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01. January
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2025-01-21 10:00 AM - Commissioners' Agenda
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Lease Amendment
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Last modified
2/5/2025 10:50:00 AM
Creation date
2/5/2025 10:49:32 AM
Metadata
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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
Fully Executed Version
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 />gigftty Six Thousand Dollars ($2,086,000.00) plus interest, costs of realization and attomey's fees. Said <br />suSordination shall be for the entire period of the duration of the Lease. In the event of foreclosure, or <br />realizationproceedings on such mortgage, deed of trust or security instrument or conveyance of the <br />leasehold interest ofienant in lieu ofsuch 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 />Z. Assignment by Lender. In the event the leasehold estate of Tenant shall become vested <br />in Lender u, prouid.d ubou"Se 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 wlth Landtord's prior written consent. Any consent required by this paragraph shall not be <br />unreasonably withheld. Cbnsent shall be deemed to be unreasonably withheld if the proposed assignee or <br />subtenant isio use the premises for such business purposes as are consistent with other business purposes <br />oferating at the Kittitas County Airport (and the Federal Aviation Administration has in writing given its <br />piiot *.i-tt"n approval of the busineis to be canied on by the proposed assignee or subtenant), if the <br />propos"d assignee or subtenant is of such financial standing and responsibility at the time of such <br />asrignm"nt orlublease as to give reasonable assurance of the payment of all rents and other amounts <br />reselrved 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 Lenler; 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 ihe Tenant. If Tenant does not sign, the Lender may give a hold harmless agreement to <br />Landlord pioteciing Landlord from any claim ofTenant that the Lender, or its assigns, does not have the <br />right ofpossession. <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 liab"ility for the full performance of the terms, covenants and conditions of the Ground <br />Lease. <br />(g) Ifall or any paft ofthe leased premises be sublet or occupied by anyone other <br />than Tenant, I-andiord may, after default by Tenant, collect rent from any and all subtenants or occupants, <br />and apply the net amount lollected to the rent reserved in the Ground Lease, but no such collection shall <br />Ue aelmeO a waiver of any agreement, term, covenant or condition hereof, nor the acceptance by <br />SUBORDINATION OF REVERSIONARY INTEREST (ELLENSBURG) PAGE 2 <br />I 2 I 87 - 5 487 ILEG AL I 2 40 47 t 2 I .2
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