1 FIRST AMENDMENT TO LEASE
This FIRST AMENDMENT TO LEASE (“Amendment”) is entered into as of the Effective Date (as defined below), by and between 1900 EMBARCADERO PROPERTY OWNER, LP, a Delaware limited partnership (“ Landlord”), and CITY OF PALO ALTO, a California chartered municipal corporation (“Tenant”), with reference to the facts set forth in the Recitals below.
RECITALS
A. Landlord and Tenant are parties to that certain Lease Agreement dated as of July 1, 2021 (“ Lease”), for certain premises consisting of approximately 5,469 rentable square feet, commonly referred to as Suites 110, 201, 205 and 207 in the Building located at 1900 Embarcadero Road, Palo Alto, California (“Premises”), as more specifically described in the Lease. Except as otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Lease.
B. Pursuant to Addendum I of the Lease, Tenant has exercised its Extension Option to extend the Term of the Lease (which is currently scheduled to expire on June 30, 2026) for an additional period of five (5) years.
C. Landlord and Tenant have agreed to make certain modifications to the Lease in connection therewith, as more fully set forth below.
AMENDMENT
NOW, THEREFORE, in consideration of the Recitals above, the mutual covenants and conditions below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Extension of Term. The Term of the Lease is hereby extended for an additional period of five (5) years (“Extension Term”) beginning July 1, 2026 , and expiring June 30, 2031 (the “Expiration Date ”), upon all of the same terms and conditions of the Lease, except as specifically modified by this Amendment. As of the Effective Date, the “ Term”, as that term is used in the Lease, shall mean the Term as extended by the Extension Term.
2. Extension Term Base Rent . Notwithstanding any provision of the Lease to the contrary, during the Extension Term, Tenant shall pay monthly Base Rent pursuant to the following schedule:
Months of
Extension Term
Base Rent per
Rentable Square Foot Monthly Base Rent
7/1/2026 – 6/30/2027 $3.75 $20,508.75
7/1/2027 – 6/30/2028 $3.86 $21,124.01
7/1/2028 – 6/30/2029 $3.98 $21,757.73
7/1/2029 – 6/30/2030 $4.10 $22,410.46
7/1/2030 – 6/30/2031 $4.22 $23,082.77
Docusign Envelope ID: 5FFF8200-10D3-8C4A-814D-C707E0FF5502
2 3. Additional Charges. Notwithstanding any provision of the Lease to the contrary, during the Extension Term, Tenant shall continue to pay Tenant’s Share of Excess Taxes and Excess Expenses in accordance with Article 5 of the Lease. For clarification and the avoidance of doubt, the Base Year during the Extension Term shall remain as calendar year 2021.
4. Condition of Premises . Tenant is in possession of the Premises and accepts the same “as is” without any agreements, representations, understandings or obligations on the part of Landlord to perform any alterations, repairs or improvements, except as expressly set forth in the Lease. Tenant also acknowledges that Landlord has made no representation or warranty regarding the condition of the Premises.
5. Security Deposit. Landlord currently holds a Security Deposit in the amount of $32,623.66, which Security Deposit shall continue to be held by Landlord during the Extension Term in accordance with the Lease.
6. No Options. Tenant acknowledges and agrees that it has no options to extend the Term of the Lease beyond the Extension Term.
7. Non-Appropriation. For clarification and the avoidance of doubt, the Lease shall remain subject to the terms of Section 28.1 thereof during the Extension Term.
8. Brokers. Landlord and Tenant each represents and warrants to the other that no party is entitled to a commission or fee by or through such party in connection with this Amendment. Each party shall hold the other party free and harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including, without limitation, reasonable attorneys’ fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any party claiming by or through such party.
9. No Construction Against Party Drafting Amendment . Landlord and Tenant acknowledge and agree that each of them, and their respective professional advisors, have reviewed this Amendment and that the provisions of this Amendment shall not be construed against either party. The rule of construction that ambiguities are to be construed against the party drafting the agreement shall not apply to the interpretation of this Amendment and is waived.
10. Counterpart Execution . This Amendment may be electronically or manually executed in multiple counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall constitute one instrument.
11. Continued Effect. Except as specifically modified by this Amendment, all of the terms, conditions and provisions of the Lease shall remain in full force and effect.
[signatures on following page]
Docusign Envelope ID: 5FFF8200-10D3-8C4A-814D-C707E0FF5502
3 IN WITNESS WHEREOF, the parties have executed this First Amendment to Lease as of the last date written below or July 1, 2026, whichever occurs earlier (“Effective Date”). “LANDLORD” 1900 EMBARCADERO PROPERTY OWNER, LP,
a Delaware limited partnership
By: HSRE-BPI II GP, LLC, a Delaware limited
liability company, its general partner
By: _________________________________
Name: Steve Bollert
Title: Authorized Signatory
Date: ________________________________
“TENANT” THE CITY OF PALO ALTO,
a California chartered municipal corporation
By: _________________________________
Name: _______________________________
Title: City Manager
Date: ________________________________
Approved as to Form:
By: _________________________________
Name: _______________________________
Title: Assistant City Attorney
Date: ________________________________
Docusign Envelope ID: 5FFF8200-10D3-8C4A-814D-C707E0FF5502 6/1/2026
Amy Bartell
Ed Shikada