HomeMy WebLinkAboutAdden 3 Nave Nu, LAG #001-85
ADDENDUM #03-88
LEASE AGREEMENT
CITY OF RENTON TO AIRMASTER, INC.
THIS INDENTURE OF LEASE executed in triplicate, effective as of JANUARY 1, 1988
by and between the CITY OF RENTON, a municipal corporation, hereinafter after
referred to as Lessor; and AIRMASTER, INC. , hereinafter referred to as Lessee:
WITNESSETII:
1 . PREMISES LEASED
WHEREAS Lessor has authorized the transfer to BRUCE J. LEVEN of certain
ground lease areas as described herein, AND
WHEREAS the transferred portion includes the property under and adjacent to
the Renton Partnership Ltd. Hangar Facility which is situated on this
original ground lease,
NOW THEREFORE it is hereby agreed and covenanted by and between the parties
as follows:
Lessor does hereby revise the total existing ground lease area related to
lease LAG 001-85 by deleting the subject parcels of real estate, being
located with the confines of the Renton Airport, Renton, King County
Washington. The remaining property under this lease is legally described as
follows:
See Exhibit "A" Legal description and Exhibit
"B" Lease Map attached hereto and made a part
hereof as if fully set forth herein.
Area of deleted basic ground lease = 60,186.95 SQUARE FEET
2 . RENTAL PAYMENTS
The adjusted rental for lease LAG 001-85 during the balance of the initial
lease term is as follows: Lessee shall and will pay unto Lessor a reduced
ground-space rental per the following schedule, payable promptly in advance
on the 1st day of each and every month and made payable to the Director of
Finance, Municipal Building, Renton, Washington:
Basic Ground Lease Area = 71,320.98 sq. ft.
Parking Lot B = 6,724.76 sq. ft.
SUBTOTAL AREA = 78,045.74 sq. ft. @ $.14/sq. ft. per year
TOTAL RENTAL = $ 910.53 per month (plus leasehold tax)
LAG 001-85
ADDENDUM # 03-88
Page Two
3. RENTAL RATE TERM
Paragraph 2 of Lease Agreement LAG 001-85 shall be revised to read as
follows:
Said rental payments as specified in Paragraph 2 hereof shall continue until
May 31 , 1990. Effective as of said date, and every consecutive three (3)
years thereafter, said rental rate as hereinabove specified shall be
readjusted by and between the parties to be effective for each ensuing three
(3) years thereafter. Minimum base rental for any extended period, that is
after May 31 , 1990 shall not be less than the rental specified in Paragraph
2 of this Addendum #02-87, i .e. $910.53 per month plus Leasehold Tax.
The balance of Paragraph 2 shall remain the same as in the aforementioned lease.
4. DELETION OF "SUBLEASE" REFERENCE:
Paragraph 11(b) of Lease Agreement LAG 001-85 dated January 1, 1985 is
hereby deleted, since there is no longer any Renton Partnership Ltd.
involvement with the Hangar Facility or with a sublease arrangement.
5. APPROVAL OF NEW "SUBLEASE"
Lessor consents to the proposed sublease between Airmaster Inc. and Avalon
Aircraft Ltd. , conditioned upon the posting by Airmaster Inc. of a bond or
letter of credit in the amount equivalent to one (1) year's lease rent at
the current rate (i .e. $10,926.40) .
6. All other terms, conditions and provisions of Lease Agreement LAG 001-85,
dated January 1, 1985, unless specifically modified and amended by this
agreement and upon it becoming effective, shall remain in full force and
effect.
DATED THIS nary day of 19 '
AIRMASTER INC a Washington CITY OF RENTON, a municipal
corporat' . ,, 101 rporation
Mayor
City Clerk
APPROVED AS TO LEGAL FORM:
C AT ORH1-Y ``""
LAG 001-85
Noe Nu, ADDENDUM #03-88
STATE OF WASHINGTON )
ss
COUNTY OF KING )
This is to certify that on this 4144' day of--nl
before me, the undersigned Notary !'lb MPublic, personally� appeared
"ek. 1 I C j rvtx- and Ia.X t rte-- E . r
to me known to be the duly qualified and acting Mayor and City Clerk
respectively, of the City of Renton, Washington, and acknowledged that they
executed the above and foregoing instrument for the City of Renton as the free
and voluntary act and deed of said City for the uses and purposes therein set
forth, and upon oath stated that such execution of said instrument by them is
duly and regularly authorized and that the seal attached thereto is the
corporate seal of the City of Renton. ����//��,, y,
Given under my hand and official seal this `4``'` day of- — /1k& 1988
Notary Public in and for the State
of residing ding at )4i Courn�y
410 , /. lI
I
LAG 001-85
ADDENDUM #03-88
STATE OF WASHINGTON)
)ss
COUNTY OF KING )
TIIIS is to certify that on this 20th day of APRIL 1988
before me, the undersigned Notary Public, personally appeared
LAWRENCE MATANSKI and
to me known to be the PRESIDENT
and he acknowledged to me that he executed the foregoing instrument for
said AIRMASTER, INC. as its free and voluntary act and deed, for
uses and purposes therein stated, and upon oath stated that such execution of
said instrument by him is duly and regularly authorized.
GIVEN under my hand an official seal the date last above stated.
Notary Public in and for tje State
of Washington, residing42 /
LAG 001-85
wr+'141 ` � #03-88
Ems' 'W'
A' PER
That portion of the Northwest Quarter of Section 7, Township 23 North
Range 5 East W.M. described as follows:
Commencing at a point 10 feet northerly of the intersection of the
West Margin of Lake Avenue South (formerly Lake Street) with the centerline
of Airport Way S. (formerly Dixie Avenue according to the plat of Renton
Real Estate First Addn. as recorded in Volum►e 21, Page 50 Records of King
County Washington) ;
Thence South 87-30-17 East on a line 10 feet North of and parallel to
the centerline of Airport Way South a distance of 286.31 feet to its
intersection with the southerly extension of the centerline of the existing
runway of the City of 'Renton Airport;
Thence along said runway centerline North 04-49-43 West a distance of
294.74 feet to a point referred to as Runway Station 0+00;
Thence North 04-49-43 West a distance of 4,792.70 feet;
Thence South 85-10-17 West a distance of 375.00 feet to the point of
beginning;
Thence continuing South 85-10-17 West a distance of 235.00 feet;
Thence North 31-38-39 West a distance of 112.05 feet;
Thence South 85-10-17 West a distance of 13.48 feet;
Thence North 11-36-50 East a distance of 102.26 feet;
Thence North 16-21-28 East a distance of 29.53 feet;
Thence North 20-35-40 East a distance of 39.62 feet;
Thence North 20-35-40 East a distance of 5.48 feet;
Thence North 85-20-29 East a distance of 240.18 feet;
Thence South 04-49-43 East a distance of 265.47 feet to the True Point
of Beginning.
AREA: 71,320.98 Square Feet
CITY OF RENTON
SEP 301988
RECEIVED
CITY CLERK'S OFFICE
1F.08.KIA:mf 2/12/88