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HomeMy WebLinkAboutLease � � � • wrrr �, R turn Address: �i ' 'S i C� � � � � b 2�0��220�00944 � CITY OF RENTON LE 82.00 PAGE001 OF 031 32/20/2006 11:33 KING COUNTY, WA Please print or type information WASHINGTON STATE RECORDER'S Cover Sheet (RCW 65.04) DOCUrilerit T1t1e�S�(or transaCtions Contained therein):(all areas applicable to your document must be filled in) 1.Aa��i �►�,� L.�.s� �llo. «a-�q4D��. 3. � 4. Reference Number(s) of Documents assigned or released: Additional reference#'s on page�of document Grantor(s) (Las�name first name,in tials) 2. ���1��'t�n J�e�: o� l�(a�vra.�,�e�ourcc5 Additional names on page�_of document. Gra tee(s) (�st ame irst,then first name and initials) 1. , � Additional names on page of document. Legal description(abbreviated: i.e. lot,block plat or section,township �ange �,� (d�Q�t_�?Q1`��l�C�5 i n .�rev�-F' 6^� '�C_���-i4Tp"! 14i✓'�J—�1CF ��,�I�I Il�y`� �� '�-2 �F y� b� S�Q�j� CZ Tn/.t�i�1�In��3�i �� s ��-�,�.�.. e►� o� �L�, K��aco�,c��-sc►�� Assessor's Property Tax ParceVAccount Number ❑Assessor Tax#not yet assigned GI/hh� The Auditor/Recorder will rely on the information provided on the form. The staff will not read the document to verify the accuracy or completeness of the indexing information provided herein. I am requesting an emergency nonstandard recording for an additional fee as provided in RCW 36.18.010. I understand that the recording processing requirements may cover up or otherwise obscure some part of the text of the original document. Signature of Requesting Party `�"�"" ti.r� LAG-06-019 STATE OF WASHINGTON DEPARTMENT OF NATURAL RESOURCES DOUG SUTHERLAND, Commissioner of Public Lands AQUATIC LANDS LEASE (Commercial) TABLE OF CONTENTS SECTION PAGE BACKGROLTND .............................................................................................................................1 1. PROPERTY...........................................................................................................................1 1.1 Property Defined......................................................................................................... 1 1.2 Survey, Maps, and Plans............................................................................................. 1 1.3 Inspection.................................................................................................................... 1 2. USE........................................................................................................................................2 2.1 Permitted Use.............................................................................................................. 2 2.2 Restrictions on Use..................................................................................................... 2 2.3 Conformance with Laws............................................................................................. 2 2.4 Liens and Encumbrances ............................................................................................ 2 3. TERM ....................................................................................................................................2 3.1 Term Defined.............................................................................................................. 2 3.2 Renewal of the Lease.................................................................................................. 3 3.3 Delay in Delivery of Possession................................................................................. 3 3.4 End of Term................................................................................................................ 3 3.5 Hold Over.................................................................................................................... 3 4. RENT.....................................................................................................................................3 4.1 Annual Rent................................................................................................................ 3 4.2 Payment Place............................................................................................................. 3 4.3 Adjustment Based on Use........................................................................................... 4 4.4 Rent Adjustments for Water-Dependent Uses............................................................ 4 4.5 Rent Adjustment Procedures....................................................................................... 4 Form Date: May,2005 i Commercial Lease 22-A90012 � � 5. OTHER EXPENSES .............................................................................................................4 5.1 Utilities........................................................................................................................ 5 5.2 Taxes and Assessments............................................................................................... 5 5.3 Right to Contest.......................................................................................................... 5 5.4 Proof of Payment ........................................................................................................ 5 5.5 Failure to Pay.............................................................................................................. 5 6. LATE PAYMENTS AND OTHER CHARGES...................................................................5 6.1 Late Charge................................................................................................................. 5 6.2 Interest Penalty for Past Due Rent and Other Sums Owed......................................... 5 6.3 No Accord and Satisfaction........................................................................................ 5 6.4 No Counterclaim, Setoff, or Abatement of Rent. ....................................................... 6 7. IMPROVEMENTS................................................................................................................6 7.1 Existing Improvements............................................................................................... 6 7.2 Tenant-Owned Improvements .................................................................................... 6 7.3 Construction................................................................................................................ 6 7.4 Removal...................................................................................................................... 6 7.5 Unauthorized Improvements....................................................................................... 7 8. ENVIRONMENTAL LIABILITY/RISK ALLOCATION...................................................7 8.1 Definition.................................................................................................................... 7 8.2 Use of Hazardous Substances..................................................................................... 7 8.3 Current Conditions, Duty of Utmost Care, and Duty to Investigate........................... 7 8.4 Notification and Reporting ......................................................................................... 8 8.5 Indemnification........................................................................................................... 9 8.6 Cleanup..................................................................................................................... 10 8.7 Sampling by State, Reimbursement, and Split Samples........................................... 10 8.8 Reservation of Rights................................................................................................ 11 9. ASSIGNMENT AND SUBLETTING ................................................................................11 9.1 State Consent Required............................................................................................. 11 9.2 Event of Assignment................................................................................................. 12 9.3 Rent Payments Following Assignment..................................................................... 12 9.4 Terms of Subleases ................................................................................................... 12 9.5 Routine Subleasing of Moorage Slips....................................................................... 13 10. INDEMNITY, FINANCIAL SECURITY, INSURANCE..................................................13 10.1 Indemnity.................................................................................................................. 13 10.2 Financial Security ..................................................................................................... 13 10.3 Insurance................................................................................................................... 14 10.4 State's Acquisition of Insurance................................................................................ 16 10.5 Self Insurance............................................................................................................ 16 11. MAINTENANCE AND REPAIR.......................................................................................17 11.1 State's Repairs........................................................................................................... 17 11.2 Tenant's Repairs, Alteration, Maintenance and Replacement .................................. 17 12. DAMAGE OR DESTRUCTION.........................................................................................17 13. CONDEMNATION.............................................................................................................18 13.1 Definitions................................................................................................................. 18 Form Date:Mav,2005 ii Commercial Lease 22-A90012 �..r� wrrY 13.2 Effect of Taking........................................................................................................ 18 13.3 Allocation of Award ................................................................................................. 18 14. DEFAULT AND REMEDIES.............................................................................................19 15. ENTRY BY STATE ............................................................................................................20 16. DISCLAIMER OF QUIET ENJOYMENT.........................................................................20 17. NOTICE...............................................................................................................................20 18. MISCELLANEOUS ............................................................................................................21 18.1 Authority................................................................................................................... 21 18.2 Successors and Assigns............................................................................................. 21 18.3 Headings ................................................................................................................... 