FIRST AMENDMENT TO
STANDARD INDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE-NET
FOR CERTAIN PREMISES COMMONLY KNOWN AS
3535 W. Commonwealth Ave, Fullerton, CA. 92833,
February 27, 2024
This First Amendment (“Amendment”) amends and is made a part of that certain lease titled “Standard Industrial/Commercial Multi-Tenant Lease - Net” dated February 27, 2020 (the “Form Lease”) by and between Dyer 18, LLC, a Delaware limited liability company (“Lessor”) and The Illumination Foundation, a California nonprofit public benefit corporation (“Lessee”) as supplemented by Addendum of the same date (the “Addendum”). This First Amendment shall control in the event of any inconsistency with the provisions of such Lease. As used herein, the “Lease” shall mean the Form Lease as supplemented by the Addendum. Unless otherwise defined in this First Amendment, any defined word contained in this Amendment has the same meaning as it is defined in the Lease.
R E C I T A L S
Lessor is in the process of selling the Premises to the City of Fullerton; and A dispute has arisen between Lessor and Lessee in regard to the Security Deposit which is delaying the sale of the Premises to the City of Fullerton; and The parties herein desire to resolve the dispute.
A G R E E M E N T
LESSOR AND LESSEE AGREE to amend the Lease as follows:
Security Deposit. Lessor is in receipt of a Security Deposit required pursuant to Paragraph 5 and 65 of the Lease. The Parties hereby agree that upon execution of this First Amendment, Lessee will no longer be required to make Additional Security Deposit Payments toward increasing the Security Deposit pursuant to Paragraph 65 of the Lease. The entirety of the remaining Security Deposit held by Lessor less certain costs owed Lessor in the amount of One Hundred Eighty-Nine Thousand Dollars ($189,000), resulting in a net amount equaling Seven Hundred Sixty-Seven Thousand, Two Hundred Fifty Dollars ($767,250), shall be deposited into escrow. Thirty Thousand Six Hundred and Twenty-Five Dollars ($30,625) (an amount equaling one month rent) of the Security Deposit shall, upon close of escrow, be transferred to City of Fullerton to be held as Security Deposit. The remaining Security Deposit amount deposited into escrow equal to Seven Hundred Thirty-Six Thousand, Six Hundred Twenty-Five Dollars ($736,625) shall be returned to Lessee upon the close of escrow of the sale of the property to the City of Fullerton (via the escrow holder). Execution of this First Amendment shall constitute a release and waiver by Lessee of any and all claims of Lessee against Lessor, and its successors and assigns, arising prior to the execution of this First Amendment related to the Security Deposit.
Counterparts. The Lease and this Amendment may each be executed in multiple counterparts and by separate parties on separate counterparts and delivered via facsimile or other means of electronic image transmission, each of which shall be deemed an original for all purposes, but all of which, together, shall constitute one and the same instrument.
All other terms, conditions, and provisions of the Lease, as addended, shall remain in full force and effect. “LESSEE”
THE ILLUMINATION FOUNDATION,
a California nonprofit public benefit corporation
By:
Name: John Ing
Title: COO/CFO
“LESSOR”
Dyer 18, LLC,
a Delaware limited liability company
By:
Name:
Title:
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