LEASE RE AMD 10 ASHBORNE HOLDINGS.PDF

LEASE No. C-5422 AMENDMENT No. 10
C-11-97-006-4-12
AMENDMENT No. 10 TO LEASE AGREEMENT
BETWEEN
ASHBORNE HOLDINGS, LLC, LESSOR
AND
MARICOPA COUNTY, LESSEE
RECITALS
A. Lessor, Ashborne Holdings, LLC, an Arizona limited liability company, as
successor in interest to Shea Office, LLC, an Arizona limited liability company, as
successor in interest to 3101 East Shea Blvd, LLP, an Arizona limited liability
partnership, as successor in interest to Earl Property Fund I, LLC, and as successor
in interest to Parrish-Nauert dba Arcos Investment Company, and Lessee, Maricopa
County, a political subdivision of the State of Arizona, are parties to that certain
Lease Agreement No. C-5422 dated August 11, 1988, and subsequently amended
and/or restated via Amendment No. 1 recorded August 11, 1989; Amendment No.
2 recorded October 13, 1989; Amendment No. 3 effective July 1, 1990;
Amendment No. 4 executed by the Chairman of the Maricopa County Board of
Supervisor on March 4, 1991; restated Lease Agreement No. C-5422 dated June 7,
1994; Amendment No. 5 executed by the Chairman of the Maricopa County Board
of Supervisors on May 28, 1997; Amendment No. 6 executed by the Chairman of
the Maricopa County Board of Supervisors on May 8, 2002; Administrative
Amendment No. 7 to document change of ownership of the Property effective
November 01, 2005; Amendment No. 8 executed by the Chairman of the Maricopa
County Board of Supervisors on January 14, 2009; Amendment No. 9 executed by
the Chairman of the Maricopa County Board of Supervisors on January 8, 2014,
together the “Agreement”. The Agreement is for leased premises in that certain
office building located in the development commonly known as Shea Professional
Plaza (the “Property”) located at 3101 E. Shea Boulevard, Phoenix, AZ, consisting
of 8,625 rentable square feet of office space at the Property (the “Premises”).
B. The current term of the Agreement expires on March 31, 2019.
C. Lessor and Lessee (together, the “Parties”) now mutually desire to amend the
Agreement to extend the lease term, update Lessor and Lessee notice addresses,
adjust the rent payment schedule, allow delegated administrative authority and
counterpart signatures, address Lessee contractor access, carpet and hard floor
cleaning schedule and outline the scope of improvements to be made to the
Premises and to the Property upon the terms and conditions set forth in this
Amendment No. 10 to the Agreement (“Amendment No. 10”).
AGREEMENT
NOW THEREFORE, in consideration of the foregoing and other valuable
considerations, receipt and sufficiency of which is hereby acknowledged, the
Parties agree to amend the Agreement as follows:
1. The Recitals, by this reference, are hereby incorporated into this Agreement.

LEASE No. C-5422 AMENDMENT No. 10
C-11-97-006-4-12
2. The term of the Agreement is hereby extended sixty (60) months, commencing
April 01, 2019, and expiring March 31, 2024, unless terminated earlier as provided
for in the Agreement. Lessee, upon paying the rent herein reserved and performing
all the terms, covenants and conditions herein contained on its part to be kept and
performed, shall have an option to renew this Agreement for an additional five (5)
year term at the market rental rate in effect at the time of the renewal. Lessee must
notify Lessor in writing not less than 180 days prior to the expiration of this Lease
of its election to exercise the above option.
3. Either Lessor or Lessee may terminate this Agreement during the term hereof by
giving the other party a minimum of a six (6) month written notice, by US Certified
Mail, of intent to terminate.
4. The Agreement is subject to termination pursuant to the provisions of A.R.S. 38-
511, the provisions of which are incorporated herein by this reference. Lessee may
terminate the Agreement at the end of any fiscal year during the term hereof
provided that funds are not available from the governing legislature or funding body
for the continuance of the Agreement. Lessee’s fiscal year ends on June 30 of each
year.
5. Lessee shall pay to Lessor as full service rent, in monthly installments, the
following sums:
Lease Month and Year Rate Monthly
04/1/2019 to 03/31/2020 $19.69/sf $14,152.19 plus rental tax
04/1/2020 to 03/31/2021 $20.28/sf $14,576.25 plus rental tax
04/1/2021 to 03/31/2022 $20.88sf $15,007.50 plus rental tax
04/1/2022 to 03/31/2023 $21.50/sf $15,453.13 plus rental tax
04/1/2023 to 03/31/2024 $22.14/sf $15,913.13 plus rental tax
6. Notices to Lessee shall be sent to:
Maricopa County Real Estate Dept.
Attention: Director
2801 W. Durango Street
Phoenix, Arizona 85009
7. Notices to Lessor shall be sent to:
Ashborne Holdings, LLC
c/o ACM
2122 E. Highland Ave., Suite 450
Phoenix, AZ 85016
8. Lessor, at Lessor’s sole cost and expense, shall install new carpet in the rooms of
the Premises, as depicted in the attached Exhibit “A”, (“Rooms to Carpet”) attached
hereto and by this reference made a part hereof, with a Building Standard (as said
term is defined below) carpet quality, grade, style and color that is mutually
cceptable to the Parties. Lessor shall complete the Rooms to Carpet work on or

