HomeMy WebLinkAbout01-10-2024 Lease Agreement Amendment No. 2 with Jamestown Premier SLO Retail LP for 837 Marsh Street 1
SECOND AMENDMENT TO BUILDING AGREEMENT AND LEASE
FOR 837 MARSH STREET
THIS SECOND AMENDMENT TO BUILDING AGREEMENT AND LEASE ("Second
Amendment”) is made and entered into on __________________________________________
by and between THE CITY OF SAN LUIS OBISPO ("City" or "Landlord") and JAMESTOWN
PREMIER SLO RETAIL, L.P, as successor in Interest to COPELANDS' PROPERTIES, LLC,
which was the successor in interest to CHARLES FORD COMPANY, INC., ("Tenant"), with
respect to that certain Building Agreement and Lease, dated May 15, 1989, as amended by that
certain First Amendment to Building Agreement and Lease for 837 Marsh Street, dated as of
November 5, 2013 (collectively, the "Original Lease") between Landlord and Tenant, relating to
the retail commercial space commonly known at 837 Marsh Street, San Luis Obispo, California
("Premises"). All capitalized terms not otherwise defined in this First Amendment shall have the
meaning given in the Original Lease.
AGREEMENT:
WHEREAS, on May 15, 1989 the City entered into a building and lease agreement with
Tenant to build the Marsh Street parking structure and a 15,000 square foot retail space at 837
Marsh Street to be rented by Tenant as a long-term lease (the “Original Lease”); and
WHEREAS, on November 5, 2013 the City and Tenant agreed to a first amendment to the
building and lease agreement amending Article 1 – Term, Section 2 of the Original Lease, Article
V – Rent, Sections 1, 2, and 3 of the Original Lease, and Article VII Maintenance and Repairs, a
new Section 6 added to the Original Lease; and
WHEREAS, the City and Tenant desire to amend the Original Lease as set forth herein,
NOW THEREFORE, the City and Tenant, in consideration of the mutual representations,
warranties and covenants contained herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, subject to the terms and conditions hereinafter
set forth, and intending to be legally bound, do hereby mutually agree as follows:
1. Article I - Term, Section 2 of the Original Lease shall be deleted in its entirety and shall
be replaced as follows:
2. TO HAVE AND TO HOLD said premises with all the rights, privileges, appurtenances
thereunto beginning and attaching, unto the Tenant, its successors and assigns for the term
of approximately thirty-five (35) years commencing as set in the Original Lease, which
term terminates on January 31, 2024 (the “Initial Term”). City and Tenant hereby extend
the Term of the Lease for an additional five years commencing on February 1, 2024 and
ending on January 31, 2029 (said five (5) year extension is referred to herein as the “First
Extended Term”), unless sooner terminated in accordance with the terms of the Lease. For
the avoidance of doubt, the parties acknowledge that Tenant has no other options to extend
the term of the Lease and any modifications or amendments to terms subject to mutual
negotiation and agreement of the parties.
DocuSign Envelope ID: 26528F0A-0CF6-444D-A4CE-34C1FD9CBFCE
1/10/2024 | 2:22 PM PST
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2. Article V - Rent, Sections 1, 2 and 3 of the Original Lease shall be deleted in their entirety
and shall be replaces as follows:
A. Rental rate during the First Extended Term shall be as follows:
1. From February 1, 2024, to January 31, 2025, rent shall be $11,000 a month.
2. Thereafter, from February 1, 2025, to January 31, 2029, rent shall increase on
February 1 of each year by 3%.
3. Except for the amendments set forth above, the Original Lease shall remain in full force
and effect.
4. This Second Amendment may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original and all of which shall constitute one and the
same agreement.
IN WITNESS WHEREOF, the parties have caused this instrument to be executed the day
and year first written above.
LANDLORD:
CITY OF SAN LUIS OBISPO,
A municipal corporation and Charter City
By: ___________________________
Derek Johnson, City Manager
ATTEST: APPROVAL AS TO FORM:
________________________ ____________________________
Teresa Purrington, City Clerk J. Christine Dietrick, City Attorney
TENANT:
Jamestown Premier SLO Retail, L.P.,
a Delaware limited partnership
By: JAMESTOWN Premier SLO Retail GP, LLC,
a Delaware limited liability company, its general partner
By: ______________________________
Name: Christophe Farber
Title: Asset Management
DocuSign Envelope ID: 26528F0A-0CF6-444D-A4CE-34C1FD9CBFCE