HomeMy WebLinkAboutLAG98-002 - Other - Urban Landmark Corporation (ULC) - Kent Valley Ice Arena Landlord's Agreement Regarding Leasehold Deed of Trust - 09/18/2019 LANDLORD'S AGREEMENT REGARDING LEASEHOLD DEED OF TRUST
This Landlord's Agreement Regarding Leasehold Deed of Trust (this "Agreement") is entered
into this tg_ day of 0'0r, 2019 by CITY OF KENT, a Washington municipal corporation
("Landlord") in favor of The Bancorp Bank, a Delaware banking corporation ("Lender") with an address
of 409 Silverside Road, Suite 105,Wilmington, DE 19809.
WHEREAS, Landlord and Urban Landmark Corporation, a Washington corporation ("Borrower"
or "Tenant") entered into that certain Land Lease Agreement for Kent Valley Ice Arena, recorded April
19, 2000 under Recording Number 20000419001213, King County, Washington records, as amended
pursuant to that certain Addendum One to the Land Lease Agreement for Kent Valley Ice Arena,
recorded April 25, 2000 under Recording Number 20000425001213, as further amended pursuant to that
certain Addendum Two to the Land Lease Agreement for Kent Valley Ice Arena, recorded December 22,
2003 under Recording Number 20031222002026, as further amended pursuant to that certain Addendum
Three to the Land Lease Agreement for Kent Valley Ice Arena, recorded August 13, 2019 under
Recording Number 20190813001725 (collectively, the "Lease"), pursuant to which Landlord leased to
Tenant that certain property commonly known as 6015 S 240`h St., Kent, WA and more particularly
described on the attached Exhibit"A" (the"Premises");
WHEREAS, Lender has or is about to make one or more loans (collectively, the "Loan") to
Borrower, which Loan is to be secured by, among other things, a leasehold deed of trust (the "Leasehold
Deed")on the Lease and the execution of this Agreement is a condition to Lender making the Loan.
NOW, THEREFORE, for and in consideration of the foregoing premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Landlord
hereby agrees as follows:
(a) Mortgage of lease. Landlord hereby consents to the granting of Leasehold Deed on the
Lease by Tenant in favor of Lender.
(b) Modification of lease. Landlord agrees that Landlord shall not accept any cancellation,
surrender, or enter into any modification of the Lease without the Lender's prior written consent, which
consent shall not be unreasonably withheld, conditioned or delayed.
(c) Notice of default, cure. Landlord shall, upon serving on Tenant any notice of default or
any other notice under the Lease, simultaneously serve a copy of such notice upon the Lender by certified
mail, return receipt required, or via recognized overnight courier, and no notice of such default shall be
deemed to have been duly given until a copy thereof has been so served. The Lender shall thereupon
have ninety (90) days within which to remedy or cause to be remedied the defaults complained of, and
Landlord shall accept such performance by or at the instigation of the Lender as if such performance had
been accomplished by Tenant, or, alternatively, Lender may pursue foreclosure of the Leasehold Deed
during such ninety (90) day period, provided, however, so long as Lender is diligently pursuing
foreclosure of the Leasehold Deed, Landlord shall not be permitted to terminate the Lease. Lender shall
also have the right to exercise any renewal options contained in the Lease.
(d) Termination; New Lease. If, by reason of any default of Tenant, the Lease or any
extension hereof is terminated by Landlord before the stated expiration therefor, upon the Lender's
request, Landlord shall enter into a new lease for the Premises with the Lender or its assignee for the
remainder of the then current Lease term, which new lease shall also contain the same options provided
under the Lease, effective as of the date of such termination, at the rent and additional rent set forth in the
Lease between Landlord and Tenant, and on the terms therein contained.
