Res-2020-217 - Laserfiche WebLink

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LEASE AGREEMENT Airport Building (Kittitas County Regional Airport-Bowers Field) THIS LEASE is made at Ellensburg, Washington, this _ day of December, M-bv and between the Ellensburg Business Development Authority (dba CenterFuse), a public development authority acting on behalf of the City of Ellensburg, Owner, and hereinafter referred to as Landlord, and the Kittitas County Regional Airport-Bowers Field, hereinafter referred to as Tenant. WITNESSES THAT: ln consideration of the mutual promises, covenants, conditions, and terms to be kept and performed, it is agreed between the parties hereto as follows: 1.. SUMMARY. a. Leased Premises. Landlord leases to Tenant and Tenant leases from Landlord the Premises. The leased commercial real estate (the "Premises") consists of approximately three thousand nine hundred twelve (3,9L2) square feet located at 3L10 N. Airport, Ellensburg WA, Unit #1. The Premises do not include, and Landlord reserves, the exterior walls and roof of the Premises, the land beneath the Premises, the pipes and ducts, conduits, wires, fixtures and equipment above suspended ceiling or structural elements of the building in which the Premises are located (the "Building"). The Building the land upon which is it situated, all other improvements located on such land and all common areas appurtenant to the building are referred to herein as the "Property." b. lnitial Term. The lease shall commence on January 1,,2021. ("Commencement Date"), or on such date as may be specified by written notice given by Landlord to Tenant advising Tenant that the Premises are ready for possession and specifying the Commencement Date. The initial term of this lease is for two (2) years. c. Extension of Term. Provided that Tenant is not in default as described in Section l-1 herein, Tenant shall have the option to extend the Lease for a second term of two (2) years ("Option Period"). This option shall permit Tenant to extend the Lease on the same terms and conditions as those of the initial term, except that the base rent of the extension period shall be negotiated at the then existing fair market rental rate for comparable uses in commercial space located at the Kittitas County Airport, but not less than the base rent of the preceding year, plus annual increases of net less than 3% per year of the Option Period. lf the parties are unable to agree upon the then existing fair market rental rate such dispute shall be determined in accordance with the rules of the American Arbitration Association. To exercise the option described in this Section, Tenant must notify Landlord in writing at least ninety (90) days prior to the expiration of the initial Lease term and request a 1 EBDA Airport Building Commercial Lease