8e. Attachment
Mad Anthonys Pier 66 Lease
Item No. 8e_Attach1 Meeting Date: July 26, 2022 SECOND AMENDMENT TO LEASE BETWEEN PORT OF SEATTLE AND MAD ANTHONY’S, INC. AT PIER 66 THIS SECOND AMENDMENT TO LEASE is made as of , 2022, by and between the PORT OF SEATTLE, a Washington municipal corporation, hereinafter called “Owner,” and MAD ANTHONY’S, INC., a Washington corporation, hereinafter called “Tenant,” W I T N E S S E T H : WHEREAS, the parties entered into the Bell Street Pier Restaurant Lease Agreement dated February 14, 1995, hereinafter called “Basic Lease,” covering certain premises and activities by Tenant at Pier 66, Seattle, Washington, which was subsequently amended by First Amendment dated June 1, 2020, together with the Basic Lease called “Lease”; and WHEREAS, the parties now wish to further revise the Lease as previously amended, by extending the period of time during which Tenant’s rent structure does not follow the Basic Lease rent structure. NOW THEREFORE, in consideration of their mutual promises, the parties hereby agree as follows: 1) For the period June 1, 2020 – April 30, 2023, Tenant shall owe no monthly or annual minimum rent, but instead shall pay percentage rent on a monthly basis in the amount of six and one-half percent (6 ½%) of its monthly Gross Sales (as defined in Section 4.c. of the Basic Lease), as follows: within 14 days following the end of each calendar month Tenant shall furnish Owner with a computation, certified by an officer of Tenant, of the Gross Sales made on or from the Premises for the preceding calendar month and the amount due Owner as percentage rent for that month, and shall contemporaneously pay the amount of percentage rent due. 2) Commencing May 1, 2023, the rent modifications set forth above shall expire and Tenant shall resume paying minimum monthly rent as provided in Section 4 of the Basic Lease, with a monthly minimum rent of $30,670, except that the percentage used for calculation of percentage rent shall be six and one quarter (6 ¼%). 3) Contract rent for assessment of leasehold excise tax ("LET") shall be that method defined by Washington Department of Revenue (“DOR”). Tenant agrees to comply with Chapter 82.29A RCW, the DOR implementing Regulations thereof, and any revision or amendment thereto to determine DOR taxable rent for the assessment of LET. In the event that the Washington Department of Revenue determines, based on Chapter 82.29A RCW and/or any implementing regulations thereunder, including any amendments to said statute or regulations, that LET is due in an amount greater than the amount invoiced or remitted by the Owner, whether assessed based on the percentage rent, gross receipts, minimum monthly rent or otherwise, Tenant agrees that any deficiency and payment of any additional LET owed (whether retroactive or prospective) shall be the sole responsibility of Tenant, shall be payable by Tenant, and Tenant agrees to indemnify and hold Owner harmless from and against any such LET assessed, including any penalties or interest. The obligations set forth in this section shall survive any expiration or termination of the Agreement. 4) The terms of this Amendment shall control over any contrary or inconsistent terms of the Lease. Except as expressly amended herein, all provisions of the Basic Lease shall remain in full force and effect. Second Amendment POS Agreement #000294 Mad Anthony’s, Inc. 06/01/2022 1 IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the day and year first above written. LESSOR PORT OF SEATTLE LESSEE MAD ANTHONY’S, INC. By By Its Its Notary to Second Amendment to Lease with Mad Anthony’s, Inc. at Pier 66. STATE OF WASHINGTON COUNTY OF KING On this ) ) ss ) 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 COUNTY OF KING On this ) ) ss ) 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: Second Amendment POS Agreement #000294 Mad Anthony’s, Inc. 06/01/2022 2
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