21 18.4 Entire Agreement...................................................................................................... 21 18.5 Waiver....................................................................................................................... 21 18.6 Cumulative Remedies............................................................................................... 21 18.7 Time is of the Essence .............................................................................................. 21 18.8 Language................................................................................................................... 21 18.9 Invalidity................................................................................................................... 21 18.10 Applicable Law and Venue....................................................................................... 22 18.11 Recordation............................................................................................................... 22 18.12 Modification.............................................................................................................. 22 EXHIBIT A: LEGAL DESCRIPTION AND SURVEY EXHIBIT B: PLAN OF OPERATIONS AND MAINTENANCE Form Date: May,2005 iii Commercial Lease 22-A90012 'r'" ti,rr• STATE OF WASHINGTON DEPARTMENT OF NATURAL RESOURCES DOUG SUTHERLAND, Commissioner of Public Lands AQUATIC LANDS LEASE (Commercial) AQUATIC LANDS LEASE NO. 22-A90012 THIS LEASE is made by and between the STATE OF WASHINGTON, acting through the Department of Natural Resources ("State"j, and the CITY OF RENTON, a government agency/entity, ("Tenant"). BACKGROUND Tenant desires to lease the aquatic lands commonly known as Lake Washington, which is a harbor area located in King County, Washington, from State, and State desires to lease the property to Tenant pursuant to the terms and conditions of this Lease. THEREFORE, the parties agree as follows: SECTION 1 PROPERTY 1.1 Property Defined. State leases to Tenant and Tenant leases from State the real property described in Exhibit A together with all the rights of State, if any, to improvements on and easements benefiting the Property, but subject to the exceptions and restrictions set forth in this Lease (collectively the "Property"). This Lease is subject to all valid interests of third parties noted in the records of King County, or on file in the office of the Commissioner of Public Lands, Olympia, Washington; rights of the public under the Public Trust Doctrine or federal navigation servitude; and treaty rights of Indian Tribes. Not included in this Lease are any right to harvest, collect or damage any natural resource, including aquatic life or living plants, any water rights, or any mineral rights, including any right to excavate or withdraw sand, gravel, or other valuable materials. State reserves the right to grant easements and other land uses on the Property to others when the easement or other land uses will not unreasonably interfere with Tenant's Permitted Use. 1.2 Survey, Maps, and Plans. In executing this Lease, State is relying on the surveys,plats, diagrams, and/or legal descriptions provided by Tenant. Tenant is not relying upon and State is not making any representations about any survey, plat, diagram, and/or legal description provided by State. 1.3 Inspection. State makes no representation regarding the condition of the Property, improvements located on the Property, the suitability of the Property for Tenant's Permitted Use, Form Date:May,2005 1 of 25 Commercial Lease 22-A90012 � � compliance with governmental laws and regulations, availability of utility rights, access to the Property or the existence of hazardous substances on the Property. Tenant has inspected the Property and accepts it"AS IS." SECTION 2 USE 2.1 Permitted Use. Tenant shall use the Property for seaplane moorage (the "Permitted Use"), and for no other purpose. The Permitted Use is described or shown in greater detail in Exhibit B, the terms and conditions of which are incorporated by reference and made a part of this Lease. The parties agree that this is a water-dependent use. 2.2 Restrictions on Use. Tenant shall not cause or permit any damage to natural resources on the Property. Tenant shall also not cause or permit any filling activity to occur on the Property. This prohibition includes any deposit of rock, earth, ballast, refuse, garbage, waste matter (including chemical, biological or toxic wastes), hydrocarbons, any other pollutants, or other matter in or on the Property, except as approved in writing by State. Tenant shall neither commit nor allow waste to be committed to or on the Property. If Tenant fails to comply with all or any of the restrictions on the use of the Property set out in this Subsection 2.2, State shall notify Tenant and provide Tenant a reasonable time to take all steps necessary to remedy the failure. If Tenant fails to do so in a timely manner, then State may take any steps reasonably necessary to remedy this failure. Upon demand by State, Tenant shall pay all costs of such remedial action, including but not limited to the costs of removing and disposing of any material deposited improperly on the Property. This section shall not in any way limit Tenant's liability under Section 8, below. The prohibitions in this section against damage to natural resources, filling, deposition of any unapproved materials, and waste, shall also apply to protect state-owned aquatic lands adjacent to the Property from any of Tenant's activities related to Tenant's occupation of the Property. All obligations imposed by this section on Tenant to cure any violation of the prohibited activities in this section shall also extend to state-owned aquatic lands adjacent to the Property when the violation arose from Tenant's activities related to Tenant's occupation of the Property. 2.3 Conformance with Laws. Tenant shall, at all times, keep current and comply with all conditions and terms of any permits, licenses, certificates, regulations, ordinances, statutes, and other government rules and regulations regarding its use or occupancy of the Property. 2.4 Liens and Encumbrances. Tenant shall lceep the Property free and clear of any liens and encumbrances arising out of or relating to its use or occupancy of the Property. SECTION 3 TERM 3.1 Term Defined. The term of this Lease is thirty (30) years (the "Term"), beginning on the ls`day of April, 2006 (the "Commencement Date"), and ending on the 31St day of March, 2036 (the "Termination Date"), unless terminated sooner under the terms of this Lease. Form Date: May,2005 2 of 25 Commercial Lease 22-A90012 r••►° ,�rw+' 3.2 Renewal of the Lease. Tenant shall have the option to renew this Lease for zero (0) additional terms of N/A years each. The initial Term of this Lease, and all renewal terms, shall not exceed thirty (30) years in the aggregate. Tenant shall exercise this option by providing written notice of its election to renew at least ninety (90) days prior to the Termination Date of the initial Term or any renewal term of this Lease. Tenant shall not be entitled to renew if it is in default under the terms of this Lease at the time the option to renew is exercised. The terms and conditions of any renewal term shall be the same as set forth in this Lease, except that rent shall be recalculated, the required amounts of financial security may be revised, and provisions dealing with hazardous waste or impacts to natural resources may be changed at the time of the renewal. 3.3 Delay in Delivery of Possession. If State, for any reason whatsoever, cannot deliver possession of the Property to Tenant on the Commencement Date, this Lease shall not be void or voidable, nor shall State be liable to Tenant for any loss or damage resulting from the delay in delivery of possession. In such event, the date of delivery of possession shall be the Commencement Date for all purposes, including the payment of rent. In the event Tenant takes possession before the Commencement Date, the date of possession shall be the Commencement Date for all purposes, including the payment of rent. If the Lease Term commences earlier or later than the scheduled Commencement Date, the Termination Date shall be adjusted accordingly. 3.4 End of Term. Upon the expiration or termination of the Term or extended term, as applicable, Tenant shall surrender the Property to State in the same or better condition as on the Commencement Date, reasonable wear and tear excepted. 3.5 Hold Over. If Tenant remains in possession of the Property after the Termination Date, the occupancy shall not be an extension or renewal of the Term. The occupancy shall be a month-to-month tenancy, on terms identical to the terms of this Lease, which may be terminated by either party on thirty (30) days written notice. The monthly rent during the holdover shall be the same rent which would be due if the Lease were still in effect and all adjustments in rent were made in accordance with its terms. If State provides a notice to vacate the Property in anticipation of the termination of this Lease or at any time after the Termination Date and Tenant fails to do so within the time set forth in the notice, then Tenant shall be a trespasser and shall owe the State all amounts due under RCW 79.01.760 or other applicable law. SECTION 4 RENT 4.1 Annual Rent. Until adjusted as set forth below, Tenant shall pay to State an annual rent of Two Thousand Two Hundred Seventy Seven Dollars and Ninety One Cents ($2,277.91) related to the water-dependent use. The annual rent, as it currently exists or as adjusted or modified (the "Annual Rent"), shall be due and payable in full on or before the Commencement Date and on or before the same date of each year thereafter. 4.2 Payment Place. Payment is to be made to Financial Management Division, 1111 Washington St SE, PO Box 47041, Olympia, WA 98504-7041. Form Date:May,2005 3 of 25 Commercial Lease 22-A90012 � � 4.3 Adjustment Based on Use. Annual Rent is based on Tenant's Permitted Use of the Property, as described in Section 2 above. If Tenant's Permitted Use changes, the Annual Rent shall be adjusted as appropriate for the changed use. 4.4 Rent Adjustments for Water-Dependent Uses. (a) Inflation Adjustment. State shall adjust water-dependent rent annually pursuant to RCW 79.105.010 -902, except in those years in which the rent is revalued under Subsection 4.4(b) below. This adjustment shall be effective on the anniversary of the Commencement Date. (b) Revaluation of Rent. State shall, at the end of the first four-year period of the Term, and at the end of each subsequent four-year period, revalue the water-dependent Annual Rent in accordance with RCW 79.105.010-.902. (c) Rent Cap. After the initial year's rent is determined under Subsection 4.1, rent may increase by operation of Subsection 4.4(a) or 4.4(b). If application of the statutory rent formula for water-dependent uses would result in an increase in the rent attributable to such uses of more than fifty percent (50%) in any one year, the actual increase implemented in such year shall be limited to fifty percent(50%) of the then-existing rent, in accordance with RCW 79.105.260. The balance of the increase determined by the formula shall be deferred to subsequent years and added to the next and subsequent years' rental increases until the full amount of the increase is lawfully implemented. 