(e) Assignment of Lease. If Lender, or its nominee or wholly owned subsidiary corporation,
holds a Leasehold Deed upon the Lease and subsequently acquires a leasehold estate, derived either from
such Leasehold Deed or from Landlord, and desires to assign the Lease or any new lease obtained from
Landlord to an assignee who will undertake to perform Tenant's obligations under such lease, Landlord
shall not unreasonably withhold its consent to such assignment and assumption. The Lender,nominee, or
subsidiary shall thereafter be relieved of any further liability under such lease. Both the Lender, or its
nominee or wholly owned subsidiary corporation, which holds a Leasehold Deed upon the Lease and
subsequently acquires a leasehold estate, derived either from such Leasehold Deed or from Landlord or
the assignee shall have the right to sublease the Premises. Notwithstanding the foregoing, in the event the
Lender assumes the role of Tenant under the Lease, the Landlord acknowledges and agrees that the
Lender and it assigns shall have the right, with Landlord's prior consent, to sublet the Premises, and
Landlord shall not unreasonably withhold,condition or delay its consent to such sublease.
(f) Lender's Rights in Foreclosure. In the event the leasehold estate is made part of a
foreclosure sale,the Landlord acknowledges and agrees that the Lender and/or its assignees shall have the
right to acquire the leasehold at such foreclosure sale or by assignment.
(g) Insurance; Condemnation. The name of the Lender may be added to the loss payable
endorsement or mortgagee endorsement of any and all insurance policies carried by Tenant on the
Premises and Lender shall be entitled to receive hazard insurance proceeds resulting from damage to the
improvements on the Premises to the extent of Lender's interest therein. In the event of any
condemnation of part or all of the Premises, Landlord will make available to Lender all condemnation
proceeds to which Tenant may be entitled under the Lease to the extent of Lender's interest therein.
Landlord acknowledges and agrees that Tenant has title to all improvements upon the Premises during the
term of the Lease, and Lender shall succeed to such ownership rights upon any foreclosure of the Lease or
execution of new lease pursuant Sections(d)or(e) above.
(h) Rights Under Lease. The rights and remedies granted to Lender under this Agreement
shall be in addition to, and not in lieu of, any rights and remedies granted to Secured Parties (as that term
is defined in the Lease)under the Lease.
(i) Authority. The undersigned hereby represents and warrants that they have the power and
authority to enter into this Agreement and to cause the Landlord to be bound by the covenants herein
contained.
[SIGNATURES ON FOLLOWING PAGE]
2
IN WITNESS WHEREOF, Landlord has executed this Agreement to be effective as of the date
first set forth above.
LANDLORD:
CITY OF KENT, a Washington municipal corporation
By: ( YJ (SEAL)
Name:
Its: Mayor
APPROVED O FORM:
By: (SEAL)
Name.
Its: City Attorney
ATTEST:
By: (SEAL)
Name: vuvi
Its: City Clerk — l lA
[ACKNOWLEDGEMENTS ON FOLLOWING PAGE]
i
STATE OF WASHINGTON
COUNTY OF KING
1,the un ersigned,a notary public in and for the State o ashington, y fy that on this day
of ,2019,personally appeared before me me known to be the
MAYO of the CITY OF KENT,a Washington municipal corporation,that ex uted tic foregoing instrument,and
acknowledged the said instrument to be the free and voluntary act and deed of said city,for the uses and purposes
therein mentioned,and on oath stated that he/she is authorized to execute the said instrument.
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GIV t�S Vv,�<iS).official seal this day of ,2019.
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Notary Public in aW for he �of
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STATE OF WAS[11. GTON
COUNTY OF KING
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,a notary public in and for the State of as in on hereby certify that on this day
of2019, personallyappeared before me _ tome known to be the
C T e CITYOF KENT, a Washington municipal corporation, tat executed the foregoing
i ged the said instrument to be the free and voluntary act and deed of said city,for the uses
and purposes therein mentioned and on oath stated that he/she is authorized to execute the said instrument.
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GIVEN�4� �� $yy,,��,' ial seal this�day of 019.
i -•• t By:
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STATE OF WASHINGTON
COUNTY OF KING
I,th ndersigned,a notary public in and for the State of t n here that on this day
of • 2019, personally appeared before me me known to be the
CIT CLERK of the CITY OF KENT,a Washington municipal rporation, executed the foregoing instrument,
and acknowledged the said instrument to be the free and voluntary act and deed of said city, .for the uses and
purposes therein mentioned,and on oath stated that he/she is suthoriz to execute the said instrument.
