L-7226 MCAO-ARENA SIGNED 2014 11-4.PDF

LEASE No. L-7226 AMENDMENT No. 05
C-50-00-041-4-06
AMENDMENT No. 5 TO LEASE AGREEMENT
BETWEEN
ARENA PROPERTIES LLC, LESSOR
AND
MARICOPA COUNTY, LESSEE
RECITALS
A. Lessor and Lessee are parties to that certain Lease Agreement No. L-7226 dated
and approved by the Maricopa County Board of supervisors November I, 1995
and amended January 1, 2000; June 6, 2001; May 1, 2002; March 6, 2007; March
28, 2012; and September 10, 2014 (together the "Agreement"). The Agreeement
is for leased premises in Phoenix, Arizona, consisting of 12,520 rentable square
feet of Premises.
B. The term of the lease expires on June 30, 2015.
C. Lessor and Lessee now mutually desire to amend the Agreement to update the
Lessor's and Lessee's notice information, extend the lease term, provide for
Lessee's option to renew the lease term, and adjust the rent schedule for the
extended lease term and the renewal option periods.
AGREEMENT
NOW THEREFORE, in consideration of the foregoing and other valuable
considerations, Lessee and Lessor agree to amend Lease Agreement No. L-7226
as follows:
1. The term of the Agreement is hereby extended by three (3) years, commencing
July 1, 2015, and expiring on June 30, 2018, unless terminated earlier as provided
for in the Agreement. Lessor hereby grants to Lessee the option of renewing this
Agreement for two (2) additional one-year terms (individually a "Renewal
Term"). To exercise the option for a Renewal Term, Lessee shall give 60-days
written notice to Lessor of Lessee's intent to exercise the option for a Renewal
Term. Lessee's right to exercise the option for a Renewal Term shall be at
Lessee's sole discretion. Rent during the term extension and any Renwal Term
shall be as stated in Section 2 herein. This Agreement is subject to termination
pursuant to the provisions of A.R.S. 38-511
2. Lessee agrees to pay as rent, in equal monthly installments, the sums as
follows:

LEASE No. L-7226 AMENDMENT No. 05
C-50-00-041-4-06
Lease Year Rate Monthly Annual
7/1/15-6/30/16 $16.40/s.f. $17,110.67 $205,328.00 plus tax
7/1/16-6/30/17 $16.40/s.f. $17,110.67 $205,328.00 plus tax
7/1/17-6/30/18 $16.40/s1 $17,110.67 $205,328.00 plus tax
Renewal Option Period:
Option Year Rate Monthly Annual
7/1/18-6/30/19 $16.50/s.f. $17,215.00 $206,580.00 plus tax
7/1/19-6/30/20 $16.60/s.f. $17,319.33 $207,832.00 plus tax
3. Notices pursuant to this Agreement shall be sent to the following:
Lessor:
Arena Properties, LLC
c/o Landmark Property Management
3443 N. Central Avenue, Suite 1002
Phoenix, Arizona 85012
Lessee:
Maricopa County
Attn: Real Estate Manager
301 W. Jefferson, Suite 960
Phoenix, Arizona 85003
4. The effective date of this amendment is the date of execution by 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 number one and two, remain the same and in full
force and effect.
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LEASE No. L-7226 AMENDMENT No. 05
C-50-00-041-4-06
IN WITNESS WHEREOF, the parties have signed this Amendment:
LESSOR: Arena Properties LLC LESSEE: Marieopa County Board of
Supervisors
By: /1-164,4_0---- By:
Chairman of the Board
"A-A/P 1( 'Al ATTEST:
Title
Clerk of the Board
Date: / 0-7.8 Date:
This Amendment has been reviewed by the undersigned Deputy County 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.