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LEASE No. L-7418 AMENDMENT No. 01 C-11-11-001-1-01 AMENDMENT No. 1 TO LEASE AGREEMENT BETWEEN HHLuhrs, LLC, LESSOR AND MARICOPA COUNTY, LESSEE RECITALS A. Lessor, HHLuhrs, LLC, an Arizona limited liability company and Lessee, Maricopa County, a political subdivision of the State of Arizona, are parties to that certain Lease Agreement No. L-7418 (the “Original Agreement”) approved by the Maricopa County Board of Supervisors and dated August 18, 2010. The Lease Agreement No. L-7418 is for leased premises in that certain office building located in the development commonly known as the Luhrs Arcade (the “Building”) located at 125 South 1st Avenue, Phoenix, AZ, consisting of 13,153 rentable square feet of office space (“Premises”). B. The term of the Original Agreement began June 29, 2011, and expires June 28, 2016, unless terminated earlier as provided for in the Original Agreement. C. Lessor and Lessee now mutually desire to amend the Original Agreement to extend the lease term, modify the current base rent and establish the base rent during the extended lease term, guarantee the parking rights of Lessee through the extended lease term, and set new parking fees for the last three years of the extended lease term upon the terms and conditions set forth in this Amendment No. 1 (the “First Amendment”) together with the Original Agreement, the “Agreement”. AGREEMENT NOW THEREFORE, in consideration of the foregoing and other valuable considerations, Lessee and Lessor agree to amend Lease No. L-7418 as follows: 1. The Term shall be extended through December 31, 2019, unless terminated earlier as provided for in the Agreement. As of January 1, 2015, the Lease Year shall be redefined as January 1 through December 31. 2. Base Rent as described in Section 3.1 of the Orignal Agreement shall be modified as follows: LEASE No. L-7418 AMENDMENT No. 01 C-11-11-001-1-01 Lease Year Monthly Rate Monthly Rent 1/1/2015 – 12/31/2015 $21.00/s.f. $23,017.75 1/1/2016 – 12/31/2016 $22.00/s.f. $24,113.83 1/1/2017 – 12/31/2017 $23.00/s.f. $25,209.92 1/1/2018 – 12/31/2018 $24.00/s.f. $26,306.00 1/1/2019 – 12/31/2019 $25.00/s.f. $27,402.08 3. The Base Year as established in Section 4.1 of the Original Agreement shall be reestablished as calendar year 2014. 4. Section 12 (Parking) fo the Original Agreement shall be deleted in its entirerty and replaced with the following: Parking. Lessee shall have the right to use, free of charge through December 31, 2016, thrity-nine (39) unreserved parking spaces at the Project with close proximity to the Premises. Lessee shall receive up to 39 activated parking area access cards (“Parking Cards”) free of charge, with the number of such Parking Cards being specified by Lessee to Lessor from time to time during the Term. Lessee shall reimburse Lessor for the cost of any additional Parking Cards issued in excess of 39 Parking Cards and for any replacement Parking Cards, with the cost charged being Lessor’s actual cost for such Parking Cards. During any month of the Term when Lessee has received less than 39 activated Parking Cards, Lessee shall receive a credit, usable during such month only, for the value of the number of unassigned Parking Cards less than 39. The value of the unassigned Parking Cards shall be based on the then current monthly rate of Lessor for a monthly Parking Card. The credit shall be applied to payment of amounts payable by Lessee to Lessor for visitor parking charges otherwise payable by Lessee to Lessor during the applicable month. Visitor parking charges shall be based on Lessor’s then current visitor parking rates. The amount of the monthly credit will not accrue and will be forfeited if it is not fully used by Lessee for payment of visitor parking charges payable by Lessee during the applicable month. Use of the parking spaces shall be subject to the Parking Rules and Regulations attached hereto as Exhibit “H” and as established by Lessor from time to time. Beginning January 1, 2017, Lessee shall continue to have the right to use up to thirty-nine (39) unreserved parking spaces at the Project with close proximity to the Premises throughout the remaining Term. Beginning January 1, 2017, Lessee shall pay Lessor a monthly parking fee of $60.00 per parking space per month which parking fee is payable to Lessor, or is payable to Lessor’s parking management agent as Lessor so designates in writing to Lessee. 5. The effective date of this First Amendment is the date executed by the Chairman of the Maricopa County Board of Supervisors. LEASE No. L-7418 AMENDMENT No. 01 C-11-11-001-1-01 6. The Agreement is subject to termination pursuant to the provisions of A.R.S. §38- 511. 7. The forgoing paragraphs contain all the changes made to the Agreement by this First Amendment. All other terms and conditions of the Agreement remain the same and in full force and effect. ************************************************************************ LEASE No. L-7418 AMENDMENT No. 01 C-11-11-001-1-01 IN WITNESS WHEREOF, the parties have signed this FirstAmendment: LESSOR: LESSEE: HHLuhrs, LLC, an Arizona limited MARICOPA COUNTY liability company By: __________________________ Chairman of the Board of Supervisors By: __________________________ Name: __________________________ Title: __________________________ Date: __________________________ ATTEST: _____________________________ Clerk of the Board Date:_________________________ This First 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