LEASE RE L-7301 AMD 3 CAVE CREEKF.PDF

Lease No. L-7301 
 
 
 
 
 
 
 
         Amendment No. 3 
C-50-01-014-4-03 
 
 
THIRD AMENDMENT TO LEASE  
No. L-7301 
 
 
 
THIS THIRD AMENDMENT TO LEASE (the “Agreement”), is by and between the 
Town of Cave Creek (“Lessor”) and Maricopa County, a political subdivision of the State of 
Arizona (“Lessee”), together (the “Parties”) and is dated as of August _______, 2020 (“Effective 
Date”). 
 
R E C I T A L S  
 
 
WHEREAS,   Lessee and Lessor entered into that certain Lease Agreement No. L-7301 
dated September 6, 2000, (the “Lease”) and subsequently amended May 12, 2010 (the “First 
Amendment”) and June 1, 2015 (the “Second Amendment”) (collectively, the “Lease”) for 
Lessee’s use of 4,432 square feet of office space and use of common areas in the Town of Cave 
Creek’s municipal complex located at 37622 North Cave Creek Road, Cave Creek, Arizona; and 
 
WHEREAS, the Extended Term of the Lease expires August 31, 2020; and 
 
WHEREAS,   the Parties now desire to execute this Agreement and exercise Lessee’s option to 
extend the term of the Lease and adjust the Lease rate. 
 
 
NOW, THEREFORE, in consideration of the mutual promises and covenants contained 
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby 
acknowledged, the Parties hereto agree as follows: 
 
1. 
Incorporation of Recitals/Capitalized Terms.   The Recitals set forth above are deemed 
to be true and accurate in all respects and are hereby incorporated into this Agreement by this 
reference. Capitalized terms used in the Agreement shall have the same meanings as ascribed to 
them as in the Lease unless otherwise expressly defined in this Agreement. In the event of any 
conflict between the terms of the Lease and the terms of this Agreement, the terms of this 
Agreement shall govern control. 
 
2. 
Effective Date.   Unless otherwise set forth in this Agreement, the changes to the Lease 
set forth herein will be effective as of the Effective Date. 
 
3. 
Term, Renewal Term.   The term of the Lease is hereby extended for a period of sixty 
(60) months, from September 1, 2020, to August 31, 2025, (the “Extended Term”) unless sooner 
terminated as otherwise provided in the Lease. This Agreement is subject to the provisions of 
A.R.S. §38-511 and may be terminated pursuant thereto. In the event of expiration of the Lease 
without a fourth renewal, Lessor hereby grants to Lessee the right of continued

Lease No. L-7301 
 
 
 
 
 
 
 
         Amendment No. 3 
C-50-01-014-4-03 
occupancy of the Premises as a “Hold over tenant” on a “month to month” basis for up to six (6) 
months at the Lease rate in effect at the time of expiration, payable monthly. 
 
4. 
Rent.   The initial rent due from the Lessee during the first year of the Extended Term shall 
be Eight Thousand Four Hundred Ninety Four Dollars and Sixty Seven Cents ($8,494.67) per 
month plus rental taxes. Effective September 1, 2021, and annually thereafter, the rent shall 
increase Fifty Cents ($0.50) per square foot as set forth below, plus additional rental tax. 
 
Term  
 
 
Per SF  
Monthly rate  
Annually 
 
9-1-2020 to 8-31-2021 
$23.00  
$8,494.67 
 
$101,936.00 
9-1-2021 to 8-31-2022 
$23.50  
$8,679.33 
 
$104,152.00 
9-1-2022 to 8-31-2023 
$24.00  
$8,864.00 
 
$106,368.00 
9-1-2023 to 8-31-2024 
$24.50  
$9,048.67 
 
$108,584.00 
9-1-2024 to 8-31-2025 
$25.00  
$9,233.33 
 
$110,800.00 
 
5. 
The foregoing paragraphs contain all the changes made by this Agreement.  All other terms 
and conditions of the original Lease and amendments thereto remain the same and in full force and 
effect. 
 
 
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Lease No. L-7301 
 
 
 
 
 
 
 
         Amendment No. 3 
C-50-01-014-4-03 
 
LESSOR: 
 
 
 
 
 
LESSEE: 
Town of Cave Creek  
 
 
 
Maricopa County 
 
 
_____________________________________ 
____________________________________ 
Carrie Dyrek   
 
 
 
 
Clint Hickman 
Town Manager 
 
 
 
 
Chairman of the Board 
 
ATTEST: 
 
 
 
 
 
ATTEST: 
 
 
_____________________________________ 
____________________________________ 
Barbara Allen, Town Clerk 
 
Date 
 
Clerk of the Board 
 
 
Date 
 
APPROVED as to FORM:  
 
 
APPROVED as to FORM: 
 
 
_____________________________________ 
____________________________________ 
Town Attorney 
 
 
Date 
 
Deputy County Attorney 
 
Date