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HomeMy WebLinkAboutLease Nov Now LAG006-84 • 4 LEASE AGREEMENT (CITY OF RENTON TO PLANE SPACE INVESTMENTS, INC . ) THIS INDENTURE OF LEASE executed in triplicate, effective as of September I , 1984 , by and between the CITY OF RENTON, a municipal corporation , hereinafter referred to as Lessor; and PLANE SPACE INVESTMENTS , INC . , A Washington Corporation , hereinafter referred to as Lessee: WITNESSETHI WHEREAS Lessee has negotiated with AERO DYNE Corporation to purchase certain assets and to operate an Aircraft Repair and Maintenance Facility at Renton Municipal Airport (Operator to be BENAIR Aviation , Inc . ) ; and , WHEREAS Lessor has agreed to the transfer of that certain ground lease area related to the Repair and Maintenance Facility from AERO DYNE Corporation to Lessee; and , WHEREAS a ground-space rental rate has been negotiated and approved for a three (3 ) year term, NOW THEREFORE; I . In consideration of the covenants and agreements of the Lessee hereinafter set forth , Lessor does hereby lease and demise unto Lessee the following described unimproved parcels of real estate accepted by the Lessee in their "as is" condition , being located within the confines of the Renton Airport, Renton , King County , Washington , to-wit: See Exhibit "A" Legal Description and Exhibit "B" Lease Map attached hereto and made a part hereof as ' if fully set forth herein SUBJECT to restrictions and reservations of record and as further set forth herein; TOGETHER with the privilege of Lessee to use the public portion of the airport, including runway and other public facilities provided thereon , on a non-exclusive basis , and subject to such rules and regulations as now exist or may hereafter be promulgated by the Lessor from time to time, and further subject to all such non-discriminatory charges and fees for such use as may be established from time to time by Lessor; on the terms and conditions hereinafter set forth for a period of twenty-two (22) years commencing on the 1st day of SEPTEMBER 1984 and terminating on the 31st day of AUGUST 2006, subject to the conditions , however , specified in paragraphs 17 and 18 hereinbelow . 2. As rental for the above-described premises during said initial lease term, Lessee shall and will pay unto Lessor a monthly rental of $ 751 .99 computed at the annual rate of $0 . 14 per square -1 - "tow NemLAG006-84 foot, payable promptly in advance on the first day of each and every month , and as further set forth in paragraph 18 hereinbelow . All such payments shall be made to the Director of Finance, Municipal Building , Renton , Washington 3 . Above-described premises and the structures located thereon are leased to the Lessee for the purpose of construction and operation of aircraft repair, maintenance and storage facilities . Lessee covenants that the premises shall be continuously used for those purposes during the term of the lease, shall not be allowed to stand vacant or idle, and shall not be used for any other purpose without Lessor 's written consent first having been obtained . Consent of Lessor to other types of activities will not be unreasonably withheld . No advertising matter or signs shall be at any time displayed on the leased premises or the structures thereat without the written approval of Lessor . 4. The leased premises and all the improvements or structures thereon shall be used and maintained by Lessee in a neat , orderly and sanitary manner; and shall be kept well painted by Lessee in such prevailing color scheme as may be from time to time established and required by Lessor for such Airport so that the leased premises and structures located thereon shall be kept and operated in a reasonable harmony with other structures and color schemes on said Airport . Lessee further covenants to keep and operate the leased premises and all structures , improvements , and activities in conformity with all rules , regulations and laws now or hereafter adopted by Lessor City or the Civil Aeronautics Authority or State Aeronautics Commission , or other duly constituted governmental authority , all at Lessee 's cost and expense. 5 . As further consideration for this Lease, it is stipulated and agreed that at the expiration of the renewed term of this Lease as provided in paragraph 1 herein contained or at any other termination of this Lease , all structures and any and all improvements of any character whatever installed on the leased premises shall be and become the property of the Lessor City and title thereto shall pass and revert to Lessor City at such termination , and none of such improvements now or hereafter placed on the leased premises shall be removed therefrom at any time without Lessor 's written consent . The Lessor shall have the alternative, at its option , to require Lessee to remove any and all improvements and structures from the demised premises and repair any damage caused thereby, at Lessee 's expense . 