LETTER TO EXTEND LEASE TERM THROUGH SEPTEMBER 30 2009
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CITY OF CLEARWATER
POST OPFlCI! Box 4748, CLl!ARWATI!R, FLORIDA 33758-4748
CI1Y HAll. 112 SoUTIi OSCEOlA AVENUE. C1.EARWATER. FLORIDA 33756
TELEPHONE [727) 562-4010 FAX (727) 562-4021
CIlY ArrORNEYS OFFICE
May 13, 2004
CERTIFIED MAIL
Euro-American Investments, Inc.
2551 Drew Street, Suite 207
Clearwater, Florida 33765
Re: City of Clearwater First Option to Renew Lease Agreement for
Campus Walk, 2551 Drew Street, Suite No. 304, Clearwater, FL 33765
Dear Sirs:
The City of Clearwater entered into the above-referenced lease agreement for that
property located at 2551 Drew Street, Suite No. 304, Clearwater, Florida 33765, on May
12,1994. Article I, Section 1.01(b) "Lease Term" granted an initial period for 64 months,
which commenced on June 1, 1994 and was scheduled to terminate September 30,
1999, subject to renewal options. The City of Clearwater exercised its first option,
renewing the lease from October 1, 1999 through September 30, 2004. Rider 2 -
Option to Renew provides that the City of Clearwater has the option to extend the lease
term for an additional sixty-month period.
This letter will serve as written notice of the City of Clearwater's intention to exercise the
second option of renewal for a period of 60 months commencing on October 1, 2004,
and terminating September 30, 2009. The renewal term and the annual escalation in
the base rent shall be calculated as described in the lease agreement between the
parties. All other terms and conditions in the lease agreement shall remain in full force
and effect.
Thank you in advance for your cooperation on this matter,
~cereIY,
~~A~7. ~-::o::
. William B. Home, II
City Manager
WBH/LUlb
Bce: Chuck Warrington, Gas Managing Director
BRIAN]. AUNGST, MAYOR-COMMISSIONER
HOIT HAMILTON, VICE MAYOR-COMMISSIONER WHITNEY GRAY, COMMISSIONER
FRANK HIBBARD, COMMISSIONER * BIIJ,)ONSON, COMMISSIONER
"EQUAL EMPLOYMENT AND AFFIRMATIVE ACTION EMPLOYER"
HECEIVED
OCT 1 9 2004
William B. Home, IT, City Manager
City of Clearwater
P.Q, Box 4748
Clearwater, FL 33758-4748
CiTY 1\llM,tt..C1En'S OFFICE
RE: City of Clearwater First Option to Renew Lease Agreement for Campus Walk, 2551 Drew
Street, Suite #304, Clearwater, FL 33765
Dear Mr. Home:
As the Landlord, Euro-American Investments, Inc" this will acknowledge receipt of your
letter dated May 13,2004, exercising the City's First option to renew the lease agreement for
Suite #304, Campus Walk, 2551 Drew Street, Clearwater, Florida, for a period of five (5) years
commencing October1, 2004, A copy of your May 13,2004 letter is enclosed herewith for your
ready reference.
With respect to the annual rent escalation provided for in the Rider 2 - Option to Renew
attached to the lease agreement, the index and calculation of changes in the amount of base rent
is an amount equal to the percentage change in the Consumer Price Index during the twelve (12)
month period immediately preceding the anniversary date of the lease (October 1,2004) for all
Urban Consumers, South region, published by the Bureau of Labor Statistics of the United States
Department of Labor, the U.S, city average, All items (1982-84=100) (the "Index"), Inasmuch
as the Index for October 1, 2004, will not be published prior to the Index for October 1,2004, we
propose to charge the city base rent equal to that charged during the month of August 2004 and
then adjust the rental once the Index is published,
Lastly, common area maintenance charges are based upon the calendar year. Hence,
current CAM charges shall remain unchanged until January 2005. Adjustment for the calendar
year 2005 will be made in January, 2005.
If you have any questions, kindly contact me,
Sincerely,
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Enclosure