AGENDA REPORT
Meeting Date: October 10, 2024
Item Number:
To: Board of Directors, The Parking Authority of the City of Beverly Hills From: Logan Phillippo, Real Property Development Manager Jonathan Gernes, Senior Management Analyst
Subject: APPROVAL OF FIFTH AMENDMENT OF LEASE BY AND BETWEEN
THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS AND
ALL TRADE SOLUTIONS, INC. AT 327 NORTH CRESCENT DRIVE
Attachment: 1. Fifth Amendment of Lease
RECOMMENDATION
Staff recommends The Parking Authority Board of Directors approve the Fifth Amendment of Lease by and between The Parking Authority of the City of Beverly Hills and All Trade Solutions, Inc. (the “Tenant”) for the property located at 327 North Crescent Drive.
INTRODUCTION
The proposed amendment would extend the term of the lease by two years and increase the monthly rent beginning January 1, 2025.
DISCUSSION
The City entered into a lease agreement with All Trade Solutions, Inc. at 327 North Crescent Drive in February 1998. The Tenant operates Tutto Bene, a Mediterranean café and bakery.
The proposed Fifth Amendment of Lease provides the following key terms:
• Extension of the Term: The lease shall expire December 31, 2026; and • Base Rent: The monthly base rent shall be $6,725.18 beginning January 1, 2025.
FISCAL IMPACT
The proposed lease amendment extends the term of the lease through December 31, 2026, and increases the rent payable from $6,375.18 to $6,725.18 per month beginning Meeting Date: October 10, 2024
January 1, 2025. In total, $153,004.32 would be collected in base rent over the two-year extension, an increase of $10,510.88 over the prior two-year period.
There are no broker’s commissions associated with this lease amendment.
Ryan Gohlich,
Assistant City Manager
Approved By
Attachment 1
FIFTH AMENDMENT OF LEASE
THIS FIFTH AMENDMENT OF LEASE (this “Fifth Amendment”) is dated as of _____________________ 2024, and is entered into by and between THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS (“Landlord”), and ALL TRADE SOLUTIONS, INC., a Wyoming corporation (dba “Tutto Bene”) (“Tenant”).
RECITALS
A. 323 North Crescent Drive, Inc. (“Initial Tenant”) and the City of Beverly Hills (“City”) entered into that certain “City of Beverly Hills Lease — Site “A” North 333 North Crescent Drive” dated as of February 24, 1998, which was amended by a Memorandum of Lease andAmendment of Lease dated October 7, 2008 recorded on February 4, 2009 as Document No. 20090155193 in the Official Records ofLos Angeles County, California and a Second Amendment of Lease date December 6, 2011 which was recorded on January 18, 2012 as Document No.20120082360 in such Official Records, and a Third Amendment of Lease dated October 27, 2020,and a Fourth Amendment of Lease dated January 11, 2024 (the “Lease”), for initial premises that were relocated to space (the “Premises”) in the parking structure on that certain land located inthe City of Beverly Hills, County of Los Angeles, State of California, commonly known as 327 N.
Crescent Drive, Beverly Hills, CA 90210 depicted on Exhibit “A” to the Lease.
B. The City has conveyed the Premises to Landlord, and Initial Tenant assigned the Lease to Tenant with the written consent of Landlord in a Consent to Assignment dated September 11, 2012.
C. Capitalized terms used but not defined herein shall have the meaning set forth in the Lease.
D. Tenant and Landlord desire to further amend the Lease as hereinafter set forth.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Tenant and Landlordagree as follows:
1. Extension of Lease Temt The tenri of the Lease is hereby extended to December 31, 2026. Tenant shall have no right to further extend the term of the Lease.
2. Rent. Commencing on January 1, 2025, monthly rent under the Lease shall be Six Thousand Seven Hundred Twenty-Five and 18/100 Dollars ($6,725.18).
3. Conflict. In the event of a conflict or inconsistency between the terms and conditions of the Lease and the terms and conditions of this Fifth Amendment, the terms andconditions of this Fifth Amendment shall prevail and control.
B0785-000 I \2983446v1 .doc
4. Continuing Effect. Except as specifically modified hereby, the Lease shall remain unaffected and unchanged. The Lease is hereby ratified and affirmed by Landlord and Tenant andremains in full force and effect as modified hereby.
5. Counterparts. This Fifth Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed to be an original, andall of which, taken together, shall be deemed to be one and the same instrument.
6. Executive Director Authority. The Executive Director of Landlord shall have the authority to execute the Amendment to Memorandum of Lease contemplated by this FifthAmendment.
