P-282 Ordinance Sims First Amendment SIGNED ADOPTED

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commodities, and shredding, receiving, handling, loading and shipping various scrap material commodities and incidental equipment maintenance facilities. The purpose of the First Amendment is to terminate that certain rental agreement dated April 10, 2019, by and between Landlord and Tenant (the "Rental Agreement") for the occupancy by Tenant of 151 Hinman Road, Redwood City, CA, (the "Ancillary Premises") and to incorporate the terms of the Rental Agreement into the First Amendment and therefore modify the Lease. The total base Rent for the Recycling Premises for the Initial Term of the Lease Agreement shall be equal to the sum of Nine Million Three Hundred Sixty Thousand and No/100 dollars ($9,360,000.00), payable in monthly installments, and total base Rent for the Ancillary Premises from the First Amendment Effective Date to the date of expiration of the Initial Term shall be equal to the sum of Three Hundred Eighty -Four Thousand One hundred Ninety -Six and No/100 Dollars ($384,196.00), payable in monthly installments. Base Rent for the Premises is subject to annual CPI adjustments. At any time during the last four (4) Lease Years of the Lease, upon written demand by the Port, Tenant will deliver a deposit to the Port, in a sum not to exceed $2,000,000 as security for clean-up, disposal and remediation expenses to which the Port could be subjected in connection with Facility Closure. Section 2. The President and Secretary of the Board of Port Commissioners of the City of Redwood City are hereby authorized and directed to execute the aforesaid Lease Agreement for and on behalf of the City of Redwood City, acting by and through its Board of Port Commissioners and the P-282 2