4.5 Rent Adjustment Procedures. (a) Notice of Rent Adjustment. Notice of any adjustments to the Annual Rent that are allowed by Subsection 4.4(b) shall be provided to Tenant in writing no later than ninety (90) days after the anniversary date of the Lease. (b) Procedures on Failure to make Timely Adjustment. In the event the State fails to provide the notice required in Subsection 4.5(a), it shall be prohibited from collecting any adjustments to rent only for the year in which it failed to provide notice. No failure by State to adjust Annual Rent pursuant to Subsection 4.5(a) shall affect the State's right to establish Annual Rent for a subsequent lease year as if the missed or waived adjustment had been implemented. The State may adjust, bill, and collect Annual Rent prospectively as if any missed or waived adjustments had actually been implemented. This includes the implementation of any inflation adjustment and any rent revaluations that would have been authorized for previous lease years. SECTION 5 OTHER EXPENSES During the Term, Tenant shall pay the following additional expenses: Form Date:May,2005 4 of 25 Commercial Lease 22-A90012 �.r � 5.1 Utilities. Tenant shall pay all fees charged for utilities in connection with the use and occupancy of the Property, including but not limited to electricity, water, gas, and telephone service. 5.2 Taxes and Assessments. Tenant shall pay all taxes (including leasehold excise taxes), assessments, and other governmental charges, of any kind whatsoever, applicable or attributable to the Property, Tenant's leasehold interest, the improvements, or Tenant's use and enjoyment of the Property. 5.3 Right to Contest. Tenant may, in good faith, contest any tax or assessment at its sole cost and expense. At the request of State, Tenant shall furnish reasonable protection in the form of a bond or other security, satisfactory to State, against any loss or liability by reason of such contest. 5.4 Proof of Payment. Tenant shall, if required by State, furnish to State receipts or other appropriate evidence establishing the payment of any amounts required to be paid under the terms of this Lease. 5.5 Failure to Pay. If Tenant fails to pay any of the amounts due under this Lease, State may pay the amount due, and recover its cost in accordance with the provisions of Section 6. SECTION 6 LATE PAYMENTS AND OTHER CHARGES 6.1 Late Charge. If any rental payment is not received by State within ten (10) days of the date due, Tenant shall pay to State a late charge equal to four percent (4%) of the amount of the payment or Fifty Dollars ($50), whichever is greater, to defray the overhead expenses of State incident to the delay. 6.2 Interest Penalty for Past Due Rent and Other Sums Owed. If rent is not paid within thirty (30) days of the date due, then Tenant shall, in addition to paying the late charges determined under Subsection 6.1, above, pay interest on the amount outstanding at the rate of one percent (1%) per month until paid. If State pays or advances any amounts for or on behalf of Tenant, including but not limited to leasehold taxes, taxes, assessments, insurance premiums, costs of removal and disposal of unauthorized materials pursuant to Section 2 above, costs of removal and disposal of improvements pursuant to Section 7 below, or other amounts not paid when due, Tenant shall reimburse State for the amount paid or advanced and shall pay interest on that amount at the rate of one percent (1%) per month from the date State notifies Tenant of the payment or advance. 6.3 No Accord and Satisfaction. If Tenant pays, or State otherwise receives, an amount less than the full amount then due, State may apply such payment as it elects. In the absence of an election, the payment or receipt shall be applied first to accrued taxes which State has advanced or may be obligated to pay, then to other amounts advanced by State, then to late charges and accrued interest, and then to the earliest rent due. State may accept any payment in any amount without prejudice to State's right to recover the balance of the rent or pursue any other right or remedy. No endorsement or statement on any check, any payment, or any letter accompanying any check or payment shall constitute or be construed as accord and satisfaction. Form Date:May,2005 5 of 25 Commercial Lease 22-A90012 � � 6.4 No Counterclaim, Setoff, or Abatement of Rent. Except as expressly set forth elsewhere in this Lease, rent and all other sums payable by Tenant pursuant to this Lease shall be paid without the requirement that State provide prior notice or demand, and shall not be subject to any counterclaim, setoff, deduction, defense or abatement. SECTION 7 IMPROVEMENTS 7.1 Existing Improvements. On the Commencement Date, the following improvements are located on the Property: floating dock, and approximately six (6) galvanized steel pilings ("Existing Improvements"). The improvements are not owned by State. 7.2 Tenant-Owned Improvements. So long as this Lease remains in effect, Tenant shall retain ownership of all Existing Improvements, and all authorized improvements and trade fixtures it may place on the Property (collectively "Tenant-Owned Improvements"). Tenant- Owned Improvements shall not include any construction, reconstruction, alteration, or addition to any Unauthorized Improvements as defined in Subsection 7.5 below. No Tenant-Owned Improvements shall be placed on the Property without State's prior written consent. 7.3 Construction. Prior to any construction, alteration, replacement, removal or major repair of any improvements (whether State-Owned or Tenant-Owned), Tenant shall submit to State plans and specifications which describe the proposed activity. Construction shall not commence until State has approved those plans and specifications in writing and Tenant has obtained a performance and payment bond in an amount equal to 125% of the estimated cost of construction. The performance and payment bond shall be maintained until the costs of construction, including all laborers and material persons, have been paid in full. State shall have sixty (60) days in which to review the proposed plans and specifications. The plans and specifications shall be deemed approved and the requirement for State's written consent shall be treated as waived, unless State notifies Tenant otherwise within the sixty (60) days. Upon completion of construction, Tenant shall promptly provide State with as-built plans and specifications. State's consent and approval shall not be required for any routine maintenance or repair of improvements made by the Tenant pursuant to its obligation to maintain the Property in good order and repair that does not result in the construction, alteration, replacement, removal, or major repair of any improvements on the Property. 7.4 Removal. Tenant-Owned Improvements shall be removed by Tenant by the Termination Date unless State notifies Tenant that the Tenant-Owned Improvements may remain. If the State elects for the Tenant-Owned Improvements to remain on the Property after the Termination Date, they shall become the property of State without payment by State (if the provisions of RCW 79.125.300 or RCW 79.130.040 apply, Tenant shall be entitled to the rights provided in the statute). To the extent that Tenant-Owned Improvements include items of personal property which may be removed from the leasehold premises without harming the Property, or diminishing the value of the Property or the improvements, the State asserts no ownership interest in these improvements unless the parties agree otherwise in writing upon termination of this Lease. Any Tenant-Owned Improvements specifically identified as personal property in Exhibit A or B shall be treated in accordance with this provision. Tenant shall notify State at Form Date: May,2005 6 of 25 Commercia(Lease 22-A90012 � � least one hundred eighty (180) days before the Termination Date if it intends to leave the Tenant- Owned Improvements on the Property. State shall then have ninety (90) days in which to notify Tenant that it wishes to have the Tenant-Owned Improvements removed or elects to have them remain. Failure to notify Tenant shall be deemed an election by State that the Tenant-Owned Improvements will remain on the Property. If the Tenant-Owned Improvements remain on the Property after the Termination Date without State's actual or deemed consent, they still will become the property of the State but the State may remove them and Tenant shall pay the costs of removal and disposal upon State's demand. 7.5 Unauthorized Improvements. Improvements made on the Property without State's prior consent pursuant to Subsection 7.3 or which are not in conformance with the plans submitted to and approved by State ("Unauthorized Improvements") shall immediately become the property of State, unless State elects otherwise. Regardless of ownership of Unauthorized Improvements, State may, at its option, require Tenant to sever, remove, and dispose of them, charge Tenant rent for the use of them, or both. If Tenant fails to remove an Unauthorized Improvement upon request, State may remove it and charge Tenant for the cost of removal and disposal. SECTION 8 ENVIRONMENTAL LIABILITY/RISK ALLOCATION 8.1 Definition. "Hazardous Substance" means any substance which now or in the future becomes regulated or defined under any federal, state, or local statute, ordinance, rule, regulation, or other law relating to human health, environmental protection, contamination or cleanup, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), 42 U.S.C. 9601 et seq., and Washington's Model Toxics Control Act ("MTCA"), RCW 70.1 O5D.010 et seq. 8.2 Use of Hazardous Substances. Tenant covenants and agrees that Hazardous Substances will not be used, stored, generated, processed, transported, handled, released, or disposed of in, on, under, or above the Property, except in accordance with all applicable laws. 8.3 Current Conditions, Duty of Utmost Care, and Duty to Investigate. (a) State makes no representation about the condition of the Property. Hazardous Substances may exist in, on, under, or above the Property. With regard to any Hazardous Substances that may exist in, on, under, or above the Property, State disclaims any and all responsibility to conduct investigations, to review any State records, documents or files, or to obtain or supply any information to Tenant. (b) Tenant shall exercise the utmost care with respect to both Hazardous Substances in, on, under, or above the Property as of the Commencement Date, and any Hazardous Substances that come to be located in, on, under, or above the Property during the Term of this agreement, along with the foreseeable acts or omissions of third parties affecting those Hazardous Substances, and the foreseeable consequences of those acts or omissions. The obligation to exercise utmost care under this Subsection 8.3 includes, but is not limited to, the following requirements: Form Date: May,2005 7 of 25 Commercial Lease 22-A90012 'Wrr rrr+" (1) Tenant shall not undertake activities that will cause, contribute to, or exacerbate contamination of the Property; (2) Tenant shall not undertake activities that damage or interfere with the operation of remedial or restoration activities on the Property or undertake activities that result in human or environmental exposure to contaminated sediments on the Property; (3) Tenant shall not undertake any activities that result in the mechanical or chemical disturbance of on-site habitat mitigation; (4) If requested, Tenant shall allow reasonable access to the Property by employees and authorized agents of the Environmental Protection Agency, the Washington State Department of Ecology, or other similar environmental agencies; and (5) If requested, Tenant shall allow reasonable access to potentially liable or responsible parties who are the subject of an order or consent decree which requires access to the Property. Tenant's obligation to provide access to potentially liable or responsible parties may be conditioned upon the negotiation of an access agreement with such parties, provided that such agreement shall not be unreasonably withheld. (c) It shall be Tenant's obligation to gather sufficient information concerning the Property and the existence, scope, and location of any Hazardous Substances on the Property, or adjoining the Property, that allows Tenant to effectively meet its obligations under this lease. 