Agmt07 Daily Boost - License Agreement

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ORIGINAL AMENDMENT NO.1 (License Area 1 B) THIS AMENDMENT NO. 1 is entered into and effective as of the 2-- day of , 2009, amending the agreement dated November 20, 2007 (the "Original License A r emen") by and between the City of Redwood City, a chartered municipal corporation ("Licensor"), and Daily Boost LLC, d.b.a. "Daily Boost," hereinafter referred to as "Licensee" (collectively, the" Parties"). RECITALS: WHEREAS, current market conditions, delays in the opening of Daily Boost, cold weather, vacant kiosks, time to build a customer base, and less than projected sales have resulted Daily Boost not achieving its targeted revenues; and WHEREAS, Daily Boost strives to sustain its presence at Courthouse Square; and WHEREAS, the Redevelopment Agency of Redwood City continues its efforts to secure long-term, successful tenants in the remaining vacant kiosks; and WHEREAS, Daily Boost has requested a modification to its license fee and common area maintenance charges in order to continue to serve Redwood City residents and downtown visitors; and WHEREAS, the City Council would like the City Manager to negotiate and execute subsequent amendments to the license fee and common area maintenance charges; and WHEREAS, the Parties have negotiated and agreed to the following amendments to the Original License Agreement. NOW THEREFORE, in consideration of these recitals and the mutual covenants contained herein, the Parties agree as follows: 1. Paragraph 3, Sections 3.1 and 3.3 are hereby amended to read as follows: 3. "LICENSE PAYMENT 3.1 License Fee. The monthly license fee to be paid to the Licensor shall be six cents ($.06) per square foot per month for a total of $81.72. Licensee shall pay to Licensor the monthly license fee beginning on January 15, 2008. License fees shall be payable in advance, on or before the fifteenth day of each and every month of the License Term 3.3 Licensee Fee Adjustment. The fee for the license area will be adjusted by the consumer price index (CPI) of each year beginning on February 1, 2010. The rent shall be adjusted by multiplying the same by the' annual average percentage increase (rounded to the nearest tenth decimal) in the CPI published by the United States Department of Labor, Bureau of Labor Statistics (All Urban Consumers, All Items) for the San Francisco - Oakland - San Jose Metropolitan Statistical Area during the preceding twelve (12) month period, ending November 30. In any event, each annual adjustment to the Licensee's License Area charges shall be the CPI adjustment not to A TTY/AGR2009/AMENDNO.1 DAIL YBOOSTLlCENSE 042909