6 . Lessor shall not be called upon to make any improvements . alteration or repair of any kind upon said premises and Lessee covenants that he will not permit any waste , damage or injury to the premises or improvements , nor to allow the maintenance of any nuisance thereon , nor the use thereof for any illegal purposes or activities , nor for any purpose or operation preventing the maintenance of fire insurance on the said improvements or activities . 7 . Lessee further agrees to pay, in addition to the rentals hereinabove specified and other charges hereinabove defined , all fees and -2- Nowt LAG006-84 charges now in effect or hereafter levied or established by Lessor City, or its successors , or by any other governmental agency or authority , being or becoming levied or charged against the premises , structures, business operations or activities conducted by or use made by Lessee of , on and from the leased premises which shall include but not be limited to all charges for light, heat , gas , power, garbage, water and other utilities or services rendered to said premises . Lessee hereby agrees and covenants to pay unto Lessor that certain Leasehold Excise Tax as established by Chapter 61 , Laws of 1765-76, 2nd EX Session (44th Legislative Session) which said tax shall be in addition to the stipulated monthly rental and be paid separately to the Director of Finance, City of Renton , at the same time the monthly rental is due . In the event that the State of Washington or any other governmental authority having Jurisdiction thereover shall hereafter levy or impose any similar tax or charge on this Lease or the leasehold estate then Lessee agrees and covenants to pay said tax or charge, when due . Such tax or charge shall be In addition to the regular monthly rentals . 8. Lessee covenants to indemnify and save harmless Lessor City against any and all claims arising from the conduct and management of, or from any work or thing whatsoever done in or about, the demised premises or the improvements or equipment thereof during said Lease term, or arising from any act or negligence of the Lessee or any of its agents, contractors , patrons , customers or employees , or arising from any accident, injury or damage whatsoever, however caused , to any person or persons , or to the property or any person , persons or corporation occurring during said term on , in or about the leased premises and from and against all costs , attorney 's fees , expenses and liabilities incurred in or from any such claims or any action or proceeding be brought against the Lessor City by reason of any such claim, Lessee, on notice from Lessor, shall resist or defend such action or proceeding forthwith . 9. It is further agreed that all personal property in said demised premises shall be at the risk of Lessee only and that Lessor or Lessor 's agents shall not be liable for any damage either to personal property, sustained by Lessee or other persons , due to the buildings or said demised premises or any part or appurtenance thereof becoming out of repair . 10 . Lessee covenants and agrees to hold harmless and indemnify the Lessor and its agents against any liability, loss claim or damage from any cause directly or indirectly resulting from Lessee's use or occupancy of the demised premises or of any structures , activities or business placed on or conducted thereat , by Lessee, its agents , assigns , licenses or invitees and Lessee shall keep in full force and effect at all times during this Lease term adequate public liability and property damage insurance, written by a company authorized to do business in the State of Washington , with limits of not less than $300,000/$500,000 and $ 100,000 respectively, and Lessee shall promptly furnish unto Lessor evidence of such insurance by furnishing unto Lessor a copy of each policy of insurance or a certificate thereof evidencing such coverage . Since the Lessee functions as the Financial Backer of its assigned Airport Fixed Base Operator , viz: BENAIR AVIATION, INC. , the Lessor agrees that the required insurance defined in this section of the lease -3- LAG006-84 *ger shall, be provided by BENAIR AVIATION , INC . II . This lease or any part hereof shall not be assigned by Lessee, or by operation of law, or otherwise , nor said premises or any part thereof sublet without the written consent of Lessor endorsed thereon; and in the event such written consent shall be so given , no other subsequent assignment , assignments or subletting , shall be made by such assignee or assignees, or sublessee, without previous consent of Lessor endorsed thereon; and in the event such written consent shall be so given , no other subsequent assignment, assignments or subletting , shall be made by such assignee or assignees , or sublessee, without previous consent of Lessor first had and obtained in writing . It is expressly agreed that if consent is once given by the Lessor to the assignment of this Lease or any interest therein or to the subletting of the whole or any part of said leased premises , then Lessor shall not be barred from afterwards refusing to consent to any further assignment of said Lease or subletting of said leased premises . The Lessor shall not unreasonably withhold its consent . 