LEASE AMENDMENT 2.0
Exhibit 10.11
LEASE AMENDMENT 2.0
THIS AMENDMENT (“Amendment”) is entered into as of March 31, 2008 between Xxxxxx X. Xxxxxxx and Xxxxxxxx X. Xxxxxxx and the marital community composed thereof; and Xxxxx XxXxxx and Xxxxx XxXxxx and the marital community composed thereof; and Xxxxxx Xxxxxxx and Xxxxxx Xxxxxxx and the marital community composed thereof; and Skotdal Brothers, LLC a Washington limited liability company, hereinafter collectively referred to as “Lessor”, and Coastal Community Bank hereinafter referred to as “Lessee”, and provides for the amendment of that certain lease dated October 21, 1996 (“Lease”) previously entered into by the parties hereto, plus Amendment 1.0 entered into on August 15, 2006.
Recitals:
| A. | The leased premises are located on Xxxx 0 xxx 0, Xxxxx 000, Xxxx of Everett, according to the plat recorded in volume 3 of Plats, page 32, in Snohomish County, Washington. Together with Xxxx X, X, X, xxx 00X, Xxxxx 000, tunnel addition to Everett, according to the plat thereof recorded in Volume 4 of Plats, page 34, in Snohomish County, Washington. |
| B. | The Term of the Lease is ten (10) years and zero (0) months, commencing on January 1, 1997 and terminating December 31, 2006, inclusive. |
| C. | Lessee has provided Lessor with written notice exercising the first option to extend for a five (5) year period, and added time to the lease. Lessee has zero (-0-) options remaining to extend the Lease. |
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed as follows:
Agreement:
| 1. | The Lease shall be extended ten (10) years, commencing April 1, 2008 and ending March 31, 2018 (Paragraph 3). |
| 2. | The base rent for the leased premises shall be decreased as follows: |
Extend the lease through 3-31-2018:
4-1-2008 through 3-31-2013 at $37,583 per month
4-1-2013 through 3-31-2018 at $39,583 per month
Based on a nine-month notice, the existing parking lot would be removed and the bank would then have the fifteen (15) spaces behind the Shops on Colby. When and if this takes place, your monthly rent of $37,583 would reduce to $34,583 per month for part of the first 5 years, or your monthly rent of $39,583 would reduce to $36,583 per month for part of the second 5 years. This $3,000 per month reduction would continue until we finish our new building on your existing
1
parking lot, as well as the adjoining property. Our new building would provide you with eighteen (18) customer parking spaces, which will have convenient access to your rear door. This $3,000 per month reduction will be for thirty-six (36) months, even if the new building is completed earlier.
Regarding the drive-thru area, it would be one of our goals to gain access to Xxxxxxx Avenue. This would depend on the design of a new building, as well as City approval. We would try to provide this, but cannot guarantee this. In a worst case scenario, the Bank’s customers would exit the drive-thru via the alleyway in much the same way as vehicles now exit the garage at the Frontier Bank Building.
We would identify the parking behind the Shops on Colby and in the new building’s parking garage with signage labeled “Coastal Bank Use Only”.
We would work to keep the alley open at all times by signing the alley with “No Parking” and have our people help by overseeing the alley.
IN WITNESS WHEREOF, the parties have executed this Amendment 2.0 to Lease effective March 31, 2008.
Lessor:
Xxxxxx X. Xxxxxxx and Xxxxxxxx X. Xxxxxxx and the marital community composed thereof; and Xxxxx XxXxxx and Xxxxx XxXxxx and the marital community composed thereof; and Xxxxxx Xxxxxxx and Xxxxxx Xxxxxxx and the marital community composed thereof; and Skotdal Brothers, LLC a Washington limited liability company.