LEASE No. C-5422 AMENDMENT No. 10
C-11-97-006-4-12
before July 31, 2019. Lessee, at Lessee’s sole cost and expense, shall remove and
replace Lessee’s personal property in the designated rooms as may be necessary to
facilitate Lessor’s Rooms to Carpet work. The term “Building Standard” is defined
as the materials, finishes, colors and other attributes of the applicable service or
item offered by Lessor to prospective/existing Lessees of the Property at the time
the particular service or item is chosen for incorporation into the Leased Premises.
9. Lessor, at Lessor’s sole cost and expense, shall complete all work at the Property
and the Premises in accordance with all current laws, ordinances, regulations and
code requirements including, but not limited to, any and all laws, ordinances,
regulations and code requirements governing lead-based paint, asbestos containing
materials, and presumed asbestos containing materials.
10. Lessor, at Lessor’s sole cost and expense, shall (i) clean the carpet space twice
annually (defined as twice within every twelve (12) month period during the term
of the Agreement) through the entire space; cleaning around large furniture pieces;
and, (ii) strip, clean, seal and finish all hard floors once annually (defined as within
every twelve (12) month period during the term of the Agreement). Lessee shall
provide Lessor with its preferred schedule as to when the carpet and hard floor
cleaning should occur and Lessor will make its best effort to ensure the cleaning
occurs on or about the same time during each twelve (12) month period.
11. Lessor, at Lessor’s sole cost and expense, shall balance the air handler and
temperature thermostat controls.
12. The managing agents representatives and their contractors shall have access to the
Premises during normal business hours, 8:00am to 5:00pm, Monday through
Friday; and after hours with Lessee staff escort and forty eight (48) hour advance
notice, to make repairs or service the Premises per County request.
13. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the same
instrument.
14. Since this Agreement will require administrative action from time to time to carry
out the intent of the Agreement, both the Deputy County Manager for Maricopa
County and the Real Estate Director for Maricopa County each, individually and
separately, are hereby given the authority and charged with the responsibility for
proper administration of this Agreement, whether or not specific authority is
granted in any provision of this Agreement.
15. The effective date of this Amendment No. 10 is the date of execution by Maricopa
County.
16. The foregoing paragraphs contain all the changes made to the Agreement by this
Amendment No. 10. All other terms and conditions of the Agreement remain the
same and in full force and effect.

LEASE No. C-5422 AMENDMENT No. 10
C-11-97-006-4-12
IN WITNESS WHEREOF, the Parties have signed this Amendment No. 10:
LESSOR: LESSEE:
Ashborne Holdings, LLC, an Arizona MARICOPA COUNTY, a political
limited liability company subdivision of the State of Arizona
_________________________________ ____________________________________
Michael Brewer Bill Gates
Managing Member Chairman of the Board of Supervisors
_________________________________
Date ATTEST:
____________________________________
Clerk of the Board Date
This Amendment No. 10 has been reviewed by the undersigned Attorney, who has
determined that it is proper in form and is within the power and authority granted under the
laws of the State of Arizona.
____________________________________
Deputy County Attorney Date

LEASE No. C-5422 AMENDMENT No. 10
C-11-97-006-4-12
Exhibit “A”
Rooms to Carpet
Rooms to Carpet