HomeMy WebLinkAboutAdden 2 LAG 09-006
Amendment 2-15
AMENDMENT TO LEASE AGREEMENT
(City of Renton to Renton Gateway Center LLC)
THIS AMENDMENT to Lease Agreement LAG 09-006 is effective as of August 21,
2014.
RECITALS:
WHEREAS, Renton Gateway Center LLC has a Lease Agreement with the City of
Renton, LAG 09-006, executed on October 7, 2009; and
WHEREAS, on August 21, 2011, the land rental rate for the approximately
136,846 square feet of land area leased by Renton Gateway Center LLC was determined
to be $0.57 per square foot per year and continuing until August 21, 2014; and
WHEREAS, pursuant to LAG 09-006, in a letter dated April 4, 2014, Tenant was
notified by certified letter that the lease rate would be readjusted using a means other
than the Consumer Price Index-Urban, to be effective August 21, 2014; and
WHEREAS, effective August 21, 2014, Landlord had adjusted the land lease rate
to $0.75 per square foot per year, and Tenant had paid said rental rate, pursuant to LAG
09-006; a n d
WHEREAS, in July 2014, the Tenant notified the Landlord of its intent to initiate
the lease arbitration process, as provided for in lease LAG 09-006; and
WHEREAS, on January 8, 2015, through the lease arbitration process, a new land
rental rate was established at $0.7252 per square foot per year; and
WHEREAS, on August 21, 2014, and for the ensuing three (3) year period, the
land rental rate should be adjusted, using the lease arbitration process, to a rate of
$0.7252 per square foot per year for the 136,846 square feet of leased area, resulting in
an annual rental amount of$99,240.72 (136,846 x$0.7252), and continuing until
August 21, 2017.
WHEREAS, the annual difference between 136,846 sq.ft. x $0.75 and 136,846
sq.ft. x$0.7252 is $3,393.78 ($102,634.50 - $99,240.72). The monthly amount of the
differential is $282.82 ($3,393.78/ 12). The refund amount is One Thousand Five
Hundred Seven dollars and Forty Three cents ($1,507.43) (5.33 months x $282.82), for
the period beginning August 21, 2014 to January 31, 2015. The refund was deducted
from the land amount in February 2015.
Lease Agreement LAG 09-006 1
City of Renton to Renton Gateway Center LLC ORIGINAL
R ! GINAL
LAG 09-006
Amendment 2-15
NOW,THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND RENTON GATEWAY CENTER LLC AS FOLLOWS:
WITNESSETH:
1. The Landlord and Tenant do hereby agree to amend section 4.a. of LAG 09-006 to
provide an annual land rent of$99,240.72 (136,846 x $0.7252), for the 136,846
square feet identified in lease LAG 09-006 through August 21, 2017.
2. Landlord has deducted the amount of$1,507.43 from Tenant's invoice for February
2015 to reimburse Tenant for the overpaid rent for the period August 21, 2014 to
January 31, 2015.
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.
Renton Gateway Center LLC CITY OF RENTON
a Washington Limited Liability Company a Municipal Corporation
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Lease Agreement LAG 09-006 2
City of Renton to Renton Gateway Center LLC
LAG 09-006
Amendment 2-15
City Attorney
Lease Agreement LAG 09-006 3
City of Renton to Renton Gateway Center LLC