HomeMy WebLinkAboutReso 221-07 Amend Land Lease
RESOlLUT][ON NO 221 - 07
A RESOlLUT][ON OF THE CITY COUNCIlL
OF THE CITY OF IDUBlLIN
AlPlPROV][NG SECOND AMENDMENT TO lLAND lLEASE
BETWEEN CITY OF DUBLIN AND US BANK NATIONAlL ASSOCIATION
WHEREAS, at the August 1, 2006, meetmg of the DublIn CIty Council, the CouncIl adopted
ResolutIOn 149-06 approvIng General Plan Amendments and the DublIn Village Hlstonc Area
SpeCific Plan, the Parks and RecreatIOn Master Plan May 2006 Update (Resolution 150-06), and,
the DublIn Hlstonc Park Master Plan (ResolutIOn 151-06), all of which are Incorporated herem
by thIS reference, and
WHEREAS, the March 2004 Update to the Parks and RecreatIOn Master Plan antIcIpated a 5 3
acre parkland defiCit at buIld out of the City and IdentIfied the need to select and deSignate sites
for new parks to alleVIate the defiCIt and the DublIn Square Shoppmg Center was one of the
deSignated Sites, and
WHEREAS, at the September 16, 2006 City CounCil meetmg, the Dublm City CounCil
approved an amendment to the 2006-2011 Capital Improvement Program for the DublIn HIstonc
Park AcqUlsItIOn Project ThIS Project mcludes and proVIdes for the acqmsltlon of the Dublm
Square ShoppIng Center (APN 941-1560-007-01) so that It may be used for the park and ProJect,
and
WlHIEREAS, the CIty acqUlred fee tttle to APN 941-1560-007-001, the DublIn Square Shoppmg
Center, on May 9,2007, and all lease agreements thereto were aSSigned to and accepted by the
City, and
WJHIEREAS, the eXIstmg lease With U S Bank NatIOnal ASSOCIatIOn expIred on October 31,
2007 and the City and U S Bank NatIOnal ASSOCIatIOn WIsh to amend certam conditions In the
lease, mcludmg rent, access, and parkmg
NOW, THEREFORE, BE IT RESOlLVED that the City CounCIl of the CIty of DublIn does
hereby approve the second amendment to the Land Lease agreement WIth U S Bank National
AssOciatIOn, attached hereto as ' ExlubIt 1" WIth the effectIve date of November 1, 2007
BE 11' FURTHER RESOlLVED that the Mayor IS authonzed to execute the second
amendment
Page 1 of 2
1P ASSED, APPROVED AND ADOlPTED thiS 18th day of December, 2007 by the followmg
vote
AYES CoulID.cIlmember Hildenbrand, Oravetz, Sbrantl, Scholz, snd! Mayor lLoclkhart
NOES None
ABSENT None
ABSTAIN None
ATTEST
~~~~
tenm CIty Clerk
1144019/1023854
Page 2 of 2
SECOND AMENDMENT TO LAND LEASE
~ THIS SECOND AMENDMENT TO LAND LEASE (the "Amendment") is made as of
Wovelmb@. ~, 2007, between the City of Dublin ("Landlord") and U.S. Bank National
Association, a national banking association, formerly known as Community First National Bank
("Tenant") .
A. Pursuant to the LAND LEASE dated as of April 14, 1967, attached hereto as
Exhibit A, and incorporated herein by reference, and amended May 9, 1990
through the LEASE AMENDMENT attached hereto as Exhibit B, and
incorporated herein by reference (collectively, the "LEASE"), Tenant leases the
real property situated in the Dublin Square Shopping Center, as more particularly
described in the Lease (the "Premises").
B. The City of Dublin acquired fee title in and to the real property commonly
referred to as the Dublin Square Shopping Center located at 11759 Dublin
Boulevard, City of Dublin, County of Alameda, State of California, in May 2007
from Berkeley Land Co., through a Purchase and Sale Agreement. Landlord and
Berkeley Land Co., Inc., also entered into an "Assignment and Assumption of
Leases" dated May 9, 2007, whereby City of Dublin became Landlord under
LAND LEASE dated April 14, 1967, and LEASE AMENDMENT dated May 9,
1990, and City of Dublin was assigned, transferred, and conveyed all rights, title
and interests as Landlord under LAND LEASE and LEASE AMENDMENT.
C. Landlord acquired the Premises and Dublin Square Shopping Center for a
proposed project for expansion of the existing Historic Park (the "Project").
D. Landlord and Tenant desire to. amend LEASE to alter certain provisions thereof
on the terms and conditions hereinafter set forth.
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Landlord and Tenant agree as follows:
1. Rent. Commencing on November 1, 2007, annual rent shall be Forty Two
Thousand and 00/100 Dollars ($42,000.00) payable in advance in equal monthly
installments of Three Thousand Five Hundred and 00/1 00 Dollars ($3,500.00).
Thereafter rent shall be subject to adjustment every three years, beginning
November 1, 2010, to an amount equal to the lesser of (i) the change in the San
Francisco - Oakland Consumer Price Index For Urban Wage Earners and Clerical
Workers as published by the United States Department of Labor - Bureau of
Labor Statistics, August index (the total change in the CPI in the three year
period, for example from November 1,2007 to November 1,2010); or (ii) seven
percent (7%). Should the Bureau cease to publish the San Francisco - Oakland
Consumer Price Index For Urban Wage Earners and Clerical Workers, the parties
shall agree in writing to a reasonable replacement index.
Exhibit 1
2. Historic Park Proiect. Landlord and Tenant acknowledge that Landlord plans to
proceed with the Project within the Dublin Square Shopping Center, and
immediately adjacent to the Premises, and change the area's usage from a retail
area to a park area. During the Project's construction Landlord agrees to make
reasonable efforts to notify the Tenant of all construction activity which may
affect the Tenant's use of the Premises. This includes, but is not limited to,
providing Tenant with site plans and work schedules for the areas immediately
adjacent and affecting the Premises.
3. Parkin!!. Section 7 of LEASE grants Tenant's patrons the reciprocal right to
use the parking area at the Dublin Square Shopping Center in addition to the other
tenants' patrons of the shopping center. Landlord agrees to provide, at all times
during construction of Project and thereafter during the term of LEASE, adequate
parking stalls for the shared use of Tenant and park patrons as required under
City's Zoning Ordinance and/or parking requirements for banks (1 space per 150
square fee of building space). In no event shall the number of parking stalls
available to Tenant's patrons during regular business hours be less than twenty
(20).