8.4 Notification and Reporting. (a) Tenant shall immediately notify State if Tenant becomes aware of any of the following: (1) A release or threatened release of Hazardous Substances in, on, under, or above the Property, any adjoining property, or any other property subject to use by Tenant in conjunction with its use of the Property; (2) Any problem or liability related to, or derived from, the presence of any Hazardous Substance in, on, under, or above the Property, any adjoining property, or any other property subject to use by Tenant in conjunction with its use of the Property; (3) Any actual or alleged violation of any federal, state, or local statute, ordinance, rule, regulation, or other law pertaining to Hazardous Substances with respect to the Property, any adjoining property, or any other property subject to use by Tenant in conjunction with its use of the Property; Form Date:May,2005 8 of 25 Commercial Lease 22-A90012 �..r �wr+' (4) Any lien or action with respect to any of the foregoing; or, (5) Any notification from the US Environmental Protection Agency (EPA) or the Washington State Department of Ecology (DOE) that remediation or removal of Hazardous Substances is or may be required at the Property. (b) Upon request, Tenant shall provide State with copies of any and all reports, studies, or audits which pertain to environmental issues or concerns associated with the Property, and which were prepared for Tenant and submitted to any federal, state or local authorities pursuant to any federal, state or local permit, license or law. These permits include, but are not limited to, any National Pollution Discharge and Elimination System Permit, any Army Corps of Engineers permit, any State Hydraulics permit, any State Water Quality certification, or any Substantial Development permit. 8.5 Indemni�cation. (a) Tenant shall fully indemnify, defend, and hold State harmless from and against any and all claims, demands, damages, natural resource damages, response costs, remedial costs, cleanup costs, losses, liens, liabilities, penalties, fines, lawsuits, other proceedings, costs, and expenses (including attorneys' fees and disbursements), that arise out of, or are in any way related to: (1) The use, storage, generation, processing, transportation, handling, or disposal of any Hazardous Substance by Tenant, its subtenants, contractors, agents, employees, guests, invitees, or affiliates in, on, under, or above the Property, any adjoining property, or any other property subject to use by Tenant in conjunction with its use of the Property, during the Term of this Lease or during any time when Tenant occupies or occupied the Property or any such other property; (2) The release or threatened release of any Hazardous Substance, or the exacerbation of any Hazardous Substance contamination, in, on, under, or above the Property, any adjoining property, or any other property subject to use by Tenant in conjunction with its use of the Property, which release, threatened release, or exacerbation occurs or occurred during the Term of this Lease or during any time when Tenant occupies or occupied the Property or any such other property, and as a result of: (i) Any act or omission of Tenant, its subtenants, contractors, agents, employees, guests, invitees, or affiliates; or, (ii) Any foreseeable act or omission of a third party unless Tenant exercised the utmost care with respect to the foreseeable acts or omissions of the third party and the foreseeable consequences of those acts or omissions. Form Date:May,2005 9 of 25 Commercial Lease 22-A90012 �.r r..+° (b) In addition to the indemnifications provided in Subsection 8.5(a), Tenant shall fully indemnify State for any and all damages, liabilities, costs or expenses (including attorneys' fees and disbursements) that arise out of or are in any way related to Tenant's breach of the obligations of Subsection 8.3(b). This obligation is not intended to duplicate the indemnity provided in Subsection 8.5(a) and applies only to damages, liabilities, costs, or expenses that are associated with a breach of Subsection 8.3(b) and which are not characterized as a release, threatened release, or exacerbation of Hazardous Substances. 8.6 Cleanup. If a release of Hazardous Substances occurs in, on, under, or above the Property, or other State-owned property, arising out of any action, inaction, or event described or referred to in Subsection 8.5, above, Tenant shall, at its sole expense, promptly take all actions necessary or advisable to clean up the Hazardous Substances. Cleanup actions shall include, without limitation, removal, containment and remedial actions and shall be performed in accordance with all applicable laws, rules, ordinances, and permits. Tenant's obligation to undertake a cleanup under this Subsection 8.6 shall be limited to those instances where the Hazardous Substances exist in amounts that exceed the threshold limits of any applicable regulatory cleanup standards. Tenant shall also be solely responsible for all cleanup, administrative, and enforcement costs of governmental agencies, including natural resource damage claims, arising out of any action, inaction, or event described or referred to in Subsection 8.5, above. Tenant may undertake a cleanup pursuant to the Washington State Department of Ecology's Voluntary Cleanup Program, provided that: (1) Any cleanup plans shall be submitted to State (DNR) for review and comment at least thirty (30) days prior to implementation(except in emergency situations), and (2) Tenant must not be in breach of this lease. Nothing in the operation of this provision shall be construed as an agreement by State that the voluntary cleanup complies with any laws or with the provisions of this Lease. 8.7 Sampling by State, Reimbursement, and Split Samples. (a) State may conduct sampling, tests, audits, surveys, or investigations ("Tests") of the Property at any time to determine the existence, scope, or effects of Hazardous Substances on the Property, any adjoining property, any other property subject to use by Tenant in conjunction with its use of the Property, or any natural resources. If such Tests, along with any other information, demonstrates the existence, release, or threatened release of Hazardous Substances arising out of any action, inaction, or event described or referred to in Subsection 8.5, above, Tenant shall promptly reimburse State for all costs associated with such Tests. (b) State's ability to seek reimbursement for any Tests under this Subsection shall be conditioned upon State providing Tenant written notice of its intent to conduct any Tests at least thirty (30) calendar days prior to undertaking such Tests, unless such Tests are performed in response to an emergency situation in which case State shall only be required to give such notice as is reasonably practical. Form Date:May,2005 ]0 of 25 Commercial Lease 22-A90012 "br �►` (c) Tenant shall be entitled to obtain split samples of any Test samples obtained by State, but only if Tenant provides State with written notice requesting such samples within twenty (20) calendar days of the date Tenant is deemed to have received notice of State's intent to conduct any non-emergency Tests. The additional cost, if any, of split samples shall be borne solely by Tenant. Any additional costs State incurs by virtue of Tenant's split sampling shall be reimbursed to State within thirty (30) calendar days after a bill with documentation for such costs is sent to Tenant. (d) Within thirty (30) calendar days of a written request (unless otherwise required pursuant to Subsection 8.4(b), above), either party to this Lease shall provide the other party with validated final data, quality assurance/quality control information, and chain of custody information, associated with any Tests of the Property performed by or on behalf of State or Tenant. There is no obligation to provide any analytical summaries or expert opinion work product. 8.8 Reservation of Rights. The parties have agreed to allocate certain environmental risks, liabilities, and responsibilities by the terms of Section 8. With respect to those environmental liabilities covered by the indemnification provisions of Subsection 8.5, that subsection shall exclusively govern the allocation of those liabilities. With respect to any environmental risks, liabilities, or responsibilities not covered by Subsection 8.5, the parties expressly reserve and do not waive or relinquish any rights, claims, immunities, causes of action, or defenses relating to the presence, release, or threatened release of Hazardous Substances in, on, under, or above the Property, any adjoining property, or any other property subject to use by Tenant in conjunction with its use of the Property, that either party may have against the other under federal, state, or local laws, including but not limited to, CERCLA, MTCA, and the common law. No right, claim, immunity, or defense either party may have against third parties is affected by this Lease and the parties expressly reserve all such rights, claims, immunities, and defenses. The allocations of risks, liabilities, and responsibilities set forth above do not release either party from, or affect either party's liability for, claims or actions by federal, state, or local regulatory agencies concerning Hazardous Substances. SECTION 9 ASSIGNMENT AND SUBLETTING 9.1 State Consent Required. Tenant shall not sell, convey, mortgage, assign, pledge, sublet, or otherwise transfer or encumber all or any part of Tenant's interest in this Lease or the Property without State's prior written consent, which shall not be unreasonably conditioned or withheld. (a) In determining whether to consent, State may consider, among other items, the proposed transferee's financial condition, business reputation and experience,the nature of the proposed transferee's business, the then-current value of the Property, and such other factors as may reasonably bear upon the suitability of the transferee as a tenant of the Property. Tenant shall submit information regarding any proposed transferee to State at least thirty (30) days prior to the date of the proposed transfer. Form Date: May,2005 1 1 of 25 Commercial Lease 22-A90012 �.r �r.r (b) State reserves the right to condition its consent upon: (1) changes in the terms and conditions of this Lease, including the Annual Rent and other terms; and/or (2) the agreement of Tenant or transferee to conduct Tests for Hazardous Substances on the Property or on other property owned or occupied by Tenant or the transferee. (c) Each permitted transferee shall assume all obligations under this Lease, including the payment of rent. No assignment, sublet, or transfer shall release, discharge, or otherwise affect the liability of Tenant. 