Item No.            6a_attach_1 
Date of Meeting     November 10, 2015 
5th AMENDMENT TO LEASE 
BETWEEN 
PORT OF SEATTLE 
AND 
SEAVIEW BOATYARD WEST, INC. 
AT 
SHILSHOLE BAY MARINA 

THIS 5th AMENDMENT TO LEASE made as of _______________, 20_____, by and
between the PORT OF SEATTLE, a Washington municipal corporation, hereinafter called "the
Port," and SEAVIEW BOATYARD WEST, INC., a Washington corporation, hereinafter called
"Lessee," 
W I T N E S SE  T H :
WHEREAS, the parties entered into a lease agreement dated June 23, 1996, hereinafter
called "Basic Lease," covering certain premises and activities by Lessee at Shilshole Bay
Marina, Seattle, Washington, which was subsequently amended by Amendment(s) dated October
6, 2006; February 23, 2007; July 7, 2011; and September 15, 2011 
WHEREAS, the parties now wish to further revise the Basic Lease as previously amended,
by 1) Adding an expansion of the boat maintenance yard by approximately 10,000 sf. 
2) Adjusting the Security Deposit required by the Lease. 3) Permitting the Lessee to make
improvements to existing paint shop and build an additional workshop space within the
Premises. 4) Add two (2) five (5) year options to extend. 
NOW THEREFORE, in consideration of their mutual promises, the parties hereby agree as
follows: 
1.   The leased area is increased, from 64,385 sf, by an area consisting of approximately 10,000
sf (the "Expansion Area"), as shown on Exhibit A, attached hereto. The measurement of
the Expansion Area will be performed by the Port and the actual square footage will be
confirmed in writing upon completion of the Expansion Area. 
2.   The commencement date ("Commencement Date") of the Expansion Area will be effective
upon full execution of this 5th Amendment to Lease. Effective upon the completion of the
Expansion Area, but no later than April 1, 2016, the rent payable by Lessee for all full use
and value area in the Premises is increased from $11,478.27/month to a monthly rate equal
to $2.44 per square foot per year, plus applicable taxes, based on confirmation of the square
footage of the completed Expansion Area, as shown on Exhibit B. 
The Rent shall constitute the contract rent for purposes of determining taxable rent for
assessment of leasehold excise tax.

3.   Paragraph 6 of the Basic Lease and Paragraph 6 of the 2nd Amendment is hereby deleted in
its entirety and replaced with the following: 
"6.  Security. 
"a.   Lessee shall, upon execution of this Lease, obtain and deliver to the
Port a good and sufficient corporate surety company bond, irrevocable
stand-by letter of credit, cash deposit or other security in the amount of
FORTY THOUSAND AND 00/100 ($40,000.00) (hereinafter referred
to as "Security"), to secure Lessee's full performance of this Lease,
including the payment of all fees and other amounts now or hereafter
payable to the Port hereunder. The amount, form, provisions and
nature of the Security, and the identity of the surety or other obligor
thereunder, shall at all times be subject to the Port's approval. The
Security shall remain in place at all times throughout the full term of
this Lease and throughout any holdover period. If the Security is in a
form that periodically requires renewal, Lessee must renew the
Security not less than 45 days before the Security is scheduled to
expire. No interest shall be paid on the Security and the Port shall not
be required to keep the Security separate from its other accounts. No
trust relationship is created with respect to the Security. 
"b.  Return of Security. The Security is a part of the consideration for
execution of this Lease. If Lessee shall have fully performed all terms
and conditions of this Lease, any cash deposit security shall be paid to
Lessee within sixty (60) days following the termination (or expiration)
date without interest; otherwise the Port shall, in addition to any and
all other rights and remedies available under this Lease or at law or
equity, retain title thereto. 
"c.   Application of Security. The Port may apply all or part of the Security
to unpaid Rent or any other unpaid sum due hereunder, or to cure other
defaults of Lessee. If the Port uses any part of the Security, Lessee
shall restore the Security to its then-currently required amount within
fifteen (15) days after the receipt of the Port's written request to do so.
The retention or application of such Security by the Port pursuant to
this Section does not constitute a limitation on or waiver of the Port's
right to seek further remedy under law or equity." 
4.   The Lessee's plans to make improvements to the existing paint shop and to construct an
additional building are subject to review and written approval by the Port pursuant to
Section 13 of the Basic Lease. All expenses related to this project are the sole responsibility
of Seaview Boatyard West, Inc. 
5.   The Expansion Area requires the relocation of two existing tenant premises to an alternate
yard area, as defined by the Port. Work related to this relocation will be completed at the
Fifth Amendment                                2 
POS Agreement #000186 
Seaview Boatyard West, Inc. 
09/11/2014

