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2021-209
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Last modified
12/29/2021 2:25:31 PM
Creation date
12/29/2021 2:21:28 PM
Metadata
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Template:
Official Documents
Official Document Type
Amendment
Approved Date
12/14/2021
Control Number
2021-209
Agenda Item Number
8.K.
Entity Name
Mattress Firm, Inc.
Subject
Amendment to Lease
Area
1919 US Hwy 1, Sebastian, FL.
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Mattress Firm # 052123 <br />AMENDMENT TO LEASE <br />This Amendment to Lease (this "Amendment') is made to be effective December 14 , 2021 <br />between Indian River County ("Landlord"), and Mattress Firm, Inc. ("Tenant'). <br />RECITALS <br />WHEREAS, Landlord and Tenant executed that certain lease agreement dated 3/19/2010 (as amended <br />from time to time thereafter, the "Lease"), in regard to certain premises containing approximately 4800 square <br />feet of leasable floor area located at 1919 U.S. Highway 1, Sebastian, FL, as more particularly described in the <br />Lease; and <br />WHEREAS, Landlord extended lease with Amendment to Lease, approved and executed by Board of <br />County Commissioners on November 6, 2018. <br />WHEREAS, the term of the Amendment to Lease should expire on April 30, 2022: due to the 2020 <br />pandemic Landlord agreed to two month rent abatement extending the Lease thru June 30, 2022; and <br />WHEREAS, Landlord and Tenant desire to modify certain terms and conditions of the Lease. <br />NOW, THEREFORE, in consideration of the foregoing, and other good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged and confessed, Landlord and Tenant hereby agree <br />as follows: <br />1. Landlord and Tenant acknowledge and agree that the current term of the Lease is set to expire <br />as of 6/30/2022. Landlord and Tenant further acknowledge and agree that notwithstanding anything to the <br />contrary contained in the Lease, base rent for the remainder of the current term through such revised date shall <br />be $11.78 per square foot or $56,544.00 annually, payable in 12 monthly installments of $4,712.00. <br />2. Landlord and Tenant acknowledge and agree that, following the expiration of the current term, <br />the new lease term shall be five (5) year period from 7/1/2022 to 6/30/2027 (the "Option Term"), and base rent <br />for the Option Term shall be $13.50 per square foot or $64,800.00 annually, payable in 12 monthly <br />installments of $5,400.00. Further, Landlord and Tenant acknowledge and agree that there is no option to <br />extend the Lease past the stated Option Term. <br />3. Notwithstanding anything to the contrary contained in the Lease, Landlord and Tenant <br />acknowledge and agree that any notices required or permitted to be sent to Tenant under the Lease shall be <br />addressed as follows: <br />Tenant: <br />Mattress Firm # 052123 <br />C/o Mattress Firm, Inc. <br />10201 South Main Street <br />Houston, Texas 77025 <br />Attention: Real Estate Department <br />With a copy of default notices, if any, to: <br />Mattress Firm # 052123 <br />C/o Mattress Firm, Inc. <br />10201 South Main Street <br />Houston, Texas 77025 <br />Attention: Lease Admin. Department <br />
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