HomeMy WebLinkAboutAdden 2DocuSign Envelope ID: F2D42AE0-3AEF-4B06-BAC6-117590E5E20F
CAG-20-321, Adden #2-20
AMENDMENT NO. 2 TO STANDSTILL AGREEMENT
THIS AMENDMENT ("Second Amendment"), dated for reference purposes only as October 1,
2020, is by and between the City of Renton (the "City"), a Washington municipal corporation, and
Solera, LLC, DevCo, LLC, and Solera Manager, LLC, each a Washington limited liability company
(collectively, "DevCo"). The City and DevCo are each a "Party," and are collectively the "Parties"
to this Amendment. Once fully executed by the Parties, this Second Amendment is effective as
of the last date signed by the Parties.
Whereas, the City and DevCo entered into a Standstill Agreement dated June 24, 2020 (referred
to herein as the "Agreement"); and
Whereas, pursuant to the Agreement, the Standstill Period set forth in the Agreement's Section
1.1 was set to expire on August 31, 2020;
Whereas, the Standstill Period was extended through October 1, 2020 in Amendment No. 1 to
Standstill Agreement, dated for reference purposes as August 31, 2020; and
Whereas, the Parties wish to amend the Agreement again in order to extend the Standstill Period
for a short duration; and
Whereas, the Parties intend to use the short extension to continue their good faith negotiations
toward a longer extension of the Standstill Period and substantive modifications to the
Agreement, to the mutual benefit of the Parties.
NOW THEREFORE, It is mutually agreed upon that the Agreement is amended as follows:
1. Section 1.1 of the Agreement is amended to extend the Standstill Period to end on October
8, 2020.
2. The Parties will use the period between October 1, 2020 and October 8, 2020 to attempt, in
good faith, to agree on a further extension of the Standstill Period and further amendments
to the Agreement.
3. The Parties agree that they will communicate with the Hearing Examiner during this short
one -week extension only if necessary to respond to an inquiry from the Hearing Examiner
DocuSign Envelope ID: F2D42AE0-3AEF-4B06-BAC6-117590E5E20F
or a development in the Appeal. Otherwise, the Parties will communicate with the Hearing
Examiner after October 8, 2020.
4. The Parties agree that this Second Amendment responds to a time -sensitive situation due
to the scheduled expiration of the Standstill Period on October 1, 2020, causing the Parties
to need to execute this Amendment prior to review by the City Council. Accordingly, this
Amendment is subject to City Council consideration, and City staff will present the
Amendment to the City Council for ratification after execution by City staff. If the City
Council considers the Amendment and does not ratify it, then the Amendment and the
Agreement will automatically terminate with no liability or further obligation arising on the
part of any Party.
5. All terms of the Agreement not explicitly modified herein shall remain in full force and
effect.
IN WITNESS WHEREOF, the Parties have voluntarily entered into this Amendment as of the date
last signed by the Parties below.
DEVCO, LLC DocuSigned by:
By:
1VBC41600E12EB481...
David Ratliff
Vice President/Managing Member
10/1/2020
Date
SOLERA, LLC DocuSigned by:
By: 1VBC41600E12EB481...
David Ratliff
Managing Member
10/1/2020
Date
SOLERA MANAGER, LLC DocuSigned by:
By: EvBC416DOE12EB481
David Ratliff
Managing Member
10/1/2020
Date
PAGE 2 OF 3
DocuSign Envelope ID: F2D42AE0-3AEF-4B06-BAC6-117590E5E20F
CITY DocuSigned by:
Chip Vincent
By: 49DB37770,A,477...
C.E. "Chip" Vincent
Approved as to Legal Form:
By:
Community & Economic Development
Administrator
10/2/2020 1 10:02 AM PDT
Date
Approved by Leslie Clark via 10/2/2020
Shane Moloney, City Attorney
Contract Template Updated 01-15-2020