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ORDINANCE NO. P-299 ORDINANCE OF THE BOARD OF PORT COMMISSIONERS OF THE CITY OF REDWOOD CITY APPROVING SECOND AMENDMENT TO LEASE AGREEMENT (Sequoia Yacht Club — Redwood City Marina Club House Facilities) 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 May 28, 2025, on the question of approval of the second amendment to the lease agreement hereinafter described and, pursuant to the provisions of Section 48a of the Charter of the City of Redwood City, The Board of Port Commissioners of the City of Redwood City does hereby approve that certain second amendment (the "Second Amendment") to the lease agreement (the "Lease") entitled "Lease Agreement — Redwood City Marina Club House Facilities" by and between the City of Redwood City, a municipal corporation of the State of California, acting by and through its Board of Port Commissioners ("Lessor") and the Sequoia Yacht Club, a non-profit corporation of the State of California ("Lessee"), and made and entered into on June 1, 1986, and the First Amendment thereto, made and entered on September 23, 2020, under which certain Port owned lands are leased to the Lessee (the "Leased Premises") to be used for the purpose of using, maintaining and operating the Leased Premises as a club house. The term of the Initial Lease (ending on May 2021), was extended to May 31, 2024. Lessee, pursuant to the terms of the Lease, as amended, extended the term to and including May 31, 2025 (collectively, the "Exiting Lease"). The Second Amendment grants Lessee the option to extend the term of the Existing Lease to May 31, 2030, and by way of a second option, through May 31, 2035. The monthly rent payable by Lessee starting June 1, 2025 and through May 31, 2030 is $2,119.84 and the monthly rent payable by Lessee starting June 1, 2030 and through May 31, 2035, is $2,270.83 but is subject to rent increases of 3.5% every thirty consecutive calendar month with the first increase being on December 1, 2027. The Second Amendment provides that Lessee is required to carry liability insurance in the sum of $3,000,000 and pollution liability and that Lessee must indemnify Lessor, its Commissioners, the City of Redwood City, its Council Members, and their Ordinance P-299/ Introduced: 05/14/25 Adopted:5/28/25 Sequoia Yacht CIublFXS:fs