FIRST_AMENDMENT_L7517_FINAL.DOCX.PDF

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FIRST AMENDMENT TO LEASE AGREEMENT L-7517 
BETWEEN MARICOPA COUNTY AND IP BPG CITY SQUARE, LLC  
4000 North Central Avenue, Phoenix, AZ  
 
RECITALS 
 
A. 
Maricopa County, a political subdivision of the State of Arizona (“Lessee”), and IP BPG 
City Square, LLC, a Delaware limited liability company (“Lessor”), are parties to that 
certain Lease Agreement dated August 9, 2023. The Lease Agreement is for premises 
located at 4000 N. Central Avenue, Phoenix, AZ for floors sixteen (16) (14,466 RSF) and 
seventeen (17) (13,340 RSF) in the building for a total of 27,806 RSF. 
 
B. 
Lessee and Lessor now mutually desire to enter into this First Amendment to the Lease 
Agreement (“Amendment”) to: (a) state payment of Lessee Change Order Invoice in the 
amount of One Hundred Seventy-One Thousand Seventy-One Dollars and Sixty-Seven 
Cents ($171,071.67) and (b) extend the deadline to Substantially Complete Tenant 
Improvements to on or before July 1, 2024. 
  
  
AGREEMENT 
 
NOW, THEREFORE, in consideration of the foregoing and other good and valuable 
consideration, receipt, and sufficiency of which is hereby acknowledged, Lessee and Lessor agree 
as follows: 
 
1. 
The Recitals, by this reference, are hereby incorporated into this Amendment. 
 
2. 
Capitalized terms used in this Amendment without definition shall have the meanings 
assigned to such terms in the Lease Agreement unless the context expressly requires 
otherwise. 
 
3. 
Section 1.8 of the Lease Agreement shall be deleted and replaced in its entirety as follows: 
 
1.8 Tenant Improvements. Lessor, at its sole cost and expense, shall be responsible for 
all hard and soft construction costs  including but not limited to space planning, design, 
test fit, architectural, engineering, permitting, procurement, construction and project 
management to deliver to the Lessee a turn-key space and Substantially Complete all 
Tenant Improvements on or before July 1, 2024, as set forth in Section 1.8.7 of this 
Agreement, to include the demolition and improvements described and depicted on Exhibit 
"D", which consists of the Scope of Work and Construction Plan attached hereto and made 
a part hereof ("Tenant Improvements"). If Lessor fails to Substantially Complete all the 
Tenant Improvements within the timeline set forth above, Lessor shall be in default and 
Lessee shall be entitled to the remedies set forth in Section 13 .4 of this Agreement. 
 
4. 
A new Section 1.8.10 is added to the Lease Agreement and shall read as follows: 
 
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1.8.10 Lessee shall reimburse IP BPG City Square Phoenix for additional tenant 
improvements not contemplated in the Lease Agreement, in the amount of One Hundred Seventy-
One Thousand Seventy-One Dollars and Sixty-Seven Cents ($171,071.67) as provided in Exhibit 
A, attached hereto and made a part hereof. Such payment shall be paid in forty-five (45) days of 
execution of this Amendment. The definition of Tenant Improvements shall herein after include 
tenant improvements on Exhibit A. 
 
5. Section 13.3(a) of the Lease Agreement is deleted in its entirety and replaced with the 
following: 
 
(a) Lessor’s failure to Substantially Complete the Tenant Improvements by no later than 
July 1, 2024, except for Punch List Items. 
 
6. This Amendment is subject to cancellation pursuant to the provisions of A.R.S. 38-511. 
 
7. The foregoing paragraphs contain all the changes made by this Amendment. All other 
terms and conditions of the Lease Agreement remain the same and in full force and effect, 
except as herein amended. 
 
 
 
 
 
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IN WITNESS WHEREOF, the Parties have executed this Amendment as of the last date written 
below. 
 
LESSOR:  
 
IP BPG City Square, LLC, a Delaware limited liability company 
 
 
 
 
 
 
 
 
 
By: ____________________________________ 
 
Michael Barker 
Date 
 
 
President 
 
 
 
 
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LESSEE: 
 
MARICOPA COUNTY, a political subdivision of the State of Arizona 
 
 
 
 
 
 
 
 
 
 
By: Chairman of the Board 
 
 
 
 
 
ATTEST: 
 
 
 
 
 
 
 
 
 
 
Clerk of the Board 
 
 
Date 
 
 
 
 
APPROVED AS TO FORM: 
 
 
 
 
 
 
 
 
 
 
Deputy County Attorney 
 
Date 
 
 
 
 
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EXHIBIT A 
 
 
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