sole expense of Seaview Boatyard West, Inc. and is subject to review and prior written
approval of the Port pursuant to Section 13 of the Basic Lease. 
6.   If Lessee is in compliance with the terms and conditions of this Lease, Lessee has, upon
written notice to the Port given not less than ninety (90) days or more than one hundred
(180) days in advance of expiration of the initial (or extended) Lease term, the option to
renew this Lease for two (2) additional five (5) year terms. 
7.   Exhibit "A and B" are attached hereto and incorporated herein. 
8.   Except as expressly amended herein, all provisions of the Basic Lease (as previously
amended) shall remain in full force and effect. 
IN WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of
the day and year first above written. 
LESSOR                     LESSEE 
PORT OF SEATTLE               SEAVIEW BOATYARD WEST, INC 
a municipal corporation 

By _________________________________     By _________________________________ 
Its_______________________________       Its_______________________________ 









Fifth Amendment                                3 
POS Agreement #000186 
Seaview Boatyard West, Inc. 
09/11/2014

Notary to Fifth Amendment to Lease 
with Seaview Boatyard West, Inc. 
at Shilshole Bay Marina. 
STATE OF WASHINGTON ) 
) ss 
COUNTY OF KING    ) 
On this ___ day of ___________________, 20_______ before me personally appeared
____________________________, to me known to be the _________________________________ of the PORT
OF SEATTLE, the municipal corporation that executed the within and foregoing instrument, and acknowledged said
instrument to be the free and voluntary act and deed of said corporation, for the uses and purposes therein
mentioned, and on oath stated that s/he was authorized to execute said instrument. 
In Witness Whereof I have hereunto set my hand and affixed my official seal the day and year first above
written. 

_____________________________________________ 
(Signature) 
_____________________________________________ 
(Print Name) 
Notary Public, in and for the State of Washington, 
residing at _____________________________________ 
My Commission expires: _________________________ 

STATE OF WASHINGTON ) 
) ss 
COUNTY OF KING    ) 
On this ___ day of ___________________, 20_______ before me personally appeared
____________________________, to me known to be the _________________________________ of the
___________________________________, the individual/entity that executed the within and foregoing instrument
as Lessee, and acknowledged said instrument to be the free and voluntary act and deed of said individual/entity, for
the uses and purposes therein mentioned, and on oath stated that s/he was authorized to execute said instrument. 
In Witness Whereof I have hereunto set my hand and affixed my official seal the day and year first above
written. 

_____________________________________________ 
(Signature) 
_____________________________________________ 
(Print Name) 
Notary Public, in and for the State of Washington, 
residing at _____________________________________ 
My Commission expires: _________________________ 



Fifth Amendment                                4 
POS Agreement #000186 
Seaview Boatyard West, Inc. 
09/11/2014

FIFTH AMENDMENT 
EXHIBIT A 
Premises  
















Fifth Amendment                               A 1 
POS Agreement #000186 
Seaview Boatyard West, Inc. 
09/11/2014

EXHIBIT B 
RENT DETAIL  

DESCRIPTION              USE            RATE     SIZE    ANNUAL RENT 
Full Use/ Value Area 
5th Amendment expansion    yard space        $2.44    10,000*    $24,400.00 
*Per Paragraph 3, to be confirmed 
3rd Amendment expansion    yard space        $2.44     1,541      $3,760.04 
2nd Amendment expansion    yard space        $2.44     6,220     $15,176.80 
Main Yard Area            repairs/lay days      $2.44    26,000     $63,440.00 
Paint Build Land            paint shop          $2.44     3,600       $8,784.00 
Equipment Storage         haz-mat          $2.44      286       $697.84 
Building - Misc.              pressure wash        $2.44       500       $1,220.00 
building/staff trailer 
Pressure Wash Pad         pressure washing     $2.44      810      $1,976.40 
Limited Use/Value Are 
Preferential Use Area         access route to yard   $0.52    19,080      $9,921.60 
Mast Storage             mast repair/ storage   $0.52     2,350      $1,222.00 
Ground Lease Area 
Submerged Land          travel lift piers      $0.62     1,740      $1,078.80 
Buildings 
Office/storage             block building       $12.94     2,258      $29,218.52 
per square foot total                                    74,385     $160,896.00/yr 
$13,408.00/mo 
$2.16/sf/yr 
Jib Cranes 
Mast retrieval                          $1,246.19 
$162,142.19 
Monthly Total                                              $13,511.85 


Fifth Amendment                               B 1 
POS Agreement #000186 
Seaview Boatyard West, Inc. 
09/28/2015