Lease Addendum Moore - Laserfiche WebLink

Home Browse Search

KITTITAS COUNTY AIRPORT RENT: Rent shall be paid in advance on an annual basis, with the first payment due on or before the 1 st day of August of each year beginning in 1996, and continuing thereafter until termination of this lease. The rental for each year shall be as follows: Rental Periods Annual Monthly 08/01/96 to 7131101 $343.44 $28.62 08/01/01 to 7131106 $412.11 $34.34 08/01/06 to 7131111 To be negotiated 08/01/11 to 7131116 To be negotiated 08/01/16 to 7131121 To be negotiated Alternatively, the lease payment may be paid in monthly installments equal to 1/12 of the annual lease amount. Said monthly installments shall be paid in advance and are due no later than the 25th day of each foregoing month. ADJUSTMENT OF RENTAL: After the fifth year, the Lessor shall have the right to increase rental rates, as outlined above. After the tenth year, the Lessor shall have the right to increase rental rates, provided that the annual rental rate shall not increase to more than 5% of the previous year's annual rental rate, effective at the beginning of the tenth, fifteenth and twentieth year of this lease .. The appraised value of land and improvements shall be as determined by the Kittitas County Assessor according to the last previous appraisal. If the Lessee does not agree with the proposed rental rates for the subsequent five year term, the Lessee may request arbitration. If the Lessee elects to arbitrate, the Lessee shall select one arbitrator and the Lessor shall select one arbitrator and the two so chosen shall select a third arbitrator. The arbitrators shall have the authority to increase the rent or continue the previous rental rate, and both parties shall be bound by the decision of the arbitrators. The cost of arbitration shall be borne by the Lessee. LEASEHOLD TAX: In addition to any rental herein provided, the Lessee shall pay to the Lessor the leasehold tax as set forth by the State of Washington in Chapter 61, Laws of 1976, Second Executive Session (R.C.W. 82.29A) or as amended. The tax shall be due and payable at the same time the rental charged herein is due and payable. FIRE PROTECTION ASSESSMENT: In addition to any rental herein provided, the Lessee shall pay an annual fee which shall be in lieu of taxes for fire protection services, a sum equal to $1.00 (plus any special levies of the Fire District which has received voter approval) per $1,000.00 of appraised value of land and improvements of the leased premises. The value of the leased premises shall be determined by the Kittitas County Assessor. This fee shall be due annually each and every year during the term and shall be due and payable on the 1 st day of March of each year. In the event the premises are leased for only a portion of a year, the amount shall be prorated. MacMICHAEL LEASE PAGE 2