AMENDMENT TO PARKING LOT SUBLEASE AGREEMENT
This Amendment to Parking Lot Sublease Agreement (“Amendment”) is made and entered into as of January 1, 2026 (“Effective Date”) by and between The Frank H.C. Nam Bypass Trust (“Sublessor”) and the City of San Clemente (“City” or “Sublessee”) for the parking lots located at 103 and 107 Avenida Granada. Sublessor and Sublessee may be collectively referred to as the “Parties.”
RECITALS
WHEREAS, the Parties entered into that certain Parking Lot Sublease Agreement, Contract C09-16, dated March 17, 2009 (“Agreement”); and WHEREAS, on February 12, 2021, an Assignment and Assumption Agreement was executed, pursuant to which the Agreement was assigned to and assumed by Sublessor as the successor entity; and WHEREAS, the Parties desire to amend the Agreement to update the monthly lease rate (“Rent”) and clarify future lease rate adjustments.
NOW, THEREFORE, in consideration of the mutual promises and covenants herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to amend the Agreement as follows:
AMENDMENTS
Section 1: Rent Adjustment. Effective January 1, 2026, the monthly rent described in Agreement Section 4.1 – Rent, shall be increased from Eight Hundred Dollars ($800) per month to Nine Hundred Dollars ($900) per month.
Section 2: Annual Rent Increase Multiplier. Effective January 1, 2027, the adjusted rent shall be increased by three percent (3%) annually.
Section 3: Except as expressly amended by this Amendment, all other terms and provisions of the Agreement shall remain unchanged and in full force and effect.
Section 4: This Amendment may be executed in counterparts, each of which shall be deemed an original. Electronic signatures shall be deemed valid and binding.
Section 5: The individuals executing this First Amendment on behalf of each Party represent and warrant to the other Party that they have the full authority and right to execute this First Amendment and bind the Party for whom they are signing and will defend and indemnify the other Party should such representation and warranty prove false.
IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to be duly executed on the respective dates set forth opposite of their signatures effective as of the Effective Date.
CITY OF SAN CLEMENTE
By: ________________________________
Andy Hall, City Manager
ATTEST: Dated: __________________
_____________________________
CITY CLERK of the
City of San Clemente, California
APPROVED AS TO FORM:
_____________________________
Elizabeth A. Mitchell, City Attorney
APPROVED AS TO AVAILABILITY
OF FUNDING:
_____________________________
Finance Authorization
The Frank H.C. Nam Bypass Trust dated December 27, 2018, a California Trust
By:_____________________________
Emit Nam, Co-Trustee
Dated: __________________
EXHIBIT A