4. Access. Currently, there are three driveways providing access into and out of the
Dublin Square Shopping Center. The Project will eliminate the driveway from
Donlon Way to the parking area. Landlord agrees to maintain the two driveways
nearest Tenant.
5. Authority. Landlord and Tenant represent and warrant that each has all the
necessary approvals and authority to enter into this Amendment, and shall
indemnify and hold each other harmless for any breach of this representation and
warranty.
6. No Existin!! Defaults. Landlord and Tenant represent and warrant that there are
currently no defaults by either party under the Lease. .
7. Notices. Any notices to Landlord and/or Tenant under this Lease must be in
writing and must be hand-delivered, sent by prepaid certified mail or by reputable
overnight courier addressed to the following, all other notice requests shall remain
as stated herein:
Tenant: U.S. Bank, National Association
Corporate Real Estate
4480 Emerald Avenue
Cincinnati, Ohio 45242
Attn: Marsha Ward Lane, Vice President
With a copy to: U.S. Bank, National Association
Attn: Corporate Real Estate Counsel
800 Nicollet Mall, BC-MN-'H21R
Second Amendment to Land Lease Page 2 of 4
Minneapolis, MN 55402
Landlord:
City of Dublin
100 Civic Plaza
Dublin, California 94568
Attn: Richard Ambrose, City Manager
With a copy to: Meyers, Nave, Riback, Silver and Wilson
555 12th Street, Suite 1500
Oakland, California 94607
Attn: Elizabeth H. Silver, City Attorney
8. Counterparts. This Amendment may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute
one and the same instrument. Faxed signatures shall be considered originals.
9. Ratification. All of the terms of the LEASE, as amended hereby, are hereby
ratified and confirmed. All other terms of LEASE remain binding except where
they contradict this Second Amendment which shall prevail.
[Remainder of page intentionally left blank. Signature page follows.)
Second Amendment to Land Lease
Page 3 of 4
WHEREFORE, Landlord and Tenant have executed this Amendment as of the date first
above written.
Second Amendment to Land Lease
A2f
L oc.Kh Ii t-I
Title: Ih ;q yo r
TENANT:
r
By: 7hkJ ,V Q01;l/V
Print ~ (;11-< ~Rv---
Title: v I f
B~ill. LiJQ,~
Print Nam~a.xt-L-L ~w~
Title: \J'\~ -?~\~\-
Page 4 of 4
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1.
LAND LEASE
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THIS LAND LEASE, '.execute"d in duplie'ate at pi~~;'~~to~r .. j
:... . . ~ .co~pOratiol'l.1
7 r be tw ERI<ELEY LAND COMPANY land 'l!HE
a. rporata.o ...:.: .' !
FIRST NATIONAL. B~K .OF. PLEAS. ~r called ~.e~pe~~i~~ly I
the Lessor a~d ~ ~~:~.~~~\'.. without regard t~: ~umber o~ ~~~~~r:':. . .'!
IT IS AGREED between the partIes hereto as follows: 1
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l'~' DESCRIPTION OF PREMISES: The Le~sor hereby leases
.oO- w" ~ '. .- i .,.. ~ .. -:- ., ::': ::_... ... i. " L.... '.<.: .'
tofue Lessee the real property situated in the DUblin Square
Shopping cen.t~~; '~~ .Dtiliiin Boulevard, Dub:i.i~.~ AJ.amed~ cou~~y.
.'" ..,'" ~." . .. , . . . ~.'J. "...;. .....
California, 9.0 x .90 feet, more part.icularly described in "Exhibit AI>
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. 0
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11 attached hei~to and 'made a part hereof.
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2. TERM AND RENT:
. . ,'1 ":-, . . ,'.!:; . .
years comrnericinq on the first
day of October, 1967, at a total
~ ~~,.. "~
The term shall be for twenty (ZO)
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:;:';. !....'
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rent or sum of TWENTY-SIX THOUSAND THREE HUNDRED TWENTY-THREE and
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. :'~ "'~' ::;.~_.. . ;.'~ .... l\":.
20/100 DOLLARS ($26,323.20), lawful money of the United States,
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. . ':".~': 1.: ..', :. .: !: ~ . : ." . . . -:. .... "
which sum shall be paid in installments as follows:
ONE HONDRED
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NINE and 68/100 DOLLARS ($109.68) on October 1, 1967, ONE HUNDRED
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. : . : " :. ,0 .. ...... .... ...
NINE and 68/100 DOLLARS ($109.68) on the first day of each and
every month therea.fter until said total sum of n-mNTY-SIX THOUSAND
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THREE HUNDRED TWENTY-THREE
. '." o. . ..
and 20/100 DOLLARS ($26,323.20) has be n
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This lease is sub~ect. to the following
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paid.
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3. CONDITIONS:
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conditions;
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(a) That Lessee receives the necessary permits,
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authority' ~nd ~ppro~al of all federal, state, county an
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municipal agencies having j~isdiction for the construe
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. !. ':. ;. '.. . l '. '.
tion, erection, maintenance and use of a commercial
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building on the real property described hereinabove.
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(bf. That the Comptroller of the Currency of the
. ;! . ...
United States, or other bank supervisory authority
. ~ ~.. ; .' .'
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grant a permit to relocate the. Branch of Lessee, now
-I), 10. .,..,
located at 11902 Dublin Doulevard, to the demised
.-:~.'.~: :.::'~~:. i- ~. n_
premi.ses.
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Exhibit A
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(e}" Thac'Lessor is abi. <00 .ecur. .<oho ~le..e ,f<~ I
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an. exi.sting 'deed .of trust on the ..entire: Dublin ,Square
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. .Shopping Center, as
to the portion.of said shopping. :
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Center.:to.'be.leased by Lessee, so that. ~es5ee I.S. .3.~a,s!'!-
hold ~rtterest.will,be.prior, superior. and paramount; to
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'thee. lien.. c.f . ahy fucirtgage. or dEled: of..; trust,. which', may now
'.," or'.hereaftertaffe.ctLessor'g fee interest..in the.,leased. .
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, "
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property oX'.. any part thereof;.. In the event. .Les.S9L.j..s..,
unable. .to' obtain such a release, this lease shall be
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null land vold... !.'!
