HomeMy WebLinkAboutContracts & Agreements_01A-2022FIRST AMENDMENT TO LEASE AGREEMENT
This First Amendment ("First Amendment") to the Lease Agreement ("Lease"), dated
February 17, 2021, made and entered into this loth day of January, 2022, by and between the City
of Redlands, a municipal corporation and a general law city ("City"), and Paramount Residential
Mortgage Group, Inc ("Lessee")
RECITALS
WHEREAS on February 17, 2021, Paramount Residential Mortgage Group, Inc., entered
into a Lease Agreement with Redlands Community Investment Corporation, a California
Corporation for the lease of approximately 590 square feet of space at 300 East State Street, Suite
203, Redlands, California, and
WHEREAS, on September 21, 2021, City of Redlands and Redlands Community
Investment Corporation entered into an Assignment and Assumption Agreement, wherein,
Redlands Community Investment Corporation assigned and transferred to City of Redlands all
right title and interest in, to and under the leases for 300 East State Street; and
WHEREAS, it is the desire of the City and Lessee to amend the existing Lease, specifically
with regard to the Lease Term and Base Rent;
NOW, THEREFORE, for good and valuable consideration in the receipt of which is hereby
acknowledge City and Lessee agree as follows
AGREEMENT
Section 1. Extension of Term. The Term shall be extended for a period of Ten (10) months
commencing on March 1, 2022, and terminating December 31, 2022 ("Extension Term")
Section 2 Paragraph 1.5 of the Lease, entitled "Base Rent" is hereby amended to read as
follows
"1 5 Base Rent. The monthly Base Rent during the Extension Term shall be One Thousand
Seven Hundred Seventy Dollars ($1,770 00) per month, payable on the first day of each month
commencing February 1, 2022 "
Section 3. Confidentiality The Parties agree that the terms of this Amendment and any
non-public, confidential or propriety information or documentation provided to one Party by the
other Party in connection with this Agreement are confidential information, and the Parties agree
not to disclose such confidential information to any person or entity without the other Party's
express written consent.
Section 4. No Broker Commissions Due Landlord and Tenant each represent and warrant
to the other that is has not employed any broker in connection with this Amendment.
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Section 5 Integration of this Amendment and the Lease This Amendment and the Lease
shall, for all purposes, be deemed to be one instrument In the event of any conflict between the
terms and provisions of this Amendment and the terms and provisions of the Lease or other
amendments, the terms and provisions of this Amendment shall, in all instances, control and
prevail Except as expressly defined herein, all words and phrases which are defined in the Lease
shall have the same meaning in this Amendment as are ascribed to said words and phrases in the
Lease
Section 6. Authority, No Third -Party Consents Each of Landlord and does hereby warrant
as to itself that is (i) is a duly authorized and existing entity, (ii) is qualified to do business in the
State in which the Premises are located, and (iii) has full right and authority to enter into this
Amendment
Section 7 Effect of this Amendment Except as expressly modified or amended by this
Amendment, the Lease and all terms, covenants and conditions contained therein shall remain
unchanged an in full force and effect
Section 8 Counterparts This Amendment may be executed by each of the Parties hereto
in separate counterparts which shall have the same force and effect as if all the Parties executed a
single document
IN WITNESS WHEREOF, the parties have executed this Third Amendment, to be
effective as of January 10, 2022
CITY OF REDLANDS,
a municipal cor s oration
oatman, Assistant City Manager
ATTEST
Jeayr% Donaldson, City Clerk
PARAMOUNT RESIDENTIAL MORTGAGE
GROUP,C
By
P
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