Contract nt. 9346
(crS)
FIRST AMENDMENT TO THE LEASE AGREEMENT
2017
This First Amendment to the Lease Agreement ("First Amendment) is made as of this 18 day of Jan, 2011, by and between THE CITY OF SANTA MONICA ("Lessor"), a municipal corporation, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION ("Lessee"), a national banking association, is made with reference to the following:
A. On December 19, 2006, the previous owners of real property located at 1333 Fourth Street in the City of Santa Monica (hereinafter the "Premises") and Washington Mutual Bank executed a Standard Industrial Commercial Lease Agreement and corresponding Addendum No. 1 (collectively referred herein as the "Lease Agreement") for the lease of the Premises.
B. Lessor City of Santa Monica is the current owner and landlord of the Premises and is the successor in interest to the previous owners (Virginia Tegner Spurgin Investment Company, LLC, a California limited liability company, Karl E. Schober, an individual, the Boys' and Girls' Club of Santa Monica, Inc., a California nonprofit public benefit corporation, Shriners Hospitals for Children, f/k/a Shriner's Hospital for Crippled Children, a Colorado nonprofit corporation, Santa Monica Young Men's Christian Association, a California nonprofit public benefit corporation and the YWCA Santa Monica/Westside, a California nonprofit public benefit corporation).
Lessee JPMorgan Chase Bank is the current tenant and is the successor in interest to the previous tenant, Washington Mutual Bank, by way of an Assignment and Assumption of the Lease Agreement dated December 22, 2008.
D. Lessor and Lessee agree to modify the Lease Agreement to reflect Lessee's decision to exercise its option to extend the Lease term, as well to establish monthly base rent during the extended term.
NOW, THEREFORE, the undersigned parties do hereby mutually agree to amend the Lease Agreement by way of this First Amendment as follows:
1. Pursuant to Section 59 of the Lease Agreement, Lessee elects to exercise its first of two options to extend the term of the Lease for a period of five (5) years ("First Option Term"). This First Option Term shall commence on May 1, 2012 and end on April 30, 2017.
Consistent with Sections 60 and 61 of the Lease Agreement, Lessor and Lessee agree that Monthly Base Rent, as defined in Sections 1.5, 1.6, and 54 of the Lease, during the First Option Term shall now mean the following:
Year Monthly Base Rent Annual Base Rent
May 1, 2012 - April 30, 2013 $51,529.58 $618,355
May 1, 2013 - April 30, 2014 $53,075.50 $636,906
May 1, 2014 - April 30, 2015 $54,667.75 $656,013
May 1, 2015 - April 30, 2016 $56,307.75 $675,693
May 1, 2016 - April 30, 2017 $57,997.00 $695,964
All notices, statements, demands, consents and other communications ("Notices") required under this First Amendment or Lease Agreement, shall be properly given only if such Notices are: (a) made in writing, (b) given pursuant to Section 72, and (c) sent to the party to which it is addressed at the address set forth below or at such other address as such party may hereafter specify by delivering notice in the manner prescribed in this section:
If to Tenant: JPMorgan Chase Lease Administration
1111 Polaris Parkway, Suite 1E
Mail Code OH1-0241
Columbus, Ohio 43240
Attn: Lease Administration Manager
With a copy to: JPMorgan Chase Real Estate
237 Park Avenue, 12th Floor
Mail Code NY1-R067
New York, New York 10017
Attn: Real Estate.
With a copy to: JPMorgan Chase Law Department
1111 Polaris Parkway, Suite 4P
Mail Code OH1-0152
Columbus, Ohio 43240
Atin: Real Estate Counsel
If to Landlord: City of Santa Monica
Department of Housing and Economic Development
1901 Main Street, Suite E
Santa Monica, CA 90405
Attention: Economic Development Manager
FAX: 310 391-9996
With a copy to: City Attorney's Office
1685 Main Street, Third Floor
Main Street, Santa Monica, California 90405
Attention: City Attorney
Except as expressly set forth in this First Amendment, all other terms and conditions of the Lease Agreement shall remain in full force and effect.
This First Amendment may be executed in multiple counterparts, and by use of counterpart signature pages, but all such counterparts shall constitute but one and the same agreement. Signature pages bearing facsimile signatures shall be effective for purposes of binding the parties to this First Amendment.
IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date first above written.
APPROVED AS TO FORM: LESSOR: CITY OF SANTA
MONICA, A Municipal Corporation
Mashutus Maitie By: 65551
MARSHA JONES MOUTRIE ROD GOULD
City Attorney City Manager
ATTEST: LESSEE: JPMORGAN CHASE
BANK, NATIONAL
ASSOCIATION, a national banking
association
Mentalent
By:_
MARIA STEWART,
City Clerk Print Name: Vincent G. Marline
Senior Vice President
Title: