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CWM:djm 01/0- 70 (P-001/#27) <br /> <br /> RESOLUTION NO. P-1328 <br /> <br /> RESOLUTION ACKNOWLEDGING EXERCISE OF OPTION BY ESBROW <br /> CHEMICAL COMPANY TO RENEW LEASE FOR AN ADDITIONAL FIVE <br /> YEAR TERM AND ESTABLISHING FAIR MARKET RENTAL VALUE <br /> THEREFOR <br /> <br /> WHEREAS, the City of Redwood City, acting by and through <br /> this Board, as Lessor, and Esbrow Chemical Company as Lessee, <br /> entered into an agreement (the "Lease") on September 13, 1984, <br /> for the lease of certain real property located at the Port of <br /> Redwood City; and <br /> <br /> WHEREAS, the Lease contains an option to renew and extend <br /> the Lease for an additional five years commencing October 1, 1989 <br /> and ending September 30, 1994; and <br /> <br /> WHEREAS, said Lessee has properly exercised said option <br />pursuant to Paragraph 2(b) of the Lease; and <br /> <br /> WHEREAS, pursuant to Paragraph 3(b) of the Lease, this Board <br />finds that the Fair Market Rental Value monthly installment for <br />the leased premises is Fifteen Hundred Fifty-Four and 60/100 <br />Dollars ($1,554.60) per month during the renewal term under the <br />Lease; and <br /> <br /> WHEREAS, said Lessee accepts this value and agrees to pay <br /> <br />said rental retroactively from and after October 1, 1989. <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF THE <br />CITY OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> This hereby acknowl%dges the exercise of option by Lessee <br />to renew and extend the Lease pursuant to Paragraph 2(b) thereof, <br />and hereby establishes the Fair Market Rental Value, for the <br />Renewal Term pursuant to Paragraph 3(b) under the Lease, at <br /> <br /> <br />