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A-2010-o9b <br />INSURANCE NOT REQUIRED <br />WORK MAY PROCEED <br />CLERK OF COUNCIL <br />narF: EXERCISE OF FIRST OPTION OF <br /> LEASE AGREEMENT BETWEEN <br /> THE CITY OF SANTA ANA AND <br /> FIESTA MARKETPLACE PARTNERS 91 <br />This Exercise of First Option is made and entered by and between Fiesta Marketplace <br />Partners 41 ("Landlord") and the City of Santa Ana, a charter city and municipal corporation <br />duly organized and existing under the Constitution and laws of the state of California ("Tenant') <br />this i_ day of July, 2010. > <br />RECITALS: <br />A. The parties entered into the Lease Agreement for the rental of space within that certain <br />building known as 305 E. Fourth Street, Second Floor, in the City of Santa Ana 92701 <br />("Property") commencing on August 1, 2009. Said Agreement had a one-year term with two (2) <br />one-year options, exercisable at the sole option of the Tenant. <br />B. The parties hereto desire to exercise the first one-year option and increase the rent as set forth <br />in said Agreement. <br />WHEREFORE, in consideration of the mutual and respective covenants and promises hereinafter <br />contained and made, and subject to all of the terms and conditions of said Agreement, the parties hereto do <br />hereby agree as follows: <br />1. The "Term of Lease" section of said Agreement is hereby modified by exercising the first one-year <br />option to extend the Agreement, effective on August 1, 2010 through July 31, 2011. <br />2. The "Compensation" section of said Agreement is currently $5,865.00 and shall be adjusted in <br />accordance with the Annual Adjustment term of said Agreement, with a 2% rental increase, so that the <br />monthly rental payments shall be $5,982.00, during the term of the first option. <br />3. In accordance with section 4 (c), Landlord shall provide the modifications (set forth in detail in <br />said Agreement) to the Property at no cost to the Tenant so long as Tenant exercises at least one 1-year <br />option. Landlord shall provide Tenant with documentation pertaining to the cost of the Improvements <br />prior to the time of execution of this Exercise of Option. <br />4. Except as hereinabove modified, the terms and conditions of said Agreement remain unchanged and <br />in full force and effect.