FIRST AMENDMENT TO LEASE OF VACANT PROPERTY
1739 Bradley Street and 7550 Summit Street, Riverside, California This First Amendment to Lease of Vacant Property ("First Amendment"), is made and entered into this_ day of - 2023, by and between the CITY OF RIVERSIDE, a California charter city and municipal corporation ("City"), and THE TORO OMPANY, a Delaware corporation authorized to do business in California ("Lessee ), Wit espect to the following facts
RECITALS
WHEREAS, on April 4, 2018, City and Lessee entered into that certain Lease of Vacant Property, as amended by the Acceptance Memorandum between the parties dated July 31, 2018 (collectively, the "Lease") for use of the Premises known as 1739 Bradley Street and 7550 Summit Street, Riverside, California, also known as APN 242-040-004 and APN 242-040-005, as more specifically described and depicted in the Lease; and WHEREAS, the Lease is set to expire June 30, 2023; and
WHEREAS, Paragraph 3 of the Lease states that the Lessee shall have two options to extend the term and expiration date by five (5) years for each extension; and WHEREAS, City and Lessee desire to extend the term of the Lease for an additional five (5) year period beginning July 1, 2023, and ending June 30, 2028.
NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated herein by this reference, City and Lessee agree as follows:
Per Paragraph 3 of the Lease, Lessee hereby exercises its option to extend the term of the Lease for an additional five (5) year period beginning July 1, 2023, and ending June 30, 2028. The term of the Lease is hereby extended through June 30, 2028 ("Extended Term").
All terms and conditions of the Lease not inconsistent with this First Amendment shall remain in full force and effect and are incorporated herein by this reference as if set forth in full. If there is any conflict between the terms of the Lease and the terms set forth in this First Amendment, the terms specifically set out in this First Amendment shall control.
This First Amendment contains the entire understanding between the parties with respect to the matters being amended as contained herein. This First Amendment may not be changed or modified orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, or modification is sought. [SIGNATURES ON FOLLOWING PAGE.]
IN WITNESS WHEREOF, the City and Lessee have caused this First Amendment to be duly executed on the day and year first above written.
CITY OF RIVERSIDE, THE TORO COMPANY, a Delaware
a California charter city and municipal corporation authorized to do business in corporation California
Aus
By:_
City Manager Print Name: _ DARREN REDETIKE
Title: VJCE PRESIDENT
(Signature of Board Chair, President, or
Vice President)
ATTESTED TO:
and
By:_
City Clerk
By: Julie Keaks
PrintName: Julie Kerekes
Title: Treasurer
CERTIFIED AS TO AVAILABILITY OF (Signature of Secretary, Assistant Secretary, FUNDS: CFO, Treasurer, or Assistant Treasurer)
By:
Chief Financial Officer
APPROVED AS TO FORM:
Susan Mela
By:_
Deputy City Attorney
IIRc-citylawlcycom\WPDOCSID014\P039\00703066.DOC
17-0694.2 SDW 2/15/23
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