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HomeMy WebLinkAboutNW Baseball Ventures I, LLC GESA Stadium Lease Amendment No. 3THIRD AMENDMENT TO BASEBALL STADIUM LEASE THIS THIRD AMENDMENT TO BASEBALL STADIUM LEASE is made this ZZ - day of December, 2016, to that certain Baseball Stadium Lease ("Lease") dated January 14, 2008, and subsequent Amendments thereto, by and between the City of Pasco, a Washington Municipal Corporation ("City"), and Northwest Baseball Ventures I, LLC, a Washington limited company (the "Tenant"), and upon the timely election by Tenant to exercise the extension options provided in Section 3.2 of the Lease, and the Parties having mutually agreed upon the rent during the Extension Term, NOW, THEREFORE, in consideration of the mutual covenants contained herein, by this Third Amendment, the following terms shall be amended: 1. Section III. TERM shall be and hereby is amended and shall read as follows: Term. The term of this Lease shall commence on January 1, 2008 the "Effective Date") and shall expire on December 31, 2022 (the Extended Term")." 1.1. Section 3.2 "Extension Options" is deleted in its entirety. 2. Section IV. RENT, ADDITIONAL PAYMENTS shall be and hereby is amended and shall read as follows: Extended Term Rental Amount and Additional PgMent. The rental amount for the extended term commenced on January 1, 2017, shall be 30,131.16. Commencing on January 1, 2018, the rental amount shall be increased to an amount equal to 101% of the prior year's rental amount for each year of the extended term. Rent shall be paid to City at 525 North 3rd Avenue, Pasco, Washington 99301, Attention: City Treasurer ("City's Address"). Tenant shall pay Rent in a lump sum annually on June 15th of each calendar year during the Term. Tenant shall pay a late service charge on all past due rent at the rate of five percent (5%) per month, but in no event higher than the legit limit. In addition to the Additional Rent specified in this Section, from and after January 1, 2018, the Tenant shall pay leasehold excise tax in accordance with Chapter 82.29A RCW the "Leasehold Tax") based on the extended renewal rate as established by law. If City raises the admission tax on tickets to view events in the Baseball Stadium above two and one-half percent (2.5%), the Rent set forth above shall be reduced on a dollar for dollar basis for each year the dollar amount of admission taxes collected by Tenant has already paid Rent, City shall refund to Tenant a portion of the Rent overpaid as a result of the application of this provision." Third Amendment to Baseball Stadium Lease - 1 3. Remaining Terms and Conditions. All remaining terms and conditions of the Baseball Stadium Lease, and all amendments thereto, not inconsistent with the Amendments provided by this Agreement, shall remain in full force and effect. If there are any conflicts between the terms and provisions of the Lease, the First Amendment, the Second Amendment, the terms of this Third Amendment shall control. IN WITNESS WHEREOF, City and Tenant have executed this Third Amendment on the day and year first above written. CITY: City of Pasco, a Washington Municipal Corporation By: 4 2--z,A Dave abell, City Manager TENANT: Northwest Baseball Ventures I, LLC, a Washington Limited Liability Compa By: Title: rPS QK r T uS )Qv ( f Third Amendment to Baseball Stadium Lease - 2 STATE OF WASHINGTON: ) ss. COUNTY OF FRANKLIN ) I certify that I know or have satisfactory evidence that Dave Zabell, City Manager of the City of Pasco, is the person who appeared before me, and said person acknowledged that said person signed this instrument, on oath stated that said person was authorized to execute the instrument and acknowledged it as the City Manager of the City of Pasco, a municipal corporation, to be the free and voluntary act of such City for the uses and purposes mentioned in the instrument. A 11 Dated this`day ofGGt(( Ems,, , 2016. Notary Public in and for the State f Washington Riding at L)3A, My commission expires on:Q (ZXua a 0 a p STATE OF WASHINGTON ) ss. COUNTY OF FRANKLIN ) I certify that I know or have satisfactory evidence that ,7f' ( is the person who appeared before me, and said person acknowledged that said person signed this instrument, on oath state that said per on was authorized to execute the instrument and acknowledged it as the of Northwest Baseball Ventures I, LLLC, a Washington limited liability company to be its free and voluntary act for the uses and purposes mentioned in the instrument. Dated this 22—d1ay of / ! ,& C , 2016. 1rState of Washington Notary Public My COMMISSION 2, : ugust Third Amendment to Baseball Stadium Lease - 3 H Notary Public i d for the State of Washington Residing at CQ 511'0 My commission expires on: R'-7 /