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1994-1101_VAQUERO WEST MERCANTILE_Lease Agreement Amd #3AMENDMENT#3 TO LEASE AGREEMENT WITH VAQUERO WEST MERCANTILE AT 26755 VERDUGO STREET SAN JUAN CAPISTRANO, CALIFORNIA AMENDMENT made this I st day of November, 1994, by and between the SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY (the "Landlord") and VAQUERO WEST MERCANTILE (the "Tenant"). RECITALS A. Landlord and Tenant are parties to a lease agreement dated April 7, 1992 (referred to herein as the "Lease"). B. The Tenant has incurred considerable cost in the restoration of the premises in excess of original estimates. C. The Tenant has requested consideration by the Agency of amended lease terms to offset the additional costs incurred. D. The Landlord wishes to adjust the rent terms of the lease to recognize the additional costs incurred by the Tenant by adjusting their rental schedule from a fixed monthly amount to a percentage of gross sales with a fixed monthly minimum amount. E. The Landlord wishes to adjust the use terms of the lease to provide for a resident - manager in conjunction with the overnight accommodation use. NOW THEREFORE, in consideration of the mutual covenants herein, the parties agree that the lease is amended as provided herein. The above Recitals are incorporated into and made part of the Amendment. All references to section numbers herein shall mean sections of the lease unless otherwise indicated. All references to terms herein shall mean the terms of the Lease unless otherwise indicated. 4. Paragraph I of the basic provisions of the Lease is amended as follows: August 1, 1993 - June 30, 1994 $1,295/mo. July 1, 1994 - June 30, 1995 $2,000/mo. July 1, 1995 -April 6, 1996 $2,100/mo. April 7, 1996 - April 7, 2002 Note 1 Note 1 - Beginning April 7, 1996, the Fixed Minimum Rent shall be increased to reflect any increases to the Landlord under the Master Ground Lease (Exhibit 1). The increase in the Master Ground Lease will be added to the existing Fixed Minimum Rent. 5. Section 4.1 of the Lease is amended as follows: 4.1 Amount - During the Lease Term, Tenant shall pay Landlord without prior demand, deduction, set-off, counter claim or offset, except as otherwise specifically set forth in the Lease, the rent in this Lease in accordance with its terms and conditions. a. Fixed Minimum Rent will be at the monthly rate provided in Paragraph 1 of the basic provisions, payable on the first day of each month during the term. Fixed minimum rent shall commence upon August 1, 1993. b. Effective February 1, 1994, Excess Rent shall be equal to six (6) percent of gross sales less the Fixed Minimum Rent but not less than zero. Gross sales reports will be submitted by Tenant to Landlord within 30 days after the end of each month. Excess Rent shall be payable within 45 after the end of each month. 6. The following shall be added to Paragraph G of the Basic Provisions of the Lease as provided in Amendment #2 to the Lease Agreement. In conjunction with the overnight accommodation use, the Tenant may pro-ide a resident -manager on the premises. Such resident manager shall reside on the second floor of the premises. EXECUTED as of the date first written above. APPROVED AS TO FORM: 'kichard K. Denhalter ) Dhl AT EST: Cheryl Johnsa, AIKency Secretary SAN JUAN CAPISTRANO COMMUNITY EVE O/�T AGENCY By Carolyn Nash, Chairperson By IQ z" A Z", eor a carboy h, Executive Director VAQUERO WEST MERCANTILE Tim Holsten, President