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. :If' any of. :'the" forego ing .governtnen tal.. agencie~. .shquld
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prohihit~' enjoin or 'penalize Lessee in the.constru~tion, ereaFian,
marriten.arice) 'or use: of said premises by Lessee I, .LesseE! . sh~ll -have
the'.'optiori...to .:treat ,this;le.ase as null and void. In :the ..!3ye,nt ..' :
L.e'ssoi- f5 lJn"ablei. '-to' .:obtain 'the release!, of the portion ..0:1;, ct:Q.~ pre-
nd.-se.s 'known as the Dublin Square Shopping Genter, described
hereinabove., to. be leased .by Lessee, .from. .the existing. pee 0,. ;.of:
Trust on said premises so that Lessee's leasehold interest as
contained hei-red.:n. shAlI be prior; superior "and ',paramount :.to sa:!,d:..,
deed ..of .trust, this lease shall be null and void. Lessee shall
give notice -in. w:.d t.ing.:to L!;!s s ~r. ~f any such elec~ion. undeJ<. this
paragraph'within t:hirey~ {SQ). days of the/date that Lessee receives
knowledge of the failure-of any of ,the conditions containeqjherei .
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Lessor. agre~s;-to .give.:notice to Lessee in w:riting within. -sixty'
. (60) '" days. from the date. oftha execution .of this lease, <!~ . to:.,.,
whether or. not'.'the hol.der:of said. deed of :t:rus,t will subordinate
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'1::0'. Lessee.t.s" interest' as contained herein.
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4.. - CONSTRUCTION .BY LESSEE::. .
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Ca).: Leasee'shall at'his.'sole cos.t'and expense.,. con
struct .on. the,' deinised. premi'ses, a bank. building aL.2,OOO feet, mo e
'or .le.ss~'. togeithet with all;. necElS"sary fixtures, andappur:te~ances.
Construction :shaIl~be diligently. prosecuted to completion,
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subject to ~elaY$ covered herein belo~, and ~e~aYB. co~s~~ted to by
Lessor. :. .Any l?1.=:ev:e~:~:ion, :~.lay I or !:!toppage due: ,to ..strikes!
w<!J,kouts , '.~~9J; .Aisput.es, acts of God , . inability. to ~btain labqr
. . -' . ,- ....-.; ~ ': . .
or :mate.z:;iaJ,6, or..r~asonabl.e s}lbstitutes ther~~o..z:;J ~9,:e7nm~~ta+:....
~estric1:-io~s I. 9ove~nroental regu~ations, governmen,~af :.co~~r~.~s,
enemy or "r.o~i?i~~..!g9.yerl.lIl1enta~ acti,?~.! ~iv.iJ,. ,.c:omrnotio~ ~ '/+:7...;?r
o~her.c~sualty..and_other causes beyon~.~~ reasonable control of
-.- ',.... ...... oJ.... ..... . ... ... - ",'" '~.., .~ l,oJ ~. . :.:-:..~.... .~,
the ~esse.~,; ~lu~.ll :~x~u~e perfo!lllance by it for a period equal to
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any such pr~ve~~~Cl~:t(.~~l~~ or~topp~~~~...
.' $ '" ...
....;:: ',':' c':"'~~:
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,..,...:'.. - J:"'.':.~ JJ::lh,I~ tp.~,.cops!-ructior:.~f':,sa:l:~ b':li:.-~~~~..~.;Le~~ee
shall..CPl!tp'.1,.Yt:~i~~:,~:q~ <!-p];?H~al?le }'~.~~ra~.t .S.t~~~1 ~C:Ull~y I~?:d \.
~ic~pal..~aw"!dmd.J.!:p~es;:~np. reg}lla~~o:p..s ot.thed~l?artmen:ts and
, ~ .... ,. ~.. .- ..
bureau!il haY'~g jur.is4ct.:!-o~ ~lere9f. .~~ssor., ~gree.~ : th~J ~Bsee.
~hall be.p~~~te~;~Q,conn~~~wi~.the exi~tin~:sewer! ~at~f( ~d
el~ctric,~i~e~ca~ready.on ~he prope;ty of. the ~esspr withpu~
charge.
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. ":.... .;.,..!. :.: (c~ ::;.~t .i,s a9'reed !='etween ..Lessor., an,d. L~~s~e,."!=f.a~ th
bu~ldingto.be constracteg by Lessee on the land described herein
--_'0 ............l.._.._ . ._. ....'....:..
shall. remain. the. .personal. p'roperty of Lessee and shall not become
. ". -' _. to .... p ~.' '. . " . .' ~ _ ~. .
a fi:x.t;.ur~_ ..... .....:.!:.. t..,.'-:.'~. .......~.. . ......:. 'r" ...,...~.::._:.. ... ..: ........__~..
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. ." . .,.... :, .~.,i..; ..:tITLE. AND SUBORDINATION;
.,Less?:r 2;eE::res,,:~t~ ,~d ,.
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wa~l;aI!:t;;5"t9.~j;:.i..1;..h~1~~,~ t~1;;1,e to. sa~d re~l prop7~ty and _1;a~.. .
.~~tho~i~y. ~~.eF-t~~.~totn~.lease h~rein. ,.~esB~e desires to
obtain a ti tl~. in~?ra!1ce: polic~ .wi th respec.t 1:,q ,. i ts: ~ea9~hold
es.tate. T.;tl~....t~ .~ssee'B leasehol~ estate sha~l be..!ielivere;d to
it..fr~e. and~.clea:z=, _excep~ing for covenants! q.ondi:t:i.olJs,:
re~triq1;;!..on~"je"!S.ern~~~.~..:.~J.ght~ and r~.g~~ 0:1; way of reco~c.r, all
. of ,.~hich !.shall. b~ ~u.bject;..tp the. appr.~v~l.,of.Le.ssee wi.thip.
fourtee~ (14),. <;i.~ys after receipt of a pre:J.i~iIg1:1=y .tit17:z=eJ(.ort
on the abo"\l'e-des.cri~I?9-.prelni.se8.. Title shall,a1.so be:s~t::'j~ct . ,
to .cuJ;"l:'ent;.paid. real..property taxes. Title ,ins~ance, if obtaine
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by Lessee, .sh~l~:l?e:.~17...?ts expense.
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6. .TAXE&: Lessee shal}:', in addition to all of the sum
~'..
2 agreed ,to be. paid "by.. it: under .this lea~e ,; pay all ..:tearand
::; personal. property'\ ta.xes. that shall; dU:t"~ing the term'. of. this 'lease ,
4 be. assessei;!. ,against: .the demised' premi-s~s~;.' iessor. and. Lelirsee.. shill
. , .. ,'.: ..,' - ":.. :!..
5 each initiate proeeedings :with the ASSBssor'Of"'thiFCodnty'16f .'
