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