12. It is expressly understood and agreed that Lessor holds and operates said Airport and the demised premises under and subject to a grant and conveyance thereof to Lessor City from the United States of America, acting through its Reconstruction Finance Corporation , and subject to all the reservations, restrictions, rights conditions and exceptions of the United States therein and thereunder , which grant and conveyance has been filed for record in the office of the County Auditor of said King County, Washington , and recorded in Volume 2668 of Deeds, Page 386; and further that Lessor holds and operates said Airport and premises under and subject to the State Aeronautics acts of the State of Washington (Chapter 165, Laws of 1947 ) , and any subsequent amendments thereof or subsequent legislation of said State and all rules and regulations lawfully promulgated under any act or legislation adopted by the State of Washington or by the United States or the Federal Aviation Administration . It is expressly stipulated and agreed that the Lessee also accepts and will hold and use this Lease and the respective demised premises subject thereto and to all contingencies , risks and eventualities of or arising out of the foregoing , and if this Lease or the period thereof or any terms or provisions thereof be or become in conflict with or impaired or defeated by any such legislation , rules, regulations, contingencies or risks, the latter shall control and if necessary modify or supersede any provision of this Lease affected thereby, all without any liability on the part of or recourse against the Lessor in favor of Lessee . Nothing in this Lease contained shall operate or be construed to prevent or hinder the future development, improvements or operation of said Renton Airport by Lessor , its agents , successors , or assigns , or any department or agency of the State of Washington or of the United States , or the consummation of any loan or grant of Federal or State funds in aid of the development, improvement or operation of said Renton Airport . 13 . It is expressly understood and agreed that in case the demised premises shall be deserted or vacated , or if default be made in the payment of the rent or any part thereof as herein specified or if, -4- vow ,411010 LAG006-84 without consent of the Lessor, the Lessee shall sell , assign or mortgage this Lease, or if default be made in the performance of any of the covenants and agreements in this Lease contained on the part of the Lessee to be kept and performed , or if Lessee shall fail to comply with any of the statutes, ordinances, rules, orders , regulations and requirements of the Federal , State and City Government, or if Lessee shall file a petition for bankruptcy or be adjudicated a bankrupt, or make assignment for the benefit of creditors or take advantage of any insolvency act, the Lessor may, if it so elects, at any time thereafter terminate this Lease and the term hereof , on giving to the Lessee ten ( 10) days notice in writing of the Lessor 's intention so to do. Upon the expiration of said ten ( 10) day notice, this Lease and the term hereof together with any and all other rights and options of Lessee herein specified , shall expire and come to an end on the day fixed in such notice, except that Lessee 's obligation and liability for any unpaid rentals or other charges heretofore accrued shall remain unabated . Lessor may thereupon re-enter said premises with or without due process of law, using such force as may be necessary to remove all persons or chattels therefrom, and Lessor shall not be liable for damages by reason of such re-entry or forfeiture . 14 . All terms , conditions and provision of this lease agreement shall be binding upon Lessee , his successors and assigns , if any . 15 . If the whole or any substantial part of the premises hereby leased shall be condemned or taken by any County, State or Federal authority for any purpose, then the term of this Lease shall cease on the part so taken from the day the possession of that part shall be required for any purpose and the rent shall be paid up to that date, and from that day the Lessee or Lessor shall have the right to either cancel this Lease and declare the same null and void , or to continue in the possession of the remainder of the same under the terms herein provided , except that the rent shall be reduced in proportion to the amount of the premises taken for such public purposes . All damages awarded for such taking for any public purpose shall belong to and be the property of the Lessor, whether such damage shall be awarded as compensation for the diminution in value to the leasehold or to the fee of the premises herein leased . 