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LAG 005-91
Addendum #04-95
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Northwest Seaplanes, Inc.)
THIS ADDENDUM to Lease Agreement LAG#005-91 is effective as of the date
hereinbelow executed by the City of Renton.
RECITALS:
WHEREAS, during the preparation of Lease Agreement LAG 005-91, the Lessee
requested an option to extend the term of the lease from the original expiration date of
December 31, 2019, for a further term of four (4) years, such extended term to terminate
on December 31, 2023, and
WHEREAS, the Lessee requested an option to extend the term of the lease from
the original expiration date of December 31, 2019, for a further term of ten (10) years,
such extended term to terminate on December 31, 2029, on the condition that the Lessee
has, on or before December 31, 1994, completed construction of hangar improvements
upon the Lessee's leased premies and obtained a Certificate of Occupancy, and
WHEREAS, the construction of the hangar improvements is subject to the
provisions of paragraph 25, Force Majeure, of the basic lease, which provides in part that
if performance of any act is delayed for a reason not the fault of a party, then performance
of such act shall be extended for a period equivalent to the period of such delay, and
WHEREAS, the Lessee was delayed in construction of the hangar improvement by
rain and freezing temperatures occurring between November 1 and December 12, such
delays claimed by Lessee to have caused a three (3) months delay which would extend
completion of construction to March 31, 1995, and
WHEREAS, the Lessee subsequently requested an extension of the date
construction must be completed, in order to qualify for the option to extend the lease
term, from March 31, 1995 to June 30, 1995, such request being based on delays allegedly
as a result of the inclement weather during November and December 1994
ORIGINAL
ORIGINAL
Addendum 04-95
Northwest Seaplanes, Inc. 1
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NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND NORTHWEST SEAPLANES, INC. AS
FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree that in the event Lessee has, on or
before June 30, 1995, completed construction of the four bay hangar building and related
improvements for which a building permit was issued during 1994, then in such event
Lessor grants unto Lessee the right and option to renew or extend this Lease for a further
term of ten (10) years, commencing on the expiration of the initial term hereof and
terminating on December 31, 2029, upon the same terms and conditions provided herein.
2. The Lessor and Lessee do hereby agree that completion of construction of
hangar improvements upon the Lessee's leased premises shall be determined by the date of
issuance of a Certificate of Occupancy by the City of Renton.
3. The Lessor and Lessee do hereby agree that in the event Lessee fails to
complete construction of the hangar and related improvements currently under
construction by not later than midnight, June 30, 1995, the option to extend the term of
the lease for the purpose of construction of the aircraft hangar buildings, contained within
the original lease, terminates.
4. The Lessor and Lessee do hereby agree that in the event Lessee fails to
. complete construction of the hangar and related improvements by June 30, 1995, then in
such event Lessor grants unto Lessee the right and option to renew the lease for that
portion of the leased premises surrounding the hangar building, which extends seventy-five
(75) feet north and south of the hangar building foundation and to the east and west
boundaries of the property described in the current lease, for a further term of ten(10)
years, commencing on the expiration of the initial term hereof and terminating on
December 31, 2029, upon the same terms and conditions herein.
5. The Lessor and Lessee do hereby agree that in the event Lessee fails to
complete construction on or prior to June 30, 1995, and prior to expiration of the lease
Lessee exercises the option to renew the lease for the property surrounding the building as
described above, then a new lease containing a new legal description of the leased
premises shall be executed between the Lessor and Lessee.
6. The Lessor and Lessee do hereby agree that if Lessee exercises the option to
renew the lease for the reduced property area, then all title to the structures and all
improvements within that area shall pass and revert to the Lessor at termination of the
extended lease period, but in any case not later than January 1, 2030.
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7. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
NORTHWEST SEAPLANES, INC. CITY OF RENTON
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Earl Clymer Mayor
ATTEST
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t,Verk
Marilyn J. 'eterson
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Addendum 04-95
Northwest Seaplanes, Inc. 3