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LAG 011-85
Addendum #02-98
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Kaynan, Inc.)
THIS ADDENDUM to Lease Agreement LAG 011-85 is effective as of the date
of executioli by the City of Renton, as indicated on the last page of this addendum.
RECITALS:
WHEREAS, during July 1997, new land lease rates had been established by
arbitration, and
WHEREAS, the land rental rate for the approximately 27,885 square feet of land
area leased by Kaynan, Inc.. was determined to be $0.27 per square foot per year, and
shall continue until June 1, 1999, and
WHEREAS, as of June 1, 1999, said rental rate shall be readjusted by and between
the parties to be effective for the ensuing three (3) 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,
NOW, THEREFORE, IT IS HEREBY AGREED AND COVENANTED BY AND
BETWEEN THE CITY OF RENTON AND KAYNAN, INC., AS FOLLOWS:
WITNESSETH:
1. The Lessor and Lessee do hereby agree to a land rental rate of Twenty seven
Cents ($0.27) per square foot per year.
2. Lessor and Lessee do hereby agree that the annual rate of Twenty Seven Cents
($0.27) per square foot per year shall remain in effect until June 1, 1999, 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, utilizing 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 $7,528.95.
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.
4. 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
LEASE AGREEMENT 011-85
City of Renton to Kaynan, Inc.
M
LAG 011-85
Addendum #02-98
- Urban, provide to the other party a written request for readjustment of the rental rate
pursuant to RCW 14.08.120(5).
5. All other terms and conditions of the original Lease Agreement shall remain in
full force and effect.
KAYNAN, INC.
a Washington Corporation
-1-2
Pr sident
Approved as to legal form
City Attorney
CITY OF RENTON
a Municipal Corporation
Mayor Jesse Tanner
City Clerl M ilyn J. Petersen
LEASE AGREEMENT 011-85
City of Renton to Kaynan, Inc. `