9.2 Event of Assignment. If Tenant is a corporation, a dissolution of the corporation or a transfer (by one or more transactions) of a majority of the voting stock of Tenant shall be deemed to be an assignment of this Lease. If Tenant is a partnership, a dissolution of the partnership or a transfer (by one or more transactions) of the controlling interest in Tenant shall be deemed an assignment of this Lease. 9.3 Rent Payments Following Assignment. The acceptance by State of the payment of rent following an assignment or other transfer shall not constitute consent to any assignment or transfer. 9.4 Terms of Subleases. All subleases shall be submitted to State for approval and shall meet the following requirements: (a) The sublease shall be consistent with and subject to all the terms and conditions of this Lease; (b) The sublease shall confirm that if the terms of the sublease conflict with the terms of this Lease, this Lease shall control; (c) The term of the sublease (including any period of time covered by a renewal option) shall end before the Termination Date of the initial Term or any renewal term; (d) The sublease shall terminate if this Lease terminates, whether upon expiration of the Term, failure to exercise an option to renew, cancellation by State, surrender or for any other reason; (e) The subtenant shall receive and acknowledge receipt of a copy of this Lease; (� The sublease shall prohibit the prepayment to Tenant by the subtenant of more than one month's rent; (g) The sublease shall identify the rental amount to be paid to Tenant by the subtenant; Form Date: May,2005 12 of 25 Commercial Lease 22-A90012 i..r• vr� (h) The sublease shall confirm that there is no privity of contract between the subtenant and State; (i) The sublease shall require removal of the subtenant's improvements and trade fixtures upon termination of the sublease; and, (j) The subtenant's permitted use shall be within the Permitted Use authorized by this Lease. 9.5 Routine Subleasing of Moorage Slips. In the case of routine subleasing of moorage slips to recreational and commercial vessel owners for a term of one year or less, Tenant shall not be required to obtain State's written consent or approval pursuant to Subsection 9.1 or Subsection 9.4. Tenant shall be obligated to ensure that these moorage agreements conform to the sublease requirements in Subsection 9.4. SECTION 10 INDEMNITY, FINANCIAL SECURITY, INSURANCE 10.1 Indemnity. Tenant shall indemnify, defend, and hold harmless State, its employees, officers, and agents from any and all liability, damages (including bodily injury, personal injury and damages to land, aquatic life, and other natural resources), expenses, causes of action, suits, claims, costs, fees (including attorneys' fees), penalties, or judgments, of any nature whatsoever, arising out of the use, occupation, or control of the Property by Tenant, its subtenants, invitees, agents, employees, licensees, or permittees, except as may arise solely out of the willful or negligent act of State or State's elected officials, employees, or agents. To the extent that RCW 4.24.115 applies, Tenant shall not be required to indemnify, defend, and hold State harmless from State's sole or concurrent negligence. Tenant's liability to State for hazardous substances, and its obligation to indemnify, defend, and hold the State harmless for hazardous substances, shall be governed exclusively by Section 8. 10.2 Financial Security. (a) At its own expense, Tenant shall procure and maintain a corporate surety bond or provide other financial security satisfactory to State (the `Bond") in an amount equal to Five Hundred Dollars ($500), which shall secure Tenant's full performance of its obligations under this Lease, with the exception of the obligations under Section 8 (Environmental Liability/Risk Allocation) above. The Bond shall be in a form and issued by a surety company acceptable to State. State may require an adjustinent in the amount of the Bond: (1) At the same time as revaluation of the Annual Rent; (2) As a condition of approval of assignment or sublease of this Lease; (3) Upon a material change in the condition of any improvements; or, Form Date: May,2005 13 of 25 Commercial Lease 22-A90012 '�rw r�rr (4) Upon a change in the Permitted Use. A new or modified Bond shall be delivered to State within thirty (30) days after adjustment of the amount of the Bond has been required by State. (b) Upon any default by Tenant in its obligations under this Lease, State may collect on the Bond to offset the liability of Tenant to State. Collection on the Bond shall not relieve Tenant of liability, shall not limit any of State's other remedies, and shall not reinstate or cure the default or prevent termination of the Lease because of the default. 10.3 Insurance. At its own expense, Tenant shall procure and maintain during the Term of this Lease, the insurance coverages and limits described in Subsections 10.3(a) and (b) below. This insurance shall be issued by an insurance company or companies admitted and licensed by the Insurance Commissioner to do business in the State of Washington. Insurers must have a rating of B+ or better by "Best's Insurance Reports," or a comparable rating by another rating company acceptable to State. If non-admitted or non-rated carriers are used, the policies must comply with Chapter 48.15 RCW. (a) Types of Required Insurance. (1) Commercial General Liability Insurance. Tenant shall procure and maintain Commercial General Liability insurance and, if applicable, Marina Operators Legal Liability insurance covering claims for bodily injury, personal injury, or property damage arising on the Property and/or arising out of Tenant's operations. If necessary, commercial umbrella insurance covering claiins for these risks shall be procured and maintained. Insurance must include liability coverage with limits not less than those specified below: Description Each Occurrence $1,000,000 General Aggregate Limit $2,000,000 State may impose changes in the limits of liability: (i) As a condition of approval of assignment or sublease of this Lease; (ii) Upon any breach of Section 8, above; (iii) Upon a material change in the condition of the Property or any improvements; or, (iv) Upon a change in the Permitted Use. Form Date:May,2005 1�3 of 25 Commercial Lease 22-A90012 � � New or modified insurance coverage shall be in place within thirty (30) days after changes in the limits of liability are required by State. (2) Property Insurance. Tenant shall procure and maintain property insurance covering all real property located on or constituting a part of the Property in an amount equal to the replacement value of all improvements on the Property. Such insurance may have commercially reasonable deductibles. (3) Worker's Compensation/Employer's Liability Insurance. Tenant shall procure and maintain: (i) State of Washington Worker's Compensation coverage, as applicable, with respect to any work by Tenant's employees on or about the Property and on any improvements; (ii) Employers Liability or "Stop Gap" insurance coverage with limits not less than those specified below. Insurance must include bodily injury coverage with limits not less than those specified below: Each Employee Policy Limit Bv Accident Bv Disease Bv Disease $1,000,000 $1,000,000 $1,000,000 (iii) Longshore and Harbor Worker's Act and Jones Act coverage, as applicable, with respect to any work by Tenant's employees on or about the Property and on any improvements. (4) Builder's Risk Insurance. As applicable, Tenant shall procure and maintain builder's risk insurance in an amount reasonably satisfactory to State during construction, replacement, or material alteration of the Property or improvements on the Property. Coverage shall be in place until such work is completed and evidence of completion is provided to State. (5) Business Auto Policy Insurance. As applicable, Tenant shall procure and maintain a business auto policy. The insurance must include liability coverage with limits not less than those specified below: Descriptioi� Each Accident Bodily Injury and Property Damage $1,000,000 (6) Aviation Liability Insurance. Tenant shall procure and maintain insurance covering liability arising from ownership, maintenance or use of aircraft, including liability assumed under an insurance contract. The insurance must include liability coverage with limits not less than those specified below: Form Date:May,2005 15 of 25 Commercial Lease 22-A90012 wy.r r.rr General Description Per Seat A��re�ate Bodily Injury and Property Damage $1,000,000 $5,000,000 (b) Terms of Insurance. The policies required under Subsection 10.3 shall name the State of Washington, Department of Natural Resources as an additional insured (except for State of Washington Worker's Compensation coverage, and Federal Jones' Act and Longshore and Harbor Worker's Act coverages). Furthermore, all policies of insurance described in Subsection10.3 shall meet the following requirements: (1) Policies shall be written as primary policies not contributing with and not in excess of coverage that State may carry; (2) Policies shall expressly provide that such insurance may not be canceled or nonrenewed with respect to State except upon forty-five (45) days prior written notice from the insurance company to State; (3) To the extent of State's insurable interest, property coverage shall expressly provide that all proceeds shall be paid jointly to State and Tenant; (4) All liability policies must provide coverage on an occurrence basis; and (5) Liability policies shall not include exclusions for cross liability. (c) Proof of Insurance. Tenant shall furnish evidence of insurance in the form of a Certificate of Insurance satisfactory to the State accompanied by a checklist of coverages provided by State, executed by a duly authorized representative of each insurer showing compliance with the insurance requirements described in section 10, and, if requested, copies of policies to State. The Certificate of Insurance shall reference the State of Washington, Department of Natural Resources and the lease number. Receipt of such certificates or policies by State does not constitute approval by State of the terms of such policies. Tenant acknowledges that the coverage requirements set forth herein are the minimum limits of insurance the Tenant must purchase to enter into this agreement. These limits may not be sufficient to cover all liability losses and related claim settlement expenses. Purchase of these limits of coverage does not relieve the Tenant from liability for losses and settlement expenses greater than these amounts. 