LEASE_L-7396_AMEND01_COMMENCE20150201.PDF

LEASE No. L-7396 AMENDMENT No. 01
C-85-07-021-4-01
AMENDMENT No. 1 TO LEASE AGREEMENT
BETWEEN
CREF LCP LLC, LESSOR
AND
MARICOPA COUNTY, LESSEE
RECITALS
A. Lessor, CREF LCP LLC, a Delaware limited liability company, as successor in
interest to Lincoln Commerce Park II, Limited Partnership; and Lessee, Maricopa
County, a political subdivision of the State of Arizona; are parties to that certain
Lease Agreement No. L-7396 dated June 6, 2007, the “Agreement”. The
Agreement is for leased premises in that certain office building located in the
development commonly known as Lincoln Commerce Park II (the “Property”)
located at 2115, 2125, 2135 and 2145 South 11th Avenue in Phoenix, AZ, and
consisting of 13,524 rentable square feet of office space at the Property known as
2145 South 11th Avenue, Suite 170, Phoenix, AZ (the “Premises”).
B. The current term of the Agreement expires on January 31, 2015.
C. Lessor and Lessee (together, the “Parties”) now mutually desire to amend the
Agreement to extend the lease term, adjust the rent payment schedule, provide for
a renewal option, and outline the scope of improvements to be made to the
Premises upon the terms and conditions set forth in this Amendment No. 1 to the
Agreement.
AGREEMENT
NOW THEREFORE, in consideration of the foregoing and other valuable
considerations, the Parties agree to amend Lease No. L-7396 as follows:
1. The term of the Agreement shall be extended through January 31, 2020, unless
terminated earlier as provided for in the Agreement. This Agreement is subject to
termination pursuant to the provisions of A.R.S. 38-511. This Agreement may be
terminated by Lessee at the end of any fiscal year due to non-appropriation of
funds without any penalty or liability to Lessee. Lessee’s fiscal year ends June
30th. Lessor and/or any of its employees, agents, officers, directors, members,
successors or assigns hereby waives any and all rights to bring any claim against
Lessee or its employees, agents, officers, directors, members, successors or
assigns from or relating in any way to Lessee’s termination of this Agreement
perusant to this Section. Lessee 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
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LEASE No. L-7396 AMENDMENT No. 01
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renewal. To exercise the renewal option, Lessee shall give Lessor written notice
of its intent to renew at least one hundred eighty (180) days prior to the expiration
of the Agreement. This option to renew replaces the options to renew in
Paragraph 15 of the Agreement.
2. Notices to Lessee shall be sent to:
Maricopa County
Attention: Real Estate Manager
301 W. Jefferson, Suite 960
Phoenix, Arizona 85003
3. Notices to Lessor shall be sent to:
CREF LCP LLC
c/o Cornerstone Real Estate Advisers, LLC
Attn: Asset Manager – LCP II
100 Wilshire Boulevard, Suite 700
Santa Monica, California 90401
4. Lessee shall pay to Lessor as base rent, in monthly installments, the following
sums:
Lease Month and Year Yearly Rate Monthly Payment
02/1/2015 to 01/31/2016 $6.60/sf/yr $7,438.20 plus rental tax
02/1/2016 to 01/31/2017 $6.72/sf/yr $7,573.44 plus rental tax
02/1/2017 to 01/31/2018 $6.84/sf/yr $7,708.68 plus rental tax
02/1/2018 to 01/31/2019 $6.96/sf/yr $7,843.92 plus rental tax
02/1/2019 to 01/31/2020 $7.08/sf/yr $7,979.16 plus rental tax
5. Lessor, at Lessee’s sole cost and expense, shall complete the tenant improvements
as listed in Exhibit “A” to this Amendment No. 1 (the “Tenant Improvements”).
The Tenant Improvements shall be completed by May 1, 2014. Upon satisfactory
completion of the Tenant Improvements, Lessee shall reimburse Lessor for
Lessor’s actual costs of the Tenant Improvements at a total price not-to-exceed
$31,800.00, which shall not be increased without the express written consent of
Lessee.
7. Lessor shall complete the Tenant Improvments in accordance with all current
laws, ordinances, regulations and code requirements includeing, but not limited to,
any and all laws, ordinances, regulations and code requiremetns governing lead-
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LEASE No. L-7396 AMENDMENT No. 01
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based paint, asbestos containing materials, and presumed asbestos containing
materials.
17. The effective date of this Amendment No. 1 is the date of execution by the
Maricopa County Board of Supervisors.
18. The foregoing paragraphs contain all the changes made to the Agreement by this
Amendment No. 1. All other terms and conditions of the Agreement remain the
same and in full force and effect.
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LEASE No. L-7396 AMENDMENT No. 01
C-85-07-021-4-01
IN WITNESS WHEREOF, the parties have signed this Amendment No. 1:
LESSOR: LESSEE:
CREF LCP LLC, a Delaware limited MARICOPA COUNTY
liability company
By: __________________________
By: CREF VIII REIT LLC, Denny Barney
a Delaware limited liability Chairman of the Board of Supervisors
company, its sole Member and
Manager
By:
Robert Giffin,
Vice President
ATTEST:
_____________________________
Clerk of the Board
Date:_________________________
This Amendment No. 1 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
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LEASE No. L-7396 AMENDMENT No. 01
C-85-07-021-4-01
EXHIBIT “A”
TENANT IMPROVEMENTS
1. Replace floors in warehouse restrooms at a not-to-exceeed cost of $1,350.00.
2. Furnish and install one (1) motor operator to one (1) overhead door at a not-to-exceed cost of
$2,600.00.
3. Furnish and install one (1) high-voltage outlet at the overhead door location at a not-to-exceed cost
of $2,000.00.
4. Furnish and install two (2) T5HO 6-bulb light fixtures at roof deck and two (2) wall mounted
linear light fixtures in the warehouse area at a not-to-exceed cost of $2,800.00.
5. Furnish and install exterior lights to the existing exterior fence area at a not-to-exceed cost of
$2,050.00.
6. Adjust / Repair gate for smooth guided operation at exterior fencing at a not-to-exceed cost of
$1,500.00.
7. Add one (1) Restroom Shower – per Option 3 – Add a 4’ x 4’ tile shower to the existing WH
restroom at a not-to-exceed cost of $19,500.00.
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