HomeMy WebLinkAboutContracts & Agreements_246A-2022FIFTH AMENDMENT TO MULTI -TENANT OFFICE LEASE — GROSS
This Fifth Amendment ("Fifth Amendment") to the Multi -Tenant Office Lease -Gross
("Lease"), dated September 15, 2002, is made and entered into this3b th day of November 2022
by and between the City of Redlands, a municipal corporation and a general law city ("Lessor"),
and UBS Financial Services Inc., ("Lessee"). City and Lessee are sometimes herein referred to
individually as a "Party" and collectively as the "Parties."
RECITALS
WHEREAS, on September 15, 2002, Lessee entered into a Multi -Tenant Office Lease -
Gross with Redlands Community Investment Corporation, a California Corporation for the lease
of approximately 3,595 square feet of space at 300 East State Street, Suite 400, Redlands,
California; and
WHEREAS, Lessee and Redlands Community Investment Corporation amended that
certain Lease Agreement with the First Addendum dated September 15, 2022, Second Addendum
dated May 20, 2010, Third Addendum dated January 23, 2015, and Fourth Addendum dated May
2, 2018; 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 Lessor 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 Lessor and Lessee agree as follows:
AGREEMENT
Section 1. Renewal Lease Term: Without further notice required, the Lease is hereby
extended from June 1, 2023, through May 31, 2028 (the "Renewal Lease Term").
Section 2. Base Rent; Effective June 1, 2023, (the Lease Renewal Commencement Date"),
the monthly Base Rent during the Renewal Lease Term, including the three percent (3%) fixed
annual increases shall be as follows:
Month(s) Monthly Base Rent
June 1, 2023 May 31., 2024 $8,335.18
June 1, 2024 — May 31, 2025 $8,585.24
June 1, 2025 — May 31, 2026 $8,842.79
June 1, 2026 — May 31, 2027 $9,108.08
June 1, 2027 -- May 31, 2028 $9,381.32
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Section 3. Termination Option. Lessor and Lessee confirm and agree that Lessee shall have
the right to terminate this Lease at any time during the Renewal Lease Term with thirty (30) days
prior written notice to Lessor. Lessor and Lessee further confirm and agree that Lessee is not
required to pay a termination fee in connection with this Termination Option.
Section 4. Broker . Each of Lessor and Lessee represents to the other that it has not dealt
with any broker or salesman, and no commissions, fees or other compensation is due any real estate
broker, salesman or any other party in connection with this Addendum Four (IV) or the transactions
contemplated hereby other than Cushman & Wakefield representing Lessee (the "Broker"). Lessor
and Lessee each hereby agrees to indemnify and hold the other harmless from and against any and
all claims for any such fees, commissions or compensation, caused by the indemnifying parry's
alleged breach of the representation contained in the immediately prior sentence. Lessor agrees to
pay all commissions and fees due to Broker in accordance with a separate agreement.
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. Lessee represents and warrants to City that the individuals executing
this Amendment on behalf of Lessee are authorized to do so on behalf of Lessee.
Section 7. COUNTERPARTS/FACSIMILE. This Amendment may be executed in one or
more counterparts, each of which shall be an original, but all of which taken together shall
constitute one and the same document, and shall be binding on the signatories. Each party hereto
may rely upon an electronic signature, a telecopy (fax) or pdf of a counterpart of this Amendment
or detached signature page therefrom that has been executed by any other party hereto, as if the
same were the executed original thereof, and the other parties shall be bound thereby.
Section 8. 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.
Signatures on the following page
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IN WITNESS WHEREOF, the parties have executed this Fifth Amendment, as of the date first
written above.
CITY OF REDLANDS
Chris Boatman, Assistant City Manager
ATTEST:
e Donaldson
, Donaldson, City Clerk
UBS FINANCIAL SERVICES INC.
By:
By:
Terry naging Director
Alexandra Seggio, Director
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