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HomeMy WebLinkAboutLAG2019-005 - Amendment - #1 - Terreno Valley Corporate, LLC - Ground Lease - 04/21/24 FOR CITY OF KENT OFFICIAL USE ONLY Sup/Mgr: Agreement Routing Form DirAsst: • For Approvals,Signatures and Records Management Dir/Dep: KENT This form combines&replaces the Request for Mayor's Signature and Contract Cover (optional) W A S H I N G T O N Sheet forms. (Print on pink or cherry colored paper) Originator: Department: Phung Huynh Parks, Recreation & Community Services Date Sent: Date Required: c 06/25/2024 4/1/2024 fl. Mayor or Designee to Sign. Date of Council Approval: a Q Interlocal Agreement Uploaded to Website 5/7/2019 Budqet Account Number: Grant? YesD Noa P21012 Budget? Yes❑No Type: N/A Vendor Name: Category: Terreno Valley Corporate LLC Lease Vendor Number: Sub-Category: = 452726 Amendment 0 Project Name: Ground Lease with Terreno Valley Corporate LLC cProject Details: Amendment 1 for Lease agreement with Terreno Valley Corporate c LLC for vehicular parking and telephone equipment storage yard. c Basis for Selection of Contractor: � Agreement Amount: $34,000 Other W *Memo to Mayor must be attached i Start Date: 4/1/2024 Termination Date: 3/31/2029 Q Local Business? Yes ONo*lfmeet5 requirements per KCC3.7a wo,please complete'Vendor Purchase-Local Exceptions"form on Cityspace. Business License Verification: Yes In-ProcessElExempt(KCC 5.01.045) Authorized Signer Verified Notice required prior to disclosure? Contract Number: ElesONo LAG2019-005 Comments: ahttps://documents.kentwa.gov/WebLink/DocView.aspx? id=188526&d bid=0&repo=CityOfKent&searchid=90f2fa91-8566-46e5-9bf1- a 0 3473fe525051 c c _01P Vf � 3 cc a, [Date Received:City Attorney: 6/25/24 Date Routed:Mayor's Office 6/28/24 City Clerk's Office 6/28/24 adccW223731_20 Visit Documents.KentWA.gov to obtain copies of all agreements rev.20221201 ADDENDUM ONE TO LEASE AGREEMENT BETWEEN THE CITY OF KENT AND TERRENO VALLEY CORPORATE, LLC THIS LEASE ADDENDUM ONE (`Addendum One") is entered into on the date fully executed below by and between THE CITY OF KENT, a Washington municipal corporation (`Lessor") and TERRENO VALLEY CORPORATE, LLC, a Delaware limited liability company ("Lessee"), for a vehicular parking area and a telephone equipment storage yard located at South 222"d block and 68"' Avenue South, Kent, Washington, and legally described in Exhibit A to the Lease Agreement. This Addendum One amends that certain Lease Agreement entered into between Lessor and Lessee on or about May 29, 2019 (the "Lease"). RECITALS A. Lessor and Lessee desire to extend the term of the Lease for an additional five (5) years, commencing retroactively on April 1, 2024, subject to an increase in Rent and additional annual increases. NOW THEREFORE, Lessor and Lessee agree as follows: 1. Lease Term. This Lease extension will be effective retroactively, as of April 1, 2024 (the "Commencement Date") and will end on March 31, 2029. Upon the approval of the Kent City Council, the term may be extended for an additional five (5) years upon terms and conditions acceptable to the City of Kent Parks Director and Lessee. 2. Rent. Section 3 of the Lease will be amended as follows: 2.1. Lessee agrees to pay Lessor as Annual Rent, without notice or demand, the sum of $34,000, plus leasehold tax, if required by law, at a rate established by the State of Washington, currently understood to be at 12.84%, beginning on the Commencement Date. Subsequently, the Rent will be paid in advance, on or before the first day of each month during the term. Rent will be mailed to: City of Kent, 220 Fourth Avenue South, Kent, Washington 98032, Attention: Facilities Superintendent. 2.2 Lessee will pay Lessor a late payment charge equal to five percent of the Monthly Rent for any payment not paid within five calendar days of when due. Any amounts not paid when due will bear interest until paid at the rate of one percent per month. ADDENDUM ONE TO LEASE AGREEMENT - Page 1 (Between City of Kent and Terreno Valley Corporate LLC) 2.3 The Annual Rent will be increased effective as of each anniversary of the Commencement Date by an amount equal to three percent. 3. Certification. Lessor hereby certifies to Lessee that the Lease remains in full force and effect and that there are no uncured defaults on the part of the Lessee under the Lease. 4. Ratification. All acts consistent with the authority of the Lease and this Addendum One are ratified and affirmed, and the terms of the Lease and this Addendum One will be deemed to have applied. 5. Entire Agreement. Except as amended by this Addendum One, all provisions of the Lease will remain in full force and effect except as specifically modified by this Addendum One. IN WITNESS WHEREOF, the parties have executed this Addendum One, which will take effect on the last date signed below (the "Effective Date"). LESSOR: LESSEE: CITY OF KENT TERRENO VALLEY CORPORATE, LLC By: 1 By: Print Name: Dana R Print Name: MAVM&C Jk- L-AyTon1 Its: Mayor Its: �J► E eR1r5�oE�C Date: T Icy Date: 6/2o/292y ADDENDUM ONE TO LEASE AGREEMENT - Page 2 (Between City of Kent and Terreno Valley Corporate LLC) STATE OF WASHINGTON ) . ss. COUNTY OF KING )I hereby certify that on the -)-,!-day of 2024, I know or have satisfactory evidence that barcu c" is the person who appeared before me, and said person acknowledged that he/she signed this instrument, on oath stated that he/sh 's au orized to execute the instrument on behalf of the CITY OF KENT as its , and such execution to be the free and voluntary act of such party for the uses and purposes mentioned in the foregoing instrument. -Notary Seal Must Appear Within This Box- IN WITNESS WHEREOF, I;have hereunto set my hand and o icial seal the day and year.t; A�Nyfit/en. - ss�'l''� II/��•,OC 130137 S NOTARY PUB , in nd for the State of Washington A D�tl c' e.08 � p=+_ residing at - 7-6 G4 My appointment expires -© //ll'i op WA 1W;S``"" ADDENDUM ONE TO LEASE AGREEMENT - Page 3 (Between City of Kent and Terreno Valley Corporate LLC) 0 STATE OF WASHINGTON ) . ss. COUNTY OF KING ) I hereby certify that on the J�' day of 2024, I know or have satisfactory evidence that M h 1--a � is the person who appeared before me, and said person acknowlebbed that he/she signed this instrument, on oath stated that he/she is authorized to execute the instrument on behalf of TERRENO VALLEY CORPORATE LLC, a Delaware limited liability, as its \j�c_g , and such execution to be the free and voluntary act of such party for the uses and purposes mentioned in the foregoing instrument. -Notary Seal Must Appear Within This Box- IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written. O Commission Number �PUB�LEN Dana Rebecca Beebe Z� NOTAR �n�a:n�dfor the State of Washington =� My Appointment Expires 0= residing at �� �` ;A 6N12o27 My appointment expires i WAS ADDENDUM ONE TO LEASE AGREEMENT — Page 4 (Between City of Kent and Terreno Valley Corporate LLC)