Title
A Resolution Approving a Commercial Extension Agreement Between the City of Foley and Foley CB, LLC
Summary
Description of Topic: (who, what, where, when, why and how much)
The City of Foley would like to extend a Commercial Lease Agreement with Foley CB, LLC for office space.
Body
WHEREAS, Landlord and Tenant entered into that certain Commercial Lease Agreement dated December 1, 2024 for the sole purpose of leasing approximately 2,348 rented square feet and usable square feet identified as Suite 250 located on the second floor (“Premises”) of the building listed as 200 W. Laurel Avenue, Foley, Alabama 36535 (“Building”) pursuant to that certain Lease dated December 1, 2024 (“Lease”); and
WHEREAS, Landlord and Tenant entered into the Lease Agreement (“Parking Lot Agreement”) dated January 1, 2022 for the sole purpose of leasing that certain real property as described therein to be used exclusively as a parking lot; and
NOW THEREFORE, in consideration of the foregoing, and in consideration of the mutual covenants herein, the parties hereto agree as follows:
SECTION 1: The term of Lease shall be extended for 12 months beginning December 1, 2025 (“Commencement Date”).
SECTION 2: The Parking Lot Agreement shall be extended via a separate agreement.
SECTION 3: Tenant shall pay to Landlord monthly Base Rent in the amount of $2,821.17 ($14.42 PSF annually) plus monthly additional charges (“Additional Rent”) for Tenant’s proportional share of common area maintenance, utilities, real estate taxes, insurance, landscaping, property management and janitorial services associated with the Building. Additional Rent will be based on Tenant pro rata share of 11%.
SECTION 4: Landlord shall provide and Tenant shall accept the Premises in “as-is” condition.
SECTION 5: This Resolution shall become effective immediately upon its adoption as required by law.