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HomeMy WebLinkAboutPasco School District-Post Office StorageSTORAGE AREA LEASE AGREEMENT Amendment No. 1 THIS FIRST AMENDMENT TO STORAGE AREA LEASE AGREEMENT is made and entered into this36t "day of October, 2015, by and between the City of Pasco, Washington, a Municipal Corporation ("City"), and Pasco School District No. 1, a Municipal School District ("School District"). WHEREAS, the City and School District entered into a Storage Lease Agreement for an area within the "Old Pasco Post Office, 401 W. Lewis St. Pasco, dated November 16, 2010, and WHEREAS, both parties desire to extend said agreement; NOW, THEREFORE, IT IS HEREBY AGREED as follows: 1. Section 2 entitled "Term" shall be and is hereby amended to read as follows: 2. Term. The tern of this Lease shall be for five (5) years commencing on the 1st day of January, 2016, and ending on the 31" day of December, 2020. The parties may agree to extend the lease term for one additional five (5) year term by executing a written amendment hereto, and upon negotiation of a reasonable rent for the extended term. 2. Section 3 entitled "Rent" shall be and is hereby amended to read as follows: 3. Rent. School District shall pay to City a total annual rent of $8507.71 per year. Rent is payable on or before the first day of January of each and every year, in advance for that year's occupancy of the Premises. Rent for any period less than one (1) year shall be prorated based upon the number of days in said period. On the second anniversary, the annual rental amount shall be increased by 2% of the annual rental amount, and increased by 2% two years thereafter and on each biennium during the term of this Agreement. 3. All remaining provisions of the lease remain the same. IN WITNESS THEREOF, the City and School District have caused this Amendment to be executed on the day and year first written above. CITY OF PASCO •ck Terway, • •ector Administrative &Community Services PASCO SCHOOL DISTRICT NO. 1 *-Iew 0.. Howard Roberts, Jr., Directo Fiscal Services, Pasco School istrict