16 . Any notice required to be given or served in accordance with the provisions of this Lease shall be sufficiently given and served if delivered in writing to a party, or if sent by registered mail , postage prepaid , to the other party 's last known mailing address . 17 . Said rental payments as specified in paragraph 2 hereof shall continue until the first day of SEPTEMBER 1987 . Effective as of said date, and every three (3) years or such greater period of time as may be agreed upon between the parties thereafter , said rental rate as hereinabove specified shall be readjusted by and between the parties to be effective for each three (3 ) year period . Minimum base rental for any -5- LAG006-84 extended period, that is after SEPTEMBER I , 1987 , shall not be less than the aforespecified rental of $751 .99 per month . if , however , the parties are unable to agree upon such adjusted rental for the ensuing three (3) year period , within thirty (30) days prior to the commencement of each such three (3) year period , then the parties shall submit the matter of rentals for such ensuing three (3) year period to arbitration . Lessee shall select one arbitrator and Lessor likewise select one and the two so chosen , if unable to agree within a period of thirty (30 ) days after such appointment, shall select a third one and the decision of the majority of such arbitrators shall be final and binding upon the parties hereto. The arbitrators shall be experienced real estate appraisers and be knowledgeable in the field of comparable rentals and use charges in King County and shall likewise give due consideration to any change in economic conditions from the preceding rental period . Each party shall pay for and be responsible for the fees and costs charged by the arbitrator selected by him and the fee of the third arbitrator , if any, shall be shared equally between them . Leasehold improvements made by the Lessee shall not be considered as part of the leased premises for the purpose of future adjustments or readjustments of the aforesaid rental rates . The arbitrator shall make the decision in writing , within sixty (60) days after their appointment, unless the time is extended by the agreement of both parties . The readjusted rental in each case, whether determined by arbitration or by agreement of the parties themselves, shall be effective as of the commencement of such three (3 ) year rental terms . 18. Lessee shall quit and surrender the premises at the end of the term in as good a condition as the reasonable use thereof would permit and shall not make any alterations , additions or improvements to the premises without the prior written consent of the Lessor; all alterations , additions or improvements which may be made by either of the parties hereto on the premises , except movable office furniture or trade fixtures , put in at the expense of Lessee, shall be and remain the property of the Lessor and shall remain on and be surrendered with the premises as a part thereof at the termination of this Lease without hindrance, molestation or injury . 19. Lessee further agrees in addition to the insurance requirements herein set forth , to take out and keep in full force and effect during the full term of this Lease, or any extension or renewal thereof , a policy or policies of fire insurance, together with extended coverage, in standard form, in a company or companies acceptable to and approved by Lessor and in an amount at least equal to the replacement cost of such improvements; such policy or policies shall name the Lessor as an additional insured as its interest may appear , and true copies of such policy or policies or a certificate of insurance evidencing such coverage shall be promptly furnished unto Lessor at all times . Such policy shall not be canceled or voided unless at least ten ( 10) days ' written notice prior thereto has been furnished unto Lessor . -6- LAG006-84 20 . If , without execution of any extension or renewal , Lessee should remain in possession of the premises after expiration or termination of the terms of this Lease, then Lessee shall be deemed to be occupying said premises as a tenant from month to month . All the conditions, terms and provisions of this Lease, insofar as applicable to a month-to-month tenancy, shall likewise be applicable during such period . 