10.4 State's Acquisition of Insurance. If Tenant fails to procure and maintain the insurance described above within fifteen (15) days after Tenant receives a notice to comply from State, State shall have the right to procure and maintain comparable substitute insurance and to pay the premiums. Tenant shall pay to State upon deinand the full amount paid by State, together with interest at the rate provided in Subsection 6.2 from the date of State's notice of the expenditure until Tenant's repayment. Form Date:May,2005 16 of 25 Commercial Lease 22-A90012 ,,,�r+' +.r+y 10.5 Self Insurance. Tenant warrants that it has the capacity to self insure for the risks and coverages specified in Section 10. Tenant's obligations under Section 10 may be met by providing evidence of self insurance that is acceptable to State. Any acceptance of Tenant's proof of self insurance by State must be obtained in writing. The decision to accept, or reject, Tenant's proof of self insurance is within the sole discretion of the State. Tenant must provide State with proof of continuing ability to provide self insurance within thirty (30) days of any written request by State for such proo£ Tenant shall also provide State with written notice within seven (7) days of any material change in its ability to self insure, or to its program of self insurance. If Tenant elects to discontinue its program of self insurance, or if State provides written notice withdrawing its acceptance of Tenant's proof of self insurance, Tenant shall be subjected to the requirements of Section 10. Tenant shall be in compliance with the requirements of Section 10 prior to exercising an election to terminate self insurance coverage and shall comply with those requirements within thirty (30) days of receipt of any notice from State withdrawing its consent to self insurance. All sublease agreements must comply with the provisions of Section 10. SECTION ll MAINTENANCE AND REPAIR 11.1 State's Repairs. State shall not be required to make any alterations, maintenance, replacements, or repairs in, on, or about the Property, or any part thereof, during the Term. 11.2 Tenant's Repairs, Alteration, Maintenance and Replacement. (a) Tenant shall, at its sole cost and expense, keep and maintain the Property and all improvements (regardless of ownership) in good order and repair, in a clean, attractive, and safe condition. (b) Tenant shall, at its sole cost and expense, make any and all additions, repairs, alterations, maintenance, replacements, or changes to the Property or to any improvements on the Property which may be required by any public authority. (c) All additions, repairs, alterations, replacements or changes to the Property and to any improvements on the Property shall be made in accordance with, and ownership shall be governed by, Section 7, above. SECTION 12 DAMAGE OR DESTRUCTION (a) In the event of any damage to or destruction of the Property or any improvements, Tenant shall promptly give written notice to State. Unless otherwise agreed in writing, Tenant shall promptly reconstruct, repair, or replace the Property and any improvements as nearly as possible to its condition immediately prior to the damage or destruction. (b) Tenant's duty to reconstruct, repair, or replace any damage or destruction of the Property or any improvements on the Property shall not be conditioned upon the availability of any insurance proceeds to Tenant from which the cost of repairs may be paid. Form Date: May,2005 17 of 25 Commercial Lease 22-A90012 � � (c) Unless this Lease is terminated by mutual agreement, there shall be no abatement or reduction in rent during such reconstruction, repair, and replacement. (d) Any insurance proceeds payable by reason of damage or destruction shall be first used to restore the real property covered by this Lease, then to pay the cost of the reconstruction, then to pay the State any sums in arrears, and then to Tenant. (e) In the event Tenant is in default under the terms of this Lease at the time damage or destruction occurs, State may elect to terminate the Lease and State shall then have the right to retain any and all insurance proceeds payable as a result of the damage or destruction. SECTION 13 CONDEMNATION 13.1 Definitions. (a) Taking. The term "talcing," as used in this Lease, means the taking of all or any portion of the Property and any improvements thereon under the power of eminent domain, either by judgment or settlement in lieu of judgment. Taking also means the talcing of all or a portion of the Property and any improvements thereon to the extent that the Permitted Use is prevented or, in the judgment of State, the Property is rendered impractical for the Permitted Use. A total taking occurs when the entire Property is taken. A partial taking occurs when the taking does not constitute a total taking as defined above. (b) Voluntary Conveyance. The terms "total taking" and "partial taking" shall include a voluntary conveyance, in lieu of formal court proceedings, to any agency, authority, public utility, person, or corporate entity empowered to condemn property. (c) Date of Taking. The term "date of taking" shall mean the date upon which title to the Property or a portion of the Property passes to and vests in the condemnor or the effective date of any order for possession if issued prior to the date title vests in the condemnor. 13.2 Effect of Taking. If during the Term there shall be a total taking, the leasehold estate of Tenant in the Property shall terminate as of the date of taking. If this Lease is terminated, in whole or in part, all rentals and other charges payable by Tenant to State and attributable to the Property taken shall be paid by Tenant up to the date of talcing. If Tenant has pre-paid rent, Tenant will be entitled to a refund of the pro rata share of the pre-paid rent attributable to the period after the date of taking. In the event of a partial taking, there shall be a partial abatement of rent from the date of taking in a percentage equal to the percentage of Property taken. 13.3 Allocation of Award. State and Tenant agree that in the event of any condemnation, the award shall be allocated between State and Tenant based upon the ratio of the fair market value of Tenant's leasehold estate and Tenant-O�vned Improvements on the Property and State's Form Date: May,2005 18 of 25 Commercial Lease 22-A90012 '.rr' ,�, interest (a) in the Property, (b) in the reversionary interest in Tenant-Owned Improvements, and (c) in State-Owned Improvements. In the event of a partial taking, this ratio will be computed on the basis of the portion of Property or improvements taken. If Tenant and State are unable to agree on the allocation, it shall be submitted to binding arbitration in accordance with the rules of the American Arbitration Association. SECTION 14 DEFAULT AND REMEDIES (a) Tenant shall be in default of this Lease on the occurrence of any of the following: (1) Failure to pay Annual Rent or other expenses when due; (2) Failure to comply with any law, regulation, policy, or order of any lawful governmental authority; (3) Failure to comply with any other provision of this Lease; (4) Two or more defaults over a period of time, or a single serious default, that demonstrates a reasonable likelihood of future defaults in the absence of corrective action by Tenant; or (5) Proceedings are commenced by or against Tenant under any bankruptcy act or for the appointment of a trustee or receiver of Tenants'property. (b) A default shall become an event of default ("Event of Default") if Tenant fails to cure the default within si�ty (60) days after State provides Tenant with written notice of default, which specifies the nature of the default. (c) Upon an Event of Default, State may terminate this Lease and remove Tenant by summary proceedings or otherwise. State may also, without terminating this Lease, relet the Property on any terms and conditions as State in its sole discretion may decide are appropriate. If State elects to relet, rent received by it shall be applied: (1) to the payment of any indebtedness other than rent due from Tenant to State; (2) to the payment of any cost of such reletting; (3) to the payment of the cost of any alterations and repairs to the Property; and, (4) to the payment of rent and leasehold excise tax due and unpaid under this Lease. Any balance shall be held by State and applied to Tenant's future rent as it becomes due. Tenant shall be responsible for any deticiency created by the reletting during any month and shall pay the deficiency monthly. State's reentry or repossession of the Property under this subsection shall not be construed as an election to terminate this Lease or cause a forfeiture of rents or other charges to be paid during the balance of the Term, unless State gives a written notice of termination to Tenant ar termination is decreed by legal proceedings. State may at any time after reletting elect to terminate this Lease for the previous Event of Default. Form Date: May,2005 19 of 25 Commercial Lease 22-A90012 '�rr �, SECTION 15 ENTRY BY STATE State shall have the right to enter the Property at any reasonable hour to inspect for compliance with the terms of this Lease. SECTION 16 DISCLAIMER OF QUIET ENJOYMENT As indicated in Section 1.1, this Lease is subject to all valid recorded interests of third parties, as well as rights of the public under the Public Trust Doctrine or federal navigation servitude, and treaty rights of Indian Tribes. State believes that its grant of the Lease is consistent with the Public Trust Doctrine and that none of the identified interests of third parties will materially and adversely affect Tenant's right of possession and use of the Property as set forth herein, but makes no guaranty or warranty to that effect. Tenant and State expressly agree that Tenant shall be responsible for determining the extent of its right to possession and for defending its leasehold interest. Consequently, State expressly disclaims and Tenant expressly releases State from any claim for breach of any implied covenant of quiet enjoyment with respect to the possession of the Property. This disclaimer includes, but is not limited to, interference arising from or in connection with access or other use rights of adjacent property owners ar the public over the water surface or in or under the water column, including rights under the Public Trust Doctrine; rights held by Indian Tribes; and the general power and authority of State and the United States with respect to aquatic lands, navigable waters, bedlands, tidelands, and shorelands. In the event Tenant is evicted from the Property by reason of successful assertion of any of these rights, this Lease shall terminate as of the date of the eviction. In the event of a partial eviction, Tenant's rent obligations shall abate as of the date of the partial eviction, in direct proportion to the extent of the eviction, but in all other respects, this Lease shall remain in full force and effect. SECTION 17 NOTICE Any notices required or permitted under this Lease may be personally delivered, delivered by facsimile machine, or mailed by certified inail, return receipt requested, to the following addresses or to such other places as the parties may direct in writing from time to time: State: DEPARTMENT OF NATURAL RESOURCES Shoreline District Aquatics Region 950 Farman Avenue North Enumclaw, WA 98022-9282 Tenant: CITY OF RENTON 616 West Perimeter Road Renton, WA 98022 A notice shall be deemed given and delivered upon personal delivery, upon receipt of a confirmation report if delivered by facsimile machine, or three (3) days after being mailed as set forth above, whichever is applicable. Form Date:May,2005 20 of 25 Commercial Lease 22-A90012 � � SECTION 18 MISCELLANEOUS 18.1 Authority. Tenant and the person or persons executing this Lease on behalf of Tenant represent that Tenant is qualified to do business in the State of Washington, that Tenant has full right and authority to enter into this Lease, and that each and every person signing on behalf of Tenant is authorized to do so. Upon State's request, Tenant will provide evidence satisfactory to State confirming these representations. This Lease is entered into by State pursuant to the authority granted it in Chapters 79.105 to 79.145 RCW and the Constitution of the State of Washington. 