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lAG 09-006 �
Amendment 3-17 E
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AMENDMENT TO LEASE AGREEMENT `
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(City of Renton to Renton Gateway Center LLC)
THIS AMENDMENT to Lease Agreement LAG 09-006 is effective as of August 21, g
2017. F
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RECITALS: .
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WHEREAS, under lease LAG 09-006, effective October 7, 2009, as subsequently �
amended, the City of Renton (Landlord) leased to Renton Gateway Center LLC (Tenant)
certain land on the Renton Municipal Airport, Renton, Washington, until October 31,
2045; and
WHEREAS, in Amendment 01-11 to the lease, the expiration date of the lease
was mistakenly stated as August 31, 2046 rather than October 31, 2045; and
WHEREAS, on August 21, 2014, through a lease arbitration process, a new land
rental rate for the approximately 136,846 square feet of land area leased by Tenant was
established at $0.7252 per square foot per year, and continuing until August 21, 2017;
and
WHEREAS, the land rental rate is subject to a three-year adjustment based on
the Consumer Price Index-Urban (CPI-U) pursuant to Section 4.b of LAG 09-006; and
WHEREAS, Landlord and Tenant agree that the difference between the CPI-U of
April 2017, as compared to April 2014, is 6% (261.560/246.616 = 1.06), and this results
in a ground lease rate increase from $0.7252 to $0.77 per square foot per year ($0.7252
X 1.06= $0.77); and
WHEREAS, Landlord and Tenant agree that on August 21, 2017, and for the
ensuing three (3)year period, the land rental rate should be adjusted to a rate of$0.77
per square foot per year for the 136,846 square feet of leased area, resulting in an
annual rental amount of$105,371.42 (136,846 x$0.77), and a monthly rental rate of
eight thousand seven hundred eighty dollars and ninety five cents ($8,780.95)
(105,371.42/12=$8,780.95), and continuing until August 21, 2020.
NOW,THEREFORE, IN CONSIDERATION OF THE TERMS AND CONDITIONS HEREIN
CONTAINED AND FOR OTHER GOOD AND VALUABLE CONSIDERATION,THE RECEIPT
AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, LANDLORD AND TENANT
AGREE AS SET FORTH BELOW:
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Amendment to Lease Agreement LAG 09-006 � 1
City of Renton to Renton Gateway Center LLC
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LAG 09-006 �
Amendment 3-17 �
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WITNESSETH: �,
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1. Landlord and Tenant agree that the lease's expiration date under operation of �
Section 3.b of LAG 09-006 is October 31, 2045, rather than August 31, 2046 which f
was mistakenly stated in Amendment 01-11. �
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2. On the effective date of this amendment, Section 4.a. of LAG 09-006, is hereby �
amended to read as follows:
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4a. Minimum Monthlv Rent: Tenant shall pay to Landlord a Minimum Monthly +
Rent in the sum of eight thousand seven hundred eighty dollars and ninety five °
cents ($8,780.95), which amount is one-twelfth of the Total Annual Rent, PLUS t
leasehold excise tax as described in Section 5 of lease LAG 09-006, without
deduction, offset, prior notice or demand, payable promptly in advance on the first
day of each and 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.
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Renton Gateway Center LLC CITY OF RENTON
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a Washington Limited Liability a Municip�l Corporation i
Company
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Denis Law
Mayor
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Title Ja n Seth
City Clerk
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Shane Moloney, City Attorney
Amendment to Lease Agreement LAG 09-006 2
City of Renton to Renton Gateway Center LLC
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