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C or ORDINANC NO. P- 245 ORDINANCE OF THE BOARD OF PORT COMMISSIONERS OF THE CITY OF REDWOOD CITY APPROVING AND AUTHORIZING EXECUTION OF LEASE AGREEMENT WITH INTERNATIONAL MATERIALS, INC. BE IT ORDAINED BY THE BOARD OF PORT COMMISSIONERS OF THE CITY OF REDWOOD CITY, AS FOLLOWS: Section 1. Public hearing having been duly noticed for, and held on Ncvember 24 , 2010, on the question of approval of amendment to lease agreement hereinafter described, and pursuant to the provisions of Section 48 the Charter of the City of Redwood City, the Board of Port Commissioners of the City of Redwood City does hereby approve that certain lease agreement entitled "Lease Agreement — International Materials, Inc. (the "Lease ") by and between the City of Redwood City, acting by and through its Board of Port Commissioners ( "Port") and International Materials, Inc. ( "Tenant "), which Lease provides for the occupancy of a portion of that certain real property known as 599 Seaport Blvd., in the City of Redwood City, by Tenant, that the term of the Lease is for a period of three (3) years with a termination dated of September 30, 2013, with one option to extend the term of the Lease for a period of three (3) years; that the leased premises shall be used by Tenant during the term of the Lease for the purpose of storing, handling and distributing bulk materials such as bauxite, gypsum, slag and other such materials used in the manufacturing of cement; that the monthly rent during the first and second lease years is $8,600 and that the monthly rent during the third lease year is $9,200; that the rent Ord - IMI 1 11/10/2010