4d attach 1
Item No. 4d Attach 1 Date of Meeting July 22, 2014 ATTACHMENTA First Amendment Basic Lease Effective Upon Execution __ Term Initial ve years, and three months (5 yrs. & Initial term twelve years, three 3 mos.) Expiring May 31, 2015 months, Expiring May 31, 2022 Use Lessee shall use the premises for general Same. ofce related storage and equipment repair for a water dependent user. Square Feet Approximately 9,430 rentable square feet of Same. ofce, 10,230 rentable square feet of storage/warehouse space. Renewal Options One ve (5) year renewal option. Same Termination None Lessee has the right to terminate at any time during year eleven and up to six months prior to lease term expiration date. Termination Fee None Should Lessee exercise their right to terminate, Lessee will pay the Port three (3) months of the then rent. Rental Rates Expiring Rates: First Option Period 9,430 RSF @ $21.00 per RSF 9,430 RSF @ $21.50 per RSF 10,230 RSF @ $6.42 per RSF 10,230 RSF @ $6.81 per RSF Annual $.50 increases for Ofce Annual 3% increases for Storage Rental Market Rate adjustment for First Option Same Renegotiation Period at 100% of fair market rate. Improvement Port Funded $228,000 for design and $114,000 design, consultant fees Allowance construction to build-out space. Work and construction costs to refurbish completed. Premises. Maintenance by the Lessee is responsible for all Same. Lessee repairs/maintenance within their Premises including their Premises share of the common area maintenance. Maintenance by the Foundation, shell and roof of building. Same Port Utilities Responsibility of Lessee. Same. Security $ 1 25 ,25 8 $75,003.76 Insurance $2,000,000 General Liability. Same $1 ,000,000.Automoble Assignment or Upon prior written consent of Port. Same. Sublease Continuing Lease Guarantor gives the Port unconditional Same Guaranty guarantee of complete lease performance.
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