HomeMy WebLinkAboutAdden 6 LAG 99-002
Amendment 6-16
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,
2016.
, RECITALS:
WHEREAS, under LAG 99-002, effective May 6, 1999, the City of Renton (Lessor)
had leased to the 540 Renton Hangar LLC (Lessee) certain land on the Renton Municipal
Air ort, Renton, Washin ton, until Jul 31, 2018; and
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WHEREAS, on August 1, 2013, the land rental rate for the approximately 35,595
square feet of land area leased by 540 Renton Hangar LLC was determined to be $0.66
per square foot per year and continuing until August 1, 2016; and
' WHEREAS, pursuant to LAG 99-002 section 3c, in a letter dated March 10, 2016,
' 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 January 8, 2015, a new land rental rate was established, through '
the lease arbitration process, at a rate of$0.7252 per square foot per year; and
WHEREAS, on August 1, 2016, the land rental rate was adjusted using the lease
� arbitration process, to a rate of$ OJ252 per square foot per year for the 35,595 square
feet of leased land, resulting in an annual rental amount of$25,813.49 (35,595 x '
$0.7252), and continuing until July 31, 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, LESSOR AND LESSEE AGREE
TO AMEND THE LEASE AND LEASE ADDENDA AS SET FORTH BELOW:
WITNESSETH:
', 1. Effective on the date of this addendum, Section 3c. of LAG 99-002, is hereby ,
' amended to read as follows:
3c. Periodic Rental Adiustment: Landlord and Tenant do hereby agree that the
Tenant shall pay to Landlord a Minimum Monthly Rent in the sum of two thousand,
Lease Agreement LAG 99-002 0 R ! G 1 NAL 1
City of Renton to 540Renton Hangar LLC
LAG 99-002
Amendment 6-16 �
one hundred fifty one dollars and twelve cents ($2,151.13),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 Renton, Renton Municipal Airport, 616
West Perimeter Road-Unit A, Renton, Washington 98057.
2. 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 CfTY OF RENTON
a Washington Limited Liability Company a Municipal Corporation
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Denis Law
Mayor
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Title 1as n Seth
City Clerk
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Lease Agreement LAG 99-002 2
City of Renton to 540Renton Hangar LLC