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HomeMy WebLinkAboutEstoppelLAG-12-004 GROUND LEASE ESTOPPEL CERTIFICATE THIS ESTOPPEL CERTIFICATE (this "Estoppel") is made by THE CITY OF RENTON, a Washington municipal corporation ("Landlord"), for the benefit of COASTAL COMMUNITY BANK, a Washington bank corporation (together with its successors and assigns ("Lender"), at the request of BOSAIR, LLC, a Washington limited liability company ("Tenant"). A. Pursuant to a ground lease between Landlord and Tenant, dated as of October 1, 2012, as amended by its Amendments 1, 2, and 3, which is publicly on file with the City of Renton as file number LAG-12-004 (the "Lease"), Landlord leased to Tenant certain land situated at the Renton Municipal Airport which is legally described and depicted in the Lease (the "Premises"). Capitalized terms used in this Estoppel and not defined shall have the meanings given to them in the Lease. B. At Section 2 of Appendix 4 to the Lease, Landlord agreed to periodically execute and deliver, at Tenant's request, an estoppel certificate which the Lease refers to as the "Annual Standard Form Estoppel Certificate." Tenant has requested that Landlord provide an estoppel certificate, and Landlord intends that this Estoppel satisfy Landlord's obligations to provide an estoppel certificate under the terms of Section 2 of Appendix 4 to the Lease. Landlord hereby certifies to Lender, and its successors and assigns, as follows: 1. The Lease was executed on October 1, 2012; the Term of the Lease commenced on October 1, 2012; and the Expiration Date of the Lease is September 30, 2052. 2. Tenant entered into occupancy of the Premises under the Lease on October 1, 2012. 3. The amount of the Minimum Monthly Rent currently payable by Tenant pursuant to the Lease is one -twelfth (1/12) of the annual rent which is $74,012.04 plus Leasehold Excise Tax. As of November 13, 2020, the Monthly Minimum Rent had been paid to DATE. 4. The Lease is in full force and effect and has not been assigned, modified, supplemented or amended in any way except as described in Paragraph A above. 5. The Lease represents the entire agreement between Landlord and Tenant with respect to the Premises. 6. All conditions of the Lease to be performed by the parties have been satisfied and performed, with the exception of conditions relating to the release of Hazardous Substances. Landlord hereby certifies (a) that Tenant has provided proof of any Hazardous Materials insurance required under the Lease, and (b) Landlord has no actual knowledge of any breaches of the Lease related to Hazardous Substances releases by Tenant. 7. To Landlord's knowledge, there are no defaults by either party under the Lease and neither Landlord nor Tenant has any defenses or rights of offset with respect to the performance of any of its obligations under the Lease. 8. No rent has been paid by Tenant more than one (1) month in advance. 9. No security has been deposited with Landlord with respect to the Lease. This Estoppel is executed by Landlord as of DATE. THE CITY OF RENTON, a Washington municipal corporation Martin Pastushca, Public Works Administrator