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Addendum 10-18
ADDENDUM TO LEASE AGREEMENT
(City of Renton to Boeing Employees Flying Association Inc.)
THIS ADDENDUM No. 10 to Lease Agreement LAG 001-87 is effective October 1,
2018.
RECITALS:
WHEREAS, Boeing Employees Flying Association Inc. ("BEFA" or "Lessee") has a
lease agreement with the City of Renton ("Lessor"), LAG-001-87, executed on January 1,
1987, and as subsequently amended (the "Lease"); and
WHEREAS, pursuant to Addendum #8-10 an area of land known as "Parcel 846"
(and also sometimes referred to as the "north tiedowns") which is 24,067 square feet in
area was removed from the Lease's premises reducing the total leased area from
119,560 square feet to 95,493 square feet; and
WHEREAS, pursuant to Addendum #8-10's removal of Parcel 846, the leased
area consisted of 95,493 square feet, with 88,757 square feet of that total leased at
100% of the ground rental rate, and 6,736 square feet of that total leased at 50% of the
ground rental rate due to its nature as a joint use driveway area; and
WHEREAS, pursuant to Addendum #9-15, the ground rental rate was increased
to $0.7252 per square foot per year for the period from June 1, 2015 through
December 31, 2019; and
WHEREAS, subsequent to Addendum #9-15, the Airport-wide ground rental rate
was increased to $0.77 per square foot per year; and
WHEREAS, Lessor and Lessee now desire to add the 24,067-square foot Parcel
846 back to the Lease at 100% of the existing ground rental rate of$0.77 per square
foot per year effective October 1, 2018.
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
LESSOR AGREE TO AMEND THE LEASE, LAG 001-87 AS AMENDED, AS SET FORTH
BELOW:
ORIGINAL
Lease Agreement LAG 001-87 1
City of Renton to Boeing Employees Flying Association Inc.
LAG 001-87
Addendum 10-18
WITNESSETH:
1. The Lessor and Lessee do hereby agree to an increase in the total leased square
footage from 95,493 square feet to 119,560, based on the survey legal description
and lease maps that were originally attached to Addendum 8-10 to LAG 001-98 and
which are reattached to this Addendum 10-18 as "Exhibit A."
2. The Lessor and Lessee do hereby agree to annual land rent calculated as follows:
88,757 square feet at $0.7252 per square foot per year = $64,366.58;
Plus, 6,736 square feet at $0.36 per square foot per year = $2,424.96;
Plus, 24,067 square feet at $0.77 per square foot per year = $18,531.59.
3. The Lessor and Lessee do hereby agree to amend Section 2 of LAG 001-87 to
provide an annual land rent of Eighty-Five Thousand Three Hundred Twenty-Three
and 13/100 Dollars ($85,323.13) (Calculation: $64,366.58 + $2,424.96 +
$18,531.59), PLUS leasehold excise tax, effective October 1, 2018 through
December 31, 2019.
4. All other terms and conditions of the original Lease Agreement and Amendments
thereto, insofar as they are not inconsistent herewith, shall remain in full force and
effect.
Boeing Employees Flying Association Inc., CITY OF RENTON
a Was 'ngton corpora 'on a s 'ngton mu ipal corporation
Printed N 44 -1N cesI8 Dens Law
Title: Sr G EF Mayor
Date: a7/Zl/7i0 Date: z ` ?//
Att t:
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c.A _ 45W4 = J on et ity Clerk
Approved as to form:
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Shane Moloney, City Attorney
Lease Agreement LAG 001-87 2
City of Renton to Boeing Employees Flying Association Inc.
LAG 001-87
Addendum 10-18
Lease Agreement LAG 001-87 3
City of Renton to Boeing Employees Flying Association Inc.