GIVEN MY HAND and official seal this day of ,201,
M,
By:
;y Notary ublic in d fo th ate of
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70 R% esiding at:
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EXHIBIT"A"
The land referred to is situated in the County of King, City of Kent, State of Washington, and is
described as follows:
That portion of Section 23,Township 22 North, Range 4 East,W.M., in King County, Washington,
described as follows:
Commencing at the Northeast corner of said Section 23;
THENCE North 88"59'15" West along the North line of said Section 2001.90 feet to the Northeast corner
of the Frances Stewart Tract as recorded under Auditor's File No. 629612;
THENCE South 00039'38" West, 33.00 feet along the Easterly boundary of said Tract to the True Point of
Beginning;
THENCE South 00°39'38" West along said Easterly boundary of the Frances Stewart Tract,
351.01 feet to Point "B";
THENCE North 88°59'15" West 444.17 feet;
THENCE North 00°39'38" East, 351.01 feet to Point"A";
THENCE South 88°59'15" East 444.17 feet to the True Point of Beginning;
(Also known as Parcel B, City of Kent Lot Line Adjustment#LL2000-5, recorded under Recording
Number 20000412006199)
TOGETHER WITH an Easement for ingress,egress and signage described as follows:
Beginning at aforementioned Point "A";
THENCE North 88°59'15" West, 50.00 feet;
THENCE South 00°39'38" West, 381.01 feet;
THENCE South 88°59'15" East, 50.00 feet;
THENCE North 00°39'38" East, 381.01 feet to Point"A" and the True Point of Beginning;
AND TOGETHER WITH an Easement for ingress, egress and utilities described as follows:
Beginning at aforementioned Point "B";
THENCE South 00039'38" West, 30.00 feet;
THENCE North 88°59'15" West, 444.17 feet;
THENCE North 00°39'38" East 30.00 feet;
THENCE South 88°59'15" East,444.17 feet to Point "B" and the Point of Beginning.
SITUATE in the County of King, State of Washington.
ABBREVIATED LEGAL
Portion of the Northwest quarter of the Northeast quarter Section 23,Township 22 North, Range 4 East,
W.M.
Tax Account No. 232204-9048-08
DocuSign Envelope ID:4A3509C6-02BB-4CB2-9B21-6F8C26FA9465
LANDLORD'S WAIVER AND CONSENT
THIS LANDLORD'S WAIVER AND CONSENT (the "Agreement") dated effective
Ste, 2019 is entered into by and among Urban Landmark Corporation
("Borrower") whose address is 6015 240th St., Kent, WA, The Bancorp Bank ("Lender")
whose address is 8801 Fast Park Drive, Suite 105, Raleigh, NC 27617. and CITY OF
KENT, a Washington municipal corporation_ ("Landlord"), whose address is 220 Fourth
Avenue South, Kent, WA 98032.
RECITALS
A. Borrower and Lender have entered into, or intend to enter into, one or more loan
transactions (collectively, the "Loan") pursuant to which Borrower has granted or
will grant to Lender a security interest or other interest in and to all of Borrower's
business assets, including without limitation, Borrower's Equipment, Fixtures,
Accounts, and all other personal property (the "Collateral") which may, from time
to time be located at or upon the premises (the "Property") described in that
certain Land Lease Agreement for Kent Valley Ice Arena dated April 19, 2000 (as
heretofore amended, the "Lease").
B. Lender has required and Borrower has agreed to grant to Lender a first lien and
security interest in and to the Collateral.
C. In order to provide assurance to Lender that Lender's lien and Security interest in
and to the Collateral is not subject to any prior lien or protection granted to a
landlord under any state statute, common law or otherwise, Borrower has
requested that Landlord acknowledge, consent and agree to the terms and
conditions set forth in this Agreement.
AGREEMENT
To induce Lender to extend a loan to Borrower and for other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows:
1. ACKNOWLEDGEMENT OF SECURITY INTEREST AND
SUBORDINATION. Landlord acknowledges that Borrower has granted to
Lender a security interest in the Collateral and agrees that the Collateral is and
shall remain the personal property of the Borrower at all times. Until such time as
the Loan is paid in full, Landlord disclaims any and all interest, liens and claims
which Landlord now has or may hereafter acquire in and to the Collateral.
