2nd Renewal 07/15/2015 LEASE RENEWAL AGREEMENT
JET LAG
KEY WEST INTERNATIONAL AIRPORT
This Agreement is made and entered into on the 15th day of July, 2015, by and between
MONROE COUNTY, a political subdivision of the State of Florida, owner of Key West International
Airport, hereinafter referred to as "Lessor" or "County", whose address is 1100 Simonton Street, Key
West, Florida, 33040, and Susan Wallace, DBA JET LAG KW, LLC., hereinafter referred to as "Lessee"
or"Tenant" whose address is 3493 South Roosevelt Blvd. STE It 8 Key West, FL 33040.
WHEREAS, on the 18th day of July, 2010, the Lessee's predecessor in interest entered into an
agreement for the use of property more particularly described in exhibit"A", hereafter original agreement.
A copy of the original agreement is attached to this renewal agreement and made a part of it; and
WHEREAS, the original agreement term ended on July 31, 2010 and was renewed by Lessee's
predecessor in interest though July 31 s' 2014; and
WHEREAS, on 20ih day of March 2014 Jet lag Accessories, LLC., was purchased by Susan
Wallace DBA Jet Lag KW LLC., and, prior to the sale, the former owner requested that the lease be
renewed one more year; and
WHEREAS, Lessee has requested that the lease be renewed; and
--------WHEREAS, tenants at the airport typically are given an initial term of 5 years and Lessee
purchased the leasehold last year; and
WHEREAS, the county has no objection to granting Lessee an additional four years in order to
place Lessee on equal terms with other new tenants; and
WHEREAS, the parties have found the original agreement to be mutually beneficial; now,
therefore,
IN CONSIDERATION of the mutual promises and covenants set forth below, the parties agree as
follows:
1. Paragraph 2(a)of the original agreement is amended to read:
2(a) TERM. This agreement will take effect on the 1st day of August 2015, and
will terminate on the 31st day of July, 2019, unless terminated earlier under another
paragraph of this agreement.
2. Paragraph 3 of the original agreement is amended to read:
3. Rental and Fees
(a) i. Lessee agrees to pay Lessor rent in the amount of $1,334.99 per month plus tax,
including electricity and garbage, for retail concession space 217.
ii. In addition to the rent, Lessee agrees to pay Lessor 10% of the annual gross revenues
plus sales tax, or a guaranteed minimum annual fee of $20,892.72 plus sales tax,
whichever is greater, generated by Lessee's operations at retail concession space 217.
Rental payments are due by the 1" day of the month for which the rent is due. An
annual rental payment adjustment shall be made in accordance with the percentage change
in the Consumer Price Index for all urban consumers (CPI-U) for the most recent 12
months available or in accordance with the Airport's standard rates and charges as revised
annually, whichever is greater. The increase will take effect on the anniversary month of
the month when the operation opened for business.
Annual gross revenues are determined on a calendar year basis. A calendar year
shall run from January 1"through December 31" inclusive. Payment of charges under this
subparagraph shall be made in monthly installments in arrears. Lessee shall remit, at a
minimum, 1/12 of the annual guaranteed minimum ($1741.06) on an arrears basis.
Payment shall be made no later than the 25th day of the month payment is due, i.e. January
payment by February 25, February by March 25, etc. In the event the total amount paid
during any calendar year period is less than the greater of the fees set forth in 5a.ii, Lessee
shall remit the difference by February 28 of the year subsequent to the calendar year for
which the charge is due. A corresponding copy of the Lessee's Florida Department of
Revenue Use and Sales Tax Report shall be remitted along with Lessee's monthly gross
revenue payment.
Except as set forth in paragraphs one, and two of this Lease Renewal Agreement, in all other respects, the
terms and conditions of the original agreement remain in full force and effect.
IN WITNESS WHEREOF, each party has caused this Agreement to be executed by its duly
r23ite,-
presentative.
I
BOARD OF COUNTY COMMISSIONERS
1111/4,
, � ± ' "EAVILIN, CLERK OF MO OE COUNTY, FLORIpA
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• YYY .t5 rn
'Y Mayor Dan Kolhage
WI/ .E%ite " V LESSEE:
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PEDR• J_ MERCADO
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