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LAG 005-91
Addendum #03-94
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Northwest Seaplanes, Inc.)
THIS ADDENDUM to Lease Agreement LAG#005-91 is effective as of the
date hereinbelow executed by the City of Renton.
RECITALS:
WHEREAS, during the preparation of Lease Agreement LAG 005-91, the Lessee
requested an option to extend the term of the lease from the original expiration date of
December 31, 2019, for a further term of four (4)years and terminating on December 31,
2023, and
WHEREAS, in the event that Lessee completed construction of hangar
improvements upon the premises in accordance with the plans and specifications approved
by the Lessor and prior to December 31, 1993, the Lessor would grant unto Lessee the
right and option to renew or extend this lease for a further term of four (4) years, the term
of such extension to terminate on December 31, 2023, and
WHEREAS, during 1992 Lessee submitted plans for two hangar buildings to be
constructed upon the leased property, a six aircraft T-hangar building and a building
comprised of attached two single plane hangars, one large multi-aircraft hangar, and an
office structure, and obtained a conditional use permit for the construction of these
buildings, and
WHEREAS, Lessee subsequently requested Lessor's permission to sublease to a
third party that portion of Lessee's leased property on which the six aircraft T-hangar was
to be constructed, the purpose of the sublease being that the third party would construct
the T-hangar building, and
WHEREAS, during the first quarter of 1993, the third party subsequently did not
execute a sublease with the Lessee and instead purchased the 850 Hangar building, and
therefore Lessee has decided not to construct the six aircraft T-hangar or the second
building complex as originally planned, and
WHEREAS, during the first quarter of 1994 Lessee decided to construct a four bay
hangar building, and
ORIGINAL
Addendum 03-94,Northwest Seaplanes,Inc. 1
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WHEREAS, during the process of obtaining a building permit the City of Renton
required that Lessee extend a 12-inch water main north from West Perimeter Road to
generally the north boundary of Lessee's leased property, a distance of approximately 725
feet, and that a new fire hydrant be installed within the leased property, all at a cost of
approximately $75,000 in addition to the cost of the building construction
NOW, THEREFORE,IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND NORTHWEST SEAPLANES, INC. AS
FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree that in the event that Lessee has, on or
before December 31, 1994, subject to the provisions of paragraph 25 of the basic lease,
completed construction of hangar improvements upon the premises in accordance with the
plans and specificiations approved by the Lessor as described in Paragraph 2.2.1. of the
basic lease, then in such event Lessor grants unto Lessee the right and option to renew or
extend this Lease for a further term of ten(10)years, commencing on the expiration of the
initial term hereof and terminating on December 31, 2029, upon the same terms and
conditions provided herein.
2. The Lessor and Lessee do hereby agree that completion of construction of
hangar improvements upon the Lessee's leased premises shall be determined by the date of
issuance of a Certificate of Occupancy by the City of Renton.
3. The Lessor and Lessee do hereby agree that in the event Lessee fails to
complete construction of the hangar improvements by not later than midnight, December
31, 1994, subject to the provisions of paragraph 25 of the basic lease, the option to extend
the term of the lease for the purpose of construction of aircraft hangar buildings, contained
within the original lease, terminates.
4. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
NORTHWEST SEAPLANES, INC. CITY OF RENTON
Cly . Carlson ayor, E.
� �„ / ATTES i0,i.«.�f.!Of. ..1.'
T'�" OW
Marilyn tersen, City Clerk
Title ORIGINAL
Addendum 03-94,Northwest Seaplanes,Inc. 2