21 . It is further covenanted and agreed between the parties hereto that no waiver by Lessor of a breach by Lessee of any covenant, agreement, stipulation or condition of this Lease shall be construed to be a waiver of any succeeding breach of the same covenant, agreement , stipulation or condition or a breach of any other covenant, agreement, stipulation , or condition; also that all covenants , conditions , and agreements herein contained shall extend to and be binding on the heirs , executors , administrators , successors and assigns of the parties hereto. The acceptance by the Lessor of rent after any breach by the Lessee of any covenant or condition by Lessee to be performed or observed shall be construed to be payment for the use and occupation of the demised premises and shall not waive any such breach or any right of forfeiture arising therefrom. 22. All notices under this Lease shall be in writing and delivered in person or sent by certified or registered mail unto Lessor at the following address, to-wit: Airport Director Renton Municipal Building Renton , Washington 98055 and in case of any notice unto Lessee, then to the premises leased hereunder, or such address as may hereafter be designated by either party in writing . 23 . In the event that Lessee has fully and faithfully complied with all the terms and conditions of this Lease Agreement, then in such event Lessor grants unto Lessee the right and option to renew or extend this Lease for a further term of ten ( 10 ) years . The rental for each five ( 5) year period shall be ascertained as set forth in paragraph 17 . Notice of the exercise of such option shall be given by Lessee unto Lessor at least ninety days prior to the expiration of the original term of this Lease, which notice must be in writing; and it is expressly agreed by and between the parties hereto that time is of the essence in the giving of said notice . 24 . Lessee covenants and agrees to not discriminate against any person or class of persons by reason of race, color , creed or national origin in the use of any of its facilities provided for the -7- • Noe LAG006-84 public in the Airport . Lessee further agrees to furnish services on a fair, equal and not unjustly discriminatory basis to all users thereof , and to charge fair, reasonable and not unjustly discriminatory basis for each unit of service , provided that Lessee may make reasonable and non-discriminatory discounts , rebates or other similar types of price reductions to volume purchasers . CITY OF RENTON , a Municipal 3ibriloo Corporation In w By . 1R, GOC,. MWyor Sr'c.v.(T,y City Clerk LESSEE LESSOR Approved as to legal form: `L City Attorney saw STATE OF WASHINGTON ) ) ss COUNTY OF KING ) This is to certify that on this 22ND day of 0C-roaizte, 1884 before me, the undersigned Notary Public , personally appeared gPr+ZB�Rwr y SNiNPoc►4 and MH)t/NE E Morok to me known to be the duly qualified and acting Mayor and City Clerk respectively, of the City of Renton , Washington , and acknowledged that they executed the above and foregoing instrument for the City of Renton as the free and voluntary act and deed of said City for the uses and purposes therein set forth , and upon oath stated that such execution of said instrument by them is duly and regularly authorized and that the seal attached thereto is the corporate seal of the City of Renton . Given under my hand and official seal this az.40 day of Oci-og -e 1984 Notary Public in and for the State of Washington , residing at Renton SIPA `w LAG006-84 STATE OF WASHINGTON) ) ss COUNTY OF RING ) THIS is to certify that on this 8th day of October 1984 before me , the undersigned Notary Public , personally appeared Thomas R. Bailey and to me known to be the President of Plane Space Investments, Inc. and he acknowledged to me that he executed the foregoing instrument for said Plane Space Investments, Inc. as its free and voluntary act and deed , for uses and purposes therein stated , and upon oath stated that such execution of said instrument by him is duly and regularly authorized . GIVEN under my hand an official seal the date last above stated . Notary Public in and for the State of Washington , residing • 4710 Beach Drive S. N. Seattle, WA 98116 wwr Now STATE OF WASHINGTON ) ss. COUNTY OF KING ) This is to certify that on this /? day of October, 1984, before me, the undersigned notary public, personally appeared C. Carey Donworth, to me known to be the Secretary of Plane Space Investments, Inc. , and he acknowledged to me that he executed the foregoing instrument for said Plane Space Investments, Inc. , as its free and voluntary act and deed, for uses and purposes therein stated, and upon oath stated that such execution of said instrument by him is duly and regularly authorized. GIVEN under my hand and official seal the date last above stated. Guy Notary Public in nd of r the State o Washing on, residing at 1,.(". tt..-- Nov *40 EXHIBIT "A" LAG 1006-84 PLANE SPACE INVESTMENT, INC. BEGINNING at the intersection of the centerline of Shattuck Avenue North with the centerline of Airport Way said point of intersection lying N . 