HomeMy WebLinkAboutContracts & Agreements_248A-2023FIFTH AMENDMENT TO MULTI -TENANT OFFICE LEASE — GROSS
This Fifth Amendment ("Fifth Amendment") to the Multi -Tenant Office Lease -Gross
("Lease"), dated April 4, 2019, is made and entered into this 15th day of December 2023 by and
between the City of Redlands, a municipal corporation, and a general law city ("City"), and
Flagstar Bank, N.A., a national bank, formerly known as Flagstar Bank, FSB ("Lessee"). City and
Lessee are sometimes herein referred to individually as a "Party" and collectively as the "Parties."
RECITALS
WHEREAS, on April 4, 2019, Lessee entered into a Multi -Tenant Office Lease -Gross with
Redlands Community Investment Corporation, a California Corporation for the lease of
approximately 455 square feet of space at 300 East State Street, Suite 360B, Redlands, California;
and
WHEREAS, Lessee and Redlands Community Investment Corporation amended that
certain Lease Agreement with the First Amendment dated June 1, 2020, and Second Amendment
dated April 8, 2021; and
WHEREAS, on September 21, 2021, City and Redlands Community Investment
Corporation entered into an Assignment and Assumption Agreement, wherein, Redlands
Community Investment Corporation assigned and transferred to City all right title and interest in,
to and under the leases for 300 East State Street; and
WHEREAS, Lessee and City amended that certain Lease Agreement with the Third
Amendment dated February 8, 2022, and Fourth Amendment dated September 15, 2022;
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 amended to the following:
"1.3 Term. Term commences on January 1, 2024 ("Commencement Date") and ends on
March 31, 2024 ("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
Two Hundred Ten Dollars ($1,210) per month, payable on the first day of each month commencing
January 1, 2024.
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Term Dates
Monthly Base Rent
per square foot
Premises Square Foot
Monthly Base Rent
1/1/2024 — 3/31/24
$2.66
455
$1,210.00
Rent for any partial month shall be prorated based on the number of days of Lessee's
occupancy during such month."
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment, to be
effective as of the date first written above.
CITY OF REDLANDS
Chris Boatman, Assistant City Manager
ATTEST:
onaldson, City Clerk
FLAGSTAR BANK, N.A.
Ron Sarno, First Vice President
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