LEASE RE AMENDMENT WITH TAYLOR.PDF

LEASE No. L7379 AMENDMENT No. 03
C-86-05-913-4-05
AMENDMENT TO LEASE AGREEMENT
BETWEEN
THE HEIRS OF MICHAEL & FANNIE TAYLOR, LLC, LESSOR
AND
MARICOPA COUNTY, LESSEE
RECITALS
A. Lessor and Lessee (collectively the “Parties”) are Parties to that certain Lease Agreement
No. L-7379 dated and approved July 06, 2005 by the Maricopa County Board of
Supervisors and subsequently amended April 4, 2007 and September 10, 2010 (the
“Agreement”). The Agreement is for premises at 3221 N. 16th Street, Phoenix, AZ 85016,
consisting of 11,294 square feet of office space.
B. The term of the Agreement expires on December 31, 2015.
C. Lessor and Lessee now mutually desire to amend the lease to create a new lease term, to
eliminate the Operating Expense component of the Agreement, and to include rental tax
within the rent amount paid by Lessee.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the adequacy and sufficiency of which is hereby acknowledged, Lessee
and Lessor agree to amend Lease No. L-7379 as follows:
1. The term of the Lease is hereby extended five (5) years, commencing January 1, 2016
and will expire December 31, 2020. In addition to other early termination provisions as
provided for in the Agreement, this Agreement is subject to termination pursuant to the
provisions of A.R.S. § 38-511.
2. Lessor grants to Lessee the option to renew this lease for one additional five (5) year
term. To exercise this option, Lessee shall provide Lessor with written notice of their
intent to renew no later than 90 days prior to the expiration of this lease. The rental rates
during the option term shall be 95% of market for similar class buildings in the real estate
submarket.
3. During the term of the Agreement, Lessee agrees to pay as full service rent, in equal
monthly installments, the sum as follows:
Year Rate Monthly Annual
1/1/16 – 12/31/20 $18.75/sf $17,646.88 $211,762.56

4. The effective date of this amendment is the date of execution by the Chairman of the
Maricopa County Board of Supervisors.
5. The foregoing paragraphs contain all the changes made by this amendment. All other
terms and conditions of the original agreement and as modified by subsequent lease
amendments remain the same and in full force and effect.
LEASE No. L7379 AMENDMENT No. 03
C-86-05-913-4-05
IN WITNESS WHEREOF, the parties have signed this Amendment
LESSOR: The Heirs of Michael & Fannie LESSEE: Maricopa County Board of
Taylor, LLC Supervisors
____________________________________ ___________________________________
Michael M. Taylor, Manager Chairman of the Board
ATTEST:
____________________________________
Date
___________________________________
Clerk of the Board Date
This Amendment 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