87030 ' 17" W. a distance of 862.23 feet from the centerline intersection of Logan Avenue North and Airport Way Thence N . 02029 '43" E . along the northerly extension of the centerline of Shattuck Avenue North a distance of 275 .00 feet; Thence N . 87030 ' 17" W. a distance of 61 .45 feet; Thence N . 02029 '43" W. a distance of 25 . 17 feet to the True Point of Beginning ; Thence N . 43048 '05" W. a distance of 84 .35 feet to the P .C . of a tangent curve to the right; Thence northeasterly along a tangent curve to the right, having a radius of 55 .00 feet an arc distance of 76 . 12 feet through a central angle of 79018 '03" to a point of tangency; Thence N . 35029'58" E . a distance of 83 .99 feet; Thence N . 04049 '43" W . a distance of 281 .00 feet; Thence N . 85012' 15" E . a distance of 19 .00 feet; Thence S . 04049'43" E . a distance of 22.95 feet; Thence S . 87005 '36" E . a distance of 37 .68 feet; Thence N . 85012 ' 15" E . a distance of 72.92 feet; Thence S . 04041 '30" E . a distance of 79 .71 feet; Thence N . 85018 '30" E . a distance of 32 .47 feet; Thence N . 83003 '24" E . a distance of 29 . 16 feet; Thence S . 02029 '43" W. a distance of 144.59 feet; Thence N . 87030 '17" W. a distance of 175 .81 feet to the True Point of Beginning . (Containing an area of 42,936 S .F . TOGETHER WITH: BEGINNING at the intersection of the centerline of Shattuck Ave . North with -1 - the centerline of Airport Way, said point of intersection lying North 87°30 ' 17" W. a distance of 862.23 feet from the centerline intersection of Logan Avenue North and Airport Way; Thence N . 02029'43" E . along the northerly extension of the centerline of Shattuck Avenue North a distance of 195 .00 feet; Thence N . 87030 ' 17" W. a distance of 30 .00 feet; Thence N . 02029'43" E . a distance of 19.00 feet to the True Point of Beginning ; Thence continuing N . 02029 '43" E . a distance of 20 .00 feet; Thence S . 87°30 ' 17" E . a distance of 78 .37 feet; Thence S . 56054 '50" E . a distance of 27 .51 feet; Thence S . 87030 ' 17" E . a distance of 42.32 feet; Thence S . 42011 '53" E . a distance of 158 .66 feet; Thence S . 02029 '43" W. a distance of 32.23 feet; Thence N . 87030 ' 17" W. a distance of 39.89 feet; Thence N . 02029 '43" E . a distance of 0 .59 feet; Thence N . 87°30 ' 17" W . a distance of 10 .00 feet; Thence N . 34°47 ' 58" W. a distance of 139 .01 feet; Thence N . 56°54 '50" W. a distance of 54 .71 feet; THENCE N . 87°30 ' 17" W. a distance of 74 .74 feet to the True Point of Beginning . Containing an area of 11 .093 sq. ft . Together with Parking Area "A" containing an area of 10 .427 s . f . (Area to be verified by survey) TOTAL LEASED AREA 64,456 S .F . -2- CAG 006-84 4 4 `err f 1 ASSIGNMENT OF LEASE FOR SECURITY This Assignment of Lease for Security is entered into and effective this first day of September, 1984, by and between PLANE SPACE INVESTMENTS, INC. , a Washington corporation, hereinafter referred to as "Assignor" and SEATTLE-FIRST NATIONAL BANK, here- inafter referred to as "Assignee. " RECITALS A. Assignor has leased or will lease from City of Renton that certain parcel of real property identified on Exhibit A; attached hereto and incorporated herein by this reference, by and pursuant to that certain Lease dated September 1, 1984 (also identified as LAG 006-84) , between Assignor and City of Renton. B. Assignor desires to grant to Assignee security to secure payment of all debts now existing, by assumption or otherwise, or hereafter incurred by Assignor to Assignee. NOW, THEREFORE, for and in consideration of the mutual cove- nants and agreements herein contained, and for and in considera- tion of the extension by Seattle-First National Bank to Assignor of present or future credit either in the form of contemporaneous or future loans, and in consideration of the permission of Assignee of Assignor assuming that certain promissory note of Aero-Dyne Corporation to Assignee dated February 1, 1977, in the original principal amount of $250,000. 00 , Assignor and Assignee do hereby agree as follows: -1- ORIGINAL tee ',goof 1. Assignment. Assignor does hereby sell, assign, trans- fer, and convey unto Assignee, its successors and assigns, as security for all debts, obligations, and indebtedness now or hereafter owed by Assignor to Assignee including the promissory note referred to above, all of Assignor' s right, title, and interest in and to that certain Lease as described above in Recital A. This Assignment for Security shall continue and shall be effective until all indebtedness owing by the Assignor to Assignee secured by that certain Deed of Trust dated February 1, 1977, and recorded under King County Auditor ' s No. 7703010326 on leasehold improvements has been paid in full. Assignee may take possession of the leasehold estates herein assigned for security only upon default by Assignor in payment of any debt, obligation, or indebtedness now or hereafter owed to Assginee, or upon any default by Assignee upon the terms of any instruments securing such debt, obligations, or indebtedness. 