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FIRST AMENDMENT
TO
PARKING LEASE
This First Amendment to Parking Lease (“First Amendment”), dat ed ______________, 2023 (“Effective Date”), is by and between the City of Burbank (“City”), and Creative International Investment, Inc. (“Creative”). The City and Creative are referred to herein, individually, as a “Party”, and collectively, as the “Parties.”
RECITALS
A. The City owns a parking struc ture located at 301 E. Angeleno Avenue, Burbank, California 91502 (“Parking Facility”), which provides parking spaces to members of the public.
B. Creative owns an office building located at 250 E. Olive Avenu e, Burbank, California 91502 (“Office”).
C. On March 19, 2003, Burbank Civic Plaza L.L.C. (predecessor in interest to Creative) and the Redevelopment Agency of the City of Burbank, operating as agent on behalf of the City (“Agency”), entered into a Parking Lease (“Lease”) whereby Burbank Civic Plaza L.L.C. leased up to 190 parking spaces located at the Parking Facility as off- site parking for the Office, in accordance with Planned Development No. 2002-3. In 2014, all rights and obligations under the Lease were assigned to Creative, following the sale of the Office to Creative.
D. Pursuant to Section 26 of the Lease, the City maintains authority over the Lease, including the authority to implement the Lease through the City’s Community Development Director. As evidenced by the “Standard Estoppel Certificate – by Lessor and City” dated May 20, 2014, the City has exercised its authority over the Lease following the Agency dissolution in February 2012 resulting from ABx1 26, and the Lease remains in full force and effect. Under Lease Section 26, all material or substantive amendments to the Lease require approval by the Burbank City Council.
E. On March 13, 2020, the City declared a local emergency due to the Coronavirus Pandemic (“COVID-19”), and on March 19, 2020 the Los Angeles County Department of Public Health Officer issued an order entitled “Safer at Home Order for Cont
rol of COVID-19,” which established rules for the closure of non-essential businesses.
Subsequently, during the period of May 2020 through May 5, 2021 (“COVID-19 Closure”), the Los Angeles County Department of Public Health issued office work site closures under additional COVID-19 Health Orders.
F. The Parties now wish to amend the Lease to modify the payment terms to account for financial hardships faced by Creative during the COVID-19 Closure, temporarily adjust rent payments and operations until March 2024 when rents will be readjusted under the existing Lease terms, and clarify existing parties to the Lease.
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AMENDMENT
1.0 Incorporation of Terms and Conditions. Except as expressly amended herein, the Parties acknowledge and agree that the terms and conditions in the Lease shall not be modified and remain in full force and effect.
2.0 Amendment to Lessee. All references in the Lease to “Burbank Civic Plaza L.L.C.” or “Lessee” will hereafter refer to “Creative International Investment, Inc.” The Parties acknowledge that this modification memorializes the assignment and assumption of the Lease that took effect in 2014, wherein all rights and obligations under the Lease were assigned and assumed by Creative. The Parties further acknowledge that Creative has been performing its obligations as a party under the Lease since such assignment took place in 2014.
3.0 Amendment to Lessor. All references in the Lease to the “Redevelopment Agency of the City of Burbank” or “Agency” or “Agency/Lessor” will hereafter refer to the “City of Burbank.” The Parties acknowledge that this modification memorializes the City’s exercise of authority pursuant to Section 26 of the Lease, in accordance with the Agency acting as agent on behalf of the City under the Lease, and that following Agency dissolution the City has continued to exercise this authority as owner of the Parking Facility and the Lease.
4.0 Rent Abatement. Rent payments due to the City in the amount of $187,162.25 for the period of May 2020 through May 5, 2021 (“Abatement Period”) are hereby waived. Notwithstanding the foregoing, any remaining back-due rent payments for periods falling outside of the Abatement Period are immediately due and payable to the City.
5.0 Temporary Rent Reduction and Modification of Operations. F o r the period beginning on January 1, 2023 and ending on March 1, 2024 (“Temporary Reduction Period”), rent payments due to the City under Section 5 of the Lease shall be $52 per month, per parking space. Beginning on March 1, 2024, rent payments will be readjusted for the subsequent five-year period in accordance with the provisions of Sections 5(c) and 5(d) of the Lease. During the Temporary Reduction Period, the parking spaces leased to Lessee shall be for non-exclusive use. On or before the effective date of this First Amendment and through the completion of the Temporary Reduction Period, Lessee shall ensure that the Fourth Floor of the Parking Facility is open and accessible to the general public at all times for general public parking.
6.0 Amendment to Section 18(e) (Notices). Addresses for notices as provided in Section 18(e) of the Lease are hereby amended and restated as follows:
“To Lessee:
Creative International Investment, Inc.
234 E. Colorado Blvd, Suite 106
Pasadena, CA 91101
(626) 795-8650
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Attn: Xianggui Lu, Landlor d / Chief Operating Officer
Email: [email protected]”
“ T o C i t y :
City of Burbank
Community Development Department
150 N. Third Street, PO Box 6459
Burbank, CA 91510-6459
(818) 238-5290
Attn: David Kriske
[email protected]”
7.0 Ratification. All other provisions of the Leas e, not inconsistent with this First Amendment shall remain in full force and effect.
In recognition of the obligations stated in this First Amendment, the Parties have executed this First Amendment on the date indicated above.
Creative International Investment, Inc.
(“Creative”)
_______________________________
Signature
_______________________________
Name (please print)
_______________________________
Title
City of Burbank (“City”)
_________________________________
Patrick Prescott
Community Development Director
ATTEST:
Office of the City Clerk
By:____________________________
Kimberley Clark
City Clerk
Approved as to Form
Office of the City Attorney
By: _____________________________
Lisa Kurihara
Senior Assistant City Attorney
Xianggui Lu
Director
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