HomeMy WebLinkAboutContracts & Agreements_18A-2022THIRD AMENDMENT TO MULTI -TENANT OFFICE LEASE — GROSS
This Third Amendment to the Multi -Tenant Office Lease -Gross ("Third Amendment") is
made and entered into this 8th day of February, 2022 by and between the City of Redlands, a
municipal corporation and a general law city ("City"), and Flagstar Bank, FSB, a federally
chartered savings bank ("Lessee") City and Lessee are sometimes herein referred to individually
as a "Party" and collectively as the "Parties "
RECITALS
WHEREAS, Lessee Redlands Community Investment Corporation, predecessor —in -
interest to City entered into a certain Multi -Tenant Office Lease -Gross dated April 4, 2019, as
amended by that certain First Amendment to Multi -Tenant Office Lease -Gross dated June 1, 2020
and further amended by that certain Second Amendment to Multi -Tenant Office Lease -Gross dated
April 8, 2021 (collectively, the "lease") for the lease of approximately 455 square feet of space
located at 300 East State Street, Suite 360B, 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
1 Term. The Term shall be extended to include the period of June 14, 2022 to
December 31, 2022.
2. Basic Rent. Basic Rent shall be amended as per the payment schedule below•
Term dates
Monthly Base Rent
per square foot
Premises
Square foot
Monthly
Base Rent
6/14/22 — 12/31/22
$2 66
455
$1,210 00
Rent for any partial month shall be prorated based on the number of days of Tenant's
occupancy during such month.
3 Notice Requirements. Section 3 Paragraph 23 1 of the Lease, entitled "Notice
Requirements" is hereby amended to read as follows
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"23 1 Notice Requirements. All notices required or permitted by this Lease or applicable
law shall be in writing and may be delivered in person (by hand or by courier) or may be sent by
regular, certified or registered mail or U S Postal Service Express Mail, or by nationally
recognized overnight courier service, specifying deliver next business day, and shall be deemed
sufficiently given if served in a manner specified in this Paragraph 23 In each case properly posted
and fully prepaid to the appropriate address set forth below, or such other address as a Party may
provide notice in accordance with this section.
CITY
City Clerk
City of Redlands
35 Cajon Street
P 0 Box 3005 (mailing)
Redlands, CA 92373
LESSEE
Flagstar Bank, FSB
Attn. Facilities
5151 Corporate Drive
Troy, MI 48098
With copies of notices to
Flagstar Bank, FSB
Attn. Counsel, Real Estate
5151 Corporate Drive
Troy, MI 48098
4. No Broker Involvement. City and Lessee each represent and warrant to the other
that is has not employed any broker in connection with this Third Amendment, except Newmark,
Tenant's broker
5. Integration of this Amendment and the Lease. This Third 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 Third Amendment and the terms and provisions of the Lease or
other amendments, the terms and provisions of this Third 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 Third Amendment as are ascribed to said words
and phrases in the Lease
6. Authority Lessee represents and warrants to City that each individual executing
this Third Amendment on behalf of Lessee is authorized to do so Lessee also represents and
warrants to City that neither Lessee nor the entities or individuals constituting, owning or
controlling Lessee or which may be owned or controlled by Lessee are among the individuals or
entities identified on any list compiled pursuant to Executive Order 13224 for the purpose of
identifying suspected terrorists.
7 Effect of this Amendment. Except as expressly modified or amended by this Third
Amendment, the Lease and all terms, covenants and conditions contained therein shall remain
unchanged an in full force and effect.
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IN WITNESS WHEREOF, the parties have executed this Third Amendment, to be
effective as of the date first written above
CITY OF REDLANDS
Chris Boatman, Assistant City Manager
ATTEST
anne Donaldson, City Clerk
FLAGSTAR BA ► , FSB
By
Buc, First Vice President
F,agstar Revle'A/
� Legal
�4ni
Business Z
A
Facilities,
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