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<br /> 1 <br />EBDA Airport Building Commercial Lease <br />LEASE AGREEMENT <br />Airport Building (Kittitas County Regional Airport-Bowers Field) <br /> <br /> <br />THIS LEASE is made at Ellensburg, Washington, this ____ day of December, 2020, by and <br />between the Ellensburg Business Development Authority (dba CenterFuse), a public <br />development authority acting on behalf of the City of Ellensburg, Owner, and hereinafter <br />referred to as Landlord, and the Kittitas County Regional Airport-Bowers Field, hereinafter <br />referred to as Tenant. <br /> <br />WITNESSES THAT: <br />In consideration of the mutual promises, covenants, conditions, and terms to be kept and <br />performed, it is agreed between the parties hereto as follows: <br /> <br />1. SUMMARY. <br />a. Leased Premises. Landlord leases to Tenant and Tenant leases from Landlord the <br />Premises. The leased commercial real estate (the “Premises”) consists of <br />approximately three thousand nine hundred twelve (3,912) square feet located at <br />3110 N. Airport, Ellensburg WA, Unit #1. The Premises do not include, and Landlord <br />reserves, the exterior walls and roof of the Premises, the land beneath the Premises, <br />the pipes and ducts, conduits, wires, fixtures and equipment above suspended ceiling <br />or structural elements of the building in which the Premises are located (the <br />“Building”). The Building, the land upon which is it situated, all other improvements <br />located on such land and all common areas appurtenant to the building are referred <br />to herein as the “Property.” <br /> <br />b. Initial Term. The lease shall commence on January 1, 2021 (“Commencement Date”), <br />or on such date as may be specified by written notice given by Landlord to Tenant <br />advising Tenant that the Premises are ready for possession and specifying the <br />Commencement Date. The initial term of this lease is for two (2) years. <br /> <br />c. Extension of Term. Provided that Tenant is not in default as described in Section 11 <br />herein, Tenant shall have the option to extend the Lease for a second term of two (2 ) <br />years (“Option Period”). This option shall permit Tenant to extend the Lease on the <br />same terms and conditions as those of the initial term, except that the base rent of <br />the extension period shall be negotiated at the then existing fair market rental rate for <br />comparable uses in commercial space located at the Kittitas County Airport, but not <br />less than the base rent of the preceding year, plus annual increases of not less than 3% <br />per year or more than 6% per year for each year of the Option Period. If the parties <br />are unable to agree upon the then existing fair market rental rate such dispute shall be <br />determined in accordance with the rules of the American Arbitration Association. <br /> <br />To exercise the option described in this Section, Tenant must notify Landlord in writing <br />at least ninety (90) days prior to the expiration of the initial Lease term and request a