6 Al/.!.Zl1ada to..segJ;egate:'the~demised premises fr6in the .area'kii6wn as
7 the .:Dublin, Square, <:-ao that.. a separate ~tax..'OiH.-will..:b~i:~oeived
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for the"demised prem~ses '" .~,:
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7~'i PARKING::AR,EA:::",It is 'unden1tClod fu1d' agreed"'tftat the
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P.~lin SqU~re::'Shopp.tng ;:Center .;ispresently. PBved I .1.ighted' 'aria
,mlllrked with ',:an :.-adequate rparJUng are a. ' That ~ said -'p.arkiiig t: ~fea. ,: is'
operate.d,and.'m.ain~a~ed :by .Lessor and ..is 'for 't:he. parkirig,'6f~..,,:.
auto/Uo.b.i,J,es iO,f'lpatrons. o.f .,the. Dublin Square '..ShoPPing CemterY:'iti-:::
cl.udiI;lg. Les,~e.e .;.:,:if:tesSlee:',s. patrons snaIl have .the ,right-"to.''u,se..the
park.i,ng 'area P:l; the. LDublin' :.:Square, 'Shoppirig. Center. for" cus-f6rrler b;,
parl~i.ng .Iin. ad9-it.~on,.tGH1jhe. port.ion.'o"f the DUbU.n 'Square' Shopping
CenteJ;' .that i,:J,ylaas.ed.by. ;i.t~'.herein.. .. Las.sae.l:s' agents p't:fmpl.oyees
and officers ;.shaJ.l:.,not',=USl9 .the: Dublin Square Shoppirig Ce'nter;>-'.. ,.
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except in .the:event.:that::a:.uah an area may. be. set,.aslde.'fbr'siich
pu-rp~1Je by.. Lessor.:!.,., lN~R.,i.n.q-:;i..B-.:th;i5--3.:e:aBe~-SI~a-:l~":~e~~~~~_~ ' :.:'.;~Ni
.p..l:~h.:i..b.i.:t;..J:,Q-iI;oo~-~ol<'~;G\-.J..l;lPQB4a.,-..anY-'4reBee:""~_e-tlle-!!,_i;i.ai!-E-ae1!'"1_.4.a€-3.-1:1~
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J..u.g_.w.i.t:Ao.W:-J.~Qtt-*'kil...;.e;;eeU811~G4:~.g4 ~FUI--a:li'eWH~_ 'lihe- ~€l'Eil:.-ieA ..
O::L.t:.be,-.o.ulJJ.~.s~-I:1a..re-~heF>!rll19-€en;!;.El~;".J..ea..aeQ;"l3Y_.i-t.. ,. . :,
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,. Opera.ting and. maintenance costs for.any and all
existing parking' .a3::~~aW~s :of ,the data of ,theexec'ution of this
lea6.~- .shall .be:':porneiby:. Lessor;. and shall 1.nclude' without .!';\', ,.. .::,.
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l,im,itp.tipn.. lab.or ,.~,inl>llrance "..taxes., ~l1aterials,: supplies- .ana.'-all
oth~r' o<;:ostp:'of ope.rating :and ,repairing r lighting., cleaning,;' c:. "
pain:ting,. relieving. of. .:rubbish, or deb:ds I policing _ and. inspe.cting. .
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.,. : ., 8., ~ :.: . Lessor: shall not US e I or permit I Or allow any
o.t,her person-to : Use::. any portion ,of the' Dublin: Square Shopping'"
. Center- on which the demised premises are a. part, for..a ba.nR~ '
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. . ,.'.!;.:;' ;;'!r~':~.li:Si:n:GNMEN't AND.'SUBr.ETTING:
.Lessee . shall. have .the
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dght-1=-o:';afl.l:d:iQ", iinditigage or hypb'Ehecata .:this. J.ease;':or any in-
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tereo't- fin .:this'<'le'aae,::or permit the.. use :of' the 'premises .by..any
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perBOli 'or~~r8onS' oth~r <than Lessee ; or'.s\ililet the (premises.. or any
or its assigns
part 'thereof~'!provided..:<t:.hat. in the . event iLeSs.e.e/shou~d ,cease to,
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conduct '-th"\!' '. Ope-)!.litions' of.a bank, on :.the : dasigna tad .; premiseS.,. ,
Lesl!sor ..'sh"a1.l' : have tlhe ';option :;-t'o purchase Lessee's. bti.i.ldinq in
accordanc~ . wl1:h'l"paraqraph ,."],0 ..psrtaining: to: Qptiqn.t;o. 'purchasl!!
o1iildiii:g~.i; J:n..tha.i'Elvent- .Iassor!doesnot:,elect:'t;o exercise its.
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optIon to purdhasl'i"LEisSEle I s ,'building,'" and .:Lessee. is .unable ,.to.:. .
asl'ii9n '"('n." "sUbl~ts..sald 'premises ':"On ~ reasonable. .terms..for' the ,:purpos
of -a..bank~ .Lasseei1'lia:t"aasiqn or.sublef.; all.fJor.any. plirt':'of'..,said
premises {'..providing : such - assignmen t. Or'.isublatting 7 10>;,to, a:.busines
that - dosil : not:: c6mpetewithT an ,.existi.ngbusiness. ,in : said:~tli.lblin:
Squarei'..:Snopp1ng.:'.Ceri.t:etT.':NO 'part ..of the.14ased~ premisesl:shaU.: be. '.
sublet:; for'~li 'pUt-:pbse'.'which is: lihlawfU1', '.liangerous, noxious or
offensive. AnY"sucli':assigrimetlt or subletting:,shnll: not. be,'for.
the conduct' of a- business that.would directly compete' with:. that 0
another. tenant i.ii~the.1>Ubl.in Squars..shoppi.ng:Center..... NO:'such "..
a8sigrui1en.t~'or '.SUliJ.~ttirtg' Auall 'operata. to::reliette. the... assigning
party of: imY:'bbJ.:tgati.on:'or--liabili.ty arising, under the terms of
this. lease';' unJ.e.~~'._~~ Other party hereto . shall. spee1fiaally.,agree
In'..writlnlii" ~hat:.such,p:ropoaed 'assign~ent Shall_BO release.:,the
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assignwl,r:or sUbletting party.
