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AMENDMENT NO. 3 <br /> TO <br /> LEASE <br /> This Amendment No. 3 to Lease (this "Amendment") is dated M V• , <br /> 2020. It is by and between the City of Everett("City"or"Lessor")and the Village Theatre <br /> ("Theatre" or"Lessee"). <br /> RECITALS <br /> A. The City and Theatre are parties to the "Former Key Bank Building Lease <br /> Between Village Theatre and City of Everett" dated as of June 18, 2009, as amended by <br /> Amendments No. 1 and No. 2 (as amended, the "Lease"). The Lease concerns the <br /> Theatre's lease of 1621 California St. in Everett, defined in the Lease as the"Premises." <br /> B. Because of COVID-19 pandemic, the Theatre's use of the Premises has <br /> been severely impacted. The purpose of this Amendment is to temporarily adjust the Lease <br /> rent in light of the pandemic. The Theatre also wishes to exercise its option to extend the <br /> Lease. <br /> C. Contemporaneously with this Amendment, the parties are also executing <br /> Amendment No. 1 to the Management Agreement (the "Management Amendment"), <br /> amending the parties' agreement for the Theatre's management of the Everett Performing <br /> Arts Center.. <br /> AGREEMENT <br /> The City and Theatre agree as follows: <br /> 1. Rent Adjustments. Because of the pandemic,the parties agree to adjust rent <br /> for the Premises as follows starting November 1, 2020: <br /> A. Until the Theatre begins limited in-person classes and rehearsals,the <br /> monthly rent under the Lease is $2,275.16/month. <br /> B. Once the Theatre begins limited in-person classes and rehearsals, <br /> the monthly rent under the Lease increases from $2,275.16/month <br /> to $3,412.74/month. If the beginning of such classes and rehearsals <br /> occurs mid-month, the increase takes effect on the first day of the <br /> next month. <br /> C. The monthly rent under the Lease increases to the full rental amount <br /> due under the Lease, including any scheduled CPI increases, upon <br /> the earlier of the following: <br /> (1) The Theatre begins full in-person classes and Kidstage has <br /> generally normal use of the Premises. If the beginning of <br /> such classes and use occurs mid-month, the increase takes <br /> effect on the first day of the next month. <br />