CarreraHangars_LeaseAmendment_Bowers Field

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KITTITAS COUNTY AIRPORT -BOWERS FIELD Lease Addendum THIS ADDENDUM TO LEASE is made and dated this day of, , 2025, by and between KITTITAS COUNTY, a municipal corporation in the State of Washington, hereinafter referred to as the LESSOR, and CARRERA HANGARS BOWERS FIELD LP, a Limited Partnership formed in the State of Washington, and hereinafter referred to as the LESSEE. WITNESSETH: WHEREAS LESSOR and LESSEE entered into a Lease on June 1, 2010, a copy of which is attached hereto and by this reference incorporated herein; and WHEREAS, according to Paragraph 4 "Rental Rate Adjustment", it states "the rental rate shall be re -adjusted per the CPI index every five years as required in RCW 36.34.180". WHEREAS, per Paragraph 4 "Rental Rate Adjustment", the rental rate was not re -adjusted and fixed per the required timeline due to staff oversight; and WHEREAS, upon researching the CPI index it was discovered that the CPI identified for re- adjustment (Size Class D under 50,000) was discontinued by the U.S. Bureau of Labor Statistics in 2018; and WHEREAS, for continuity with current lease rate adjustment procedures, the yearly Lease rate shall be increased by eight percent (8%) every five (5) years as a set Lease rate increase through the Lease term; and WHEREAS, this Lease Addendum hereby satisfies the Paragraph 4 "Rental Rate Adjustment" clause per the lease terms. NOW, THEREFORE, IT IS HEREBY AGREED by and between the parties to a change in rental rates and contract terms as follows: 1) "Paragraph #2 - Rent" - Rental Rates for 06/01/2024 thru 05/31/2029 Term - will read as follows for: LOT H-20A Rate - .62 Acres (27,007.20 square feet) TERM Previous Rate Per Year ($.123 Current Rental Rate per Sq. Ft.) ($.13 per Sq. Ft.) Not including Leasehold Tax* $3,240.86 06/01/2024 — 05/31/2025 $3,510.93 Lease Addendum (2) — Carrera Hangars Bowers Field LP