HomeMy WebLinkAboutAdden 11 LAG-91-005, Adden #11 -17
LAG 005-91
Addendum 11-16
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Northwest Seaplanes, Inc.)
THIS ADDENDUM to Lease Agreement LAG 005-91 is effective as ofJanuary 1,
2017.
RECITALS:
WHEREAS, under lease LAG 005-91, effective January 1, 1992, the City of Renton
(Lessor) had leased to Northwest Seaplanes, Inc. (Lessee ) certain land on the Renton
Municipal Airport, Renton, Washington, until December 31, 2029; and
WHEREAS, on January 1, 2012, the land rental rate for the approximately
91,545.57 square feet of land area leased by Northwest Seaplanes, Inc. was determined
to be $0.62 per square foot per year and continuing until January 1, 2017; and
WHEREAS, pursuant to LAG 005-91, Addendum 9-07, in a letter dated October 6,
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 January 1, 2017, the land rental rate is being adjusted using the
lease arbitration process, to a rate of$0.7252 per square foot per year for the
91,545.57 square feet of leased land, resulting in an annual rental amount of �
$66,388.85 (91,545.57 x $0.7252), and a monthly rental rate of five thousand five
hundred thirty two dollars and forty cents ($5,532.40) ($66,388.85/12=$5,532.40) and
continuing until December 31, 2022.
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 3.1.a of LAG 005-91, is hereby
added as follows:
ORlGINQ .
Lease Agreement LAG 005-91 " '� 1
City of Renton to Northwest Seaplanes,Inc.
LAG�005•91
Addendum I1-16
3.i.a.,Periodic.Renfal Adiustment: Lessor and lessee do here,by agree that the
Lessee shalf pay to'Landlord a Minimum Monthly Rent,in the sum of five
ttiousand fcve hundred thirty twa doflars and forty cents($5;532.40),which
amount is ane-fwelfth of the Tataf.Annual Rent,without deduction,offset,prior
notice or demand,payable promptly in a8vance on the frrst day of each and �
every month during the Term. AI!such payments'shall be maile to the City of
Renton,Renton Municipal Airport,616 West Perime#er Roac1=Unit A;Reriton,
Wasf�ington 98057. ;
2. All o.ther terms and conditions of.the ariginal-Lea.se Agreement and Addenda
thereto,insofar'as they are not inconsistent herewith,'shall remain in full force and '
effect.
Northwest 5eaplanes,Inc. ClTY Of RENTON
a Washington Corporation a Municipal CoPporation
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`�.:` Denis Law :
M yor
��/�?..�'�c"�F�:�.J�_ ` .
Title . ' 1 son Seth
City Clerk
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