2010/05/26 Council Agenda Packet

R LEASE AMENDMENT No. I This Amendment is executed this day of 2010, by and between the City of Everett, a Washington State municipal corporation, "Lessor", and the Everett Area Chamber of Commerce, "Lessee". RECITALS A. Lessor and Lessee are parties to that certain Conference Center Building Lease dated November 10th, 2003, (the "Lease'), pursuant to which Lessee leased certain space from Lessor in the building located at 2000 Hewitt Avenue in Everett, Washington. B. Lessee has previously exercised its option under Section 5 of the Lease to extend the Lease for Option Term One, which extended the Lease until November 1, 2010. Lessee has notified Lessor that Lessee desires to exercise its option under Section 5 of the Lease to extend the Lease for Option Term Two, which will extend the Lease until November 1, 2013. C. Lessee and Lessor hereby express their mutual desire to memorialize the extension of the Lease for Option Term Two and to amend the Lease, by this writing, those terms, covenants and conditions contained herein and agree that all terms and conditions of the Lease not expressly amended by this writing shall continue in full force and effect throughout the renewal term. NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: L Option Term Two: Lessor acknowledges that Lessee has exercised its option to extend the Lease for Option Term Two. Option Term Two commences on November 1, 2010 and ends on October 31, 2013, on which date the Lease expires. The parties agree that the Lease remains in full force and effect without interruption and as of the date of this Amendment, the parties know of no facts or circumstances that would constitute a default under the Lease. 2. Termination: Notwithstanding the generality of the Lease, the Lessee may, by providing at least 120 days prior written notice to Lessor, terminate this Lease in the event that the Everett Chamber of Commerce Board of Directors, in its sole discretion, makes the determination that the Everett Chamber is to: merge into a new entity with other Chambers or entities; consolidate Everett Chamber functions with other Chambers or entities; enter into a cooperative agreement with other Chambers or entities; or otherwise engage in activities or dealings with other Chambers or entities that would in any way alter the Everett Chamber's needs for the Premises. Any termination under this provision terminates the Lessee's obligations under the Lease on the date of termination except for payment, indemnity or defense obligations that have accrued prior to the termination date, and shall not subject Lessee to any rental obligations following the termination date. 32