HomeMy WebLinkAboutFIESTA MARKETPLACE PARTNERS #1 (2) -2010A-2010-o9b
INSURANCE NOT REQUIRED
WORK MAY PROCEED
CLERK OF COUNCIL
narF: EXERCISE OF FIRST OPTION OF
LEASE AGREEMENT BETWEEN
THE CITY OF SANTA ANA AND
FIESTA MARKETPLACE PARTNERS 91
This Exercise of First Option is made and entered by and between Fiesta Marketplace
Partners 41 ("Landlord") and the City of Santa Ana, a charter city and municipal corporation
duly organized and existing under the Constitution and laws of the state of California ("Tenant')
this i_ day of July, 2010. >
RECITALS:
A. The parties entered into the Lease Agreement for the rental of space within that certain
building known as 305 E. Fourth Street, Second Floor, in the City of Santa Ana 92701
("Property") commencing on August 1, 2009. Said Agreement had a one-year term with two (2)
one-year options, exercisable at the sole option of the Tenant.
B. The parties hereto desire to exercise the first one-year option and increase the rent as set forth
in said Agreement.
WHEREFORE, in consideration of the mutual and respective covenants and promises hereinafter
contained and made, and subject to all of the terms and conditions of said Agreement, the parties hereto do
hereby agree as follows:
1. The "Term of Lease" section of said Agreement is hereby modified by exercising the first one-year
option to extend the Agreement, effective on August 1, 2010 through July 31, 2011.
2. The "Compensation" section of said Agreement is currently $5,865.00 and shall be adjusted in
accordance with the Annual Adjustment term of said Agreement, with a 2% rental increase, so that the
monthly rental payments shall be $5,982.00, during the term of the first option.
3. In accordance with section 4 (c), Landlord shall provide the modifications (set forth in detail in
said Agreement) to the Property at no cost to the Tenant so long as Tenant exercises at least one 1-year
option. Landlord shall provide Tenant with documentation pertaining to the cost of the Improvements
prior to the time of execution of this Exercise of Option.
4. Except as hereinabove modified, the terms and conditions of said Agreement remain unchanged and
in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Exercise of First One-Year Option the date
and year first above written.
ATTEST:
I//r? f?? 1Ai
Maria D. Huizar
Clerk of the Council
CITY OF SANTA ANA
David N. Ream
City Manager
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
Lisa Storck
Assistant City Attorney
"LANDLORD"
C
Fies a Marketplace Partners #1
Irving M. Chase
Title/Tax ID:
Tax ID: 52-1443709