A First Lease Amendment has been negotiated with Harbor Belmont Associates and is summarized as follows: 1. The premises will increase by 7,985 square feet to a total area of 29,331 square feet. 2. The term will be extended through April 30, 2012. 3. The advantageous rental rate now applicable to the original premises will remain in effect for that area until March 31, 2003, the date on which the agreement would have otherwise expired. 4. A monthly rental rate of $1.80 per square foot will apply to the additional area of 7,985 square feet effective May 1, 2002 and, effective April 1, 2003, to the entire premises. The rental rate will be fixed from that date through March 31, 2007. 5. Effective April 1, 2003, the Base Year on which operating expense adjustments are charged to the County will be changed from 1992 to 2002. 6. The Base Rent will be adjusted one time during the term of the Lease, effective April 1, 2007, based on any increase in the Consumer Price Index. 7. The Landlord will make certain leasehold improvements to the premises as requested by the County. The cost of such improvements will be paid by the Landlord, and County will reimburse the Landlord for such costs (not to exceed $120,000) over the extended term of the Lease in monthly payments including principal and interest at 9 1/2% per annum. The Director of the Human Services Agency concurs in this recommendation. County Counsel has reviewed and approved the First Lease Amendment as to form. |