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HomeMy WebLinkAboutAdden 3 LAG-12-004, Adden #3-15 LAG 12-004 Amendment 03-15 AMENDMENT TO EASE AGREEMENT City of Renton to Bosair, LLC THIS AMENDMENT No. 3 to Lease Agreement LAG 12-004 is effective as of October 1, 2015, by the City of Renton, a municipal corporation (Landlord) and Bosair LLC, a limited liability company (Tenant), and amends that certain lease agreement LAG 12-004, dated October 1, 2012. RECITALS: WHEREAS, under LAG 12-004, effective October 1, 2012, the City of Renton (Landlord) had leased to Bosair LLC (Tenant) certain land on the Renton Municipal Airport, Renton, Washington, until September 30, 2052; and WHEREAS, under LAG 12-004, Tenant leases 80,811.88 square feet of land; and WHEREAS, on October 1, 2012, the Commencement Date, the land rental rate for the 80,811.88 square feet of land was determined to be $0.63 per square foot per year and continuing until October 1, 2015 and WHEREAS, on January 8, 2015, a new land rental rate was established, through the lease arbitration process, at a rate of$0.7252 per square foot per year; and WHEREAS, pursuant to LAG 12-004, section 4.c., in a letter dated March 23, 2015, Lessee was notified by certified letter that the lease rate would be readjusted using a means other than the Consumer Price Index-Urban; and WHEREAS, on October 1, 2015, the land rental rate was adjusted using the lease arbitration process, to a rate of$0.7252 per square foot per year for the 80,811.88 square feet of leased land, resulting in an annual rental amount of$58,604.78 (80,811.88 x $0.7252), and continuing until October 1, 2018. NOW,THEREFORE, IN CONSIDERATION OF THE TERMS AND CONDITIONS HEREIN CONTAINED AND FOR OTHER GOOD AND VALUABLE CONSIDERATION,THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, LANDLORD AND TENANT AGREE TO AMEND THE LEASE AND LEASE AMENDMENTS AS SET FORTH BELOW: Amendment 03-15 to LAG 12-004 ORIGINAL 1 City of Renton to Bosair LLC LAG 12-004 Amendment 03-15 WITNESSETH: 1. The Landlord and Tenant do hereby agree to amend section 4.a. of LAG 12-004 to provide an annual land rent of$58,604.78 (80,811.88 x$0.7252), PLUS leasehold excise tax, for the 80,811.88 square feet identified in lease LAG 12-004, effective October 1, 2015 through October 1, 2018. 2. All other terms and conditions of the original Lease Agreement and Amendments thereto, insofar as they are not inconsistent herewith, shall remain in full force and effect. Bosair LLC CITY OF RENTON a Washington Limited Liability Company a Municipal Corporation 441-1 Denis Law Mayor Atte- l: LLC - I • Title Jasonr.eth C y Clerk ottomuuw,„ Sof REA/r I f* sEAL <C04 ° sz C.) avi. 43ate s $"Approv as to legal form , ' ittA)4.414.46.4e City Attorney Amendment 03-15 to LAG 12-004 2 City of Renton to Bosair LLC