3rd Amendment 05/19/2021 Kevin Madok, CPA
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,;;.,. .; Clerk of the Circuit Court& Comptroller—Monroe County, Florida
DATE: May 25, 2021
TO: Alice Steryou
Contract Monitor ( (gyp
FROM: Sally M. Abrams, D.C.Y W
SUBJECT: May 19, 2021 BOCC Meeting
Attached is an electronic copy of Rein 116,Third Amendment for a two(2)year Commercial
Lease renewal and annual rental increase with Key Vaca Center, LLC, for the Supervisor of
Elections office at the 100th Street Center building in Marathon. The new lease term commences
on June 1, 2021, and terminates on May 31, 2023, at a total monthly rental fee of$4,571.66 for
the upcoming year, which includes a 3.25% increase and Lessee's prorata share of annual CAM
costs, pursuant to the Lease provisions., for your handling.
Should you have any questions, please feel free to contact me at ext. 3550. Thank you.
cc: Facilities Supervisor
County Attorney
Finance
File
KEY WEST MARATHON PLANTATION KEY PK/ROTH BUILDING
500 Whitehead Street 3117 Overseas Highway 88820 Overseas Highway 50 High Point Road
Key West,Florida 33040 Marathon,Florida 33050 Plantation Key,Florida 33070 Plantation Key,Florida 33070
305-294-4641 305-289-6027 305-852-7145 305-852-7145
THIRD AMENDMENT TO COMMERCIAL LEASE
This THIRD AMENDMENT TO COMMERCIAL LEASE is made and entered into
this I 91h day of May, 2021, by and between KEY VACA CENTER, LLC, a Florida Limited
Liability Company, whose principal address is 17013 Coral Way, Sugarloaf Key, Florida 33042.
Lessor's address for purposes of any notice to be sent from Lessee to Lessor and for rental
payments is as follows: Key Vaca Center, c/o Mark A. Pollaci., 117 West 28 Street, 2nd Floor,
New York,New York 10001, hereinafter referred to as "LESSOR", and BOARD OF COUNTY
COMMISSIONERS OF MONROE COUNTY,FLORIDA, a political subdivision of the State
of Florida, whose address is 1100 Simonton Street, Key West,Florida 33040, hereinafter referred
to as "LESSEE".
WHEREAS,the Lessor and Lessee entered into a Commercial Lease dated May 21,2014,
("Lease"),for office space located at Unit A and Unit B, 100th Street Center, commonly known as
10005-10015 Overseas Highway, Marathon, Monroe County, Florida 33050, with said premises
being occupied by the Monroe County Supervisor of Elections ("Premises"); and
WHEREAS, the initial term of the Lease was for a to of five (5) years beginning on
June 1,2014, and expiring on May 31, 2019; and
WHEREAS, the Lease provided that Lessee shall have the option to extend the to for
five (5)additional one (1)year renewal terms upon expiration of the initial term, subject to proper
notice being provided to Lessor that Lessee would exercise its option to renew the Lease; and
WHEREAS,Lessee provided proper notice to Lessor that it desired to extend the to of
the Lease at the expiration of the initial term, and Lessor offered to renew the lease fora two (2)
or three (3) year term rather than the original one (1)year renewal to as provided in the Lease;
and
WHEREAS,Lessor and Lessee entered into a First Amendment to Commercial Lease on
April 17,2019, in which Lessee accepted the offer of Lessor to renew the to of the Lease for an
additional two (2) years with the to to begin on June 1, 2019, and terminate on May 31, 2021,
with the annual base rent increase pursuant to the Lease tenns; and
WHEREAS,the initial Landlord, Oxford Business III Corporation,thereafter sold the real
property,which is the subject of the herein leased Premises,to Key Vaca Center LLC, on or about
January 14, 2020, and proper notice was provided to Lessee; and
WHEREAS,the parties entered into a Second Amendment to Commercial Lease on June
17, 2020, in which the Lease was amended to reflect Key Vaca Center, LLC, as the Lessor and
current owner of the property,and to correct the address for Key Vaca Center,LLC for any notices
and future rental payments; and
WHEREAS, Lessee provided proper notice to Lessor that it desired to again extend the
term of the Lease which expires on May 31, 2021, and Lessor has offered to renew the lease for a
two (2) year term rather than the one (1) year renewal to as provided in the original Lease; and
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WHEREAS,Lessee has accepted the offer of Lessor and desires to renew the to for an
