HomeMy WebLinkAboutAdden 10 law ,,r LAG 84-006
Addendum #10-03
ADDENDUM TO LEASE AGREEMENT
(City of Renton to South Cove Ventures, LLC, dba Aero Dyne Aviation)
THIS ADDENDUM to Lease Agreement 84-006 is effective as of the date of
execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, Aero Dyne Aviation assumed lease LAG 84-006 from Sky Harbor
Aviation as of April 29, 1999, and
WHEREAS, effective September 1, 1999, the land rental rate for the
approximately 42,936 square feet of improved ground area and 39,030 square feet of
unimproved ground area leased by Aero Dyne Aviation was established at $0.2947 and
$0.1474 per square foot per year, respectively, and that resulted in an annual rental of
$12,653.24, and $5,753.02, respectively, and such rates were to continue until August 31,
2002, 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 AERO DYNE AVIATION AS
FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to an annual land rent of$14,091.59 for the
42,936 square feet of improved ground area, and an annual land rent of$6,404.82 for
the 39,030 square feet of unimproved ground area identified in Lease Agreement
LAG 84-006.
2. Lessor and Lessee do hereby agree that the annual land rent rate in Paragraph 1 shall
remain in effect until August 31, 2005, and, effective that date the rental rate shall
automatically be readjusted by and between the parties as specified in paragraph 17 of
the Lease Agreement, using the increase of the Consumer Price Index, and for each
three (3) year period thereafter. Minimum base rental for any extended period shall
not be less than the current annual rental of $14,091.59 and $6,404.82.
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(CPI-U)
then in effect for all urban consumers, as published by the US Department of Labor
for the Seattle-Tacoma Metropolitan Area.
Lease Agreement 84-006 1
City of Renton to 999
South Cove Ventures,dba Aero Dyne Aviation
, „ LAG 84-006
Addendum #10-03
4. Lessor and Lessee do further agree that the difference between the CPI-U of
September 1, 1999 to August 31, 2002, is 11.38% (188.8-169.5=19.19/168.9=0.1138
or 11.38%). This results in an annual rate increase from $0.2947 to $0.3282 per
square foot for improved ground area, and from $0.1474 to $0.1641 per square foot
for unimproved ground area($14,091.60/42,936 = $0.3282 and $6,404.82/39030=
$0.1641).
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 three (3)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).
6. All other terms and conditions of the original Lease Agreement shall remain in full
force and effect.
SOUTH COVE VENTURES, LLC CITY OF RENTON
a Municipal Corporation
ayor, Jesse Tanner
City Clerk, Bonnie Walton
S-,c 003
Date
CZartAkr"aw_P
City Attorney
Lease Agreement 84-006 2
City of Renton to
South Cove Ventures,dba Aero Dyne Aviation