AGENDA REPORT. Meeting Date: March 5, 2019 Item Number: D 4 To: From:

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1 AGENDA REPORT Meeting Date: March 5, 2019 Item Number: D 4 To: From: Board of Direcrs, Parking Authority of the City of Beverly Hills Logan Phillippo, Policy & Management Analyst Subject: THIRD AMENDMENT TO LEASE BY AND BETWEEN THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS AND CHUN NAM LEE DBA CALIFORNIA COFFEE SELETTO Attachment: 1. Lee Amendment RECOMMENDATION Staff recommends the Board of Direcrs approve a lee extension with Chun Nam Lee dba California Coffee Selet, which located at 434 North Camden ( Lee Amendment ). INTRODUCTION The 1,607 square feet restaurant tenant space currently leed and occupied by Chun Nam Lee, doing business California Coffee Selet, through March 31, The current tenant h occupied the space since The proposed Lee Amendment will extend the term for one year through March 31, 2020 at the current rental rate of $5, per month (approximately $3.57 per square foot) or $68, for the remaining one-year term. DISCUSSION The 434 North Camden Drive Parking Authority tenant space h contained a café since at let the early 1990 s. In March 2011, the City approved a lee signment the current tenant. The café offers a variety of lunch and breakft food options, including noodles, sushi, ptries, and coffee. The café offers moderately priced breakft and lunch options for employees in the area. Page 1 of 2 2/27/2019

2 Meeting Date: March 5, 2019 The Lee Amendment extends the term for one-year at the current rental rate. The Parking Authority may negotiate future extensions or seek new tenants the March 31, 2020 expiration nears. FISCAL IMPACT The arrangement does not incree exting rent. The City will continue earn $5, in be rent per month, or approximately or $68, for the remaining one year term, while future options for the tenant space are evaluated. There are no landlord concessions such a tenant improvement allowance or free rent period and no brokerage fees sociated with the Lee Amendment. p f Mahdi Aluzri Approved By Page 2 of 2 2/27/2019

3 Attachment 1

4 Camden RECORDING REQUESTED BY, AND WHEN RECORDE.D MAIL TO: The Parking Authority of the City of Beverly Hills 455 North Rexford Drive Beverly Hills, California Attn: City Clerk SPACE ABOVE THIS LINE FOR RECORDERS USE The undersigned Lessor declares that th Third Amendment of Lee Fees pursuant California Government Code Section and exempt from Recording exempt from documentary transfer taxes pursuant California Revenue and Taxation Code Section THIRD AMENDMENT OF LEASE March THIS THIRD AMENDMENT OF 5, 2019, and LEASE (th Third Amendment ) dated entered in by and between THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS ( Lessor ) and CHUN NAM LEE (dba California Coffee Selec ) ( Lessee ). of RE C IT A L S lessor, and certain City of Beverly Hills Lee Drive Parking Structure 434 North Camden amended Second Amendment of Lee dated September A. Drive dated 2010 and a The City of Beverly Hills, of May 27, and it by a Jae In Lee, terms used herein but not defined shall have the meanings set forth lessee, entered in that First Amendment of Lee dated July 2013 (the Lee ). Capitalized 24, in the Lee. B. A Memorandum of Lee dated May 27, on 7, in the Official Records of Los Angeles County, California. The on August 30. No. in on Ocber 28, in Document No First Amendment of Lee w recorded 2009 w recorded 2010 Document such Official Records, and the Second Amendment of Lee w recorded Document No. C. Beverly Hills pursuant Assignment dated April D such Official Records. The Lee w signed by Jae In Lee an Assignment of Lee dated April 28, , The Lee affects a July , 2013 Lessee with the consent of the City of and a Consent portion (the Premes ) of the building located Camden Drive, Beverly Hills, California, more particularly described in the Lee. at 434 North E. Lessor h acquired such building, including from the City of Beverly Hills. the Premes, subject the Lee F. Lessor and Lessee desire further amend the Lee hereinafter set forth. BQZX5-t}OO1\2266 Thv1.doc

5 AGREEMENT NOW, THEREFORE, in consideration of the foregoing recitals, the covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee hereby agree follows: I. Extension of Term. The term of the Lee hereby extended March 31, The current monthly rent payable under the Lee ($5,742.44) shall remain in effect until the expiration of the term. 3, ctijgffect. Except specifically modified hereby, the Lee shall remain unaffected and unchanged. The Lee hereby ratified and affirmed by Lessor and Lessee and remains in full force and effect modified hereby. 4. Counterparts. Th Third Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed be an original, and all of which, taken gether, shall be deemed be one and the same instrument. IN WITNESS WHEREOF, Lessor and Lessee have executed th Third Amendment of the date and year first above written. LESSOR: THE PARKING AUTHORITY OF THE CITY OF BEVERLY HILLS By: Julian A. Gold, M.D. Chairperson of the Board of Direcrs Th$T:_ Lourdes Sy-Rodriguez, Parking Authority Asstant Secretary %EDASTOFO Laurence S. Wiener, Parking Authority General Counsel APPROVED AS TO CONTENT: Mahdi Aluzri, Executive Direcr Sharon L Keureux Dressel, Rk Manager BO785OOO I \226%678v I doc -7-

6 LESSEE: Chun Nam Lee B g67xv1 doc

7 A Notary Public or other officer completing th certificate verifies oniy the identity of the individual who signed the document which th certificate attached, and not the truthfulness, accuracy, or validity of that document. State of California ) County of Los Angeles On Y%)4rF before me, fz4( (< J t (insert name and title of the officer) Notary Public, personally appeared r- Lti?f who proved me on the b of satfacry evidence be the person(s) whose name(s) /are subscribed the within instrument and acknowledged me that he/she/they executed the same in h/her/their authorized capacity(ies), and that by h/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. lt I certify under PENALTY Of PERJURY under the laws of the State of California that the foregoing paragraph true and correct. MIKE M. LEE WLFNESS my hand and official seal. COMM. # NOIARY PUBlIC - CALIFORNIA - LOS ANGELES COUNTY U COMM. EXPIRES APRIL 19, 2021 Signature i c A Notary Public or other officer completing th certificate verifies only the identity of the individual who signed the document which th certificate attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Los Angeles ) On before me, (insert name and title of the officer) Notary Public, personally appeared who proved me on the b of satfacry evidence be the person(s) whose name(s) /are subscribed the within instrument and acknowledged me that he/she/they executed the same in h/her/their authorized capacity(ies), and that by h/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY Of PERJURY under the laws of the State of California that the foregoing paragraph true and correct. WITNESS my hand and official seal. Signature (Seal) Bo785Ot)Olu26$6?8vl doe -4-

8 A Notary Public or other officer completing th certificate verifies only the identity of the or individual who signed the document which th certificate validity of that document. accuracy, attached, and not the truthfulness, State of California County of Los Angeles ) ) On before me, Notary Public, personally appeared who proved subscribed in the me on the b of satfacry evidence the within instrument and acknowledged me (insert name and title of the officer) h/her/their authorized capacity(ies), and that by h/her/their signature(s) be the person(s) whose name(s) /are that he/she/they executed the same on the instrument person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. the certify under PENALTY Of PERJURY under the laws of foregoing paragraph I true and correct. the State of California that WITNESS my hand and official seal. Signature (Seal) Bt)7l5-OO() I \226ll67v 1 doe