HomeMy WebLinkAboutContracts & Agreements_222B-2022FOURTH AMENDMENT TO LEASE AGREEMENT
This Fourth Amendment ("Fourth Amendment") to the Lease Agreement ("Lease"), dated
November 18, 2016, made and entered into this 24thday of October 2022, by and between the City
of Redlands, a municipal corporation and a general law city ("Landlord"), and Monarch
Management, Inc., a California corporation ("Tenant").
RECITALS
WHEREAS, on November 18, 2016, Monarch Management, Inc. entered into a Lease
Agreement with Redlands Community Investment Corporation, a California Corporation for the
lease of approximately 268 square feet of space at 300 East State Street, Suite 205, Redlands,
California; and
WHEREAS, Monarch Management, Inc. and Redlands Community Investment
Corporation amended that certain Lease Agreement with the First Amendment dated December 1,
2018, and Second Amendment dated December 1, 2020; 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 fair 300 East State Street; and
WHEREAS, City and Lessee amended that certain Lease Agreement with the Third
Amendment dated November 15, 2021; and
WHEREAS, it is the desire of the Landlord. and Tenant 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 Landlord and Tenant agree as follows:
AGREEMENT
Section 1. Extension of Term. The Term shall be extended for a period of twelve (12)
months commencing on January 1, 2023 and terminating December 31, 2023 ("Extension Term").
Section 2. Termination of Extension Term. Lessee may terminate this Lease, without
penalty, by providing City thirty (30) days prior written notice specifying the date for termination
of this Agreement."
Section 3. Base Rent. The Base Rent during the Extension Term shall be as follows:
Term
Base Rent/SF=
Base Rent/Mo
January 1, 2023 — December 31, 2023
1 $2.60/SR
1 $697.00
IXitrus Center - 300 E State Streeffenant Lease AgreementsNonarch Management (Ste 205)1Monarch Management-4th
Amendment to Lease.City,2022.docx
Section 4. 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 5. 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.
Section 6. 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 7. 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 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.
Section 9. 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 Fourth Amendment, to be
effective as of January 1, 2023.
CITY OF REDLANDS,
a municipal coTpration
By:
Chris Boatman, Assistant City Manager
ATTEST:
Je Donaldson, City Clerk
MONARCH MANAGEMENT, INC.,
a California 59jqioration
A I jW1
J �eerdWilso , resident
2
[:\Citrus Center - 300 E State Streeffenant Lease Agreements\Monarch Management (Ste 205)\Monarch Management-4th
Amendment to Lease.City.2022.docx