Landlord agrees that any lien or claim Landlord now has or may acquire in or to
the Collateral will be, at all times, subject and subordinate to Lender's security
interest in the Collateral.
Urban Landmark Corporation
LOAN 44615000179 and 4615000179B
DocuSign Envelope ID:4A3509C6-02BB-4CB2-9B21-6F8C26FA9465
2. LEASE DEFAULTS. Landlord represents that, to the best of their knowledge,
there is no existing breach or offset under the Lease. If a default or event of
default occurs under the Lease, Landlord will provide Lender with notice* of the
default or event of default to the address set forth in the first paragraph of this
Agreement. Upon receipt by Lender, as required in this Section, of a notice of a
default or an event of default under the Lease or any notice of a termination of the
Lease, Borrower and Landlord each grant the Lender the right to enter the
Property for the purpose of removing the Collateral. Lender's right to remove the
Collateral from the Property in accordance with this Section shall continue for a
period equal to the greater of(i) 60 days after receipt of notice from Landlord that
the Lease will be terminated on a date specified in such notice and (ii) fifteen days
after the day on which the Lease actually terminates. Lender shall also have the
right to cure the default during the applicable cure period provided to Borrower
under the Lease.
*LENDER'S NOTICE TO BE DELIVERED TO THE ADDRESS BELOW:
The Bancorp Bank
SBL Loan Operations
409 Silverside Road
Suite 105
Wilmington, DE 19809
3. ENTRY ONTO PROPERTY. In the event that Lender, for any reason, has the
right to take possession of the Collateral or the right to sell the Collateral,
Landlord and Borrower each grant to Lender the right to enter the Property for the
purpose of removing the Collateral from the Property.
4. REMOVAL OF COLLATERAL. If Lender enters the Property and removes the
Collateral, Lender agrees that Lender will not remove any Collateral in such a
way that results in damage to the Property without either repairing any damage
caused by Lender or reimbursing Landlord for the cost of repairing damage to the
Property.
5. COLLATERAL ASSIGNMENT. Landlord consents to a collateral assignment
of the Lease by Borrower to Lender.
6. SUCCESSORS AND ASSIGNS. This Agreement extends to and binds the
respective heirs, personal representatives, successors and assigns of the Borrower,
Landlord and Lender.
7. ASSIGNMENTS. If, in connection with a transfer or assignment of the Loan,
Lender transfers, assigns or endorses over any claim or obligation to which this
Urban Landmark Corporation
LOAN #4615000179 and 4615000179B
DocuSign Envelope ID:4A3509C6-02BB-4CB2-9B21-6F8C26FA9465
Agreement applies, this Agreement will be enforceable by any such transferee,
assignee or endorsee. Lender may make such transfer, assignment or
endorsement without the consent of either the Borrower or the Landlord.
8. APPLICABLE LAW. This Agreement is governed by and is to be construed
under the laws of the State of Washington and venue for all matters shall be in the
Superior Court of King County, Washington.
9. AUTHORITY. Each of the parties to this Agreement represent that the
individual executing this Agreement on such party's behalf has the full power and
authority to enter into and execute this agreement.
10. WAIVERS AND MODIFICATIONS. Any waiver of any condition or
requirement set forth in this Agreement must be in writing. Any modification to
the terms or conditions of this Agreement must be in writing and must be signed
by the party against whom enforcement is sought. No delay or omission on the
part of Lender in exercising any right under this Agreement or under the Loan
will operate as a waiver of such right or any other right. Unless specifically
agreed by Lender in writing, a waiver of any provision of this Agreement will not
prejudice or constitute a waiver of Lender's right to demand strict compliance
with any such provision or any other provision of this Agreement and no prior
waiver or course of dealing between Lender and Landlord will be deemed or
construed as constituting a waiver of any of Lender's rights as to any future
transaction.
11. MODIFICATION OF LOAN. Lender may, without any notice to or consent
from Landlord, take any action that Lender deems to be appropriate, necessary or
desirable with respect to the Loan, including without limitation, make
modifications, waivers, alterations, renewals, extensions or accelerations of the
Loan indebtedness.
