HomeMy WebLinkAboutAdden 9 ""'" LAG 005-91
Addendum# 9-el
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
of execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, Northwest Seaplanes, Inc. has a Lease Agreement with the City of
Renton, LAG-005-91, executed on January 1, 1992; and
WHEREAS, on January 1, 2002, the land rental rate for the approximately
91,545.57 square feet of land area leased by Northwest Seaplanes, Inc. was determined to
be $0.328 per square foot per year and continuing until January 1, 2007; and
WHEREAS, on January 1, 2007, and for the ensuing five (5) year period, the land
rental rate was adjusted, using the Consumer Price Index-Urban, to a rate of$0.3674 per
square foot per year for the 91,545.57 square feet of leased area, resulting in an annual
rental amount of$33,633.84 (91,545.57 x $0.3674), and continuing until January 1, 2012.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND NORTHWEST SEAPLANES, INC. AS
FOLLOWS:
WITNESSETH:
1. Lessor and Lessee agree that the difference between the CPI-U of August 2001 to
January 1, 2007, is 12% (209.3— 186.8 / 186.8 = 0.1204 or 12%). This results in an
annual rate increase from $0.328 to $0.3674 per square foot ($0.328 x 1.12 =
$0.3674); and
2. The Lessor and Lessee do hereby agree to an annual land rent of$33,633.84
(91,545.57 x $0.3674 = $33,633.84) for the 91,545.57 square feet identified in Lease
Agreement LAG 005-91.
3. Lessor and Lessee do hereby agree that the annual land rent rate in Paragraph 1 shall
remain in effect until January 1, 2012, and effective as of that date the rental rate shall
automatically be readjusted by and between the parties using the increase of the
Consumer Price Index, and for each five (5) year period thereafter. Minimum base
rental for any extended period shall not be less than the current annual rental of
$33,633.84.
4. 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)
Lease Agreement 005-91 ORIGINAL
1
City of Renton Northwest Seaplanes,Inc.
NovNee LAG 005-91
Addendum# 9-07
then in effect for all urban consumers, as published by the US Department of Labor
for the Seattle-Tacoma-Bremerton Area.
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
rate for the ensuing five (5) 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.
Northwest Seaplanes, Inc. CITY OF RENTON
a Washington Corporation a Municipal Corporation
4,e1 C <04. /
_
Kathy Kedlker
Mayor
nom-- „
Title Bonnie Walton
City Clerk
.6"---/6-„We 7
Date
Roved as to legal form
ERAAJ.04.4.4_,4e?W.4-+-mo.%_.
City Attorney
Lease Agreement 005-91 ORIGINAL 2
City of Renton Northwest Seaplanes, Inc.