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10.. OPTION ''1'0' I?URCHASE BUILDING~:\ In. the event Lessee
should oea.ile ::.to', ct>nduot 'the opera. tioulii Of. a: bank ,on the--' demised
premises, Lessee lahell- g1ve written. notice t.o' Lessor .:. Lessor,:
27
wi-th..tnthi:i:;ty" {3{J):J 1iaye~'frotn .the!'.dat.e of receipt of;. such writteD
29
:noti'Ce.: from j Lesse<:1,;.' shan-- have' the option..to purChase .the' bu.1ldin
30
:n
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'at. LesseEiI'ii tinamort!i:lZeai costs; ": In th'e event. Lessor..should <, '.'_
.PUrchl!lse~.the."l:rUi.:l:ding.~ this: 'lease::shalt. termir1!1te. 'In: the lavent ;
Less.or':t:-ejeote:'Sb.'i"d>.-option to purchase. this lease shall.continue
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'~'_._"""'-~~~'i!l.
; .". c<
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31:
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1 in. full, force I and,-i'lfiect, :and Lessee may <;\ssign .or, gubl~t;,i~
2 accordance ",ith Paragraph 9 herein pertaining ..to as!,'lignment; and
3 subletting; ;...LeE.\80r shall further bave the option to purchase
4 Lessee I 5 bUilding',.at Lessee's unamortized cost .in: the,!event::.of
5 destruction ;or condernnation;as: provided.in ParagraphfL12 and ,13,. .
6 ahouldjLa8a~e ~leot-to terminate this lease und~r the provisions
7 of said paragraphs.... In the event Lesso:r idoes .not elect;1;Q;.
8 exercise it!>.. option to -purchase under said paragraphs, Lessee. ,.
9 shalL have the .right:to sell or remove said building. In ~uCb.
10
event,,:if Lessee -d<;:>66 ..not sell or remOve s,aid bui:).ding, than .i,.t. .,
shall become the property,.of Lessor I .and Lessor a<;Jress to.. ;nd~mnif
and. save. Leesee. harmless from and against any;and all claims
11
12
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arising; from'..Lesl:lee!.S:.1;ai:j.\.tre to. remove Baid building. from said 1 d
by;.any pex.:~pn or,;~9..~~y property,. and f~om..and agaiI}.Bt.?,q.'.90sts~ l
expenses t anq .1ia!>~litie8 which mOlY. be.. inqurredin or ill.. oonnectl.O
i
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wit:~ .any. BUch~,,?~aim of".p.l;"oq~eding brought thereon.
..,,~ Pmy ':; s ugh: alee tion ,by ei tl1cr. parir Y fltI'lL]., be,: maql? by
w.l;"i tt~n not-ice. .t'X:<;::>IU: ,Onl:'l ,.. party . to ,.the oth!,!r,. on .or before thi:rty
(30) ..days "il.f.~~~ !;'.l:le\dat~:.of, the mutual agreed termination.Pf.the
lea~13 or. ~~'.natura:i-dlxp',ix.:a!::ion '=if the term,9f the ,lease. or the
ren~w;;ll'.if 1;b~ Qpt:!:-QI}. tQr~ne~'.is.;exercised ,l;Jy Lessee.. . ..
L., .. :.:14..: f,UT:r;LITIESo; ,,'Lessee. shall pay for, al1-.wEl"1;:ert. gas,
heat",e~ectri~i~y<.al,19 p~:I'I,!~r,whictl, .during. tfle. term pf ,t4is..leaae,
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may be flirnieshed.. tOr;Qr".used- on .the demised premises, .
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12.,:.. GONDEMNATION'OF PREMISES: In the event of any
taking or damag~ Clt j.ltll. lJr ,any partef.. the leased premia fi!~ 9r the
buil<ling'$:,or ~y .iIrterest..therein,.,.by reason. of anyexerc;d.se .of".
the "pqw~2;.': oJ;';:-~J:\linelnt dom?1in, wh~th~r ,by a condemnation prQceeding
or .otherwif!~i.. 0:+'.. !l!clY. transfer of all or any part of the ~eased
p:remises ort:he..:bu~lding? or any interest therein, made in avoid- I
anca;;of an e~eroiae"o~ the po\...er of. eminent domain {all. ~f the. fole-
going heil}gJ.gereaf.t~k. r~ferred . to as "appropriation ~}. p:;:io;:,,:to.<;:>r I'
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'r. .~._ ..~. '~____----..-,../
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,....~
..
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.--.
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t..
1 dUring:.t~e .term hereo.fJ. (or any. extension .or renewal..there.of)", the
2 raghts.and9blig~~ions.of .Lessor and Lessee.with respect to:such
3
~PP~c?p'riat:l,~nj.;~hall.be a,s hpr-?aftClr pIS..irlQcl.
. ,....
4
. .;-.'. ,:..: ,~l! the event of :.any appropriation ;.of.al:l; of ,.t:he.
$
~aas.ed: p.r;~:i.$.es and building, this lease shall terminate as of. t
6
date of sU~~.appropriatio.~
..... . '::..; ..~ ,:;, ,. :In the -event of .an approp.ri.ation. ;of -.:le-ss than, all of
1;.he..leas~d.,p.remi.$es,,, this '+ease .shall. continu~ in full-forcE! and.J.
~ff~q~. _~~.cep1;',.;~s _.hereafter . provided in this .sect:l:on'.~ .The :.leased
p"r~is~s. shall ;l:l~ reduced. i.by the portion .appropriate.d._ ': 'The total
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],ease rem:tp.l- .;O~ .1;h~.' .remainder of the;-term -immediately. p-rior -to
appropI;,1.at~Pl1 s,halt be..i\bated in.an amount which 'beara,in:d:he '.,:
12
13
SC!lll8.. ,r~1;~o._ to'.~l.lch. .total lease.. rental as. the amount. 'of the '_1..
entire.,:a,,!~,d.,_ ,inclucl.;i.ng.compensation(.,damages) .and. ..interest,' if ' '
any., .%Ua4~:~i-:th,_:re5pect to the ,appropriation (including: any
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se~e:r.an.q~.;~~ge8)d bea.l:'s to; ,the. value. of the entire l.'eased....
premi8:~~~nd~:.~ilding immediately prior to. :'the .app:r;gpriation'. ._
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I~-I t.h~. appropriation. shall either {i) render more than.. t\.i-eritv'.
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per oen.t...~ (20 %) of- :the total' ground. floor area, of ;the:building
on .tflB.leaaed.,:premiaes unavailable or witenantable., .'or . (.1i) sub- !.
i
stantially..i.mpair the use of the leased premises by Lessee, then
in either such case, Lssseeshall have: the right. to. elect to
termina:t!'l. t.tlis:'lEaee. Any such election shalL be mad.e. by wr! tten
not;i. oe; ,~rom Le!iJsee. t o. Lessor 6n or before. thirty (301. .days after ~
th~_ date pf:. .~e appropriatiOn.
