THIRD AMENDMENT TO EXTENSION AGREEMENT
PORT-A-PORT HANGAR LEASING
THIS THIRD AMENDMENT TO EXTENSION AGREEMENT is made and entered into this day of _ 2021, by and between the CITY OF RIVERSIDE, a California charter city and municipal corporation ("City") and PORT-A-PORT HANGAR LEASING, a California general partnership ("Lessee").
RECITALS
WHEREAS, on November 27, 1984, City and Lessee entered into a Lease Agreement wherein Lessee leased from City three (3) portions of the Satellite III area of the Riverside Municipal Airport ("Lease Agreement"); and
WHEREAS, on July 17, 1997, City and Lessee entered into an Extension Agreement to the Lease Agreement to extend the term of the Lease Agreement ("Extension Agreement"); and WHEREAS, on December 7, 2009, City and Lessee entered into a First Amendment to Extension Agreement to further extend the term of the Lease Agreement to add indemnification, insurance and notice sections ("First Amendment"); and
WHEREAS, on September 16, 2016, the City and Lessee entered into a Second Amendment to Extension Agreement to include an Option to Extend the Lease Agreement, update the rental rate, and provide for the painting of the hangars within five years; and WHEREAS, City and Lessee now desire to amend the Extension Agreement to update the language providing for annual CPI adjustments to the rental rate.
NOW THEREFORE, in consideration of the foregoing recitals, which are incorporated herein by this reference, City and Lessee agree as follows:
Section 5 of the Lease Agreement entitled "Rental" shall be amended to include the following language:
"Beginning with the rental payment due on August 1, 2022, the monthly rental payment shall be adjusted each year, to reflect the percentage increase, if any, in the Consumer Price Index for All Urban Consumers (CPI-U) for the Riverside-San Bernardino-Ontario Standard Metropolitan Statistical Area ("Index") published by the Bureau of Labor Statistics of the United States Department of Labor for most recent 12-month published index, based upon the corresponding increase, if any, in the Index as it stands on May of that year over the Index as it stood on May of the prior year including utilities therefor, but excluding telephone and janitorial services, or two percent, whichever is greater."
2. All other terms and conditions of that certain Lease Agreement between City and Lessee dated November 27, 1984, as extended and modified by the Extension Agreement dated July 17, 1997, the First Amendment dated December 7, 2009, and the Second Amendment dated September 16, 2016 not inconsistent herewith or amended hereinabove, shall remain in full force and effect, and are hereby incorporated in this Third Amendment to Extension as if stated in full.
IN WITNESS WHEREOF, City and Lessee have caused this Third Amendment to be duly executed the day and year first above written.
CITY OF RIVERSIDE, a California PORT-A-PORT HANGAR LEASING, charter city and municipal corporation a California general partnership By:
City Manager
Attest:
City Clerk
Approved as to Form
By:
Deputy City Attorney
Rithann Salera
CA #09-0403.2
1IRc-Citylaw Cycom|Wpdocs D027\029\00613980.Dox
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