THIRD ADDENDUM/AMENDMENT TO LEASE AGREEMENT
THIS THIRD ADDENDUM/AMENDMENT TO LEASE AGREEMENT (“Third Amendment”) is made this ____day of February 2023 by and between The City of Burbank (“Lessor”) and Sweet 16 Musical Properties, Inc., a California corporation, dba Hollywood Piano Company (“Lessee”) for the Premises located at 323 South Front Street, Burbank, California.
RECITALS:
WHEREAS, Pursuant to a certain Lease Agreement with Addendum dated December 18, 2012, TT Enterprises, LLC (“Original Lessor”) leased to Lessee, and Lessee leased from Original Lessor, approximately 8,000 square feet of rentable space including shared access to first floor office kitchen as well as two (2) first floor restrooms (“Premises”) located in a larger 14,700 square foot building with adjacent parking lot (“Property”);
WHEREAS, Pursuant to a certain Second Addendum dated March 15, 2018, Original Lessor changed its corporate name to Metro Plaza Group, LLC and the Lease Agreement term (“Term”) was extended to February 28, 2023 (the Lease Agreement with Addendum and Second Addendum are collectively referred to herein as the “Agreement”);
WHEREAS, In 2021, Lessor purchased the Property in which the Premises is located and succeeded to the interest of the Original Lessor under the Agreement, as amended; WHEREAS, Lessee and Lessor wish to amend the Agreement upon the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the Lessor and Lessee agree as follows:
1. Term: The Term is hereby extended for a period of one (1) year commencing on March 1, 2023 and ending on February 29, 2024.
2. Base Rent: Base Rent, as used in the Agreement, for the Term shall be Sixteen Thousand Dollars ($16,000) per month payable on the first day of each month commencing March 1, 2023, until the Agreement expires or is otherwise terminated.
3. Termination: The Term may be administratively extended on a month-to-month basis by Lessee making written request to Lessor of its intent to extend no sooner than sixty (60) nor later than thirty (30) days prior to Term expiration. Within five (5) days of receiving Lessee’s request to extend, Lessor shall reply in writing with an acceptance or denial of Lessee’s request.
In the event a month -to-month extension is agreed to by the Parties, Lessor and Lessee may terminate the month-to-month tenancy by giving the other party written notice of intent to terminate at least 120 days prior to anticipated date of termination.
4. Parking: Lessee shall retain its right to use of up to twelve (12) parking spaces with three (3) of those spaces now designated for exclusive use by Lessee. The remaining nine (9) spaces shall continue as non-reserved spaces. Lessee shall post signs on the parking spaces dedicated for its exclusive. The signs will state, “RESERVED FOR HOLLYWOOD PIANO CUSTOMERS” and the position of such spaces will match those depicted in Exhibit A which is attached hereto and made a part hereof.
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5. Relocation Waiver: Lessee fully releases and discharges Lessor from all and any manner of rights, demands, liabilities, obligations, claims, or causes of action, in law or equity, of whatever kind or nature, whether known or unknown, whether now existing or hereinafter arising, which arise from or relate in any manner to the sale of the Premises, the full or partial termination of Lessee's right to use the Premises as permitted under the Agreement, including, without limitation, the specific waiver and release of any right to any relocation benefits, assistance and/or payments under Government Code Sections 7260 et seq. (“Relocation Assistance Law”), notwithstanding that such relocation assistance, benefits and/or payments may be otherwise required under the Relocation Assistance Law or other state or federal law, and compensation for any interest in Lessee's business operations or the Premises including, but not limited to, improvements; license or leasehold bonus value; fixtures, furniture, or equipment; loss of business goodwill; severance damage; attorneys' fees or any other compensation of any nature whatsoever. Lessee acknowledges and agrees that the release and waiver set forth in this section is material consideration for Lessor's lease of the Premises to Lessee on the terms set forth in the Agreement and that, but for this release and waiver, Lessor would not have extended the lease of the Premises to Lessee. It is hereby intended that the above release relates to both known and unknown claims that the Lessee may have, or claim to have, against Lessor with respect to the subject matter contained herein or the events relating thereto. By releasing and forever discharging claims both known and unknown which are related to or which arise under or in connection with the items set out above, the Lessee expressly waives any rights under California Civil Code Section 1542, which provides: "A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS
OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR." The obligations of Lessee under this section shall survive the termination or expiration of the Agreement.
6. Option to Purchase/Option to Expand: Paragraph 63 shall be deleted in its entirety and is of no further force or effect.
7. Counterpart Copies: This Third Amendment to Agreement may be executed in two (2) or more counterpart copies, all of which counterparts shall have the same force and effect as if all parties had executed a single copy of this Third Amendment
8. Notice: Notices to Lessor shall be sent to the following address:
City of Burbank
Attn: Community Development Department
Real Estate Division
150 N. Third Street
Burbank, CA 91502
9. Miscellaneous: This Third Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective representatives, transferees, successors and assigns.
10. Ratification: Except as expressly amended by this Third Amendment, all other terms, conditions and provisions of the Agreement are hereby ratified and confirmed and shall continue in full force and effect. In the event of any conflict between the Agreement and this Third Amendment, this Third Amendment shall control.
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11. Severability: The invalidity of any provision of this Third Amendment, as determined by a court of competent jurisdiction, shall in no way affect the validity of any other provision hereof.
IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment to the Agreement as of the day and year first hereinabove written:
[Signatures appear on Following Pages]
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LESSOR:
THE CITY OF BURBANK,
a municipal corporation and charter city
By:_____________________________
Name: __________________________
Title: ___________________________
Attest:
_______________________________
_______________, CMC, City Clerk
Approved as to Form:
Office of the City Attorney
By: ____________________________
Name: _________________________
Title: __________________________
ATTACHMENT 1-4
LESSEE:
Sweet 16 Musical Properties, Inc., a California corporation, dba Hollywood Piano Company By: ____________________________
Name: _________________________
Title: ___________________________
ATTACHMENT 1-5
EXHIBIT A
323 S FRONT ST., BURBANK, CA
Reserved spaces for Hollywood Piano Customers
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