HomeMy WebLinkAboutAdden 7 'Noe `ow LAG 05-73
Addendum#07-98
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Puget Sound Energy, Inc.)
THIS ADDENDUM to Lease Agreement LAG 05-73 is effective as of the date of
execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, on November 12, 1991, Lessee agreed to an increase of the annual
rental rate to $0.30 per square foot per year, said rental rate to be retroactive to June 1,
1990, and continuing until the first day of September 1995, and
WHEREAS, effective as of September 1, 1995, the rental rate of$0.30 per square
foot per year was continued as the rental rate for the period September 1, 1995 through
August 31, 2000, and
WHEREAS, during 1997 the Puget Sound Power and Light Company changed its
name to Puget Sound Energy, Inc., and
WHEREAS, during July 1997, new land lease rates had been established by
arbitration, and
WHEREAS, the land rental rate for the land area leased by the Puget Sound
Energy, Inc. was determined to be $0.28 per square foot per year, and Puget Power and
Light.Company was refunded $0.02 per square foot per year for the period June 1, 1993
through December 31, 1997, and
WHEREAS, the land rental rate of$0.28 per square foot per year shall continue
until the first day of September 2000. Effective as of that date, said rental rate shall be
readjusted by and between the parties to be effective for the remaining three(3) year
period of the lease, and
WHEREAS, upon expiration of the extended term of the lease on September 1,
2003, all structures and any and all improvements of any character whatever installed on
the leased premises shall be and become the property of the Lessor and title thereto shall
pass and revert to the Lessor City upon September 2, 2003, unless Lessor exercises its
option to require Lessee to remove any and all improvements and structures at Lessee's
expense.
LEASE AGREEMENT 05-73 l
City of Renton to Puget Sound Energy,Inc.
(formerly Puget Sound Power and Light Company)
Now New LAG 05-73
Addendum#07-98
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND PUGET SOUND ENERGY, INC., AS
FOLLOWS:
WITNESSETH:
1. All leases and addenda bearing the name of Puget Sound Power and Light
Company shall be read as applying to Puget Sound Energy, Inc.
2. The Lessor and Lessee do hereby agree to a land rental rate of Twenty Eight
Cents ($0.28)per square foot per year.
3. Lessor and Lessee do hereby agree that the annual rate of Twenty Eight Cents
($0.28) per square foot per year shall remain in effect until September 1, 2000, and
effective as of that date the rental rate shall be readjusted by and between the parties as
specified in paragraph 18 of the lease.
4. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
PUGET SOUND ENERGY, INC. CITY OF RENTON
a Washington Corporation a Municipal Corporation
Asni
P'rector -Real-Estee-ifcj�'lvlayoi e s e a
(OKPOCAT (AUULES
OA/4 -
Approved as to legal form City Clerk 'Ma4lyn J. Petersen
City Attorney
LEASE AGREEMENT
City of Renton to Puget Sound Energy,Inc.
(formerly Puget Sound Power and Light Company)