18.2 Successors and Assigns. This Lease shall be binding upon and inure to the benefit of the parties, their successors and assigns. 18.3 Headings. The headings used in this Lease are for convenience only and in no way define, limit, or extend the scope of this Lease or the intent of any provision. 18.4 Entire Agreement. This Lease, including the exhibits and addenda, if any, contains the entire agreement of the pai-ties. All prior and contemporaneous agreements, promises, representations, and statements relating to this transaction or to the Property, if any, are merged into this Lease. 18.5 Waiver. The waiver by State of any breach or default of any term, covenant, or condition of this Lease shall not be deemed to be a waiver of such term, covenant, or condition; of any subsequent breach or default of the same; or of any other term, covenant, or condition of this Lease. State's acceptance of a rental payment shall not be construed to be a waiver of any preceding or existing breach other than the failure to pay the particular rental payment that was accepted. 18.6 Cumulative Remedies. The rights and remedies of State under this Lease are cumulative and in addition to all other rights and remedies afforded to State by law or equity or otherwise. 18.7 Time is of the Essence. TIME IS OF THE ESSENCE as to each and every provision of this Lease. 18.8 Language. The word "Tenant" as used in this Lease shall be applicable to one or more persons, as the case may be. The singular shall include the plural, and the neuter shall include the masculine and feminine. If there is more than one Tenant, their obligations shall be joint and severaL The word "persons," whenever used, shall include individuals, firms, associations, and corporations. 18.9 Invalidity. If any provision of this Lease shall prove to be invalid, void, or illegal, it shall in no way affect, impair, or invalidate any other provision of this Lease. Form Date:May,2005 21 of 25 Commercial Lease 22-A90012 � � 18.10 Applicable Law and Venue. This Lease shall be interpreted and construed in accordance with the laws of the State of Washington. Any reference to a statute shall mean that statute as presently enacted or hereafter amended or superseded. Venue for any action arising out of or in connection with this Lease shall be in the Superior Court for Thurston County, Washington. 18.11 Recordation. Tenant shall record this Lease or a memorandum documenting the existence of this Lease in the county in which the Property is located, at Tenant's sole expense. The memorandum shall, at a minimum, contain the Property description, the names of the parties to the Lease, the State's lease number, and the duration of the Lease. Tenant shall provide State with recording information, including the date of recordation and file number. Tenant shall have thirty (30) days from the date of delivery of the final executed agreement to comply with the requirements of this subsection. If Tenant fails to record this Lease, State may record it and Tenant shall pay the costs of recording upon State's demand. 18.12 Modi�cation. Any modification of this Lease must be in writing and signed by the parties. State shall not be bound by any oral representations or statements. Form Date: May,2005 22 of 25 Commercial Lease 22-A90012 �wr ,�, THIS AGREEMENT requires the signature of all parties and is executed as of the date of the last signature below. Tenant: CITY OF RENTON Dated: By: ���%� / K�HY KEOLKER Title: Mayor Address: 1055 S. Grady Way Renton, WA 98055 Attest: �j�� �. ��Z� Bonnie I. Walton, City Clerk STATE OF WASHINGTON DEPARTMENT F NATU RESOURCES Dated: � � By: rl' � � � OUG SUT ERLAND �SIO �h �•.����.....�po��h Title: Commissioner of Public Lands s��• 'ti�,��# ~:�'� , 'tt�'s Address: Shoreline District Aquatics Region ;_,e ,���. . �, ;��o �;� ' ?�� � 950 Farman Avenue North . . �"'`�� ,� , ��i Enumclaw, WA 98022-9282 a ��ev,,,? : 'q'.,� �,,�'���✓ `��>'°�`•'F^;�Q:;:•°r��i .,. o�4 1`'��1'w��►���'.S Approved as to Form May, 2005 by Joe Panesko $;, . .-- -, Assistant Attorney General � State of Washington Form Date: May,2005 23 of 25 Commercial Lease 22-A90012 r.r ,�.r, REPRESENTATIVE ACKNOWLEDGMENT STATE OF ) ) ss County of �.:,; .c .� ) I certify that I know or have satisfactory evidence that KATHY KEOLKER is the person who appeared before me, and said person acicnowledged that she signed this instrument, on oath stated that she was authorized to execute the instrument and acknowledged it as the Mayor of the City of Renton to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. ,� '� / " ;:, � / i .-' `�``,� Dated: r �C i. C��. �-,�r. � - ,� r,� ! � (Sig ature) w'yo'�'W'\�4t.��;�; , : ti��::,r�; �, `�,-;�.�fr��� �t- �r���r �`i� ��'"YC-� ";ti` ';��;t "'_ '`° (Print Name) -�,„ �`�`'r -:� , .;.> .,, , ca;�; �, ;` „ � Notary Public in and for the State of :; ��; . - �. ,� , ;:�� _�r�r Washington, residing at �°�`�`'•': ,. -��_:, `:'a�,,;_ �=!'6� t c.,�-'� ��' �„i;���.;�"""l;,>;i,�.� Atr��&��R�";�`,,�@";a,6p My appointment expires ,�� ' �,%-�:'e��i;j Form Date:May,2005 24 of 25 Commercial Lease 22-A90012 � � STATE ACKNOWLEDGMENT STATE OF WASHINGTON ) ) ss County of `TJI���F��t-c�v� ) I certify that I know or have satisfactory evidence that DOUG SUTHERLAND is the person who appeared before me, and said person acknowledged that he signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Commissioner of Public Lands, and ex officio administrator of the Department of Natural Resources of the State of Washington to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. r / Dated: �� �`v C) Cr.' . .Q�"1'L-t..�"-��- �� �-�.1-�.C�l (Signature) �j c�c� c ��� � �---�� �.-(.� ���oR' y�� (Print Name) 0 ��`'' �'Oi,9 � ���N,�TA�Y �N Notary Public in and for the State of �� �Vg�� � �� ' gton, residir�g at 9� F P�'�� � �-T_r�_. W My appointment expires 5 " /� ` �� Form Date: May,2005 25 of 25 Commercial Lease 22-A90012 I�---------------------------------------------------------------------------------------------.______________________—____________, � � � LA.t�' IYASHINGT0IY S�IOFc'E LAN1�S IN F'RONfi t?F THE REI+T?'ON MUNICIPA� AIRFORT � � ' AND T"HE 1YORTHiPES?' I j4 GiF THE NQRTHEA.ST .t f4 OF � ! 1?NR Lk,`.4sE NO. 22—�8Q01� SE�TION 07, TCIR'3VVSHIP 23 NORTH, kANGE 5 EAST, W.M. t � cr� oF �rrroN, GaUNTY OF 1QNG, STATE OF W�HINGTON `, ; N.,�.-..-��.x..�.. ` G �'�rwHw� `~\ ` i i /�r t � �rrramr „� ` � � �,.- j �� ,OFw11oE41F+1iA1161 1 f , 1 f i ����,�, 7[C7Rr 7�E� �t F i rs s iac�rr'— ��.'� �.,\, ua.a� �,,'" / ,,.L /� � i j� � � i � ( �"� � '',yil GAKE wASHINuT(�lv j i �����..,.a..�.j.a..G �^O' I s11 ,/ 1 i � w.rw � � � ! , i � u!.�4 1�tj� � '� 1 � ._.� --(}'��,1+1E—_^" ` � � i � i I ... I�R� 1 AkGor C � � } 1 i r�ea ars� � ' , °'�� ""'"Q'� �r�` "'"�,'�-�-! \ 1 � � � t � � . 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M!ija.NE tfi,9Fi Y IMP!.}R.tLF.5 t�.Y. i � � 11EU01�1ER�5 I:FRIIFICATE +� .^ .... . $UftF£WI2�S CERtIF1CATE E i � � IKI�Hak'ONtI!68dQq�ti1.�lC. rw r�.+r w.a r rww�.ex s e � �4'°�' �,+r���....�+w.�iw.b i t — s�.,,.,R.� ,.,..�,......�«. � �. k.�`CORp DF SURVEY ��rr��..��.... \ °� � I � .rr+rr+.�-++�r�w hr �.+y�arw +�� r�*w n��.�. � 1 ��x���c� k i � M�.��1! RNM�F�i i�w'liiq M�MMOMWOY R M Nqli�M FVK ► w�Yw '�yt I � i,.o.s, ruc �cw�. aalaPRw �,+,�.�. as-ru u�w wwww�rw►a ra �,��,� - i CIT'Y QF RF;NTON + � � ; � J ���.o.K: �� t � � ..�..r :::.,�..�-.�-�...: �.3�..-ai.ri.., i . i �stt;�x iwn sMiea I ._.'_____'."..._.___�-"..__._____�_»__.,.__r___�____�__..._...._______.__.,.._.__.__.__.,.__.__.._._____�._�.___._...__,_�...___.________,..___�__._____�_._______ ____..� E�ibit A Page 1 of 1 Lease Na. 22-A90012 ��.r � EXHIBIT B PLAN OF DEVELOPMENT, OPERATION, AND MAINTENANCE Lease No. 22-A90012 City of Renton 616 West Perimeter Rd. Site Description and Present Use The City of Renton lease is located on the southern shore of Lake Washington,just west of the mouth of the Cedar River. The waters of Lalce Washington are used for recreational purposes such as boating, swimming, and fishing. The following fish are found in Lake Washington; sockeye salmon (Oncorhynchus nerka), coho salmon (D. kisutch) , steelhead salmon (O. mykiss), chinook salmon (O. tshawytscha), and trout. The Boeing Company is located to the east of the leasehold and a small boat moorage facility is located to the west of the leasehold. The City of Renton runs a seaplane base at this site. The floating dock is made of untreated wood with metal grating on the walkway allowing light to penetrate to the lake bottom. The dock is lined with tires to prolong its life. Future Use and Condition The City of Renton may expand their floating dock in the future. Tenant must notify the State of any plans for changes to their leasehold and the State must approve these changes. Any expansion or decrease in the leasehold area will require an amendment to the lease. SECTION 2 USE 2.1 Permitted Use. Tenant is permitted to use the 15,006 square foot leasehold for seaplane moorage, which includes a floating dock that rises and falls with the lake level on approximately six galvanized steel pilings. All seaplanes must be moored in a manner that ensures that they are located within the leasehold area. The area needed for ingress and egress from the leased premises is included in the leasehold area. Exhibit B 1 of 2 Lease No.22-A90012 ��.r "�'' SECTION 7 IMPROVEMENTS 7.2 Tenant-Owned Improvements. The "Tenant-Owned Improvements" currently located on the site include: floating dock and approaimately six galvanized steel pilings. SECTION 11 MAINTENANCE AND REPAIR 11.2 Tenant's Repairs, Alteration, Maintenance and Replacement. Maintenance of the floating dock includes periodic structural and safety inspections. Routine maintenance of the tires, wood planks, metal grating, cleaning (including power washing), and repair of all portions of the dock occur at periodic intervals or when necessary to assure the safe operation of the dock. Over water seaplane maintenance such as washing and engine maintenance is not permitted. SECTION 15 ENTRY BY STATE SITE INSPECTION Monica Durkin, of the Washington State Department of Natural Resources (DNR), conducted an inventory and a site inspection of the dock on July 7, 2005. SECTION 16 DISCLAIMER OF QUIET ENJOYMENT For purposes of abatement of rent in Section 16 of this lease, the phrases "date of eviction" and "date of partial eviction" shall mean that date Tenant is stopped from all use of the property by reason of an assertion of the rights described in Section 16 of this lease. SECTION 17 NOTICE The City of Renton shall designate a contact person for the Department of Natural Resources. This person has the responsibility of notifying the DNR of the status of the lease. The current contact person is: Bruce Fisher City of Renton Airport 616 West Perimeter Rd. Renton, WA 98055 (425) 430-7471 The current contact for the Department of Natural Resources is: Snoqualmie Land Manager 950 Farman Avenue North Enumclaw, WA 98022 (360) 825-1631 Exhibit B 2 of 2 Lease No.22-A90012 , , �r.