HomeMy WebLinkAboutContracts & Agreements_99A-2024FIRST AMENDMENT TO MULTI -TENANT OFFICE LEASE — GROSS
This First Amendment ("First Amendment") to the Multi -Tenant Office Lease -Gross
("Lease"), dated October 19, 2016, is made and entered into this 1 st day of June 2024 by and
between the City of Redlands, a municipal corporation and a general law city ("City"), and Matson
Waner Wealth Management ("Lessee"). City and Lessee are sometimes herein referred to
individually as a "Party" and collectively as the "Parties."
RECITALS
WHEREAS, on October 19, 2016, Lessee entered into a Multi -Tenant Office Lease -Gross
with Redlands Community Investment Corporation, a California Corporation for the lease of
approximately 2,007 square feet of space at 300 East State Street, Suite 530, Redlands, California;
and
WHEREAS, Lessee and Redlands Community Investment Corporation amended that
certain Lease Agreement with the Commencement Agreement August 4, 2017; 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 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
Section 1. Paragraph 1.3 of the Lease, entitled "Term" is hereby deleted and replaced with
the following:
"1.3 Term. Three Years commencing on July 1, 2024 ("Commencement Date") and ending
on June 30, 2027 ("Extension Term")."
Section 2. Paragraph 1.5 of the Lease, entitled "Base Rent" is hereby amended to read as
follows:
"1.5 Base Rent. Effective January 1, 2024, (the Lease Renewal Commencement Date"),
the monthly Base Rate during the Renewal Lease Term shall be as follows. Base rate shall be
adjusted at the rate of Three Percent (3%) every Twelve (12) months.
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Matson Waner Suite 530 - 1st Amendment to Lease.City.2024
Months Monthly Base Rent Rate
July 1, 2024 — June 30, 2025 $5,157.99 $2.57 per SF
July 1, 2025 — June 30, 2026 $5,318.55 $2.65 per SF
July 1, 2026 — June 30, 2027 $5,479.11 $2.73 per SF
Section 3. Possessory Interest Assessment. Lease of said property is subject to annual
possessory interest assessment from the San Bernardino County Assessor's Office. Lessee shall
pay all such fees directly to the San Bernardino County.
Section 4. Furniture, Fixtures & Equipment. Lessee shall be entitled to utilize any and all
furniture, fixtures, equipment and other property (collectively "FF&E") that may be upon Premises
in its "as -is, where is" condition. Lessee shall be solely responsible for the maintenance, repair,
and replacement of said FF&E. Lessor makes no representations, warranties, or guarantees either
express or implied regarding any of the FF&E whether with respect to quality, condition, fitness
for particular purposes or otherwise and Lessee is not relying upon the same. This paragraph is
intended to clarify rights in and to all equipment, fixtures and furniture owned by Lessor and
referenced in this Lease.
Section 5. 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 be
required to pay a termination fee in connection with this Termination Option.
Section 6. 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 7. 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 8. 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 9. 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 and in full force and effect.
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Matson Waner Suite 530 - 1st Amendment to Lease.City.2024
IN WITNESS WHEREOF, the parties have executed this Fifth Amendment, to be effective as of
June 1, 2024.
CITY OF REDLANDS
Chris oatman, Assistant City Manager
ATTEST:
ne Donaldson, City Clerk
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Matson Waner Suite 530 - 1st Amendment to Lease.City.2024
MATSON WANER WEALTH
MANAGEMENT
By:
aAA.Waner, CFP