12. NONDISTURBANCE. Landlord agrees that no foreclosure (whether judicial or
nonjudicial), deed-in-lieu of foreclosure, or other sale of the Property in
connection with enforcement of the Security Instrument or otherwise in
satisfaction of a loan between Landlord and Landlord's lender (if any) shall
operate to terminate: (1) this Landlord's Waiver and Consent; or (2) the Lease or
Tenant's rights thereunder to possess and use the Leased Space provided,
however, that at the time of such foreclosure, deed-in-lieu of foreclosure, or other
sale of the Property (a) the term of the Lease has commenced, (b) Tenant is in
possession of the Property, and (c) the Lease is in full force and effect and no
uncured default exists under the Lease.
13. CONSOLIDATION. This Agreement constitutes the entire understanding and
agreement of Landlord and Borrower with respect to the matters set forth in this
Agreement.
Urban Landmark Corporation
LOAN 44615000179 and 4615000179B
DocuSign Envelope ID:4A3509C6-02BB-4CB2-9B21-6F8C26FA9465
14. SEVERABILITY. If a court of competent jurisdiction finds that any provision
of this Agreement is illegal, invalid or otherwise unenforceable for any reason,the
Agreement will be deemed to be modified so as to remove the offending
provision from this Agreement but only so far as is necessary to make this
Agreement a legal, valid and enforceable agreement. Unless otherwise required
by law, the illegality, invalidity, or unenforceability of any provision of this
Agreement shall not affect the legality, validity or enforceability of any other
provision of this Agreement.
15. NO AMENDMENT TO OTHER AGREEMENTS. This Agreement is not
intended to be and shall not be construed as an amendment or modification of the
Lease or any other agreement between or among Landlord, Borrower and Lender,
or any combination of such parties.
BY EXECUTING THIS AGREEMENT IN THE SPACE PROVIDED BELOW,
BORROWER, LANDLORD AND LENDER ACKNOWLEDGE HAVING READ ALL
OF THE PROVISIONS OF THIS AGREEMENT AND AGREE TO ITS TERMS.
LANDLORD: CITY OF KENT,a Washington municipal corporation
By: k
Its
BORRC c-C"aw:Landmark Corporation
l vOln,t,V'
By:
President
Its
LENDER: THE BANCORP BANK
Do Signed by:
l IQ QN.Q.VV
By:
y 628863107EF949E
Lucia Guerra
DIR. SBA Closing Manager
8801 Fast Park Drive
Suite 105 RETURN COPY TO:
Raleigh,NC 27617 ATTN: Summer Meade
smeade@thebanco!T.com
Urban Landmark Corporation
LOAN #4615000179 and 4615000179B
Docu1�.
Sa C U A a a
Certificate Of Completion
Envelope Id:4A3509C602BB4CB29B216F8C26FA9465 Status:Completed
Subject:Please DocuSign:Urban Landmark--Landlord Waiver
Test:test
Source Envelope:
Document Pages:4 Signatures:2 Envelope Originator:
Certificate Pages:5 Initials:0 Summer Meade
AutoNav:Enabled 409 Silverside Rd Ste 105
Envelopeld Stamping:Enabled Wilmington,DE 19809
Time Zone:(UTC-05:00)Eastern Time(US&Canada) smeade@thebancorp.com
IP Address:204.77.161.23
Record Tracking
Status:Original Holder:Summer Meade Location: DocuSign
9/10/2019 12:37:46 PM smeade@thebancorp.com
Signer Events Signature Timestamp
Lexi Doner &11S1g_df1by Sent:9/10/2019 12:41:11 PM
lexi@kentvalleyicecentre.net )�t ,/b� Viewed:9/10/2019 12:48:21 PM
President 46868426D064E6_ Signed:9/10/2019 1:11:45 PM
Security Level:Email,Account Authentication
(None) Signature Adoption: Pre-selected Style
Using IP Address:73.254.180.138
Electronic Record and Signature Disclosure:
Accepted: 9/10/2019 12:48:20 PM
ID:bd082302-2ecf-404f-8564-83bb73587861
Lucia Guerra °0 51gnedby Sent:9/10/2019 12:41:11 PM