| By: | /s/ Xxxxxx X. Xxxxxxx | |
| Xxxxxx X. Xxxxxxx | ||
| By: | /s/ Xxxxxxxx X. Xxxxxxx by Xxxxxx X. Xxxxxxx Attorney in Fact | |
| Xxxxxxxx X. Xxxxxxx by Xxxxxx X. SkotdalAttorney in Fact | ||
| By: | /s/ Xxxxx XxXxxx by Xxxxxx X. Xxxxxxx Attorney in Fact | |
| Xxxxx XxXxxx by Xxxxxx X. SkotdalAttorney in Fact | ||
| By: | /s/ Xxxxx XxXxxx by Xxxxxx X. Xxxxxxx Attorney in Fact | |
| Xxxxx XxXxxx by Xxxxxx X. SkotdalAttorney in Fact | ||
2
| By: | /s/ Xxxxxx Xxxxxxx by Xxxxxx X. Xxxxxxx Attorney in Fact | |
| Xxxxxx Xxxxxxx by Xxxxxx X. SkotdalAttorney in Fact | ||
| By: | /s/ Xxxxxx Xxxxxxx by Xxxxxx X. Xxxxxxx Attorney in Fact | |
| Xxxxxx Xxxxxxx by Xxxxxx X. SkotdalAttorney in Fact | ||
| By: | /s/ Xxxxx X. Xxxxxxx | |
| Skotdal Brothers, LLC Xxxxx X. Xxxxxxx, Member | ||
| Lessee: Coastal Community Bank | ||
| By: | /s/ Xxx X. Xxxxxx | |
| Xxx X. Xxxxxx, Chairman & CEO | ||
3
Lessor’s Acknowledgement
| STATE OF WASHINGTON | ) | |||
| ) | SS | |||
| COUNTY OF SNOHOMISH | ) |
On this day personally appeared before me Xxxxxx X. Xxxxxxx and Xxxxxxxx X. Xxxxxxx and the marital community composed thereof, to me known to be the individuals described in and who executed the within and foregoing instrument, and acknowledged that they signed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this 31st day of March, 2008.
| /s/ Xxxxxx X. Xxxxxx |
| (Signature) |
| Xxxxxx X Xxxxxx |
| (Printed Name) |
| Notary Public in and for the State of Washington, residing in Everett My commission expires 0-00-00 |
| XXXXX XX XXXXXXXXXX | ) | |||
| ) | SS | |||
| COUNTY OF SNOHOMISH | ) |
On this day personally appeared before me Xxxxx XxXxxx and Xxxxxx XxXxxx and the marital community composed thereof, to me known to be the individuals described in and who executed the within and foregoing instrument, and acknowledged that they signed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this 31st day of March, 2008.
| /s/ Xxxxxx X. Xxxxxx |
| (Signature) |
| Xxxxxx X Xxxxxx |
| (Printed Name) |
| Notary Public in and for the State of Washington, residing in Everett My commission expires 1-29-10 |
4
Lessor’s Acknowledgement
| STATE OF WASHINGTON | ) | |||
| ) | SS | |||
| COUNTY OF SNOHOMISH | ) |
On this day personally appeared before me Xxxxxx Xxxxxxx and Xxxxxx Xxxxxxx and the marital community composed thereof, to me known to be the individuals described in and who executed the within and foregoing instrument, and acknowledged that they signed the same as their free and voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this 31st day of March, 2008.
| /s/ Xxxxxx X. Xxxxxx |
| (Signature) |
| Xxxxxx X Xxxxxx |
| (Printed Name) |
| Notary Public in and for the State of Washington, residing in Everett My commission expires 0-00-00 |
| XXXXX XX XXXXXXXXXX | ) | |||
| ) | SS | |||
| COUNTY OF SNOHOMISH | ) |
On this day personally appeared before me Xxxxx Xxxxxxx, Member of Skotdal Brothers, LLC a Washington limited liability company, to me known to be the company’s representative described in and who executed the within and foregoing instrument, and acknowledged that they signed the same as his free and voluntary act and deed, for the uses and purposes therein mentioned.
Given under my hand and official seal this 31st day of March, 2008.
| /s/ Xxxxxx X. Xxxxxx |
| (Signature) |
| Xxxxxx X Xxxxxx |
| (Printed Name) |
| Notary Public in and for the State of Washington, residing in Everett My commission expires 1-29-10 |
5
Lessee’s Acknowledgement
| STATE OF WASHINGTON | ) | |||
| ) | SS | |||
| COUNTY OF SNOHOMISH | ) |
On this day of March 31, 2008, before me personally appeared Xxx X. Xxxxxx, to me known to be Chairman & CEO of Coastal Community Bank, the Corporation that executed the within and foregoing instrument and acknowledge the said instrument to be the free and voluntary act and deed of said Corporation, for the uses and purposes therein mentioned and on oath stated that they were authorized to execute the said instrument and that the seal affixed is the Corporate Seal of said Corporation.
Given under my hand and official seal this 31st day of March, 2008.
| /s/ Xxxxxxx X. Xxxxxx |
| (Signature) |
| Xxxxxxx X. Xxxxxx |
| (Printed Name) |
| Notary Public in and for the State of Washington, residing at [Illegible] My commission expires 6/14/08 |
6
