Laserfiche WebLink
O <br /> FORMER KEY BANK BUILDING LEASE BETWEEN VILLAGE THEATRE <br /> AND CITY OF EVERETT <br /> This Lease is made this day of ,between the City of Everett, <br /> a municipal corporation under the laws of the State of Washington,hereinafter referred to <br /> as the "Lessor", and Village Theatre, a nonprofit corporation, hereinafter referred to as <br /> "Lessee". <br /> 1. PREMISES. The Lessor does hereby lease to Lessee, and Lessee does hereby <br /> lease from Lessor, those certain premises at 1621 California St., Everett, WA(hereinafter <br /> called"Premises"), legally described as: <br /> The East 80 ft. of Lots 17 to 20 inclusive, Block 625, Plat of Everett, Volume 3 of <br /> Plats,page 32, records of the County of Snohomish, State of Washington. <br /> 2. TERM AND IMPROVEMENTS. <br /> A. Term/Options to Renew. The term of this Lease shall be for five(5) years and <br /> commence on 12:00 AM of the first day of the month following substantial completion of <br /> the Shell Improvements (as defined below), and end at 11:59 PM of the sixtieth month <br /> thereafter. There shall be three options to renew for succeeding five year periods which <br /> may be exercised (provided that Lessee is in compliance with the provisions of this <br /> Lease)by Lessee by written notice of intent to renew delivered to Lessor within the <br /> period of the 54th and the 58th month period of each five year term. If, during the course <br /> of the lease, Lessor chooses not to renew Lessee's Everett Performing Arts Center <br /> management contract, Lessee may terminate this Lease without cause upon three(3) <br /> months written notice, and Lessor will reimburse Lessee for unamortized Tenant <br /> Improvement costs. Tenant Improvements to be amortized and amortization schedules <br /> will be provided upon occupancy when Tenant Improvements are placed in service. <br /> Provided that upon payment of such reimbursement, all Tenant Improvements listed in <br /> Exhibit B shall become the property of the City of Everett. Said amortization shall be <br /> fifteen years (15) straight line starting from the aforesaid Commencement Date. In any <br /> event, this Lease shall terminate and no longer be effective after December 31,2029. <br /> B. Shell Improvements. Lessor shall construct shell improvements on the <br /> Premises (the"Shell Improvements") as described on Exhibit A hereto. The City <br /> considers this lease for the Kidstage program to be part of an overall public facility which <br /> will include a Plaza planned for construction adjacent to the west of the Premises. <br /> Lessee agrees to cooperate with the Lessor in the construction of said Plaza and the <br /> integration of the two properties for public use;provided that it is understood that Lessee <br /> shall not be responsible for Plaza construction and Plaza maintenance costs. <br /> C. Conditions Precedent to Lease Commencement. The Lessor shall have no <br /> obligation to construct the Shell Improvements or to go forward with the lease until the <br /> following conditions are satisfied: (1) Lessee shall provide to Lessor evidence <br /> satisfactory to the City Budget and Finance Director that Lessee has maintained <br /> minimum funding for Lessee's Tenant Improvements (as defined below), which amount <br /> 18 <br />