HomeMy WebLinkAboutAdden 6 LAG 99-003
Addendum 6-16
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Lane Hangar Condominium Association Inc.)
' THIS ADDENDUM to Lease Agreement LAG 99-003 is effective as of August 1,
2016.
RECITALS:
WHEREAS, under LAG 99-003, effective August 1, 1998, the City of Renton
(Lessor) had leased to Lane Hangar Condominium Association Inc. (Lessee) certain land
on the Renton Municipal Airport, Renton, Washington, until July 31, 2018; and
WHEREAS, under LAG 99-003, Lessee leases approximately 41,366 square feet of
ground space; and
WHEREAS, on August 1, 2013, the land rental rate for the approximately 41,366
square feet of land area leased by Lessee was determined to be $0.66 per square foot
per year and continuing until July 31, 2016; and
WHEREAS, on January 8, 2015, a new I�nd 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 99-003 section 3e, 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 August 1, 2016, the land rental rate was adjusted using the lease
arbitration process, to a rate of$0.7252 per square foot per year for the 41,366 square
feet of leased land, resulting in an annual rental amount of$29,998.62 (41,366 x
$0.7252), and continuing until July 31, 2019.
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. The Lessor and Lessee do hereby agree to amend section 3 of LAG 99-003 to provide
an annual land rent of$29,998.62 (41,366 x$0.7252), PLUS leasehold excise tax, for
ORlG��q�
Lease Agreement LAG 99-003 1
City of Renton to Lane Hangar Condominium Association Inc.
LAG 99-003
Addendum 6-16
the 41,366 square feet identified in lease LAG 99-003, effective August 1, 2016
through luly 31, 2019.
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.
Lane Hangar Condominium Association Inc. CITY OF RENTON
a Washington Corporation a Municipa) Corporation
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Denis Law
Mayor
BEN BUEHLER
President
Title Jas Seth
`\\`\```���R��'�,/ City Clerk
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Lease Agreement LAG 99-003 2
' City of Renton to Lane Hangar Condominium Association Inc.
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