Extracted text (via ocr_local)
4437 characters
Lease L-7449 Amendment No. 1 C-78-19-010-3-00 AMENDMENT NO. 1 TO LEASE AGREEMENT L-7449 Between Luhr’s Investors, LLC as Successors in Interest to HHLuhrs, LLC, LESSOR And MARICOPA COUNTY, LESSEE RECITALS A. Lessor and Lessee are parties to that certain Lease Agreement No. L-7449 dated February 26, 2014 (the “Lease”). The Lease is for premises at 45 W. Jefferson Street, Suite 600, Phoenix, AZ 85003, consisting of approximately 3,239 square feet of office space. The term of the Lease expires March 15, 2019. Lessor and Lessee now mutually desire to enter into this Amendment No. 1 to the Lease (“Amendment”) in order to exercise the option to renew the Lease, extend the term and provide for term renewals, replace the Delegation of Authority provision, update the Lessee’s and Lessor’s notice addresses, adjust the annual rent schedule to a full service gross rent and convert the Lease to a full service gross Lease and add parking rights for Lessee. AGREEMENT NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, Lessor and Lessee agree as follows: The Recitals, by this reference, are hereby incorporated into this Amendment. The term of the Lease is hereby extended two (2) years commencing March 15, 2019 and shall expire March 15, 2021. This Lease is subject to termination pursuant to A.R.S. § 38- 511, the provisions of which are incorporated herein by this reference. This Lease may be terminated by Lessee at the end of any fiscal year due to non-appropriation of funds without any penalty or liability to Lessee. County and state fiscal years end June 30, Federal fiscal year ends September 30. Lessee agrees to pay as full service gross rent, in equal monthly installments, the sums as follows: Months Rate Monthly Annual 1-12 $28.00/sf $7,557.67 $90,692.00 plus rental tax 13-24 $28.50/sf $7,692.63 $92,311.50 plus rental tax Lease L-7449 Amendment No. 1 C-78-19-010-3-00 10. The parties agree that the Lease is hereby converted to a full service gross lease and the rent includes operating expenses (including as defined in the Lease) and other amounts so that no other such amounts are due under the Lease. Lessee is hereby granted the option of renewing the Lease for one (1) additional two (2) year term, at a rate to be determined at the time of renewal. To exercise this option, Lessee shall provide written notice to Lessor ninety (90) days prior to the end of the then current term. The effective date of this Amendment is the date of execution by both Parties. Section 20.15 of the Lease, Delegation of Authority, shall be deleted in its entirety and replaced with the following: Since this Lease will require administrative action, including the execution of documents, from time to time to carry out the intent of the Lease, both the Deputy County Manager for Maricopa County and the Real Estate Director for Maricopa County each, individually and separately, are hereby given the authority and charged with the responsibility for proper administration of this Lease, whether or not specific authority is granted in any provision of this Lease. Notices to Lessee shall be sent to: Maricopa County Real Estate Dept. Attention: Director 2801 W. Durango Street Phoenix, Arizona 85009 Notices to Lessor shall be sent to: With a copy to: Luhr’s Investors, LLC Invesco Real Estate c/o Lincoln Property Company 2001 Ross Avenue 11 West Jefferson Street, Suite 100 Suite 3400 Phoenix, AZ 85003 Dallas, TX 75201 Attn: Property Manager Attn: Asset Manager Section 4 of the Lease is deleted in its entirety and no longer of any force or effect. During the Renewal Term, Lessee shall have the same parking rights as Lessee was provided in 12.1 of the Lease. The foregoing paragraphs contain all the changes made by this Amendment. All other terms and conditions of the Lease and subsequent amendments thereto will remain the same and in full force and effect. Lease L-7449 Amendment No. 1 C-78-19-010-3-00 IN WITNESS WHEREOF, the parties have signed this Amendment. LESSOR: LESSEE: Luhr’s Investors, LLC, a Deleware Maricopa County, a political subdivision Subdivision YW wt of the State of Arizona Bill Gates ~ Chairman of the Board of Supervisors frinted Name, Title ATTEST: Date Sf Schoff 13 208 pepuTYClerk of the Board Date APPROVED as to FORM: hf. Egil sled Deputy ia Augey DA te