SECOND AMENDMENT TO LEASE AGREEMENT
This Second Amendment to Lease Agreement ("Amendment"), dated for reference purposes only as of July 27, 2010, is by and between the COUNTY OF SAN MATEO, a political subdivision of the State of California ("County" or "Tenant"), and HMB STONE PINE, LLC, a Delaware limited liability company (" Landlord ").
A. As authorized by San Mateo County Resolution No. 66676, County and Landlord entered into a lease agreement dated for reference purposes as of June 8, 2004 (the "Lease") for approximately 2,730 rentable square feet of building area in that certain building commonly known as 80 Stone Pine, Half moon Bay, California.
B. As authorized by San Mateo County Resolution No. 69079, County and Landlord entered into the First Amendment to Lease Agreement dated November 1, 2007 (the “Lease As Amended”). The First Amendment extended the Term to June 30, 2012, modified the County’s Early Termination date to June 30, 2010, set forth ADA improvements to be completed by Landlord, and modified the Base Rent.
C. County and Landlord wish to amend the Lease to extend the Term, modify the Base Rent, and eliminate the County’s Early Termination Option, otherwise under the same terms and conditions 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. Term. Any reference to the Initial Term or Expiration Date of the Lease As Amended notwithstanding, the Expiration Date of the Lease is hereby amended to June 30, 2015.
2. Rent. Any references to the Base Rent of the Lease As Amended notwithstanding; effective August 1, 2010, the Base Rent shall be $5,870.00 per month, which rate shall be in effect through June 30, 2012.
3. Adjustments in Base Rent. Beginning on July 1, 2012, and on the 1st day of July of each subsequent 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:
Term |
Monthly Base Rent |
July 1, 2010 – June 30, 2012 |
$5,870.00 |
July 1, 2012 – June 30, 2013 |
$6,046.00 |
July 1, 2013 – June 30, 2014 |
$6,227.00 |
July 1, 2014 – June 30, 2015 |
$6,414.00 |
4. Early Termination Option. Any reference to the Early Termination of the Lease As Amended notwithstanding, the Early Termination right set forth in Section 3.1 (Term of Lease) of the Lease and modified by Section 2 (Early Termination Option) of the First Amendment to Lease is hereby eliminated and County shall have no further option to terminate the Lease prior to the expiration date.
5. Effective Date; Approval. This Second Amendment shall become effective (the “Effective Date”) when the County Board of Supervisors adopts a resolution authorizing the execution of this Second Amendment, and the Second 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 SECOND 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 SECOND 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 Second 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 As Amended remain in full force and effect except as expressly amended herein. The Lease as amended by the First Amendment and this Second 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 As Amended and the terms of this Second Amendment, the terms of this Second Amendment shall control.
County and Landlord have executed this Second Amendment to Lease Agreement as of the date first written above.
Attest:
________________________ Resolution No.:_________________________
Clerk of the Board