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CarreraHangars_LeaseAmendment_Bowers Field
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01. January
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2025-01-21 10:00 AM - Commissioners' Agenda
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CarreraHangars_LeaseAmendment_Bowers Field
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Last modified
1/16/2025 1:12:07 PM
Creation date
1/16/2025 1:03:06 PM
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Meeting
Date
1/21/2025
Meeting title
Commissioners' Agenda
Location
Commissioners' Auditorium
Address
205 West 5th Room 109 - Ellensburg
Meeting type
Regular
Meeting document type
Supporting documentation
Supplemental fields
Item
Request to Approve and Sign an Amendment to a Lease with Carrera Hangars Bowers Field, LP for Lot H-20A within the Aeronautical Area of Bowers Field
Order
18
Placement
Consent Agenda
Row ID
126584
Type
Resolution
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hereafter made and executed between Tenant and Lender up to and including the amount of Two Million <br />Eighty Six Thousand Dollars ($2,086,000.00) plus interest, costs of realization and attorney's fees. Said <br />subordination shall be for the entire period of the duration of the Lease. In the event of foreclosure, or <br />realization proceedings on such mortgage, deed of trust or security instrument or conveyance of the <br />leasehold interest of Tenant in lieu of such foreclosure, the said Lender, its assigns, and successors in <br />interest shall be entitled to and vested with the entire leasehold estate of Tenant as if an original party to <br />the said Lease with such additional rights and powers as are hereinafter set out. <br />2. Assignment by Lender. In the event the leasehold estate of Tenant shall become vested <br />in Lender as provided above, the original Ground Lease described above may be assigned by Lender in <br />whole only with Landlord's prior written consent. The Lender may also sublet any portion of the <br />premises with Landlord's prior written consent. Any consent required by this paragraph shall not be <br />unreasonably withheld. Consent shall be deemed to be unreasonably withheld if the proposed assignee or <br />subtenant is to use the premises for such business purposes as are consistent with other business purposes <br />operating at the Kittitas County Airport (and the Federal Aviation Administration has in writing given its <br />prior written approval of the business to be carried on by the proposed assignee or subtenant), if the <br />proposed assignee or subtenant is of such financial standing and responsibility at the time of such <br />assignment or sublease as to give reasonable assurance of the payment of all rents and other amounts <br />reserved in the Ground Lease and compliance with all of the terms, covenants, provisions and conditions <br />of the Ground Lease. Any such assignment or subletting shall be further subject to the following <br />conditions: <br />(a) At the time of making such assignment or sublease there is no default under any <br />of the agreements, terms, covenants and conditions of the Ground Lease or this amendment on the part of <br />the Lender; provided, that said Lender or assignee or subtenant may cure the default prior to taking <br />possession of the premises. <br />(b) Landlord shall receive written notice of such assignment or sublease and the <br />effective date thereof within ten (10) days after the execution and delivery of such assignment. <br />(c) Such assignment or sublease shall be in writing, duly executed and <br />acknowledged by the Tenant. If Tenant does not sign, the Lender may give a hold harmless agreement to <br />Landlord protecting Landlord from any claim of Tenant that the Lender, or its assigns, does not have the <br />right of possession. <br />(d) Any assignment shall not be for any period less than the unexpired term of the <br />Ground Lease. <br />(e) A duplicate original of any assignment or sublease shall be delivered to Landlord <br />within ten (10) days after the execution of any such document. <br />(f) No assignment of the Ground Lease shall release or discharge, in whole, or in <br />part, Tenant's liability for the full performance of the terms, covenants and conditions of the Ground <br />Lease. <br />(g) If all or any part of the leased premises be sublet or occupied by anyone other <br />than Tenant, Landlord may, after default by Tenant, collect rent from any and all subtenants or occupants, <br />and apply the net amount collected to the rent reserved in the Ground Lease, but no such collection shall <br />be deemed a waiver of any agreement, term, covenant or condition hereof, nor the acceptance by <br />SUBORDINATION OF REVERSIONARY INTEREST (ELLENSBURG) PAGE 2 <br />12187-5487/LEGAL 124047121.2 <br />
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