FOURTH ADDENDUM TO LEASE AGREEMENT This Addendum ...
FOURTH ADDENDUM TO LEASE AGREEMENT This Addendum made and entered into effective as of August 22, 2017, by and between the Oregon Coast Aquarium, Inc., an Oregon non-profit corporation qualified to do business in the State of Oregon (Lessee) and the CITY OF NEWPORT, a municipal corporation and political subdivision of the State of Oregon (Lessor). Recitals: A. On or about July 1988, the Newport Urban Renewal Agency (Agency), a public body of the State of Oregon, and Lessee entered into an Agreement for Lease of Business Premises (the “Lease”), respecting certain property as therein described, and on October 10, 1991, entered into an Addendum to Lease Agreement, modifying the provisions of said Lease. B. On or about January14, 2002, the parties entered into a Second Addendum to the Lease, providing inter alia, for Lessee to pay to Lessor annual rent installments of $100,000 each, for the first five years, with the first such rent installment to be due on September 5, 2003, with a like payment due on or before the 5 th day of September of each year thereafter, until 5 successive payments in the aggregate amount of $500,000 shall have been paid to Lessor, and C. On or about September 5, 2003, the parties entered into a Third Addendum to the Lease, authorizing Lessee to make the required payments on a monthly basis. D. With Statutory Bargain and Sale Deed recorded under Document No. 2009-00787 of the Lincoln County Records, Agency conveyed certain property subject to the Lease to the City of Newport. E. On or about January 23, 2009, the Agency, City of Newport and Lessee entered into an agreement in which Agency transferred all its rights, duties, and obligations under the Lease to the City of Newport, with Lessee consenting to the transfer. F. Portions of the property owned by the City of Newport and subject to the Lease are encumbered by the as-travelled portion of SE Ferry Slip Road and Lessor and Lessee desire to see said roadway contained within a platted right-of-way to provide certainty as to where the public road use stops and Lessee’s rights begin. NOW, THEREFORE, Lessor and Lessee, each in consideration of the other, agree as follows: 1. The Lease is hereby amended such that property described in the legal descriptions attached and incorporated herein as “Exhibit A” and as depicted on the map attached and incorporated herein as “Exhibit B”, is to be dedicated as public road right-of-way and included as a listed exception.
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2. Except as expressly set forth in this Addendum, no changes are made to any provisions of the Lease or any addendum. IN WITNESS WHEREOF, Lessor and Lessee have executed this Addendum in duplicate, to be effective as of the day and year above. CITY OF NEWPORT
OREGON COAST AQUARIUM, INC.
______________________________ Spencer R. Nebel, City Manager
________________________________ Carrie Lewis, President
Date: _________________________
Date: ___________________________
APPROVED AS TO FORM: _______________________________ Steven Rich, City Attorney
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EXHIBIT A Tract 1 A tract of land lying in Block G of Harborton in the Southeast quarter of Section 17, Township 11 South, Range 11 West of the Willamette Meridian in Lincoln County, Oregon, more particularly described as: Beginning at the Northwest corner of Block G of Harborton; thence South 0o33’38” East, 29.59 feet; thence along a 150.75 foot radius curve to the right the long chord of which bears South 19o31’01” East, 144.47 feet; thence South 77o50’19” East, 9.13 feet to the Western boundary of SE Ferry Slip Road; thence North 12o09’41” East along SE Ferry Slip Road, 166.98 feet to the North line of Block G; thence North 87o14’53” West, 92.57 feet to the point of beginning.
Tract 2 A tract of land lying in Block E of Harborton in the Southeast quarter of Section 17, Township 11 South, Range 11 West of the Willamette Meridian in Lincoln County, Oregon, more particularly described as: Beginning at the Southwest corner of Block E of Harborton; thence South 87o14’52” East, 75.95 feet; thence along a 245.00 foot radius curve to the left the long chord of which bears North 55o23’59” West, 92.36 feet to the West line of Block E; thence South 0o33’39” East, 48.82 feet to the point of beginning.
EXHIBIT B
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2. Except as expressly set forth in this Addendum, no changes are made to any provisions of the Lease or any addendum. IN WITNESS WHEREOF, Lessor and Lessee have executed this Addendum in duplicate, to be effective as of the day and year above. CITY OF NEWPORT
OREGON COAST AQUARIUM, INC.
______________________________ Spencer R. Nebel, City Manager
________________________________ Carrie Lewis, President
Date: _________________________
Date: ___________________________
APPROVED AS TO FORM: _______________________________ Steven Rich, City Attorney
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EXHIBIT A Tract 1 A tract of land lying in Block G of Harborton in the Southeast quarter of Section 17, Township 11 South, Range 11 West of the Willamette Meridian in Lincoln County, Oregon, more particularly described as: Beginning at the Northwest corner of Block G of Harborton; thence South 0o33’38” East, 29.59 feet; thence along a 150.75 foot radius curve to the right the long chord of which bears South 19o31’01” East, 144.47 feet; thence South 77o50’19” East, 9.13 feet to the Western boundary of SE Ferry Slip Road; thence North 12o09’41” East along SE Ferry Slip Road, 166.98 feet to the North line of Block G; thence North 87o14’53” West, 92.57 feet to the point of beginning.
Tract 2 A tract of land lying in Block E of Harborton in the Southeast quarter of Section 17, Township 11 South, Range 11 West of the Willamette Meridian in Lincoln County, Oregon, more particularly described as: Beginning at the Southwest corner of Block E of Harborton; thence South 87o14’52” East, 75.95 feet; thence along a 245.00 foot radius curve to the left the long chord of which bears North 55o23’59” West, 92.36 feet to the West line of Block E; thence South 0o33’39” East, 48.82 feet to the point of beginning.
EXHIBIT B
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