Loading...
HomeMy WebLinkAboutAdden 2 LAG 93-004 Addendum#02-98 ADDENDUM TO LEASE AGREEMENT (City of Renton to BHC, Inc.) THIS ADDENDUM to Lease Agreement LAG 93-004 is effective as of October 28, 1998. RECITALS: WHEREAS, on October 28, 1993, Lessee entered into a lease agreement with the City of Renton for approximately 48,779 square feet of land area, with the rental rate to be readjusted by and between the parties as of October 28, 1998 to be effective for the ensuing five (5) year period of the lease, and WHEREAS, during July 1997, new land lease rates were established by arbitration, and WHEREAS, during July 1997, the land rental rate for the land leased by BHC, Inc., was determined to be $0.28 per square foot per year, retroactive to October 28, 1993,and continuing until October 28, 1998, and WHEREAS, both parties agreed to make periodic adjustments to the land rental rate based upon the Consumer Price Index - Urban, for the Seattle-Tacoma area, the first such periodic adjustment to be made as of October 28, 1998, for the five year period ending October 28, 2003. 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 that the Consumer Price Index-Urban (CPI- U) Seattle Area, for the second half of 1993 was 143.9, and was the CPI-U, Seattle, in effect at the time of the initiation of the lease. 2. The Lessor and Lessee do also hereby agree that the Consumer Price Index-Urban (CPI-U) Seattle Area, currently in effect is the CPI-U for the first half of 1998, which is 166.6. 3. The Lessor and Lessee do hereby further agree that the increase of the CPI-U from 1993 to 1998 is calculated as 15.8% (166.6 minus 143.9=22.7 divided by 143.9=0.1577 or 15.8%). 4. The Lessor and Lessee do hereby further agree that this increase results in an annual rent increase from$13,657.98 to $15,815.94, calculated $13,657.98 times 1.158 equals $15,815.94, or $0.280 to $0.324 per square foot per year. LEASE AGREEMENT 93-004 City of Renton to BHC,Inc. 1 LAG 93-004 Addendum#02-98 4. 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 City Clerk i yn e ersen OPT LEASE AGREEMENT 93-004 City of Renton to BHC,Inc. 2