THIRD AMENDMENT TO OFFICE LEASE
Property Address: 1900 O'Farrell Street
San Mateo, California
THIS THIRD AMENDMENT TO OFFICE LEASE (this "Amendment") is entered _ by and between SYME VENTURES O'FARRELL, LLC, a
Delaware limited liability company, with Woodstock Development, Inc., a Californi orporation, as its agent ("Landlord"), and CITY OF SAN MATEO, a municipal corporatio of the State of California ("Tenant").
RECITALS
A. Landlord and Tenant are parties to that certain Standard Office Lease (Gross) dated May 19, 2014 (the "Original Lease"), as amended by that certain First Amendment to Lease Agreement dated February 17, 2015 (the "First Amendment") and that certain Second Amendment to Office Lease dated as of September 16, 2019 (the "Second Amendment"; the Original Lease, as amended by the First Amendment and the Second Amendment, is hereinafter referred to as the "Lease") for the lease of certain premises consisting of approximately 10,141 square feet of rentable area known as Suites 320 & 325 located on the third (3"d) floor of the building with an address at 1900 O'Farrell Street, San Mateo, California (the "Building"), which is part of that certain office project (the "Project"), as further described in the Lease.
B. The Term of the Lease is scheduled to expire on March 31, 2025.
C. The parties hereby desire to enter into this Amendment in order to provide for, among other things, (i) an extension of the Term, and (ii) a revised Monthly Base Rent schedule, all on the terms and conditions set forth below.
AGREEMENT
NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:
Definitions. As used in this Amendment, the term "Lease" shall mean the Lease, as amended by this Amendment. Capitalized terms not otherwise defined in this Amendment shall have the meanings given them in the Lease
2. Extension of Term. The Term of the Lease is hereby extended for an additional five (5) year period (the "Extension Term") commencing on April 1, 2025 and expiring on March 31, 2030, unless earlier terminated or further extended in accordance with the terms of the Lease, as amended hereby.
Monthly Base Rent. Notwithstanding anything to the contrary contained in the Lease, in addition to all other amounts due under the Lease, commencing on April 1, 2025 and on or before the first (1"') day of each calendar month thereafter during the remainder of the 1 07527.00102/1375185v3 FINAL
Extension Term, Tenant shall pay to Landlord, in the manner provided in the Lease, Monthly Base Rent in the following amounts:
Period Monthly Base Monthly
Rent Rate Base Rent
April 1, 2025 - March 31, 2026 $3.0000 $30,423.00
April 1, 2026 - March 31, 2027 $3.0900 $31,335.69
April 1, 2027 - March 31, 2028 $3.1827 $32,275.76
April 1, 2028 - March 31, 2029 $3.2782 $33,244.03
April 1, 2029 - March 31, 2030 $3.3765 $34,241.35
4. Base Year. The Base Year during the Extension Term shall be calendar year 2025.
Options to Renew. Notwithstanding anything to the contrary contained in the Lease, Tenant shall have the right to extend the Term of the Lease (each, a "Renewal Option"') with respect to the entire Premises for two (2) additional periods of five (5) years each (each, a "Renewal Term"), each of which shall be subject to and exercisable by Tenant in accordance with the terms of Exhibit I of the Original Lease, as amended by Section 8 of the First Amendment. References to the "Expiration Date" in Exhibit I of the Original Lease shall mean and refer to the expiration date of the then-current Term. Except as expressly provided herein, Tenant has no option to renew or extend the Term beyond the Extension Term.
6. Security Deposit. Landlord is currently holding a Security Deposit in the amount of $32,173.78. Landlord shall continue to hold such Security Deposit during the Extension Term.
7. Tenant's Acknowledgments. Tenant hereby acknowledges that (i) Tenant accepts the Premises, the Building and the Project as suitable for the purposes for which the same are leased; (ii) the extension of the Term is on an "AS IS" basis, and Landlord shall have no obligation to make or to fund any tenant improvements for the Premises in conjunction with the extension; (iii) Landlord has made no representations or warranties concerning the Premises, the Building or the Project; and (iv) Landlord has fully complied with Landlord's obligations contained in the Lease.
payment of Ren shal be as Adliness, Landlord's Address. Effective immediately, Landlord's address for notices and Syme Ventures O'Farrell, LLC
c/o Woodstock Development, Inc.
