FOURTH AMENDMENT TO LEASE BETWEEN THE
CITY OF REDONDO BEACHAND
JACKBILT, INC.
This FOURTH AMENDMENT TO LEASE (this "Fourth Amendment") dated for reference purposes as of February 1, 2022 (the " Effective Date"), is made by and between CITY OF REDONDO BEACH ("Lessor") and JACKBILT, INC., a California corporation ("Lessee"). with regard to the following:
Recitals
A. Lessor and Lessee are parties to that certain Lease entered into and effective as of August 6, 1973 (the "Lease"). Unless otherwise expressly stated herein, any term defined in theLease and used in this Fourth Amendment shall have the same meaning herein as given in the Lease.
B. The Lease has been amended via Amendment #1 dated April 21, 1987, Amendment #2 which is undated, and Amendment #3 dated March 15, 2016.
C. Lessor and Lessee further desire to amend the Lease to extend the Term and modify the Premises.
NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Lease Amendment
i. Section 3. 1- "Initial Term" of the Lease is hereby amended by deleting it in its entirety and substituting the following in its place:
"3.1 Term: The term of the Lease (the "Term") shall be 60 full calendar years beginning on August 6, 1973 and ending on August 5, 2033 unless sooner terminated as provided for in this Lease."
ii. Section 3.2 - " Option to Extend" of the Lease is hereby amended by deleting it in its entirety and substituting the following in its place:
"3.2 Omitted"
ili. Section 7.8 hereby added to the Lease as follows:
"7.8 Additional Improvements: Lessee agrees that it will, at its own expense, construct or cause to be constructed the Additional Improvements depicted and set forth on Exhibit K attached to this Fourth Amendment. All plans, specifications or other designs for the Additional Improvements shall be submitted to the Waterfront and Economic Development
("WED") for review and approval, prior to the Lessees
application for any building permits or initiation of any construction Construction of the Additional
Improvements must be initiated within 120 days of the date of this Fourth Amendment and completed within 180 days of the date of this Fourth Amendment unless an extension to is requested and approved by the WED Department.
iv. Exhibit C of the Lease is hereby amended by deleting it in its entirety and replaced by Exhibit C attached to this Fourth Amendment.
2. Effect of Amendment.
Except to the extent the Lease is amended and modified by this Fourth Amendment, the remaining terms and conditions of the Lease shall remain unmodified and in full force and effect. In the event of conflict between the terms and conditions of this Fourth Amendment and the terms and conditions of the Lease, Amendment #1, Amendment #2, and Amendment #3, the terms and conditions of this Fourth Amendment shall prevail and control.
3. Counterparts; Facsimile or PDF Signatures.
This Fourth Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which, taken together, shall constitute one and the same instrument. Electronic version counterparts (e.g., pdf's) may be exchanged via e- mail and this Amendment shall be effective upon such exchange by the parties of the electronic versions.
[Signatures Appear on the Following Page]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date set forth above.
LESSOR LESSEE
CITY OR REDONDO BEACH, a chartered JACKBILT, INC. a California corporation city and municipal corporation
By: William C. Brand By: Bradley D. Howard
Its: Mayor Its: President
ATTEST
By: Eleanor Manzano
Its: City Clerk
APPROVED AS TO FORM
By: Michael W. Webb
Its: City Attorney
Exhibit C - Premises Jackbilt Leasehold Area
Exhibit K-Additional Improvements
lackbilt to install 8' fence with slats Jackbilt to install 4' fence Jackbilt to install mechanical arm at
lackbilt to install removable bollards entrance with power (or solar power), compatible with Shade Hotel key
Dese
lackbilt to slurry seal and re-stripe lot
lackbilt to install 4' fence
HE
Jackbilt Leasehold Area
Zislis Boutique Hotels LLC Leasehold Area