Agmt15 State of CA National Guard Armory Building lease

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STATE OF CALIFORNIA DEPARTMENT OF GENERAL SERVICES � REAL ESTATE SERVICES DIVISION � ' ' SECTION 1 -SITE SPECIFIC PROVISIONS WITNESSETH: PROPERTY 1. STATE does hereby Lease to LESSEE, and LESSEE hereby hires from DESCRIPTION STATE, upon the terms, agreements, and conditions hereinafter set forth, those certain premises known as the "Redwood City Armory" located at 939 Valota Road, Redwood City, County of San Mateo, and more particularly described as follows: Approximately 12,925 net square feet of building space, located at the Redwood City Armory, hereinafter referred to as Premises as shown on the attached Exhibits "A", "B" and "C" incorporated herein by this reference. A 200 square foot carve-out office will remain for the occupation and utilization of the Military Department for recruiting purposes. USE 2. The Premises shall be used by LESSEE during the term hereof for office related uses including on-site paved and unpaved parking. RENT 3. (a) DGS has determined the current "Fair Market Rent" for the Premises PAYMENTS is estimated at $0.75 per square foot, per month or approximately AND IN-LIEU ($9,694), NINE THOUSAND SIX HUNDRED NINETY FOUR AND CREDIT NO/100's per month; which may be payable by grant of "In Lieu Benefit/Credit by STATE. STATE acknowledges LESSEE will contribute approximately $350,000 towards deferred maintenance and improvements to the armory and parking areas which will serve as a credit to Fair Market Rent for the use �, of the office space. This in Lieu Benefit/Credit is sufficient to allow STATE to credit the entire rental amount for the term of this Lease. See "Exhibit" C for description and specification of in Lieu Benefit/Credit allowance. Upon lease termination, LESSEE may negotiate with STATE for continued use of improved parking facilities, which are listed on Exhibit C as the "Pave Dirt Parking Lot" area. (b) LESSEE'S method of payment, if applicable, shall be directly to the address below, shall display STATE'S Lease number as shown on page 1 of this document and shall not require receipt of an invoice prior to issuance of payment. Payments to be made to: California Military Department, Accounting PO Box#21 P. O. Box 269101 Sacramento, CA 95826 (L- 2666) (c) LESSEE acknowledges that rent and past due rent, if applicable, shall be due and payable to the STATE whether or not an invoice is sent by the STATE or received by the LESSEE. ATTY/AGR/2015.137/STATE OF CALIFORNIA—MILITARY DEPARTMENT REV:07-08-15 MLG Page 2 of 29