2011/09/14 Council Agenda Packet

t; 3. 1 AMENDMENT NO. 1 FORMER KEY BANK BUILDING LEASE BETWEEN VILLAGE THEATRE AND CITY OF EVERETT THIS AMENDMENT is dated as of September_, 2011,by and between the CITY OF EVERETT, a Washington municipal corporation (the "City"or"Lessor") and VILLAGE THEATRE, a nonprofit corporation (the"Theatre" or "Lessee"). RECITALS A. The City and the Theatre are parties to the Former Key Bank Building Lease between Village Theatre and City of Everett dated June 18, 2009 (the"Lease"). B. The City and the Theatre desire to make certain changes to the Lease. AGREEMENT For good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows: 1. The following sentence in Section 3 of the Lease is deleted: While Lessee is constructing Tenant Improvements, Lessee's rental amount shall be reduced to $2000 per month,provided that such rental reduction shall only apply to the first six months of the Lease term or until programmatic use of the premises occurs during the first six month period. 2. The following is added to the end of Section 3 of the Lease: The northwest portion of the first floor of the Premises contains a food and beverage space that opens to the area between the Everett Performing Arts Center and the Premises (the"Concession Space"). The Lessee's rental amount shall be reduced to $2000 per month until the City's construction activities in the area between the Everett Performing Arts Center and the Premises are completed to the extent necessary to allow the Lessee a commercially reasonable opportunity to sublease the Concession Space. 3. All provisions of the Lease remain in full force and effect, except as expressly modified by this Amendment. Capitalized terms not defined in this Amendment have the meaning given to them in the Lease. Page 1 84