HomeMy WebLinkAboutAdden 1 PAG-13-007,Adden#1-16
AMENDMENT TO UTILITY EASEMENT AGREEMENT
(City of Renton to AT&T Corp)
THIS AMENDMENT to Utility Easement Agreement PAG 13-007 is effective as of
November 1, 2016.
RECITALS:
WHEREAS, in 1987, the City of Renton and AT&T entered into an easement
agreement, PAG 001-87 (the "1987 Easement"); and
WHEREAS, in 2013, PAG 001-87 was replaced with PAG 13-007, effective
November 1, 2013; and
WHEREAS, PAG 13-007 amended the square footage to be 61,403.35 square
feet (6,140.35'L X 10'W); and
WHEREAS, the annual charge for the utility easement for the approximately
61,403.35 square feet of right-of way was determined to be $16,578.90, and continuing
until the third (3�d) anniversary of the Commencement Date, which is determined to be
November 1, 2016; and
WHEREAS, under section 3.b. Periodic Adjustment of Annual Easement Payment
(PAG 13-007), the first periodic adjustment is to be calculated using the Consumer Price
Index for All Urban Consumers for Seattle-Tacoma-Bremerton All Items (1982-84=100)
(CPI-U); and
WHEREAS, the CPI-U for October, 2013 was 242.787 and the CPI-U for August,
2016 is 256.907, and the difference between the CPI-U of August 2016, as compared
to October 2013, is 5.8% (256.907/242.787 = 1.058% or 5.8%); and
WHEREAS, on November 1, 2016, and for the ensuing three (3) year period, the
utility easement agreement has been adjusted using the Consumer Price Index-Urban,
to an annual utility easement amount of$17,540.48 (16,578.90 x 1.058), and continuing
until the next Adjustment Date, which is determined to be November 1, 2019.
NOW,THEREFORE, IN CONSIDERATION OF THE TERMS AND CONDITIONS HEREIN
CONTAINED AND FOR OTHER GOOD AND VALUABIE CONSIDERATION,THE RECEIPT
AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, GRANTOR AND GRANTEE
AGREE TO AMEND THE UTILITY EASEMENT AS SET FORTH BELOW:
ORIGINA�L
WITNESSETH:
' r n r n r -
1. G a to a d G antee do hereby agree that the difference between the CPI U of
August 2016, as compared to October 2013, is 5.8% (256.907/242.787 = 1.058%or
5.8%). This results in an annual utility easement increase from $16,578.90 to $17,
540.48 (16,578.90 x 1.058).
2. Grantor and Grantee agree to amend section 3a. of PAG 13-007 as follows:
3.a. Annual Easement Payment: Grantee shall pay to Grantor an Annual
Easement payment (hereinafter "Easement Payment") in the sum of seventeen
thousand five hundred forty dollars and forty eight cents ($17,540.48), without
deduction, offset, prior notice or demand, payable promptly in advance on the
first day of the following month. All such payments shall be made to the City of
Renton, 616 West Perimeter Road-Unit A, Renton, Washington 98057.
3. All other terms and conditions of the original Utility Easement Agreement, insofar as
it is not inconsistent herewith, shall remain in full force and effect.
AT&T Corp CITY OF RENTON
a New York corporation a Municipal Corporation
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