luguerra@thebancorp.com 1062—B863107EF949E
'" 4.. Viewed:9/10/2019 12:52:34 PM
Dir,SBA Closing Manager _ Signed:9/10/2019 12:52:39 PM
The Bancorp Bank
Security Level:Email,Account Authentication Signature Adoption: Pre selected Style
(None) Using IP Address:204.77.161.1
Electronic Record and Signature Disclosure:
Accepted:6/6/2016 5:17:11 PM
ID:67dla493-77a8-4c30-ad9f-5cfcdc58b481
In Person Signer Events Signature Timestamp
Editor Delivery Events Status Timestamp
Agent Delivery Events Status Timestamp
Intermediary Delivery Events Status Timestamp
Certified Delivery Events Status Timestamp
Carbon Copy Events Status Timestamp
Witness Events Signature Timestamp
Notary Events Signature Timestamp
Envelope Summary Events Status Timestamps
Envelope Summary Events Status Timestamps
Envelope Sent Hashed/Encrypted 9/10/2019 12:41:11 PM
Certified Delivered Security Checked 9/10/2019 12:52:35 PM
Signing Complete Security Checked 9/10/2019 1:11 45 PM
Completed Security Checked 9/10/2019 1:11:45 PM
Payment Events Status Timestamps
Electronic Record and Signature Disclosure
After recording return to:
Bendich, Stobaugh& Strong, P.C.
126 NW Canal Street, Suite 100
Seattle WA 98107
CONSENT TO ASSIGNMENT OF LEASE,
DEED OF TRUST, AGREEMENT TO
GIVE NOTICE OF DEFAULT AND ESTOPPEL CERTIFICATION
Grantor: City of Kent
Grantee: Evergreen Business Capital
Legal description: Portion of the Northwest quarter of the Northeast quarter Section
23, Township 22 North, Range 4 East, W.M.
Tax Parcel ID 4: 232204-8948-08
CONSENT TO ASSIGNMENT OF LEASE,
DEED OF TRUST, AGREEMENT TO
GIVE NOTICE OF DEFAULT AND ESTOPPEL CERTIFICATION
DEFINITIONS
CDC ----Evergreen Business Capital
SBA-----Small Business Administration, an agency of the United States of America.
LESSOR—City of Kent
LESSEE-----The Urban Landmark Corporation
INDEBTEDNESS ----A promissory note in the amount of$1,366,000.00 executed by
Lessee and payable to CDC.
THE LEASE -----Ground Lease between Lessor and Lessee fully executed on or about
January 7, 1999, First Addendum to said Lease fully executed on or about April 24, 2000,
a Second Addendum to said Lease fully executed on or about December 18,2003, and
Third Addendum to said Lease fully executed on or about November 10, 2016, and
covering the premises described at attached Exhibit"A".
LEASEHOLD ESTATE-----Lessee's rights and obligations under the Lease.
LEASEHOLD MORTGAGEE-----Holder of the Indebtedness and Leasehold Security
Instruments.
LEASEHOLD SECURITY INSTRUMENTS----Assignment of Interest in Lease as
Security and Deed of Trust executed by Lessee to secure repayment of the Indebtedness.
AGREEMENT
In order to induce CDC to make a loan in the original principal amount of$1,366,000.00
to Lessee, Lessor, and Lessee agree as follows:
1. LESSOR'S CONSENT
Lessor consents to Lessee assigning its interest in the Lease and mortgaging its Leasehold
Estate to CDC as security for the Indebtedness.
Lessor also consents to CDC assigning the Indebtedness and Leasehold Security
Instruments to SBA and to any subsequent assignment of the Indebtedness and Leasehold
Security Instruments.
2
2. NOTICE OF DEFAULT
The Leasehold Mortgagee are CDC and SBA. CDC and SBA are"Secured Party
Assignee" as that term is defined under Section 10 of the Lease Agreement and are
entitled to the notice described in Section 13(B) of the Lease. The Notice of Default
must be mailed to CDC at the following address or such other address as CDC may
designate in writing to the Lessor.
