HomeMy WebLinkAboutAdden 1 LAG 93-004
Addendum#01-98
ADDENDUM TO LEASE AGREEMENT
(City of Renton to BHC, Inc.)
THIS ADDENDUM to Lease Agreement LAG 93-004 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 October 28, 1993, Lessee agreed to an annual rental rate of$0.30 per
square foot per year, and
WHEREAS, during July 1997, new land lease rates were established by arbitration, and
WHEREAS, the land rental rate for approximately 48,779 square feet of land area
leased by BHC, Inc., was determined to be $0.28 per square foot per year, and shall continue
until October 28, 1998, and
WHEREAS, BHC, Inc. was refunded $0.02 per square foot per year for the period
October 28, 1993 through December 31, 1997, and
WHEREAS, as of October 28, 1998, 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, for the Seattle-Tacoma area,
NOW, THEREFORE,IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND BHC, 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 October 28, 1998, and effective as
of that date the rental rate shall automatically be readjusted by and between the parties as
specified in paragraph 3 of the lease, utilizing the increase of the Consumer Price Index, for
each five (5)year period thereafter. Minimum base rental for any extended period shall not be
less than the current annual rental of$13,657.98.
3. 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
LEASE AGREEMENT 93-004 kO INA L Ci ty of Renton to BHC,Inc. 0 5
LAG 93-004
Addendum#01-98
(CPI-U)then in effect for all urban consumers, as published by the US Department of
Labor for the Seattle-Tacoma Metropolitan Area.
4. 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 by a means other than the Consumer Price Index -
Urban, provide to the other party a written request for readjustment of the rental rate
pursuant to`RCW 14.08.120(5).
5. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
BHC, INC. CITY OF RENTON
a Municipal Corporation
Mayor Jesse Tanner
A Is
City ClerkV J. Petersen
Approved as to legal form
i
City Attorney
LEASE AGREEMENT 93-004 �� � 2
City of Renton to BHC, Inc. OR10I