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Addendum#02-98
ADDENDUM TO LEASE AGREEMENT
(City of Renton to BHC, Inc.)
THIS ADDENDUM to Lease Agreement LAG 93-004 is effective as of October 28,
1998.
RECITALS:
WHEREAS, on October 28, 1993, Lessee entered into a lease agreement with the City
of Renton for approximately 48,779 square feet of land area, with the rental rate to be
readjusted by and between the parties as of October 28, 1998 to be effective for the ensuing
five (5) year period of the lease, and
WHEREAS, during July 1997, new land lease rates were established by arbitration, and
WHEREAS, during July 1997, the land rental rate for the land leased by BHC, Inc., was
determined to be $0.28 per square foot per year, retroactive to October 28, 1993,and
continuing until October 28, 1998, and
WHEREAS, both parties agreed to make periodic adjustments to the land rental rate
based upon the Consumer Price Index - Urban, for the Seattle-Tacoma area, the first such
periodic adjustment to be made as of October 28, 1998, for the five year period ending
October 28, 2003.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND BHC, INC.,AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree that the Consumer Price Index-Urban (CPI-
U) Seattle Area, for the second half of 1993 was 143.9, and was the CPI-U, Seattle, in effect
at the time of the initiation of the lease.
2. The Lessor and Lessee do also hereby agree that the Consumer Price Index-Urban
(CPI-U) Seattle Area, currently in effect is the CPI-U for the first half of 1998, which is 166.6.
3. The Lessor and Lessee do hereby further agree that the increase of the CPI-U from
1993 to 1998 is calculated as 15.8% (166.6 minus 143.9=22.7 divided by 143.9=0.1577 or
15.8%).
4. The Lessor and Lessee do hereby further agree that this increase results in an annual
rent increase from$13,657.98 to $15,815.94, calculated $13,657.98 times 1.158 equals
$15,815.94, or $0.280 to $0.324 per square foot per year.
LEASE AGREEMENT 93-004
City of Renton to BHC,Inc. 1
LAG 93-004
Addendum#02-98
4. All other terms and conditions of the original Lease Agreement shall remain in full
force and effect.
BHC, INC CITY OF RENTON
a Municipal Corporation
Mayor Jesse Tanner
City Clerk i yn e ersen
OPT
LEASE AGREEMENT 93-004
City of Renton to BHC,Inc. 2