7. Amendment ofRecorded Memorandum of Lease. Upon its execution and delivery of this Fifth Amendment, Tenant shall concurrently execute and deliver a duly acknowledgedcounterpart of the Amendment to Memorandum of Lease in the form attached hereto as Exhibit
8. DocuSign. The parties may use DocuSign to execute and deliver this Fifth Amendment, but Tenant must deliver an executed original of the Amendment to Memorandum of Lease to Landlord, duly acknowledged, so that it can be executed and recorded by Landlord.
9. Default. A default by Tenant under this Fifth Amendment shall constitute a default by Tenant under the Lease.
IN WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of the date first written above.
LANDLORD: THE PARKING AUTHORITY OF THE
CITY OF BEVERLY HILLS
By:
________________________
Lester J. Friedman, Chairperson
ATTEST:
Huma Ahrned, SecretaryAPPROVED AS TO FORM:
Laurence S. Wiener, General CounselAPPROVED AS TO CONTENT:
Nancy Hunt-Coffey, Executive Director
-2-
B0785-0001\2983446v1 .doc
TENANT: ALL TRADE SOLUTIONS, INC.,
a Wyoming corporation (db “Tutto Bene”)
By:
Juttenger, President
-3-
B0785-0001\2983446v1 .doc
EXHIBIT “A”
FORM OF AMENDMENT TO MEMORANDUM OF LEASE
(Attached.)
B-i
B0785-000 I 2983446v 1 .doc
B-2
B0785-0001\2983446v1.doc
RECORDING REQUESTED BY, AND
WHEN RECORDED MAIL TO:
The Parking Authority of the
City of Beverly Hills
Office of the City Manager
455 North Rexford Drive
Beverly Hills, California 90210
Attn: Secretary
(Space Above Line For Recorder’s Use)
Exempt from Recording Fees under California Government Code 27383.
AMENDMENT TO MEMORANDUM OF LEASE
THIS AMENDMENT TO MEMORANDUM OF LEASE (this “Amendment”) is dated as of ____________________ , 2024, and is entered into by and between THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS (“Landlord”), and ALL TRADE SOLUTIONS, INC., a Wyoming corporation (dba “Tutto Bene”) (“Tenant”).
R E C I T A L S
A. 323 North Crescent Drive, Inc. (“Initial Tenant”) and the City of Beverly Hills (“City”) entered into that certain “City of Beverly Hills Lease – Site “A” North 333 North Crescent Drive” dated as of February 24, 1998, which was amended by a Memorandum of Lease and Amendment of Lease dated October 7, 2008 recorded on February 4, 2009 as Document No. 20090155193 in the Official Records of Los Angeles County, California and a Second Amendment of Lease date December 6, 2011 which was recorded on January 18, 2012 as Document No. 20120082360 in such Official Records, and a Third Amendment of Lease dated October 27, 2020, and a Fourth Amendment of Lease dated January 11, 2024 (the “Lease”), for premises in the City of Beverly Hills, County of Los Angeles, State of California, commonly known as 327 N. Crescent Drive, Beverly Hills, CA 90210.
B. The City has conveyed the Premises to Landlord, and Initial Tenant assigned the Lease to Tenant with the written consent of Landlord in a Consent to Assignment dated September 11, 2012.
C. Landlord and Tenant have entered into a Fifth Amendment of Lease (“Fifth Lease Amendment”) and consequently, Landlord and Tenant desire to further amend the Memorandum of Lease.
A G R E E M E N T
NOW, THEREFORE, Landlord and Tenant hereby amend the Memorandum to reflect that the Lease has been amended as set forth in the Fifth Lease Amendment, the terms of which are incorporated herein.
B-3
B0785-0001\2983446v1.doc
IN WITNESS WHEREOF, Landlord and Tenant have executed this Amendment.
LANDLORD: THE PARKING AUTHORITY OF THE
CITY OF BEVERLY HILLS
By: __________________________________
Nancy Hunt-Coffey, Executive Director
TENANT: ALL TRADE SOLUTIONS, INC.,
a Wyoming corporation (dba “Tutto Bene”)
By: ________________________________
Jutta Senger, President
B-4
B0785-0001\2983446v1.doc
State of California )
County of Los Angeles )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
A notary public or other officer
completing this certificate verifies only
the identity of the individual who signed
the document to which this certificate is
attached, and not the truthfulness,
accuracy, or validity of that document.
B-5
B0785-0001\2983446v1.doc
State of California )
County of Los Angeles )
On _________________________, before me, ,
(insert name and title of the officer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (Seal)
A notary public or other officer
completing this certificate verifies only
the identity of the individual who signed
the document to which this certificate is
attached, and not the truthfulness,
accuracy, or validity of that document.