FIRST AMENDMENT TO LEASE AGREEMENT
This First Amendment to Lease Agreement ("Amendment"), dated for reference purposes only as of June 29, 2010, is by and between the COUNTY OF SAN MATEO, a political subdivision of the State of California ("County" or "Tenant"), and CORNERSTONE PROPERTIES I, LLC, a California Limited Liability Company (" Landlord ").
A. As authorized by San Mateo County Resolution No. 67986, County and Landlord entered into a lease agreement dated for reference purposes as of April 1, 2006 (the "Lease") for approximately 3,924 rentable square feet of general office space at 1730 South Amphlett Boulevard, Suite 310, San Mateo, California.
B. The Initial Term of the Lease expires on June 30, 2010.
A. County and Landlord desire to amend the Lease to extend the Initial Term of the Lease and modify the base rent, otherwise under the terms and conditions set forth in the Lease.
For good and valuable consideration as hereinafter set forth, the sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Term. Any reference to the Initial Term or Expiration Date in the Lease notwithstanding, the Expiration Date of the Lease is hereby amended to June 30, 2013.
2. Options to Extend Term. At the conclusion of the Initial Term of the Lease As Amended (June 30, 2013), County shall have the right to extend the Term for two additional terms of one year each (the “Extension Options”). County, at its sole discretion, may exercise the Extension Options, if at all, by giving written notice to Landlord no later than Ninety (90) days prior to the expiration of the term to be extended; provided, however, if County is in material default under the Lease as amended on the date of giving such notice and fails to cure such default within a reasonable amount of time, Landlord may reject such exercise by delivering written notice thereof to County promptly after such failure to cure.
3. Rent. Any references to the Base Rent of the Lease As Amended notwithstanding; effective July 1, 2010, the Base Rent shall be $6,556.00 per month, which rate shall be in effect through June 30, 2011.
4. Adjustments in Base Rent. Beginning on July 1, 2011, and on the 1st day of July of each year of the Term of this lease, the Base Rent for the following twelve month period shall be adjusted to equal one hundred three percent (103%) of the Base Rent for the lease year preceding such Adjustment Date, as follows:
Initial Term |
Monthly Base Rent |
July 1, 2010 – June 30, 2011 |
$6,556.00 |
July 1, 2011 – June 30, 2012 |
$6,752.68 |
July 1, 2012 – June 30, 2013 |
$6,955.26 |
5. Effective Date; Approval. This First Amendment shall become effective (the “Effective Date”) when the County Board of Supervisors adopts a resolution authorizing the execution of this First Amendment, and the First Amendment is duly executed by the County and delivered to Landlord.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE AMENDMENT, LANDLORD ACKNOWLEDGES AND AGREES THAT NO OFFICER OR EMPLOYEE OF COUNTY HAS AUTHORITY TO COMMIT COUNTY HERETO UNLESS AND UNTIL THE COUNTY BOARD OF SUPERVISORS HAS ADOPTED A RESOLUTION AUTHORIZING THE EXECUTION OF THIS FIRST AMENDMENT TO THE AGREEMENT. THEREFORE, ANY OBLIGATIONS OR LIABILITIES OF COUNTY HEREUNDER ARE CONTINGENT UPON ADOPTION OF SUCH A RESOLUTION, AND THIS AMENDMENT SHALL BE NULL AND VOID UNLESS THE BOARD OF SUPERVISORS ADOPTS A RESOLUTION AUTHORIZING THE EXECUTION OF THIS FIRST AMENDMENT. APPROVAL OF THIS AMENDMENT BY ANY DEPARTMENT, COMMISSION OR AGENCY OF COUNTY SHALL NOT BE DEEMED TO IMPLY THAT SUCH RESOLUTION WILL BE ADOPTED, NOR WILL ANY SUCH APPROVAL CREATE ANY BINDING OBLIGATIONS ON COUNTY.
1. Counterparts. This First Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.
2. No Further Amendments; Conflicts. All the terms and conditions of the Lease remain in full force and effect except as expressly amended herein. The Lease as amended by this First Amendment constitutes the entire agreement between County and Landlord and may not be modified except by an instrument in writing duly executed by the parties hereto. In the event of any conflict between the terms of the Lease and the terms of this First Amendment, the terms of this First Amendment shall control.
County and Landlord have executed this First Amendment to Lease Agreement as of the date first written above.
By: ______
Its: ______
Attest: Resolution No.:_________________________
________________________
Clerk of the Board