1
Third Amendment
POS Agreement #000294
Mad Anthony’s, Inc.
xx/xx/2023
THIRD AMENDMENT TO LEASE
BETWEEN
PORT OF SEATTLE
AND
MAD ANTHONY’S, INC.
AT
PIER 66
THIS THIRD AMENDMENT TO LEASE is made as of , 2023, by and
between the PORT OF SEATTLE, a Washington municipal corporation, hereinafter called
“Owner,” and MAD ANTHONY’S, INC., a Washington corporation, hereinafter called
“Tenant,”
W
I
T
N
E
S
S
E
T
H
:
WHEREAS, the parties entered into the Bell Street Pier Restaurant Lease Agreement dated
February 14, 1995, hereinafter called “Basic Leas
e,” covering certain premises and activities by
Tenant at Pier 66, Seattle, Washington, which was subsequently amended by First Amendment
dated December 28, 2020 and Second Amendment dated August 9, 2022, together with the Basic
Lease called “Lease”; and
WHEREAS, the parties now wish to further revise the Lease as previously amended, by
extending the period of time during which Tenant’s rent structure does not follow the Basic
Lease ren
t structure.
NOW THEREFORE, in consideration of their mutual promises, the parties hereby agree as
follows:
1) For the period beginnin
g retroactively to May 1, 2023 until the earlier of: 1) December
31, 2024 or; 2) the last day of the calendar month when two-way traffic on Alaskan
Way resumes (timing is dictated by Seattle Aquarium and Overlook Walk construction
projects), Tenant shall owe no monthly or annual minimum
rent, but instead shall
pay
percentage rent on a monthly basis in the amount of
six and one-half percent (6.50
%) of
its monthly
Gross Sales (as defined in Section 4.c. of the Basic Lease), as
follows:
within 14 days following the end of each calendar month Tenant shall furnish Owner
with a computation, certified by an officer of Tenant, of the Gross Sales made on or
from the Premises for th
e preceding calendar mo
nth and the amount due Owner as
percentage rent for that month, and shall contemporaneously pay the amount of
percentage rent due. Once the Third Amendment is execu
ted,
Owner shall prepare a
reconciliation of Tenant’s account that begins May 1, 2023. If the reconciliation results
in a Tenant overpayment, Owner shall issue Tenant a credit invoice in Owner’s next
billing perio
d. If the reconciliation results in a Tenant underpayment, Owner shall b
ill
Tenant for the additional rent due in Owner’s next billing period.
2) Commencing the earlier of: 1) January 1, 2025 or; 2) the first day of the calendar month
following the month when two-way traffic on Alaskan Way resumes,
the
rent
modifications set forth above shall expire and Tenant
shall resume paying
minimum
monthly rent as provided in Section 4 of the Basic Lease, with a monthly minimum rent
of $30,670, except that the percentage used for calculation of percentage rent shall be six
and one quarter (6.25%).
3) Contract rent for assessment of leasehold excise tax ("LET") shall be that method
defined by Washington Department of Revenue (“DOR”).
Tenant agrees to comp
ly with
Chapter 82.29A RCW, t
he DOR implementing Re
gulations thereof, and any revision or
amendment thereto to determine DOR taxable rent for the assessment of LET. In the
event th
at the Washingto
n Department of Revenue determines, based on Chapter 82.29A
RCW and/or any implementing regulations thereunder, including any amendments to said
statute or regulations, that LET is due in an amount greater
than the amount invoiced or
remitted by the Owner, whether assessed based on the percentage rent, gross receipts,
minimum monthly rent or otherwise, Tenant agrees that any deficiency and payment of
8n attach1
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Third Amendment
POS Agreement #000294
Mad Anthony’s, Inc.
xx/xx/2023
any additional LET owed (whether retroactive or prospective) shall be the sole
responsibility of Tenant, shall be payable by Tenant, and Tenant agrees to indemnify and
hold Owner harmless from and against any such LET assessed, including any penalties or
interest. The obligations set forth in this section shall survive any expiration or
termination of the Agreement.
4) The terms of this Amendment shall control over any contrary or inconsistent terms of the
Lease. Except as expressly amended herein, all provisions of the Basic Lease shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment as of the
day and year first above written.
LESSOR LESSEE
PORT OF SEATTLE MAD ANTHONY’S, INC.
By
Its
By
Its
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Third Amendment
POS Agreement #000294
Mad Anthony’s, Inc.
xx/xx/2023
Notary to Third Amendment to Lease with
Mad Anthony’s, Inc.
at Pier 66.
STATE OF WASHINGTON )
) ss
COUNTY OF KING )
On this day of , 20 , before me personally appeared
, to me known to be the of the PORT
OF SEATTLE, the municipal corporation that executed the within and foregoing instrument, and acknowledged said
instrument to be the free and voluntary act and deed of said corporation, for the uses and purposes therein
mentioned, and on oath stated that s/he was authorized to execute said instrument.
In Witness Whereof I have hereunto set my hand and affixed my official seal the day and year first above
written.
(Signature)
(Print Name)
Notary Public, in and for the State of Washington,
residing at
My Commission expires:
STATE OF WASHINGTON )
) ss
COUNTY OF KING )
On this day of , 20 , before me personally appeared
, to me known to be the of the
, the individual/entity that executed the within and foregoing instrument
as Lessee, and acknowledged said instrument to be the free and voluntary act and deed of said individual/entity, for
the uses and purposes therein mentioned, and on oath stated that s/he was authorized to execute said instrument.
In Witness Whereof I have hereunto set my hand and affixed my official seal the day and year first above
written.
(Signature)
(Print Name)
Notary Public, in and for the State of Washington,
residing at
My Commission expires:
