HomeMy WebLinkAboutAddendum - 8DocuSign Envelope ID: 90A16783-C8D9-4679-BB73-6726263BAB9B
ADDENDUM TO LEASE AGREEMENT
(City of Renton to 540 Renton Hangar LLC)
LAG 99-002
Amendment 8-23
THIS ADDENDUM to Lease Agreement LAG 99-002 is effective as of the date last
signed below by the parties.
RECITALS:
WHEREAS, under LAG 99-002, effective May 6, 1999, together with its
amendments (the "Lease"), the City of Renton (Lessor) had leased to the 540 Renton
Hangar LLC (Lessee) certain land on the Renton Municipal Airport, Renton, Washington,
until July 31, 2018; and
WHEREAS, the initial term of the Lease was scheduled to terminate on July 31,
2018;and
WHEREAS, Addendum 7-18 granted Lessee an extension to the Lease for a five
(5)year term commencing on the expiration of the initial term and terminating on July
31,2023;and
WHEREAS, Section 2b of the Lease's Addendum 3-09 grants Lessee an option to
renew or extend the Lease for a further five (5) year term commencing on the expiration
of the first extended term and terminating on July 31, 2028; provided that Lessee had
fully and faithfully compiled with the Lease's terms and conditions and further provided
that Lessee had met one of the three conditions specified in Section 2b of the Lease's
Addendum 3-09; and
WHEREAS, Lessee notified Landlord of Lessee's desire to renew or extend the
Lease for a further five (5) year term; and
WHEREAS, by the City of Renton's Consent to Deed, Bill of Sale and Assignment,
dated December 21, 2010, attached hereto as Exhibit A to Addendum 8-23 and
incorporated by reference, the City agreed that Lessee had the right to exercise the
lease extension option; and
WHEREAS, pursuant to paragraph 10 of the Lease LAG 99-002 the buildings and
improvements become the property of the City upon the expiration of the lease on
August 1, 2028;
NOW, THEREFORE, IN CONSIDERATION OF THE TERMS AND CONDITIONS HEREIN
CONTAINED AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT
Lease Agreement LAG 99-002 Amendment 8-23
City of Renton to 540 Renton Hangar LLC
1
LAG-99-002, Adden #8-24
5/14/2024
Approved by Alex Tuttle via email 8/31/23