2. Indebtedness. The word debt, indebtedness, obligation, or forbearance as used herein includes any and all advances, debts, obligations, and liabilities of Assignor secured by the Deed of Trust referred to above, now or hereafter incurred or created, whether voluntarily or involuntarily, and however arising, whether direct or acquired by assignment or succession, whether due or not due, absolute or contingent, liquidated or unliquidated, and whether Assignor may be liable individually or jointly with others and includes all collection costs and -2- Niue .4•00 attorneys' fees incurred by Assignee collecting or enforcing any terms or conditions of this Assignment or of any indebtedness. Assignee may, without notice or demand to the City of Renton but with consent of Assignor and without affecting Assignor ' s liability hereunder , from time to time, renew, extend, accelerate or otherwise change the time for payment of or otherwise change the terms of the indebtedness or any part thereof, including increasing or decreasing the rate of interest thereon; pay and hold additional security for the payment of the indebtedness and exchange, enforce, waive, and release any such additional secu- rity; apply any such additional security and direct the order or enter the sale thereof as Assignee in its direction may determine and release or substitute any one or more of the obligors on any such indebtedness. Assignors hereby waive any right to require Assignee to proceed against Assignors, to proceed against or exhaust any additional security held by Assignee or to pursue any other remedy in Assignee' s power whatsoever. 3. Obligations of Assignee. Assignee does not assume, by this Assignment, and has not assumed any liability, responsi- bility, or obligation of Assignor, and Assignee is not and will not, even upon foreclosure, assume any payment required under any of said Lease referred to in Recital A, nor become responsible for any of the duties, obligations, or responsibilities of Assignor, and Assignor shall remain fully liable for all of said duties, responsibilities, and obligations notwithstanding this -3- ' Nue 'two; Assignment; providing, however , that if Assignee elects to take possession of any of the property covered by this Assignment, it may, in its sole discretion, elect to make payments and exercise such other rights and obligations of Assignor hereunder. 4. Rights of Assignee. Assignee, upon default by Assignor as defined herein, may, but is not obligated to, exercise any and all rights enjoyed by Assignor under the terms of any of said agreements referred to in Recital A in such manner and under such conditions as Assignor may have exercised the same had this Agreement not been executed. Assignee may, at its election, exercise any right or remedy it may have against Assignor or against any additional security including without limitation the right to foreclose upon any such security or additional security or the security herein granted by judicial or non-judicial procedures, whether with or without court intervention, including power of sale. 5. Obligations of Assignor. Assignor will pay before delinquency any and all rentals, taxes, charges, utilities, and other payments which may be required from time to time to be paid by Assignor pursuant to the terms of any of said agreements referred to in Recital A. 6. Warranties. Assignor hereby covenants, warrants, and represents as follows: (a) That the agreement referred to in Recital A is or will be upon execution by the parties in full force and effect -4- and that Assignor is not in default under any terms or conditions of said agreement. Assignor will not amend or agree to amend any of said agreement which would tend to reduce, alter , or impair Assignee' s security without the prior written consent of Assignee. (b) That Assignor will fully and faithfully comply with all of the terms, covenants, and conditions of said agreements referred to in Recital A. (c) That Assignor will execute all necessary and re- quired financing statements and will take such steps and actions that may be required in order to perfect and file the security interest herein granted to Assignee. 7. Waiver. This Assignment shall not be qualified or supplemented by any course of dealing. No waiver of modification by Assignee or any of the terms and conditions hereof shall be effective unless in writing signed by Assignee. No waiver or indulgence by Assignee as to any required performance by Assignor shall constitute a waiver as to any subsequent required perfor- mance or other obligation of Assignor. 