Evergreen Business Capital
Attn: Servicing Department
13925 Interurban Ave. South Suite 100
Seattle WA 98168
The Notice of Default must be mailed to SBA at the following address or such other
address as SBA may designate in writing to the Lessor:
Small Business Administration
Fresno Commercial Loan Service Center
2719 North Air Fresno Drive, Suite 107
Fresno CA 93727
In the event that SBA assigns the Indebtedness and Leasehold Security- Interests to
another person, Lessor agrees to send the Default Notices to the new holder provided it is
notified in writing of that person's address.
3. INDEMNIFICATION
Leasehold Mortgagee shall not be liable to Lessor under Section 16. Indemnification of
the Lease for any injury or loss that occurred prior to the Leasehold Mortgagee acquiring
ownership of the Leasehold Estate.
4. TERMINATION OF LEASE
In the event that the Leasehold Mortgagee acquires the Lessee's Leasehold Estate,
Leasehold Mortgagee may terminate the Lease at any time by informing the Lessor in
writing that it wishes to terminate the Lease. Leasehold Mortgagee will not be personally
liable for the performance of any obligation that would have accrued after the date of
termination, such as the payment of future rent.
This termination will not release Lessee from its obligations under the Lease.
5. MODIFICATION OF SECTION 10. ASSIGNMENT OR SUBLEASE.
Section 10. C. of the Lease is modified to provide that the City shall provide to Assignee
sixty(60)days written notice inquiring whether Assignee wishes to perform the
obligations of ULC under the Lease after rejection of the Lease is approved by
appropriate federal or state court.
6. ESTOPPEL CERTIFICATION
The Lease is in full force and effect and there are no defaults by either party to the Lease.
7. EXECUTION IN COUNTERPART.
This agreement may be executed in counterpart.
Lessor: CITY OF KENT
(0 0-0x�
By: j
Name Tit1CQ—
State of Washington )
ss.
County of King )
is record w cl ov lodged befQre me on C� , 2019 by
as of the City of Kent.
i
+_ _~ Notary Public in and for the State of
- S
9t, a,&09-Z� �"` — My commission expires:
`i
r Ofi
Consent to Assignment of Lease, Etc. p. 4
Lessee: The Urban Landmark Corporation
By:
Lexi Doner, President
State of Washington )
S*P%C�-0^',5 ss.
County of Kira- )
This record was acknowledged before me on �e 2019 by Lexi
Doner, President of The Urban Landmark Corporation.
LISA lOHN5ON
Notary Public
State of Washington Notary i li in and for t Lee State of
My Appointment Expires
May 24,2021
My commission expires: Zy Z,7Z�
EXHIBIT"A"
LEGAL DESCRIPTION OF LEASE AREA
FOR
That portion of Section 23, Township 22 North, Range 4 East, W.M., in King County,
Washington, described as follows:
Commencing at the Northeast corner of said Section 23;
THENCE North 88059'15" West along the North line of said Section 2001.90 feet to the
Northeast corner of the Frances Stewart Tract as recorded under Auditor's File No.
629612;
THENCE South 00039'38" West, 33.00 feet along the Easterly boundary of said Tract to
the True Point of Beginning;
THENCE South 00039'38" West along said Easterly boundary of the Frances Stewart
Tract, 351.01 feet to Point "B";
THENCE North 88059'15" West 444.17 feet;
THENCE North 0003938" East, 351.01 feet to Point "A";
THENCE South 88059'15" East 444.17 feet to the True Point of Beginning;
(Also known as Parcel B, City of Kent Lot Line Adjustment #LL2000-5, recorded under
Recording Number 20000412006199)
TOGETHER WITH an Easement for ingress, egress and signage described as follows:
Beginning at aforementioned Point "A";
THENCE North 88059'15" West, 50.00 feet;
THENCE South 00039'38" West, 381.01 feet;
THENCE South 88059'15" East, 50.00 feet;
THENCE North 00039'38" East, 381.01 feet to Point "A" and the True Point of Beginning;
AND TOGETHER WITH an Easement for ingress, egress and utilities described as
follows:
Beginning at aforementioned Point "B";
THENCE South 00039'38" West, 30.00 feet;
THENCE North 88059'15" West, 444.17 feet;
THENCE North 00039'38" East 30.00 feet;
THENCE South 88059'15" East, 444.17 feet to Point "B" and the Point of Beginning.
SITUATE in the County of King, State of Washington.
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