HomeMy WebLinkAboutContracts & Agreements_35A-2025FIRST AMENDMENT TO MULTI -TENANT OFFICE LEASE- GROSS
This First Amendment ("First Amendment'l to the Multi -Tenant Office Lease -Gross
("Lease"), dated May 24, 2021, is made and entered into this ,24thday of February 2025 by and
between the City of Redlands, a municipal corporation, and a general law city ("City"), and Atlas
Crown Financial, Inc., a California corporation ("Lessee"). City and Lessee are sometimes herein
referred to individually as a "Party" and collectively as the ",Parties.
RECITALS
WHEREAS, on May 24, 2021, Lessee entered into a Multi -Tenant Office Leaser.Gross
with Redlands Community Investment Corporation, a California Corporation for the lease of
approximately 866 rentable square feet of space at 300 East State Street, Suite 460, Redlands,
California,, 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 wishes to vacate Suite 460 and relocate to Suite 502 containing
approximately 1,400 rentable square feet and City consents to said relocation; 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 the receipt and agfficiency of
which are hereby acknowledged, the Parties agree as follows:
AGREEMENT
Section 1. Paragraph 1,3 of the:Lease, entitled "Term'' is hereby amended to the following:
"1.3 Tenn. Term commences on June 1, 2025 ("Commencement,Date") and ends on July.
31, 2027 ("First Extension Term")." If Lessee exercises their option to extend the Lease for an
additional three (3) years, the Second Extension Term shall Commence on August 1, 2027, and
end on July 31, 2030. The base rent during each Extension Tenn shall increase annually at a rate
of three (3%) percent over the prior year's Base Rent.
Sectiog 2. Paragraph 1.5 of the Lease, entitled `Base Rent" is hereby amended to read as
follows:
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9.5 Base Rent. The monthly Base Rate during the First Extension Term shall be as
follows, Base rate shall be adjusted at the rate of Three Percent (3%) every Twelve (12) months.
Months Monthly Base Rent Rate
June 1, 2025 —July 31, 2025 $2;604.58 $1.86 per SF
August 1, 2025 —July 31, 2026 $2,682.72 $1.92 per SF
August 1, 2026 — July 31, 2027 $2,763.20 $1.97 per SF
Rent for any partial month shall be prorated based on the number of days of Lessee's
occupancy during such month."
Section 3. Paragraph 53 of the Lease, entitled "Tenant Improvements" is hereby added as
follows:
"53. Tenant Improvements. Lessor, at Lessor's expense, shall provide Lessee the Premises
based on,a mutually acceptable space plan as per the attached Exhibit "A," which will include a
newly constructed conference; room in addition to existing improvements
Notwithstanding the foregoing, nothing in this Agreement shall be construed to include
with the meaning of Tenant Improvements, any kitchen appliances including but not limited to, a
dishwasher or garbage disposal, any office furniture including but not limited to desks, conference
tables, chairs, cubicles or file storage, or any additional cabinets in the kitchen/break area.
The building standard specification materials shall be used with Building -consistent finish
selections!
Section 4. No Broker involvement. City and Lessee each represent and warrant to the other
that it has not employed any broker in connection with this Amendment.
Section S. Lrggegration 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 terns 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 6. 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.
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Section 7. 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. -
IN WITNESS WHEREOF, the parties have executed this First Amendment, to be effective
as of the date first written above.
CITY OF REDLANDS ATLAS CROWN FINANCIAL, INC.
By:
Chris Boatman, Assistant City Manager Daniel Isham, Chief Executive Officer
ATTEST:
Je&A Donaldson, City Clerk
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EXHIBIT"A"
LESSOR'S WORT{ LETTER
1, Completion of Lessee Improvements.
A. As used herein, "Lessor's Work" shall mean (i) the Substantial Completion, as
hereinafter defined, of the work called for by the plans approved by both Lessor
and Lessee as of the date of the execution of this First Amendment to the Lease
(collectively, the "Plan') and attached as Schedule I and in conformity with the
Landlord's building standards. Lessor and Lease agree that Lessor is obligated to
pay for the cost of Lessor's Work (inclusive of the cost of design, engineering,
architectural, construction management, preliminary spaoe;plan, and all revisions
thereto, and costs of obtaining permits) to the extent it conforms to the Plan and
Landlord's building standard.
2. No.Other Work. This Lessor's Work Letter shall not be deemed applicable to any
additional space added to the Premises at any time or from tithe to time, whether by any
options or rights under the Lease or otherwise, or to any portion of the original Premises
or any additions to the Premises in the event of a renewal or extension of the Term,
whether by any options under the Lease or otherwise, unless expressly so provided in
Lease or any amendment or supplement to the Lease.
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SCHEDULEI
Construction of a Conference Room in approximate location depicted in Rendering 1.
Rending 1
�. �� -h6.
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