Hangar Condominium Association Inc.)
THIS ADDENDUM to Lease Agreement LAG 99-003 is effective as of August 1 ,
2013.
RECITALS:
WHEREAS, Lane Hangar Condominium Association Inc. has a Lease Agreement
with the City of Renton, LAG 99-003 , executed on August 1, 1998; and
WHEREAS, on August 1, 2010, the land rental rate for the approximately 41,366
square feet of land area leased by Lane Hangar Condominium Association Inc. was
determined to be $0.62 per square foot per year and continuing until July 31, 2013; and
WHEREAS, on August 1, 2013, and for the ensuing three (3) year period, the land
rental rate was adjusted, using the Consumer Price Index-Urban, to a rate of$0.66 per
square foot per year for the 41,366 square feet of leased area, resulting in an annual
rental amount of$27,301.56 (41,366 x $0.66), and continuing until July 31, 2016.
NOW,THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND LANE HANGAR CONDOMINIUM ASSOCIATION INC. AS
FOLLOWS:
WITNESSETH:
1. Landlord and Tenant agree that the difference between the CPI-U of February 2013,
as compared to June 2010, is 6% (239.898/ 226.118 = 1.06 or 6%). This results in a
monthly ground rate increase from $0.62 to $0.66 per square foot (0.62 x 1.06 =
$0.66).
2. Effective on the date of this Addendum, Section 3c. of LAG 99-003, is hereby
amended to read as follows:
3c. Periodic Rental Adiustment: Landlord and Tenant do hereby agree that the
Tenant shall pay to Landlord a Minimum Monthly Rent in the sum of two
thousand, two hundred seventy five dollars and thirteen cents ($2,275.13),
which amount is one-twelfth of the Total Annual Rent, PLUS leasehold excise tax
as described in Section 4 of lease LAG 99-003, without deduction, offset, prior
notice or demand, payable promptly in advance on the first day of each and
ORIGINAL
Lease Agreement LAG 99-003 1
City of Renton to Lane Hangar Condominium Association Inc.
LAG 99-003
Addendum 5-13
every month during the Term. All such payments shall be made to the City of
Renton, Renton Municipal Airport, 616 West Perimeter Road-Unit A, Renton,
Washington 98057.
3. All other terms and conditions of the original Lease Agreement and Addenda
thereto, insofar as they are not inconsistent herewith, shall remain in full force and
effect.
Lane Hangar Condominium Association Inc. CITY OF RENTON
a Washington Corporation a Municipal Corporation
�LA'�Z�1-1 &f
BEN BUEHLER Denis Law
Mayor
President
Title Ja n A. S th,
De uty City Clerk
i �
Date
z:__ed as to legal farm
City Attorney
Lease Agreement LAG 99-003 2
City of Renton to Lane Hangar Condominium Association Inc.