►r .✓ , r Return Address: � �► � z00�122000 � 095z �b (,i} CITY OF RENTON TLE 39.00 �.� . ��� d �� 12 2002008 3 085� , KING COUNTY, WA Please print or type information WASHINGTON STATE RECORDER'S Cover Sheet (RCW 6�04) DOCUrilOrit TIt1e�S�(or transactions contained therein):(all areas applicable to your document must be filled in) �. L.Qr,�s� 7"�w���!-,�, uo. aa-�aq��- 3. 4. Reference Number(s) of Documents assigned or released: Additional reference#'s on page � of document Grantor s) (Last name,first name,initials) l. ' CS 2. , Additional names on page � of document. Gr�tge(s)_(�ast m1�hen first name and initials) 1. rf"G( pT , 2 v • Additional names on page of document. Legal descri tlon(abbreviated: i.e.lot,block,plat or secti n,townshi}' ran e) 1,�(,c�ab�. ,,��/2��� iti �vr� e�'�t s/�e.K�f�^ �J�Oo����� A/� o� � )1/E'/�l a� �'e�.�aaH d7. Toc.�n6G�„o a� s �a.6t, W r11, !�►�t o�(1�G�t.1�, k'�,�q C'ec.�x•t-� , s,�'t o�' �i�.s�i;�*� Assessor's Property Tax Parcel/Account Number ❑Assessor Tax#not yet assigned ��a�ds�oa� The Auditor/Recorder will rely on the information provided on the form. The staff will not read the document to verify the accuracy or completeness of the indexing information provided herein. I am requesting an emergency nonstandard recording for an additional fee as provided in RCW 36.18.010. I understand that the recording processing requirements may cover up or otherwise obscure some part of the text of the original document. Signature of Requesting Party � � , LAG-06-019 STATE OF WASHINGTON DEPARTMENT OF NATURAL RESOURCES DOUG SUTHERLAND, Commissioner of Public Lands NOTICE OF AND AGREEMENT TO TERMINATE LEASE TABLE OF CONTENTS SECTION PAGE BACKGROUND ...........................................................................................................................1 1. TERMINATION DATE ....................................................................................................1 2. IMPROVEMENTS............................................................................................................1 3. WARRANTIES .................................................................................................................1 4. APPLICABLE LAW.AND VENUE .................................................................................2 5. RECORDATION...............................................................................................................2 6. MODIFICATION...............................................................................................................2 Form Date: 10/2003 i Agreement No.22-090012 � rrr �✓ , . STATE OF WASHINGTON DEPARTMENT OF NATURAL RESOURCES DOUG SUTHERLAND, Commissioner of Public Lands NOTICE OF AND AGREEMENT TO TERMINATE LEASE LEASE TERMINATION NO. 22-090012 THIS AGREEMENT is made by and between the STATE OF WASHINGTON, acting through the Department of Natural Resources ("State"), and the CITY OF RENTON, a governemnt agency/entity, whose address is 616 West Perimeter Road, Renton, WA 98055 ("Lessee"). BACKGROUND A. Lessee and State have entered into, and are bound by, the terms and conditions of Lease No. 22-090012, recorded with the King County Auditor's Office under recording number N/A, including any amendments thereto (the "Lease"). B. Lessee desires to terminate this Lease, and State agrees that such lease may be terminated. THEREFORE, the parties agree as follows: SECTION 1 TERMINATION DATE The Termination Date of the Lease shall be accelerated to March 31, 2006. SECTION 2 IMPROVEMENTS The"Lessee" -owned Improvements described in Exhibit A shall be authorized under lease number 22-A90012. SECTION 3 WARRANTIES Lessee represents and warrants to State that (i) Lessee is not in default or breach of the Lease; (ii) Lessee has no causes of action, claims, offsets, or defenses associated with the Lease; Form Date: 10/2003 1 Of 5 Agreement No.22-090012 , 'r✓ ..✓ (iii) Rents due subsequent to this Termination have not been paid in advance by Lessee or have been fully refunded by State; (iv) All subleases of the Property will terminate and all sublessees will have vacated the Property prior to the Termination Date of the Lease; (v) No other person or entity has any interest in this lease that would be affected by its termination; and (vi) To the best of Lessee's knowledge, the property is in full compliance with all applicable federal, state, and local governmental permits, rules, ordinances, and laws. Lessee shall defend, indemnify and hold State harmless from any claims, known or unknown, of the Lessee, and for any breach of the foregoing warranties. State expressly reserves all rights against Lessee for any claims it may have for damage to the Property or associated natural resources. SECTION 4 APPLICABLE LAW AND VENUE This Agreement shall be interpreted and construed in accordance with the laws of the State of Washington. Venue for any action arising out of or in connection with this Lease shall be in the Superior Court for Thurston County, Washington. SECTION 5 RECORDATION Lessee shall record this Lease Termination or a memorandum documenting the existence of this Lease in the county in which the Property is located, at Lessee's sole expense. The memorandum shall, at a minimum, contain the Property description, the names of the parties to the Lease,the State's lease number, and the duration of the Lease. Lessee shall provide State with recording information, including the date of recordation and file number. Lessee shall have thirty(30) days from the date of delivery of the final executed Termination agreement to comply with the requirements of this subsection. If Lessee fails to record this Lease Termination, State may record it and Lessee shall pay the costs of recording upon State's demand. SECTION 6 MODIFICATION Any modification of this Agreement must be in writing and signed by the parties. State shall not be bound by any oral representations or statements. Form Date: 10/2003 2 Of 5 Agreement No.22-090012 � �+ r✓ THIS AGREEMENT requires the signature of all parties and is executed as of the date of the last signature below. Tenant: CITY OF RENTON Dated: �2 9, 200!v By: `,�'�� � U � �ATHY KEOLKER rq , Title: Mayor � Address: 1055 S. Grady Way '�� � Renton, WA 98055 Attest: �����1' �. ����� Bonnie I. Walton, City Clerk STATE OF WASHINGTON DEPARTMENT F NATU RESOURCES i Dated: 9 4 By: GlG�7' �1l � OUG SUTI�ERLAND ���y��+P� Title: Commissioner of Public Lands � ��.• . �` ,' ,A r ; Address: Shoreline District Aquatics Region � �' 950 Farman Avenue North ��i� ��9 � Enumclaw, WA 98022-9282 '� � � �`�'�''�.«. � Approved as to Form May, 2005 by Joe Panesko Assistant Attorney General p��Fi� State of Washington �-'' _� ,_ ,..�... Form Date: 10/2003 3 Of 5 Agreement No.22-090012 � � � , . REPRESENTATIVE ACKNOWLEDGMENT STATE OF ) ) ss County of �;_ ; .;�, ) I certify that I know or have satisfactory evidence that KATHY KEOLKER is the person who appeared before me, and said person acknowledged that she signed this instrument, on oath stated that she was authorized to execute the instrument and acknowledged it as the Mayor of the City of Renton to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. Dated: �� �� �i � L�'��%�� �'�/. ; ,-? �� � �! ��; ��.. � �.,�` -— ' (Si�nature) .�+,�,��°ae�W�{� �w�;Lr'� �' ',���go �. , ,.,,,..r E,,� -� ��(�..� ��, ,a . _�° -t �1 ~`�"-��s`':��i,�.���=.,��°� ��i (Print Name) � �;���` ,�"e :i„� .� a°i i `` +°�' % ;,,�' ' i1t�': s' �� `�= � Notary Public in and for the State of A �r<.,h�' �,;�� ��= Washington residing at y�8��+� {,'`��\ �yC„il�� /�.�'4� 1 L d ( '�`���9�`�,*�1'.''.°?,��''''."°`� "'�"a'1,W°��,.ti�*,�., ' My appointment expires f. - Z �j��.�.� �;� Form Date: 10/2003 4 of 5 Agreement No.22-090012 . �, �, • . STATE ACKNOWLEDGMENT STATE OF WASHINGTON ) ) ss County of ���r���y� ) I certify that I know or have satisfactory evidence that DOUG SUTHERLAND is the person who appeared before me, and said person acknowledged that he signed this instrument, on oath stated that he was authorized to execute the instrument and acknowledged it as the Commissioner of Public Lands, and ex officio administrator of the Department of Natural Resources of the State of Washington to be the free and voluntary act of such party for the uses and purposes mentioned in the instrument. Dated: C� � ��`.�i � �i' ��7��'111�Gt.., � ��-�(_.�l � (Signature) � ��"�"C�6�t t �r� l'�. �`_�1 �L � ���SioN��'i� (Print Name) � N`OTARY 9�� Notary Public in and for the State of � P(J�,�C a Washi�gtqn, residing.at 5-19-p9`��4 �,t�-y�L/�.-�_�- , My appointment expires 5 �� � � �/ Form Date: 10/2003 5 Of 5 Agreement No.22-090012 .� ' . WATER-DEPEIr'DENT RENT CALCULATION�YORKSHEET ' ' � T.Use� 8.Acres v 1.Lease Number 22-090012 S.UBI / ! / Seavtane Moora�e 15,006 Sctuare Feet 2.Name Citv of Renton 6.DNR / / / Alternate Pazve17 No 3.Camty Kin� --- 4.Previous Rent NA 9.G�nrent Revaluation Assessment Date Anril 1.2006 10.Cowity 11.Upland 12.Acres( 13.Upland 14.Aquatic 15.Aquatic 16.Lease 17.Rent Parcel No. Value Sa"Ft• ValudAcre Value C�30% Lease Acres Area Value 5.06% 1. 0723059007 72_910J00 7.291.073 510.00 S3.00 15.006 45.018 52277.91 � 2. 3. 4. Remar]cs: ;s the new water-dependent reat more than a 50 pen�eut in�ase from the previous rent? Yes No If yes,do n��t increase annual rents by more than 50 percent cach year. . PPI Adiustments(Used onlv for Revaluations and PPI TRUST DIST. Adiustment Ye�rsl 96 OF RENT . 90-91+4.958'/01.04958 NAV. 91-92+3.654%1.03654 IS %_S 92-93+0.170'/01.00170 . 93-94+0.601%1.00601 FC Tide/Shore 94-95+1.450'/0 1.01450 � '�_S 95-96+1.262'/01.01262 96-97+3.571%1.03571 ����re 97-98+2326°/.1.02326 21 % S 98-99- 0.235°/. .99765 99-00=2508'/. .97492 Harbor Area [ 00-01+ .884%1.W884 2S % S � � Ol-02+5.657°/.1.05657 02-03+1.13°/. 1.0113 � 03-04 -231% 0.9769 04-OS +534°/. l.0534 OS-06 +6.15% 1.06227 Date gi� 1) If os�is log rtonye.the rcat is 5374.62 per aare ta'July I.2005 q hmc 30.Z006. No parcd numbas m ueeded. 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