. Jf" th.1s'leaae is terminated pursuant to this sactio
Lessee aha;!.l be eo,titled to the award: for. any improvements. to the i
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leased p;-.el)1ises~,made. kly. Lessee plJJ5the. award.. fbr.. the ,interest of
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2Si
.Iassee in. this"lease.
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.In.the event of, any appropriation. of leBs~than all
32
of the.leasedpremiaes and if this lease is not terminated pur-
suant to thb section., Lessee shall be. entitled to the award for
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.___1.....
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any,improvementa made by Lessee .to the portion of.the leased !
I
premises;. appropriated plus the, award for, th~, intez:e?t; .of Lessee.. i
,
Lessee shall. have the right to. elect to..mal)e any:restqration of th(e
:::::::::t::~ ~:~ .leased premises I neCeB8itat~~ :~b~.:~~~:on..Ofp.' ~ar~te <aJ
t... ...'.; .,13.. 'DES~ROC'l'ION OF PREMISES 1 I,n the. event: of ;a ~
destruction.oLtha said building during the said term, from any
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cause; Lessee may.at its option, repair the same, but Buch.partia
destruction shall. in no wise annul or. void this: lease ,: except,
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that. Lassee shall be.. entitled to a .proportionate..deq.uction of. ren
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while: 8uch~repairs.are.being.made,:sucb proportionate deduction
12
to be based upon the extent to' which the, making of ,. such, repairs
shal~ interfere., with. the businesscarried'on by.; Les'see in the.
said premis"'s. Les see may, at its option, make. such.., repairs with D
a.reasonable. time,:but in no event more. than six (6) months, this
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lease continuing. in full: force and effect. and. the .rent to bel
propor1::~opa;-;~ly rebated as aforesaid in: this. paragraph provided.
In.' the,. event. that .Lessee does not so elect to majte such repairs
which cannot. be made in six (6) man the or such repairs cannot be. i
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made under such . laws. and regula tiona, this lease may be, terminated
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at the option. of either party,.
':.... ....::-m respect to any partial, destruction. which Lessor ::
obligated,' to ..repair or may elect to repair. under the terms .of. thi
paragraph, .the.. provisions of Section 1932, Subdivision 2, and of
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Section 193.3, SUbdivision 4, of the Civil. Code of the State of
Californ~a are. waived by Lessee.
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which. Less*e
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and :Lessor i
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,~: :.. ~'
: I.t. \ 14.. . FIRE INSURANCE:
Lessor agrees that the. proceeds
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of. any...fire:.and:extendad coverage insurance policy; on.,
has insured. said; premises t shall be payable to Lessee t,
30
waives .the .right to. claim the proceeds of any portion ..thereof
31
of any. such insurance policies.
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15.
LIABILITY INSURANCE, . This leasels made~upon the
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i ~~~;~~
:; .-:..... .;. :.. .,....: :;: ~:: ,::.'~".~;ii;';;:..:i~~;::~~;;:~~t~:.~.~ ~~~~~f-;i;~~~~~~;/,:;::/ ,.i.:..~~~~i:~::;..: ~::' :~~:::~"?:.:.~.;~::,~:~.~.. ~:,:.' ;
'")
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par~onB, including. Lessee, or property of ~ny kind whatsoever and!
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express'condition that Lessor is to .be free from all I.lability
and.claim.for damages by reason of any injury to any person or
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4,
to whomsoever b~;!..ongil'lg, including Lessee,' from . any cause'. or
5
causes, whatsoev!3r"while in, upon,' or in any way connectedwi-th
6.
the.. said.cleased land, except the.; sidewalks and/or. parking. area
adjacent: thereto, 'during the term of .this' lease or any extension..
heraof,o.l:;'!itly,:'occupancy. hereunder,. Lessae hereby covenanting and I
ag.l:eeing.:to indemnify and .save harmless Lessor from all: liabilitY'1
losEl ,.coet:~.:,a.nd.,ob1igations on account of or arising out of any
such injurie~ or losses. however occurring.
7..
8
9.
10.
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12
. L... Lessee further .agrees to 'take out and keep in i
force during.the life hereof at Lessee's'axpense public liability I
insurance ,to protect. against any liabil:l:ty to the publiaincident I
to the. use of or resulting from any accident occurring in or about{
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said premises 1 the.liability under such.. insurance to be .not 'less
17.
than $ ..mo,OOO.OO
. .,for. anyone person injured, or $ 200,000.00
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for. any one accident, or $2DO,OOO,OO
for property damage.
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These.policies shall insure the contingent liability of Lessor, a~d
20
Lessee: agrees, if Lessee does not keep such insurance in full.
force Harid 'effect the Lessor may taka out the necessary insurance.
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and pay. the premium and.the repaying thereof shall be deemed to
b~ part .of,the:rentaL and payment as such on the next day upon
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which rent hecomes due.
. !
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~ ;_ 16.. ,QUIET ENJOYMENT: : The Lessee, upon the payment of
26
the. rent ,herein reserved and upon the perforIllance:of,all.the .term
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of .this .~ease;' shall at all times . during the lease ..t::erlil and durin
any.'extension.or renewal. term peaceably and.quietly:enjoy;the
leased property with free access thereto without arty disturtiance
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from the Lessor .or from any other person claiming through the
Lessor.
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'17. LICENSES:
Lessee shall procure and pay'for alL
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:" . '-;: . . '..; :.... ..:..:..; .... .:.::~: ..~"~":~f:~r;:;:.:i~~;~1~;i;~~;'::2~;'q1.;i;~:~:~~~~~:-~;;::.::~'::.:.:I~s:~~ ';;:Yls:~~~~~~':.:~:~~:;~~';~':;..~"f~.j
,~
licenses and permits needed in connection with the. operation of
',business, .and. shall keep..thf;!:.business open on' all regular busin.e~
:days.
COMP.LrANCE WITH LAWS;
The' iessee:..'shall, at is.
~..:..:, '-..
18.
. . . ~
sole expense ,.. promp.tly comply with .all present and future 'laws,
regulationsbr rules.of any. county, state, fed~ral, ana other
governmental autho,t;'i ty ~d any bureau .and . departrit~nt::theie;;.f whi~
may:be app~1cable to the leas eo property. The LeSsee shall have
the,right~ after: written notice to the:Lessor to;~bnt~st by
appropriata~legal.proceedings, diligently conducteu.in good'f~ith
the.validity:;;br'application of. any suet! law, regulation, Or rule,
and .to:.delay~compliari.ce~,t.herewith pending the prosecution.'~'f such
p.roceedings,'.,provided no, civil or cd.min8.lliability'wo\ildl5e'in
cllr17ed by" the Lessor and. no 1 ian or' charge would' be Imposed upon
or..aatisfied:cout.;.of .the. leased property .by re.Cl~on--:of sue:h deiay.
