HomeMy WebLinkAboutContracts & Agreements_224C-2023SEVENTH AMENDMENT TO MULTI -TENANT OFFICE LEASE — GROSS
This Seventh Amendment ("Seventh Amendment") to the Multi -Tenant Office Lease -
Gross ("Lease"), dated November 30, 2017, is made and entered into this 30th day of November
2023 by and between the City of Redlands, a municipal corporation and a general law city ("City"),
and CalPrivate Bank ("Lessee"). City and Lessee are sometimes herein referred to individually as
a "Party" and collectively as the "Parties."
RECITALS
WHEREAS, on November 30, 2017, Lessee entered into a Multi -Tenant Office Lease -
Gross with Redlands Community Investment Corporation, a California Corporation for the lease
of approximately 210 square feet of space at 300 East State Street, Suite 207, Redlands, California;
and
WHEREAS, Lessee and Redlands Community Investment Corporation amended that
certain Lease Agreement with the First Amendment dated February 1, 2018, Second Amendment
dated February 1, 2019, Third Amendment dated February 1, 2020, and Fourth Amendment dated
January 8, 2021; 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, City and CalPrivate Bank amended that certain Lease Agreement with the
Fifth Amendment dated January 10, 2022 and Sixth Amendment dated January 10, 2022 with an
Effective Date of January 1, 2023; 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. Paragraph 1.3 of the Lease, entitled "Term" is hereby deleted and replaced with
the following:
"1.3 Term. Three (3) months commencing on January 1, 2024 ("Commencement Date")
and ending on March 31, 2024 ("Extension Term")."
Section2. Paragraph 1.5 of the Lease, entitled "Base Rent" is hereby amended to read as
follows:
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"1.5 Base Rent. The monthly Base Rent during the Extension Term shall be Five Hundred
Sixty Seven Dollars ($567.00) per month, payable on the first day of each month commencing
January 1, 2024."
Section 3. No Broker Involvement. City and Lessee each represent and warrant to the other
that is has not employed any broker in connection with this Amendment.
Section 4. 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 5. Authority. Lessee represents and warrants to City that each individual executing
this 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.
Section 6. 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.
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment, to be effective as of
January 1, 2024.
CITY OF REDLANDS CALPRIVATE BANK
Cd2 y 3'&c.u-ai-t
By:
Chris Boatman, Assistant City Manager Cory Stewart, CFO
ATTEST:
a le Donaldson, City Clerk
2
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