8. Remedies. In the event of any default hereunder, Assignee shall have all remedies provided by law, and without limiting the generality of the foregoing, shall be entitled to take possession of the leasehold estate or estates and to sell, assign, or sublease same or to exercise all rights of Assignor under any said agreements. -5- 9. Representations of City of Renton. The City of Renton represents and agrees as follows: That the Lease Agreement referred to above in Recital A is not in default by Assignor and is or will be upon execution in full force and effect. In the event of any amendment or termina- tion of said Agreement, the City shall give Assignee written notice of such amendment or termination. In the event of default by Assignor in any of the terms of said agreements, the City of Renton shall give Assignee written notice of said default and twenty (20) days thereafter to cure said default. In the event Assignor should default in the payment or performance of any of its obligations to Assignee, it is understood and agreed that should Assignee foreclose upon its interest herein assigned to Assignee, the City of Renton shall permit Assignee, or any of its assigns, to take possession of the leasehold estates or proper- ties under the same terms and conditions as set forth in said agreement referred to in Recital A and shall further allow a time limit of not more than thirty (30) days in which Assignee may cure any defaults of Assignor. ASSIGNOR: Plane Space Investments, Inc. B ) tb ! $ Its President B y: (1.2.- CZE'-=7 Its Secretary -6- ASSIGNEE: Seattle-First National Bank (--- By: _ .` 1?*�J94'— I Vice-President By: Its Approved and Agreed to: CITY OF RENTON, a municipal corporation By:iCtnb&L& Li. , Stutpac' FK Mayor By: e)-21.0___.004._ City Clerk Approved as to Legal Form: (6, By: ,G.c,,y-,r-E / ai-t-r.ry City Attorney -7- if EXHIBIT "A" LAG 1006-84 PLANE SPACE INVESTMENT, INC. BEGINNING at the intersection of the centerline of Shattuck Avenue North with the centerline of Airport Way said point of intersection lying N . 87030017" W. a distance of 862.23 feet from the centerline intersection of Logan Avenue North and Airport Way Thence N. 02029043" E . along the northerly extension of the centerline of Shattuck Avenue North a distance of 275.00 feet; Thence N . 87030017" W. a distance of 61 .45 feet; Thence N . 02029043" W. a distance of 25. 17 feet to the True Point of Beginning ; Thence N . 43048 '05" W. a distance of 84 .35 feet to the P .C. of a tangent curve to the right; Thence northeasterly along a tangent curve to the right , having a radius of 55.00 feet an arc distance of 76 . 12 feet through a central angle of 79018003" to a point of tangency; Thence N. 35029058" E . a distance of 83.99 feet; Thence N . 04049043" W . a distance of 281 .00 feet; Thence N . 85012' 15" E . a distance of 19.00 feet; Thence S . 04049043" E . a distance of 22.95 feet; Thence S . 87005036" E . a distance of 37 .68 feet; Thence N . 85012015" E . a distance of 72.92 feet; Thence S . 04041030" E . a distance of 79.71 feet; Thence N . 85018030" E . a distance of 32.47 feet; Thence N . 83003024" E . a distance of 29. 16 feet; Thence S . 02029043" W. a distance of (44.59 feet; Thence N. 87030 ' 17" W. a distance of 175.81 feet to the True Point of Beginning . (Containing an area of 42.936 S .F . TOGETHER WITH: BEGINNING at the intersection of the centerline of Shattuck Ave . North with -1 - 1 • 041K `oe the centerline of Airport Way, said point of intersection lying North 87°30 , 17" W . a distance of 862.23 feet from the centerline intersection of Logan Avenue North and Airport Way; Thence N . 02029 ,43" E . along the northerly extension of the centerline of Shattuck Avenue North a distance of 195 .00 feet; Thence N . 87030 , 17" W. a distance of 30 .00 feet; Thence N . 02029,43" E . a distance of 19.00 feet to the True Point of Beginning; Thence continuing N . 02029,43" E . a distance of 20.00 feet; Thence S. 87°30 ! 17" E . a distance of 78 .37 feet; Thence S . 56054,50" E . a distance of 27 .51 feet; Thence S . 87030 , 17" E . a distance of 42.32 feet; Thence S . 42011 ,53" E . a distance of 158 .66 feet; Thence S . 02°29'43" W. a distance of 32.23 feet; Thence N . 87030 , 17" W. a distance of 39.89 feet; Thence N . 02°29 '43" E . a distance of 0 .59 feet; Thence N . 87°30 ' 17" W. a distance of 10.00 feet; Thence N . 34047 ,58" W . a distance of 139.01 feet; Thence N . 56054 ,50" W. a distance of 54.71 feet; THENCE N . 87°30 ' 17" W . a distance of 74 .74 feet to the True Point of Beginning . Containing an area of 11 .093 sq. ft. Together with Parking Area "A" containing an area of 10.427 s .f. (Area to be verified by survey ) TOTAL LEASED AREA 64 .456 S.F . -2- CA, OF 10 U)> 00 ,Ac ! d" , P�0,5 Z rn tc)It SHA77UCK AVE, W cy, N 72 CC fi t VV 14 4 59' cN lol 8 1,5 qb, 61111 q 0 > M 0 13610 L• Crud ro as T tv rn rn x cl f fra 01 ID -L :Ai �u 110 71,1 b11,11lt 1111IM"."