'.:. .1.9~. :.'ATTOillJEY' SPEES: In the event of. t.he.bringin'g' of
any.action by.either party hereto as .against the .other .he~eon'or
hereunderr 'or by reason .of .the breach of any' covenant .or conditi"o:
on .the part...of. the other party, .or arising out of this lease, the.
and::in. thaL e:vent the party in whose favor. final judgment shall bl
entered shall be.entitled to have. and recover'of .and from the oth.
reason-~b.le attorney' s fees to be fixed. by the '.cotirt wh'ereln such
judgment. shal',b.be entered.
20. ~lOTICE: Any notice under this.' lease inust be in
writing ~d'muBt be sent by registered or certified mai~ to the
last ad~~e~s of the party to whom the n9t~?,e i~ to b~g~ven, as
. . ~.>:. \.;" ) _:lo. , . .... . _ . . : .....' . ,.;. ~
designated'.by;.'such party in writing.; .The Lessor hereby designateE
its address as: B.E.RKELEY LANP. COMPANY,..4550 San Pablo. Avenue,
Oakland, California 94608. The Lessee hereby designates its
address as: "P. O. Box 220, Pleasanton, California.
21. OPTION TO RENEW; L~ssee is hereby granted an
option to renew this lease for a further period of twenty (20)
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':~.:':..~~~.~~=:16~~~:...~'::~
if",'... ..~l.~~.~',:~""''''''''''-~~."-'.' ....
:-:-::--
'"""'\
.' * .', . .. ", - ~ '.. '. '. ~ -. .'
,.y.?a-r.:.B.(,lFr.~i:\~:..a,n9.,: ~.:f.ter,t~e ~x,~:lr.ation .of .tbe: .odginai te,rm at a
:: rental o;f.:: QNE : HUNrJRED FIFTY-THREE. a!14.56/1QO: .D9,LLAR~ "t$lS3. 56} pe
.~.;"';" ..~~:~'.:.'.:: -::'1:":: .:~""-.. . _ J.:.~'.j.'. ',:.':;' ~..;. ......... -, .. ..- .....,
'in,ciriBl'i'but. 'otherwise. ripon ,.ttia same'. terms. and: conditions. 'as herein
.:..-;;;:.~;_~~:(\~~~~.:"': ::.,.,.. :..:. ..:,.J:.,7 .~.>......, :'..:,,:.
:::cont:iiliied .e~c.ept', :the' .option to .,re~ew. .. ,wr1t:b:~r! -not1ce::of
_._ ..) ~........__ .. .~. 1.-.1 ....... ',.. I ~.. ..,~' ,- . '.:.-, (';..:.
:~'e:s~'~~! s~:~~~~n~~.<;;p. ~q. re~~'.(~.hi~' l~aIi~ ~ti~.lj, ~e.'.gi{en .t.? :Lessor
:t.) f(:c;:, :~., ~':-.a ,H"~_,''', -:~-.;.. :-' "'(.~.;. ~:.... :- .:~.. .
at least sixty .(60) days prior to the expiration of this lease.
22. ARBITRATION: In t.he event of any dispute between
Lessor and Lessee relative to the provisions of this agreement,
they shall e~ch select an arbitrator [ the two arbitrators 50
selected shall select a third arbitrator and the three arbitrato3
. ;.
...... ....
so selected';'shall hear
.",... . .
de~i~{oh thereon shall
and de~erm~ne the contpoversy and their
be final and binding upon both Lessor
J!""^-!"~""~' .~
and LesBe.!i~i~j4-ho s~ali bear tne cost of such arbitration equally
..,~". .,*
.... .'_ ," . ..J-""'~ . .
between,',~.ttle'm- .~ Upol;l notice by either party that. he desires to
. 1,..~:. ,,\.. . . .,:..,
haVe\~.'.~~tter Cl.tbitr~tedt the other party sha,ll within five (5)
. ,0' 's, ,.4 ...... . ~: . :: .,1' " ..
days ~:~C3P:fter. notify the: party requesting sucJ:: a~b.itration as
to the \name..,and address of .his .arbitrator. The arbitration ahal
, . '. ,.. .. ~ _, . . ..' ., .' ' .. ,1".':"" .
\ . . \
be .heard' art2n::ompleted within thirty' (-3o)-'-days from the date the
:~ \ .
.first not.~ce of request to arbitrate was deposited in the United
..~_.., . .~ '. -"
states mai~~?r personally dolivered t~.the:6ther; party.
23:; SUCCESSORS AND ASSIGNS: This agreement shall binc
and inure to ':th.e. benefit of.the succeSSOrs, assigns, personal
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representa~ives; heirs. and legatees of the respecti:ve parties.
IN WIT~~SS WlffiREOF,. the parties have h~reunto affixed
the~r signatures the 14th day of April, 1967.
." ':.!.. '" ...........:...
'" - 'o.~ .. .
BERKELEY LP.ND COMPANY,
a corporation
By 1-/lr;:,.~{ i.~t~-#;/ Q-~~<:)
I. 1 ./ '~ ./,' Cffi
\., ' " /.
BYlV'~ ../ -to < [.. ,/~!/,f' 4'~ '7 ~
;: :,0/ .1 ~ r.d .
LESSOR
"ifl.l\:. FIRS'!' l:lATIONAL BANK OF PLEASAl
a corporat~on,
BY".:) (l- ',',<,. i:q.~~!~\-N.
<I " ."\ \. '. presi~t
BY'" .I LA.. \.'v-' L.
preaid,ll/ &: Cashie~
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, " '-. ..... ..':. ..:. ...... :.. ,.. ~,.:;:.:~::~ :~~~~:;,:;:~~:~~'.:,'::~~i~;;~;r:~:Jll;r~:':;:::,;::~~~~'~.~f.:~~;:r~~~:~~.':.~~t?Ff;.'~"~~~::~
'.'\"'''::"''::-;-''.'';~l;-~ ....'" ,....~......".~..M .-. ."-
...-~...'~...
.,. ...,
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(""'::j
LEASE AMENDMENT
THIS LEASE AMENDMENT to Lease executed on April 14, 1967, is
executed in duplicate at Pleasanton, California this 9th day of
May
19~, between BERKELEY LAND COMPANY, a
Califor .
