HomeMy WebLinkAboutAdden 52013.
LAG 99 -002
Amendment 5 -13
ADDENDUM TO LEASE AGREEMENT
(City of Renton to 540 Renton Hangar LLC)
THIS ADDENDUM to Lease Agreement LAG 99 -002 is effective as of August 1,
RECITALS:
WHEREAS, 540 Renton Hangar LLC has a Lease Agreement with the City of
Renton, LAG 99 -002, executed on May 6, 1999; and
WHEREAS, on August 1, 2010, the land rental rate for the approximately 35,595
square feet of land area leased by 540 Renton Hangar LLC was determined to be $0.62
per square foot per year and continuing until July 31, 2010; and
WHEREAS, on August 1, 2013, and for the ensuing three (3) year period, the land
rental rate was adjusted, using the Consumer Price Index - Urban, to a rate of $0.66 per
square foot per year for the 35,595 square feet of leased area, resulting in an annual
rental amount of $23,492.70 (35,595 x $0.66), and continuing until July 31, 2016.
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND BETWEEN THE
CITY OF RENTON AND 540 RENTON HANGAR LLC AS FOLLOWS:
WITNESSETH:
Landlord and Tenant agree that the difference between the CPI -U of February 2013,
as compared to June 2010, is 6% (239.898 / 226.118 = 1.06 or 6 %). This results in a
monthly ground rate increase from $0.62 to $0.66 per square foot (0.62 x 1.06 =
$0.66).
2. Effective on the date of this Addendum, Section 3c. of LAG 99 -002, is hereby
amended to read as follows:
3c. Periodic Rental Adjustment: Landlord and Tenant do hereby agree that the
Tenant shall pay to Landlord a Minimum Monthly Rent in the sum of one
thousand, nine hundred fifty seven dollars and seventy three cents ($1,957.73),
which amount is one - twelfth of the Total Annual Rent, PLUS leasehold excise tax
as described in Section 4 of lease LAG 99 -002, without deduction, offset, prior
notice or demand, payable promptly in advance on the first day of each and
every month during the Term. All such payments shall be made to the City of
Lease Agreement LAG 99 -002
ap, i AL
City of Renton to 540Renton Hangar LLC
LAG 99 -002
Amendment 5 -13
Renton, Renton Municipal Airport, 616 West Perimeter Road -Unit A, Renton,
Washington 98057.
3. All other terms and conditions of the original Lease Agreement and Addenda
thereto, insofar as they are not inconsistent herewith, shall remain in full force and
effect.
540 Renton Hangar LLC
a Washington Limited Liability Company
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Title
Lease Agreement LAG 99 -002
City of Renton to 540Renton Hangar LLC
CITY OF RENTON
a Municipal Corporation
Denis Law
RAM
Jaso Seth, Deputy City Clerk
Date
Approve s to legal form
City Attorney
2