Amendment No 1 to Lease Agmt with 1560 Collins Avenue RDA � aOi3
AMENDMENT NO. 1 TO RETAIL LEASE AGREEMENT BETWEEN THE MIAMI BEACH
REDEVELOPMENT AGENCY AND 1560 COLLINS AVENUE, INC., DATED OCTOBER 17,
2007, INVOLVING THE LEASE OF APPROXIMATELY 2,697 SQUARE FEET OF GROUND
FLOR RETAIL SPACE AT THE ANCHOR SHOPS GARAGE, LOCATED AT 1560 COLLINS
AVENUE, SUITE NO. 2, MIAMI BEACH, FLORIDA 33139
This Amendment No. 1 to Retail Lease ("Amendment"), is made and executed as of this 16th
day of October, 2013 ("Effective Date"), relating to a lease dated October 17, 2007 (the
"Lease"), by and between the MIAMI BEACH REDEVELOPMENT AGENCY, a public body
corporate and politic ("Landlord") and 1560 Collins Avenue, Inc., a Florida corporation, d/b/a
Shan ("Tenant"), relating to approximately 2,697 square feet of ground retail space, described
as Suites B and C of The Anchor Shops, having a physical address of 1560 Collins Avenue,
Suite 2, Miami Beach, Florida 33139 ("Premises").
RECITALS:
WHEREAS, on or about October 17, 2007, the Miami Beach Redevelopment Agency
("RDA") executed the Lease in connection with the Premises, for an initial lease term of five (5)
years , commencing on March 19, 2008 and terminating on March 18, 2013, with one (1)
renewal option of five (5)years; and
WHEREAS, on September 19, 2013, the Finance and Citywide Projects Commission
Committee ("FCWPC") recommended that the RDA renew the Lease for the remaining five year
option period, based upon an initial Minimum Rent of $66.41 per square foot with subsequent
annual rent escalations by the greater of the CPI Index increase or 3% ("Renewal Rent"); and
WHEREAS, during the rent negotiations, in connection with determining the Renewal
Rent, Tenant has been paying the Minimum Rent, as determined for the final year of the initial
lease term, in the amount of$47.50 per square foot, $11,423.00 per month, plus sales tax; and
WHEREAS, on October 16, 2013, pursuant to Resolution No. 600-
2013 , the RDA approved the recommendation of the FCWPC, authorizing the
Chairperson to execute this
Amendment, exercising the renewal option period, commencing March 19, 2013 and
terminating March 18, 2018 ("Renewal Term"), based upon the recommended Renewal Rent.
NOW THEREFORE, Landlord and Tenant, in consideration of the mutual covenants,
agreements and undertakings herein contained, do by these presents mutually covenant and
agree to amend the Lease, based upon the following terms and conditions:
1. Tenant hereby exercises the Renewal Option and Landlord hereby approves said
Renewal Option under the Lease, pursuant to paragraph 13 of the Lease Summary,
for the Renewal Term commencing March 19, 2013 and terminating March 18, 2018.
2. Paragraph 14 of the Lease summary, "Minimum Rent" (section 2.2), is hereby
amended to add the following:
Lease between RDA and Shan
Amendment No. 1
RDA October 16,2013
RENEWAL RENT FOR RENEWAL OPTION PERIOD
MONTHLY
PAYMENT
PERIOD ANNUAL MINIMUM RENT (,PLUS SALES TAX)
Option Year One
March 19, 2013-October 31, 2013 $128,106.96 $10,675.58
November 1, 2013— February 28, 2014, .$179,108.00 ($66.41/psf) $14,925.65
Note (*) Beginning on March 1, 2014, and at the beginning of each succeeding year thereafter
during the Renewal Term of the Lease, the Minimum Rent shall be adjusted by the greater of
three (3%) annually or the CPI increase, as determined in accordance with the following
formula: The CPI increase shall be determined by multiplying the Minimum Rent then being
paid by a fraction, the numerator of which shall be the Consumer Price Index - U.S. City
average for urban wage earners and clerical workers all items (1982-84 equals 100) ("CPI") for
the third month-preceding the month of adjustment, and the denominator of which shall be the
CPI for the fifteenth month preceding the month of adjustment. Should the CPI become
unavailable, a reasonable substitute prepared by the U.S. Department of Labor or other source,
as designated by Landlord, shall be used. Minimum Rent shall continue to be payable in
monthly installments as otherwise described above until Landlord notifies Tenant of the new
monthly Minimum Rent installment amount. Landlord shall attempt to so notify Tenant prior to
the commencement of each adjustment date. However, failure of Landlord to timely notify
Tenant of the new monthly Minimum Rent installment amount shall not be deemed a waiver by
Landlord of the increased rental; the new monthly amount (or any portion to previously paid)
shall be payable, retroactive to the commencement of the new adjustment date, upon
notification by Landlord to Tenant of the new monthly Minimum Rent installment amount.
Notwithstanding the foregoing, the annual Minimum Rent shall not be less than the Minimum
Rent payable for the immediately prior year, plus the minimum three (3%)annual increase.
The projected Minimum Rent for Option Years two through .Five, assuming that the CPI
increases, as described herein, stay below 3%, shall be as follows:
•:Reriewal..Rent for"Renewal Option.Period
.__.__._...._....._. .� ;._ ........ ..... s _-. .._ . - ... ;Monthly Ren
t
Option Yrs, _._._ ...._- ...._...�. _....•...t-'Ret .5....:___._- Annual Rent'. .., •.•I.S,...I . ...
T ... ; ,..... s
_ . )
Year 1 3-19-13/10-31-13 26971 47.50 128,107 10,675.58
Year ;11-1-13/2-28-14 2697 $ 66.41 $ 179,1081 $ 14,925.65
i...,....._......_........................... ............. .. .. . w...... .... ............ ....,........_.,..........._...................... .._..............,. ......
Year 2 3-1-2014/2-28-2015 2697; $ 68.40 $ 184,481_: $ 15,373.42
Year l3 I 3-1-2015/2-28-2016 2697 „$ 70.45 „$` 190,015 $ 15,834.62
Year 4 13-1-2016/2-28-2017 2697; $ 72.57 $ 195,716 $ 16,309.66
.� .• .......... ....,,............,............................,.._F...,,.,...,.,....._.,....,..,._.
Year 5 :3-1-2017/3-18-2018 2697' $ 74.75 $ 201,587 $ 16,79
3, Except as amended herein, all other terms and conditions of the Lease shall remain
in full force and effect and are hereby ratified and confirmed by the parties.
2
Lease between RDA and Shan
Amendment No. 1
RDA October 16,2013
IN WITNESS WHEREOF, this Amendment No. 1 has been duly executed by the parties
hereto as of the day and year first above written.
ATTEST: LANDLORD:
MIAMI BEACH REDEVELOPMENT
AGENCY
Print Name: U 1rpers tj n
i ,_day of 201
Print ame: INCORP ORATED:
1 *� �
Print N ,e: Secr tary
2 t_day of 2013.
Print ame: J-6A
ATTEST: TENANT:
1560 9e9ns Aven Inc., a Florida corporation
r'
C..
�_: ------�> By: w
Print Name: S-kwo Tit e: -
2 2� 48�of 2013.
CORPORATE SEAL
(affix here)
F:IRHCDI$ALLIECOM$ALLOSSETIAnchor RetObsolutely Suitable Shanomendment No. 1 APPROVED AS TO
FORM&LANGUAGE
&:FOR EXECUTION
3 ... _.._ .�,
City Attorn Date