1.0
einafter referred to as Lessor, and
FIRST NATIONAL BANK, a C rporation, hereinafter referr€d
to as Lessee.
RECITALS
WHEREAS Lessor and Lessee have entered into a Lease dated
April 14, 1967 for a portion of the real property in the Dublin
Square Shopping Center more specifically identified in said Lease,
and;-
WHEREP~S said Lease was extended by letter dated December 5,
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1986 to and including October 31, 2007, and;
WHEREAS Lessor intends to make certain modifications to the
Dublin Square Shopping Center to include, a fascia and signage
upgrade of the center's exterior along with related parking lot,
landscaping and lighting improvements that will significantly
enhance the center's appearance; and
WHEREAS Lessee desires to expand its building by approximately
one thousand one hundred (1,100) square feet on the parcel of land
which is the. subject of the Lease;
NOW, THEREFORE, IT IS AGREED between the parties hereto as
follows:
.A.VD/A:WP50'LEASEAHD.CFB
3/5/90
1
Exhibit B
t.
~()bO
;tVf
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1. Paragraph 2 shall be amended to add the following
provisions:
Upon completion of the expansion proposed by Lessee herein
(which shall be defined as issuance of Certificate of Occupancy by
the city of Dublin) Lessee shall pay to Lessor, in advance, at the
address set out after the signature of Lessor or at such other
place or places, a monthly rent of Nine Hundred Dollars ($900.0 )
to include payment in full for parking rights. n addl tlon, essee
agrees to pay their pro-rata share of maintenance of common parking
area, landscaping, and lighting, not to exceed $100.00 er mon
Said sum shall be due on the first ay of each ca endar month in
lawful money of the United states of America.
Notwithstanding the above, Lessor further agrees - and
acknowledges that said increased monthly rent herein described
shall not commence until such time as Lessor has completed all
phases of Lessor's proposed modification as outlined in the
-attached letter of January 12,1990 by Elmer H. Hansen, to the
Dublin Square Shopping Center,. of which the. subject property is a
part. Completion of Lessor's project and the concurrent
commencement of monthly rental obligations shall be evidenced by
final approval of the City of Dublin .and recordation of a Notice
of Completion by Lessor. Lessor further agrees to complete its
improvements on or before December 31, 1990.
2. Building Expansion. Paragraph 4 is hereby amended to add
the following additional provisions:
(d) Lessee shall be permitted to expand the existing
bank building on the demised premises / at its sole cost and
expense, to provide for up to an additional 1,100 square feet, 1l1ore
or less, together with all necessary fixtures and appurtenances. -
Prior to commencing construction, Lessee shall obtain
Lessor's approval of the plans therefor, prior to making such
alteration, improvement, addition or change, which approval shall
not unreasonably be withheld by Lessor. Lessee, at Lessee's own
expense, shall comply with all present and future governmental
requirements relating to the leased property only/ arising out of,
in connection with, or necessitated by such alterations except as
may otherwise be established herein.
(e) Lessor agrees to cooperate fully with Lessee's
planned expansion/pursuant to the provisions and obligation of
both the. Lease and this Lease Alnendment. Lessor agrees to
cooperate with Lessee to obtain approval of the City of Dublin.
Lessor / s cooperation shall include r but not. be limited to the
preparation of traffic engineering studies, application for
variance( s) for parJdng r and such other items as may be required
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by the City of Dublin.
(f) Should the expansion proposed by Lessee herein fail
to obtain the necessary City approval, the provisions of this Lease
Amendment relating exclusively to the proposed expansion will be
of no force or effect.
3. Paragraph 9 shall be amended in its entirety to read as
follows:
.9. Assignment and Subletting: Lessee shall have the
right to assign, mortgage or hypothecate this Lease, or .any
interest in this Lease, or permit the use of the premises by any
person or persons other than Lessee, or sublet the premises or any
part thereof. No part of the leased premises shall be sublet for
a purpose which is unlawful, dangerous, noxious or offensive. Any
such a.ssignment or subletting shall not be for the conduct of. a
business that would directly compete with that of another tenant
in the Dublin Square Shopping Center. No such assignment or
subletting shall operate to relieve the assigning party of any
obligation or liabili ty arising under the. terms of this Lease
unless the other party hereto shall specifically agree in writing
that such proposed assignment shall so release the assigning or
subletting party.
4. Paragraph 10 shall be amended in its entirety to read as
follows:
10.
to purchase
event of
~
Any such election by ei ther party shall be made by
~itt~n notice from one party to the other, on or before thirty
(30) days'after the date of the mutual IV aqreed termination of the
Lease - e nat~l expiration of the term of the Lease or the
renewal if the optlon to renew is exerclsed by essee.
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5. Paragraph 21 shall be amended to add the following
provi.sion:
Lessee is hereby. granted and shall have, if not at the
time in default under this Lease, an option to extend the term of
the Lease for an additional period of fifteen (15) years only from
October 31, 2007, but othervlise on the same terms, covenants, and
conditions herein contained, provided however, that rent shall be
adjusted to the then current fair market value as defined below.
Thereafter rent shall be subject to adjustment every three years
to an amount equal to the lesser of (i) the change in the Consumer
Price Index; or (ii) seven percent (7%). Lessee shall notify
Lessor in writing not less than one hundred eighty (180) days in
advance of the expiration of the then. current term of its intent
to extend this Lease..
6.
Fair Market Value.
"Fair Market Value" shall mean the
fair market base rent as defined below, at the time or times in
question for the premises, based on the prevailing rentals then
being charged to tenants of ground leases in the general vicinity
of the premises of comparable size, location, and under similar
circumstances as the subject premises.
7.
Determination of Fair Harket Value.
Lessor and Lessee
shall endeavor to agree on the fair market value.
If they are
unable to see agree within thirty (30) days after receipt by Lessor
of Lessee's notice of exercise of its option to extend, Lessor and.
Lessee shall each designate a licensed real estate appraiser who
is active in the leasing of office space in the general vicinity,
and the two real estate appraisers shall mutually appoint, a third
appraiser similarly qualified~
The three appraisers shall then
determine the fair market value by majority vote, and this
determination shall be binding on the Lessor and Lessee.
Lessor
and Lessee shall each bear the cost of its appraiser and shall
share equally the cost of the third appraiser.
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IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease
Amendment on the date first above written.
BERKELEY LAND COMPANY,
A california Corporation
By: fl'7 ---<fti~#f!
By: (f~ <
LESSOR
By:
NATIONAL BANK,
By:
LESSE~ i
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