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AMENDMENT NO.3 <br /> TRANSIT ADVERTISING AGREEMENT <br /> BETWEEN THE CITY OF EVERETT <br /> AND LAMAR TRANSIT,LLC <br /> This Amendment No. 3 is dated for reference purposes December 31, 2020. It is <br /> by and between the City of Everett,a municipal corporation under the laws of the State of <br /> Washington("City") and Lamar Transit,LLC("Contractor"). <br /> RECITALS <br /> A. The City and Clear Channel, Inc. were parties to the Transit Advertising <br /> Agreement dated August 1, 2013. Contractor is successor-in-interest to Clear Channel <br /> Inc. pursuant to the assignment dated February 22, 2016, executed by the parties. The <br /> Transit Advertising Agreement has been amended by Amendment No. 1 dated April 12, <br /> 2018,and Amendment No.2 dated June 30, 2020(as amended,the"Agreement"). <br /> B. COVID-19 has had a significant impact on the Puget Sound Region and <br /> on Contractor's ability to perform under the Agreement. <br /> C. Amendment No. 2 to the Agreement was entered into because of the <br /> uncertainty caused by COVID-19. Part of Amendment No. 2 was a modification of the <br /> Agreement so that it expires on December 31,2020,instead of June 30,2023. <br /> D. Now that the parties have some experience operating under COVID-19 <br /> conditions, the parties have agreed to amend the Agreement so that it again expires on <br /> June 30, 2023. The parties have also made certain agreements regarding compensation <br /> for the time period from January 1,2021 to June 30, 2023, as set forth below. <br /> AGREEMENT <br /> The City and Contractor agree as follows: <br /> 1. Effective from January 1,2021 until June 30, 2023, Section 3 of the Agreement is <br /> amended to read as follows: <br /> Payment. <br /> A. For the time period from January 1, 2021 to June 30, 2021, Contractor <br /> hereby agrees to pay to Everett Transit a non-refundable payment of <br /> $35,625, which is due January 31, 2021. In addition to the non- <br /> refundable payment, Contractor will pay Everett Transit fifty-five <br /> percent (55%) of all net revenue during such time period that <br /> exceeds $64,773. For example, if the net revenue during January 1, <br /> 2021 to June 30, 2021 is $200,000, then the City would receive an <br /> additional $74,375, which is equal to ($200,000-$64,773) X 55%. <br /> Contractor will make this additional payment no later than July 20, <br /> 2021. <br /> 1 <br />