HomeMy WebLinkAboutContracts & Agreements_130A-2024SECOND AMENDMENT TO MULTI -TENANT OFFICE LEASE — GROSS
This Second Amendment ("Second Amendment") to the Multi -Tenant Office Lease -Gross
("Lease"), dated April 4, 2019, is made and entered into this Istday of July 2024 by and between
the City of Redlands, a municipal corporation, and a general law city ("City"), and Fitgerald &
Associates, Inc., a California corporation ("Lessee"). City and Lessee are sometimes herein
referred to individually as h "Party" and collectively as the "Parties"
RECITALS
WHEREAS, on August 21, 2014, Lessee entered into a Multi -Tenant Office Lease -Gross
with Redlands Community Investment Corporation, a California Corporation for the lease of
approximately 1,926 square feet of space at 300 East State Street, Suite 501, Redlands, California;
and
WHEREAS, Lessee and Redlands Community Investment Corporation amended that
certain Lease Agreement with the First Amendment dated May 31., 2018; 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, 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 l . Paragraph 1.3 of the Lease, entitled "Term" is hereby amended to the following;
"1 .3 Term. Term commences on August 1., 2025 ("Lease Renewal Commencement Date")
and ends on July 31, 2028 ("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 August 1, 2025, 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.
I;\Citrus Center - 300 E State Street\Tenant Lease Agreements\Fltzgeraid & Assoc\Fltgerald and Associates Second Amendment to
Lease.City,7.2024.docx 1
Term Dates
Monthly Base Rent
per s are foot
Monthly Base Rent
8/1/2025 — 7/31/2026
$2.49
$4,795.74
8/l/2026 — 7/31/2027
$2.56
$4,930.56
8/1/2027 — 7/31/2028
1 $2.64
1 $5,084.64
Rent for any partial month shall be prorated based on the number of days of Lessee's
occupancy during such month."
Section 3. Paragraph 4.2 of the Lease, entitled "Operating Expense Increase" and related
Paragraphs 1.6, entitled "Lessee's Share of Operating Expense Increase" and 1.9, entitled "Base
Year; Insuring Party are hereby deleted in their entirety.
IN WITNESS WHEREOF, the parties have executed this Second Amendment, to be
effective as of the date first written above.
CITY OF REDLANDS
s
Chris Boatman, Assistant City Manager
ATTEST: /
c./
e ne Donaldson, City Clerk
FITZGERALD & ASSOCIATES, INC., a
California corporation
Michael R. Fitzgerald, CEO
l:\Citrus Center - 300 E State Street\Tenant Lease Agreements\Fitzgerald & Assoc\Fitgerald and Associates Second Amendment to
Lease.City.7.2024.docx 2