1350 Bayshore Hwy, Suite 355
Burlingame, CA 94010
Attn: Kirk Syme
9. No Broker. Tenant has not dealt with any broker or agent in connection with the negotiation or execution of this Amendment and shall indemnify, defend and hold Landlord harmless from and against all costs, expenses, attorneys' fees, liens and other liability for 2 07527.00102/1375185v3 FINAL
commissions or other compensation claimed by any broker or agent claiming the same by, through or under Tenant. The foregoing indemnity shall survive the expiration or earlier termination of the Lease.
10. Certified Access Specialist. Landlord and Tenant acknowledge and agree that the Premises have not been inspected by a Certified Access Specialist ("CASp") pursuant to Section 1938 of the Civil Code ("Code"). The parties further agree, pursuant to subdivision (e) of Section 55.53 of the Code the following:
(a) A CASp can inspect the Premises and determine whether the Premises comply with all of the applicable construction-related accessibility standards under state law.
Although state law does not require a CASp inspection of the Premises, Landlord may not prohibit Tenant from obtaining a CASp inspection of the Premises for the occupancy or potential occupancy of Tenant, if requested by Tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of the construction-related accessibility standards within the Premises. (b) Pursuant to the paragraph above, the parties expressly agree that, if Tenant elects to obtain a CASp inspection of the Premises, Tenant shall be solely responsible for scheduling the inspection and that such inspection shall not unreasonably interfere with the operations of the Premises, the Building and/or the Project or disturb any other tenant or occupant. Tenant shall be solely responsible for any and all costs to perform the CASp inspection, including any ancillary costs relating thereto. If the results of the inspection determine that modifications or alterations are required to meet all applicable construction- related accessibility standards, Tenant agrees to perform such work, in its sole cost and expense and provided approvals from Landlord are obtained under the Lease, as required. Tenant agrees that all work shall be performed in a first class manner in compliance with all laws and using best efforts to minimize any disruption to the Building and other tenants or occupants, if applicable. Furthermore, Tenant agrees that any report that is generated as a result of an inspection pursuant to this Section and all information contained therein, shall remain confidential, except as necessary for Tenant to complete repairs and/or correct violations, as agreed herein.
11. Intentionally Deleted
12. Representations. Each of Landlord and Tenant hereby represents and warrants to the other that: (i) it has full power and authority to enter into this Amendment and to perform all of its obligations under the Lease; and (ii) each person (and all of the persons if more than one signs) signing this Amendment on behalf of such party is duly and validly authorized to do so.
13. Full Force and Effect. This Amendment contains the entire understanding between the parties with respect to the matters contained herein. Except as modified by this Amendment, the Lease remains unchanged and shall continue in full force and effect. No representations, warranties, covenants or agreements have been made concerning or affecting the subject matter of this Amendment. This Amendment may not be changed orally, but only by an 07527.00102/1375185v3 FINAL
agreement in writing signed by the party against whom enforcement of any waiver, change or modification or discharge is sought.
14. Intentionally Deleted
15. Severability. In the event any term, covenant, condition or provision of this Amendment is declared by a court of competent jurisdiction to be void or voidable, in conflict with any law or otherwise unenforceable, then such unenforceable term, covenant, condition or provision shall be limited to the extent necessary to render it enforceable, and the validity of all other terms, covenants, conditions and provisions hereof shall remain unaffected and in full force and effect.
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of Landlord and Tenant and their respective successors and assigns.
California Law. This Amendment and the obligations under this Amendment shall be construed in accordance with, governed by, and shall be subject to, the laws of the State of California.
No Offer. Submission of this instrument for examination and signature by Tenant does not constitute an offer to amend the Lease or a reservation of or option to amend the Lease, and this instrument is not effective as a lease amendment or otherwise until executed and delivered by both Landlord and Tenant.
19. Counterparts. This Amendment may be executed in any number of identical counterparts each of which shall be deemed to be an original and all, when taken together, shall constitute one and the same instrument. PDF and electronic signatures (including, without limitation, signatures provided via DocuSign) shall constitute originals for purposes of this Amendment.
IN WITNESS HEREOF, the parties have executed this Amendment effective as of the date first set forth above.
LANDLORD: TENANT:
SYME VENTURES O'FARRELL, LLC, CITY OF SAN MATEO,
a Delaware limited liability company a municipal corporation of the State of California
By: Woodstock Development, Inc.,
a California corporation, its agent By:
Name:
By:_ Title:
Name:
Title:_
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