Item No.                6k supp
Date of Meeting        December 10, 2019
Assignment and Amendment of Trident
Ground Lease to Lineage Logistics
December 10, 2019

Ground Lease Terms

Background
Today's Actions:
Assignment of Trident Seafoods Ground Lease to Lineage Logistics
Amendment, Restatement, and Extension of Assigned Agreement


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Site location
Buildings W-391 and W-392





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Lineage Logistics' Recent Awards
Winner of the 2019 Better Practice Award by the U.S.
Department of Energy's (DOE) Better Plants program
Named to Fast Company's Annual List of The World's Most
Innovative Companies for 2019
Outstanding Supplier Achievement Award at the Safe Quality
Food Institute's International Conference

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Ground Lease Terms
Major Terms:
Assignment: From Trident Seafoods to Lineage Logistics
Amendment: Convert the existing four 5-year options to one 20-year term.
Add Options: add two 10-year options, at tenant's discretion
Commencement Date:
Assignment: on execution of Purchase and Sale Agreement and
Amendment: January 1, 2020.
Updated Area: Total area is 336,650 square feet (per updated survey)
Rent:    1/1/2020 is $0.19/sf/mo., which represents an increase of 21.25% and is within the
market range for this use.
Escalations:
CPI: adjustments every 12 months
Market rate: every 60 months, no downward adjustment.
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Ground Lease Terms
Security Deposit: Letter of Credit or Surety Bond equal to 6 months of rent (compliant with Port Policy)
Add, Update, and Replace with Port's current term lease terms:
Alterations; Ownership of Certain Installations (updated)
Maintenance and Repairs (updated)
Prevailing Wage (added)
Common Areas (added)
Insurance and Indemnity (updated)
Damage and Destruction (updated)
Assignment and Sublease (updated)
Default (updated)
Termination other than for default (updated and added)
Surrender and Holding Over (updated)
Environmental standards (updated and added)
Sublease: 6,397 sf to Trident for three years (+2 one-year options to extend as R&D center)

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