additional two (2) years to begin on June 1, 2021, and expire on May 31, 2023, with the annual
base rent increase pursuant to the Lease terms; and
WHEREAS, Lessor is entitled to an increase of the base rent by the greater of an annual
C.P.LU. adjustment or by 3.25%on the anniversary date as allowed under the Lease; and
WHEREAS, Lessor is also entitled to an increase in Lessee's prorata share of the annual
costs for fire, flood,and windstorm insurance,real property taxes, waste collection fees, common
utilities, and annual costs to keep and maintain in good repair the building exterior, landscaping,
lighting, sidewalks, driveways, curbs and sign ("CAM Costs"); and
WHEREAS,the parties find it mutually beneficial to amend the Lease as to the lease terrn,
monthly base rent, and CAM costs;
NOW, THEREFORE, IN CONSIDERATION of the mutual promises and
considerations contained herein,the parties agree as follows:
1. The initial five (5) year to under this Lease initiated on June 1, 2014, and
terminated on May 31,2019,asset forth in the WITNES SETH Paragraph of the Lease. Paragraph
43 of the Lease provides that Lessee shall have an option to extend the term for five(5)additional
one (I) year terms sub.ect to proper notice from Lessee to Lessor.
I
2. At the expiration of the initial term, after proper notice and negotiations by Lessor
and Lessee, the Lease to was extended for an additional two (2) years as approved in the First
Amendment to Commercial Lease dated April 17, 2019, with the renewal term to commence on
June 1, 2019, and expire on May 31, 2021.
3. Lessee has again provided proper notice to Lessor exercising its option to renew
the Lease for an additional one (1) year term. Lessor offered to instead renew the Lease for two
(2)years and Lessee accepted said offer for the Supervisor of Elections' office.
4. The to of the renewal for this Lease shall be for two (2)more years commencing
on June 1, 2021, and terminating on May 31, 2023, under the same terms and conditions of the
original Lease, unless terminated earlier under another paragraph of this Lease.
5. Pursuant to Paragraph I of the Lease, the base rent shall be subject to an annual
adjustment increase of the greater of a)C.P.J.U. for the 12-month period ending on December 31"
of the previous year or b) 3.25%on each successive anniversary date. The annual cap on C.P.I.U.
shall be five percent(5%).
6. Commencing on June 1, 2021, for use of the Premises, the Lessee shall pay the
Lessor a base rent,which has been increased by 3.25%pursuant to the Lease, in the total monthly
amount of Three Thousand One Hundred Ninety-five and 02/100 ($3,195.02)Dollars,payable in
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arrears upon receipt of a proper invoice pursuant to the Florida Prompt Payment Act, Florida
Statute,Section 218.70.
7. Lessee shall also pay in addition to the monthly base rent, its prorata share of the
annual costs pursuant to Paragraph 2 of the Lease, which is subject to adjustment during the term
of the Lease. Commencing on June 1, 2021, Lessee shall pay CAM Costs in the amount of One
Thousand Three Hundred Seventy-six and 64/100 ($1,376.64)Dollars, per month.
8. Commencing on June 1,2021,and continuing through May 31,2022, Lessee shall
pay a total monthly rental amount of Four Thousand Five Hundred Seventy-one and 66/100
($4,571.66)Dollars, for the base rent and its proata share of the annual CAM Costs.
9. All of the remaining terms and conditions of the Commercial Lease dated May 21,
2014,as amended on April 17,2019, and June l7, 2020,not inconsistent herewith,shall remain in
full force and effect.
IN WITNESS WHEREOF, each party has caused this Agreement to be executed by its
duly authorized representative on the day and year first above written.
BOARD OF COUNTY COMMISSIONERS KEY VACA CENTER, LLC,
OF MONROE COUNTY, FLORIDA LESSOR
BY: BY: ! •—•
Printed Name: Michelle Coldiron Printed Name: pro A A 2/4/< +
Title: MayorI � Title: /y// ,e�Pp. •
Date: c, l /. p I
(SEAL) BOARD OF COUNTY COMMISSIONERS
ATTEST: KEVIN MADOK, CLERK OF MONROE COUNTY, FLORIDA
BY: C' 4 . dibii4 tS BY: ��
As Deputy Clerk Mayor/C airperson
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