Vote: approved

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13. EARLY TERMINATION OF LEASE WITH WELLS FARGO Approve and authorize the County’s Real Estate Services staff to give written notice of the early termination of Lease No. L-7278 with Wells Fargo Bank, National Association, as Landlord, per the early termination opportunity offered by Landlord in its letter dated June 16, 2010. The Landlord, Wells Fargo Bank, National Association, has offered the County an early termination opportunity that waives the 12 month notice of termination requirement as well as the termination fee specified in Section 5 of the subject lease. The County will lease office space in the Luhrs Building as part of Lease L-7417 as a substitute location for the County Attorney office space being vacated at the Wells Fargo Building. Lease savings from the termination of the Wells Fargo Building Lease L-7278 have been included in the funding of the Luhrs Building Lease L-7417 (Agenda C1911006100). Lease L-7278 was last renewed through the exercise of an option approved by the Board of Supervisors, commencing April 23, 2008, and would have terminated on November 30, 2013 (Agenda C5099012401). (C-19-08-047-1-01)

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1. TERMINATION OF LEASE WITH WELLS FARGO BANK Rescind action taken under agenda item C-19-08-047-1-01 and approve, and authorize Real Estate Services to give landlord written notice of the early termination of Lease No. L-7278 with Wells Fargo Bank, National Association, as Landlord,per Section 5 of the subject lease. Section 5 of the Lease (L-7278) provides the county the option to terminate the subject agreement by giving a 12-month prior written notice or termination. (C-19-08-047-1-02)

Attachments (2)

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8. AMENDMENT TO LEASE AGREEMENT WITH WELLS FARGO BANK, N.A. Approve, and authorize the Chairman to execute, Amendment No. 1 to Lease Agreement L-7278 between Wells Fargo Bank, National Association and Maricopa County for early expiration of the lease agreement. Amendment No. 1 to Lease Agreement L-7278 with Wells Fargo Bank, National Association will provide for an early expiration of the lease term on, or before, May 31, 2011. The anticipated rent savings and expense savings resulting from the early termination of the subject lease agreement is estimated at $279,110. (C-19-08-047-1-03)