THIRD AMENDMENT TO LEASE AGREEMENT
Lease No. 1213
This Third Lease Amendment ("Second Amendment"), dated for reference purposes only as of July 13, 2010 is by and between FURNERI PROPERTIES FOR CONCETTA HAYES, TRUSTEE OF THE CONCETTA HAYES EXEMPT TRUST - UTD 8/29/78 AS AMD; CONCETTA HAYES, TRUSTEE OF THE NICOLETTA MUSTART EXEMPT TRUST - UTD 8/29/78 AS AMD; CONCETTA HAYES, AS HER SOLE AND SEPARATE PROPERTY; and NICOLETTA MUSTART, AS HER SOLE AND SEPARATE PROPERTY, as successors in interest to FURNERI FAMILY PARTNERSHIP ("Landlord"), and the COUNTY OF SAN MATEO, a political subdivision of the State of California ("County" or "Tenant").
A. As authorized by San Mateo County Resolution No. 60875, Landlord and County entered into a Lease Agreement, dated for reference purposes as of February 25, 1997 (the "Lease") for approximately 954 square feet of rentable space in that certain building commonly known as 3123 Middlefield Road, Redwood City, California.
B. As authorized by San Mateo County Resolution No. 65248, Landlord and County entered into the First Amendment to Lease Agreement dated May 14, 2002; and as authorized by San Mateo County Resolution No. 68727, Landlord and County entered into the Second Amendment to Lease Agreement dated May 22, 2007 (the “Lease As Amended”). The amendments increased the area to approximately 1,866 square feet of rentable space, extended the term of the lease and modified the base rent.
C. The owners of the Building have recently changed the entity holding title to the Property; and
D. Landlord and County desire to amend the Lease to acknowledge the change of the entity holding title to the Property, to accurately define the Premises, to further extend the term, and to reduce the base rent; otherwise under the same terms and conditions set forth in the Lease As Amended, as herein set forth.
Agreement
For good and valuable consideration as hereinafter set forth, the sufficiency of which is hereby acknowledged, the parties agree as follows:
1. Landlord. Any reference to FURNERI FAMILY PARTNERSHIP in the Lease As Amended notwithstanding, the Lease As Amended is amended to identify as Landlord FURNERI PROPERTIES FOR CONCETTA HAYES, TRUSTEE OF THE CONCETTA HAYES EXEMPT TRUST - UTD 8/29/78 AS AMD; CONCETTA HAYES, TRUSTEE OF THE NICOLETTA MUSTART EXEMPT TRUST - UTD 8/29/78 AS AMD; CONCETTA HAYES, AS HER SOLE AND SEPARATE PROPERTY; AND NICOLETTA MUSTART, AS HER SOLE AND SEPARATE PROPERTY.
2. Premises. Any references to the Premises in the Lease As Amended notwithstanding, the Premises shall consist of 1,866 square feet of office space at 3119-3121 Middlefield Road, Redwood City, CA, 94063.
3. Term. Any references to the Term or Termination Date in the Lease As Amended notwithstanding, and subject to the County’s Option to Extend as set forth below, the expiration date of the Lease As Amended is hereby extended to June 30, 2015.
4. Option to Extend Term. Any reference to the Option to Extend the Term of the Lease As Amended notwithstanding, at the conclusion of the current term of the Lease As Amended (June 30, 2015), County shall have the right to extend the Term for two separate 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 terms of 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.
5. Monthly Rental. Commencing on August 1, 2010, the monthly rent (the “Base Rent”) shall be $3,452.00, which rate shall be in effect through June 30, 2011.
6. Adjustments in Base Rent. Section 9 (Cost of Living Rental Adjustments) of the Lease As Amended notwithstanding, beginning on July 1, 2011, and on the 1st day of July of each year of the term of the Lease As Amended, including any extended terms, 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.
7. Effective Date; Approval. This Third Amendment shall become effective (the “Effective Date”) when the County Board of Supervisors adopts a resolution authorizing the execution of this Third Amendment, and the Third Amendment is duly executed by the County and the 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 THIRD 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 THIRD 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.
8. Counterparts. This Third 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.
9. No Further Amendments; Conflicts. All the terms and conditions of the Lease As Amended remain in full force and effect except as expressly amended herein. The Lease as amended by this Third Amendment constitutes the entire agreement between Landlord and County regarding the leased premises 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 As Amended and the terms of this Third Amendment, the terms of this Third Amendment shall control.
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Landlord and County have executed this Third Amendment as of the date first written above.
LANDLORD:
FURNERI PROPERTIES FOR CONCETTA HAYES, TRUSTEE OF THE CONCETTA HAYES EXEMPT TRUST - UTD 8/29/78 AS AMD; CONCETTA HAYES, TRUSTEE OF THE NICOLETTA MUSTART EXEMPT TRUST - UTD 8/29/78 AS AMD; CONCETTA HAYES, AS HER SOLE AND SEPARATE PROPERTY; AND NICOLETTA MUSTART, AS HER SOLE AND SEPARATE PROPERTY
By: ________________________
Concetta Hayes
Furneri Properties Manager
COUNTY:
COUNTY OF SAN MATEO, a political subdivision of the State of California
By: _______________________
Richard S. Gordon
President, Board of Supervisors
Attest:
__________________________ Resolution No.:_______________
Clerk of the Board