HomeMy WebLinkAboutAdden 5 Iwo 8'4"' LAG 001-88
Addendum#05-00
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Bruce J. Leven)
THIS ADDENDUM to Lease Agreement LAG 001-88 is effective as of the date of
execution by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, during July 1997, new land lease rates were established by arbitration, and
WHEREAS, during January 1994, the City Council approved a request of Bruce J.
Leven to reduce the total leased land area by the termination of that portion of lease LAG 001-
88 for the Northwest Hangar Property Area, with an area of 48,778.57 square feet, and
WHEREAS, after the City Council actions Bruce J. Leven's new total leased land area
was 142,582.99 square feet, and
WHEREAS, the land rental rate for approximately 71,867 square feet of land area
leased by Bruce J. Leven, and referred to as the West Side Office Property Area, was
determined by lease rate arbitration during 1997 to be $0.28 per square foot per year, and
WHEREAS, the land rental rate for approximately 70, 716 square feet of land area
leased by Bruce J. Leven, and referred to as the East Side Tie Down Area, was determined by
lease rate arbitration during 1997 to be $0.14 per square foot per year, and
WHEREAS, the 1994 ruling of the King County Superior Court was that the City and
the Bruce J. Leven will renegotiate rental rates every five (5) years, the new rental rate to be
effective June 1, 1995, and
WHEREAS, the new rental rate established by arbitration was effective retroactively to
June 1, 1995, with such rate to continue through May 31, 2000, and
WHEREAS, as of June 1, 2000, 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 1'HE CITY OF RENTON AND BRUCE J. LEVEN,AS FOLLOWS:
LEASE AGREEMENT 001-88
City of Renton to Bruce J. Leven 1
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LAG 001-88
Addendum#05-00
WITNESSETH:
Lessor and Lessee agree to amend the original lease agreement, LAG 001-88, in the following
manner:
1. For the 71,867 square foot parcel, the Lessor and Lessee do hereby agree to a land
rental rate of Thirty Two Point Two Cents ($0.322)per square foot per year.
2. For the 70,716 square foot parcel, the Lessor and Lessee do hereby agree to a land
rental rate of Sixteen Point One Cents ($0.161) per square foot per year.
3. Lessor and Lessee do hereby agree that the annual rates of Thirty Two Point Two
($0.322) and Sixteen Point One($0.161) per square foot per year shall remain in effect until
May 31, 2005, and effective as of that date the rental rate shall automatically be readjusted by
and between the parties as specified in paragraph 17, of the lease, entitled Rental
Renegotiation, 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$34,526.45.
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 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.
BRUCE J. " N CITY OF RENTON
Mayor
Title
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City of Renton to Bruce J.Leven 2
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Addendum#
7. All other terms and conditions of the original Lease Agreement shall remain in full
force and effect.
Bruce even CITY OF RENTON
a Wa ingto Corporation a Municipal Corporation
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Denis Law
Mayor
6611.14,4e; .4 Cckm-
Title Bonnie Walton
City Clerk
924 1, old/0
Date
Appro;, • as to legal form
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City Attorney
Lease Agreement 001-88 3
City of Renton to Bruce J Leven