HomeMy WebLinkAboutAdden 2 LAG 99-003
Addendum#02-04
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Lane Hangar Condominium Owners Association)
THIS ADDENDUM to Lease Agreement LAG 99-003 is effective as of the date
of execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, Lane Hangar Condominium Owners Association has a Lease
Agreement with the City of Renton, LAG-99-003; and
WHEREAS, in 1998, the starting date of lease LAG-99-003, the land rental rate for
the approximately 41,366 square feet was established at $0.28 per square foot per year
and continued until July 31, 2001; and
WHEREAS, on July 31, 2001, and for the ensuing three (3) year period, the land
rental rate was adjusted, using the Consumer Price Index-Urban, to a rate of$3066 per
square foot per year for the 41,366 square feet of leased area, resulting in an annual rental
amount of$12,682.82, and continuing until July 31, 2004 and
WHEREAS, the land rental rate has been adjusted by and between both parties,
effective July 31, 2004, and for the ensuing three (3)year period using the Consumer
Price Index-Urban, to a rate of$0.3287 square feet per year.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND THE ASSOCIATION AS FOLLOWS:
WITNESSETH:
1. Lessor and Lessee agree that the difference between the CPI-U of August 1, 2001 to
July 31, 2004, is 7.2% (193.4-180.4=13/180.4=.072 or 7.2%). This results in an
annual rate increase from $0.3066 to $0.3287 per square foot
($0.3066x7.2%=$0.3287).
2. The Lessor and Lessee do hereby agree to an annual land rent of$13,597.00 for the
41,366 square feet identified in Lease Agreement LAG 99-003.
3. Lessor and Lessee do hereby agree that the annual land rent rate in Paragraph 1 shall
remain in effect until August 1, 2007, and, effective that date the rental rate shall
automatically be readjusted by and between the parties as specified in paragraph 3 of
the Lease Agreement, using the increase of the Consumer Price Index, and for each
three(3) year period thereafter. Minimum base rental for any extended period shall
not be less than the current annual rental of$13,597.00.
Lease Agreement 99-003 ORIGINAL
City of Renton to
Lane Hangar Condominium Owners Association
LAG 99-003
Addendum#02-04
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)
then in effect for all urban consumers, as published by the US Department of Labor
for the Seattle-Tacoma Metropolitan 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 three (3)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.
LANE HANGAR CONDOMINIUM CITY OF RENTON
OWNERS ASSOCIATION a Municipal Corporation
a Washington Corporation
QKathy eolker—Wheeler, Mayo
City Clerk, Bonnie Walton
Date
ity Attorney
Lawrence J. Warren
Lease Agreement 99-003 2
City of Renton to
Lane Hangar Condominium Owners Association