HomeMy WebLinkAbout2006-438 ORIGINAL
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LEASE AMENDMENT a, CSU � � `f
This Lease Amendment ("Amendment") , bearing an effective date of
January 1 , 2007 is by and between Indian River County Solid Waste Disposal
District, a dependant special district of Indian River County, Florida , whose address
is c/o Utilities Department, 1840 25th Street, Vero Beach , Florida , 32960 as
Landlord and MWI Corporation , a Florida corporation , whose address is 201 North
Federal Highway, Deerfield Beach , FL 33441 as Tenant.
BACKGROUND RECITALS
A . Effective December 31 , 2001 , Landlord entered into a Commercial
Building Lease with MWI Corporation as Tenant for premises located at 7775 SW
9th Street, Vero Beach , Florida and consisting of approximately 19 . 88 acres of land
as more particularly described therein ("Lease" ) .
B . The Lease had a term of five ( 5 ) years , commencing December 31 ,
2001 and continuing through December 31 , 2006 , with no option to renew.
C. The Lease had annual rental in the amount of Forty-Seven Thousand
Dollars ($47 , 000 ) , payable in equal monthly installments of Three Thousand Nine
Hundred and Sixteen Dollars and sixty-seven cents ($3, 916 . 67) , with no consumer
price index rent escalation provision .
D . Tenant now desires to extend the term of the Lease ; pay an increased
annual rent; and have the rent subject to a consumer price index rent escalation ,
and accordingly, Tenant has requested that Landlord so amend the Lease .
E . Landlord desires to amend the Lease to accommodate Tenant's
request .
F . Paragraph 29 of the Lease provides that the Lease may be amended
upon the agreement of the parties.
NOW THEREFORE , for good and valuable consideration , the receipt and
sufficiency of which is hereby acknowledged , and intending to be legally bound , the
parties agree as follows :
1 . The background recitals are true and correct and form a material part of this
Amendment.
2 . From and after the effective date of this Amendment, the existing
paragraph 3 "TERM ; TERMINATION " shall be amended in its entirety to read as
follows :
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3 . 1 . TERM : OPTION TO RENEW . . The term of this Lease is five (5 )
years commencing January 1 , 2007 and ending December 31 , 2011
("Term" ) . Provided Tenant is not in default of any of the terms , conditions,
or covenants of this Lease , Tenant shall have the option to renew this
Lease ('Renewal Option ") at the end of the Term , for a maximum of five
(5 ) successive periods of one ( 1 ) year each (each one ( 1 ) year period
herein a 'Renewal Term " ). Tenant must provide written notice of its first
exercise of the Renewal Option to County on or before December 31 ,
2010 . Thereafter, Tenant shall provide notice of any allowable exercise of
the Renewal Option to Landlord on or before September 1 of each year.
3 .2 . TERMINATION . Tenant shall have the right , upon the provision of
thirty (30 ) days prior written notice to Landlord pursuant to the notice
provision of this Lease, to terminate this Lease . The parties acknowledge
and agree that they will make all reasonable efforts to cure any and all
defaults, if any, existing either at the time of the early Lease termination ,
or arising after the date of the notice of early termination that continue
through the thirty day period . Nothing contained herein shall be deemed
to be a waiver of any remedy available to either party under the
provisions of this Lease in the event of a default that occurs during the
term of this Lease .
3 . From and after the effective date of this Amendment, the existing paragraph 5 . 1
'RENT' shall be amended in its entirety to read as follows :
5 . 1 RENT . Tenant shall pay rent to Landlord ('Rent') in the annual
amount of Seventy-Two Thousand Dollars ( $72 , 000 ) , payable in equal
monthly installments of Six Thousand Dollars ($6 ,000 ), in advance, on
the first day of each month of the Lease term , commencing on January 1 ,
2007 , without demand . Tenant shall also pay directly to the Florida
Department of Revenue when due any and all sales taxes or similar
excise taxes imposed upon or with respect to the Rent under this Lease .
Tenant shall pay Landlord the Rent (and any other sum that Tenant is
obligated to pay Landlord under this Lease) at the offices of the Indian
River County Utilities Department, or at such other place as the Landlord
may designate in writing .
4. From and after the effective date of this Amendment , the existing paragraph 5 . 3
'INCREASE IN RENT' shall be amended in its entirety to read as follows:
5 . 3 . CPI INCREASE IN RENT. The Rent under this Lease shall be adjusted
upward or downward annually to reflect changes in the consumer price index
for all urban consumers for the South , all items , 1982-84 equals 100 , as
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published by the U .S . Department of Labor, Bureau of Labor Statistics ("CPI ").
Should the CPI be discontinued or substantially modified , then an alternate
index shall be chosen by mutual agreement of Landlord and Tenant.
Commencing January 1 , 2008 , and on each January 1 thereafter during the
Term and Renewal Term of this Lease , the Rent shall be adjusted to reflect the
increase in the CPI for the immediately preceding twelve ( 12 ) month period of
October to October. Commencing December 1 , 2007, Landlord shall notify
Tenant in writing of any increase in Rent that is based on the CPI , as provided
herein , on or before each December 1 during the Term and any Renewal Term
of this Lease.
5 . All terms and conditions of the Lease not amended herein remain in full force
and effect.
6 . All defined terms not otherwise defined herein shall have the same meaning as
set forth in the Lease .
7 . This Amendment may be executed in one or more counterparts, each of which
shall be deemed to be an original copy and all of which shall constitute but one and
the same instrument.
IN WITNESS WHEREOF , Landlord and Tenant have caused this Amendment
to be signed by their respective , duly authorized officers , as of the day and year
first stated above .
LANDLORD : TENANT :
Indian River County MWI Corporation
Solid Waste Disposal District
ByB
Gary C., e614 axi�hai#nan Thomas R gi IVPLFS
A , Finance & Ae nistration
Attest: . Attest:
J . K. Bail* , Clerk
By � � l� P By
Deputy Clerk onald Lo eree
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