HomeMy WebLinkAboutAdden 9 LAG 001-88
Addendum 09-15
ADDENDUM TO LEASE AGREEMENT
City of Renton to Bruce J Leven
THIS ADDENDUM to Lease Agreement LAG 001-88 is effective as of June 1, 2015, by
the City of Renton, a municipal corporation (Lessor) and Bruce J Leven (Lessee), and amends
that certain lease agreement LAG 001-88, effective as of January 1, 1988.
RECITALS:
WHEREAS, under LAG 001-88, effective January 1, 1988, the City of Renton (Lessor)
had leased to Bruce J Leven (Lessee) certain land areas on the Renton Municipal Airport,
Renton, Washington, until December 31, 2019; and
WHEREAS, under LAG 001-88, Lessee leases two parcels identified as; 1) West Side
Office Property, consisting of 70,933 square feet of land, and 2) Eastside Tiedown Area,
consisting of 68,138 square feet of land; and
WHEREAS, on June 1, 2010, the land rental rate for the two parcels was determined
to be $0.62 per square foot per year and continuing until June 1, 2015; 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, pursuant to LAG 001-88, Addendum 8-10 paragraph 6, in a letter dated
March 18, 2015, 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 June 1, 2015, the land rental rate was adjusted for the Westside Office
Property, using the lease arbitration process, to a rate of$0.7252 per square foot per year
for the 70,933 square feet of leased land, resulting in an annual rental amount of
$51,440.61 (70,933 x$0.7252), and continuing until December 31, 2019; and
WHEREAS, on June 1, 2015, the land rental rate was adjusted for the Eastside
Tiedown Area, using the lease arbitration process, to a rate of$0.7252 per square foot per
year for the 68,138 square feet of leased land, resulting in an annual rental amount of
$49,413.68 (68,138 x$0.7252), and continuing until December 31, 2019; and
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:
Addendum 9-15 to LAG 001-88 ORIGINAL 1
City of Renton to Bruce J Leven
LAG 001-88
Addendum 09-15
WITN ESSETH:
1. The Lessor and Lessee do hereby agree to amend section 2 of LAG 001-88 to provide
an annual land rent of$51,440.61 (70,933 x $0.7252), for the 70,933 square feet
identified in lease LAG 001-88 as the Westside Office Property, effective June 1, 2015
through December 31, 2019.
2. The Lessor and Lessee do hereby agree to amend section 2 of LAG 001-88 to provide
an annual land rent of$49,413.68 (68,138 x$0.7252), for the 68,138 square feet
identified in lease LAG 001-88 as the Eastside Tiedown Area, effective June 1, 2015
through December 31, 2019.
3. All other terms and conditions of the original Lease Agreement and Addenda
thereto, insofar as they are not inconsistent herewith, shall remain in full force and
effect.
Bruce ev CITY OF RENTON
a Municipal Corporation
Denis Law
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Addendum 9-15 to LAG 001-88 2
City of Renton to Bruce J Leven