HomeMy WebLinkAboutAdden 6 low
4
LAG 005-91
Addendum#06-98
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
of execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, on December 12, 1991, Lessee agreed to an annual rental rate to
$0.30 per square foot per year, said rental rate to be effective as of January 1, 1992, and
continuing until December 31, 1996, and
WHEREAS, effective as of January 1, 1996, the rental rate of$0.30 per square
foot per year was continued as the rental rate for the period January 1, 1996 through
December 31, 2001, and
WHEREAS, during July 1997, new land lease rates had been established by
arbitration, and
WHEREAS, the land rental rate for the land area leased by the Northwest
Seaplanes, Inc. was determined to be $0.28 per square foot per year, and Northwest
Seaplanes, Inc. was refunded $0.02 per square foot per year for the period January 1,
1992 through May 31, 1997, and
WHEREAS, the land rental rate of$0.28 per square foot per year shall continue
until December 31, 2001, and effective as of January 1, 2002 said rental rate shall be
readjusted by and between the parties to be effective for the ensuing five (5) year period of
the lease, and
WHEREAS, both parties desire to make periodic adjustments to the land rental rate
based upon the Consumer Price Index - Urban,
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 to a land rental rate of Twenty Eight
Cents ($0.28) per square foot per year.
2. Lessor and Lessee do hereby agree that the annual rate of Twenty Eight Cents
($0.28) per square foot per year shall remain in effect until December 31, 2001, and
effective as of January 1, 2002 the rental rate shall automatically be readjusted by and
LEASE AGREEMENT 005-91 1
City of Renton to Northwest Seaplanes,Inc.
-err r..► LAG 005-91
Addendum#06-98
between the parties as specified in paragraph 3 of the lease, utilizing the increase of the
Consumer Price Index, for the five (5) year period thereafter. Minimum base rental for
any extended period, that is, after September 1, 2000, shall not be less than the current
annual rental of$25,632.72.
4. Lessor and Lessee do hereby further agree that the Consumer Price Index
information to be used for rental adjustments shall be the Consumer Price Index- Urban
(CPI-U) then in effect for all urban consumers, as published by the US Department of
Labor for the Seattle-Tacoma Metropolitan Area.
5. Lessor and Lessee do hereby further agree that at least thirty (30) days prior to
the Rental Adjustment Date either party shall, if they desire to adjust the base land rental
rate for the ensuing five (5)year period, provide to the other party a written request for
readjustment of the rental rate pursuant to RCW 14.08.120(5).
6. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
Northwest Seaplanes, Inc. CITY OF RENTON
a Washington Corporation a Municipal Corporation
p :Cc 7 G ZhG'z/l
( / - / ayor
City Cler I' 1
A1441,"14.€4/ a /9?8f
Date
LEASE AGREEMENT 005-91 2
City of Renton to Northwest Seaplanes,Inc.