HomeMy WebLinkAbout7520439 2023, Jacobson Assignment of Lease to S-50 Hangers LLC -DocuSign Envelope ID: 6D2B8F45-A918-4892-80AA-8D00160F1AOA
CITY OF AUBURN CONSENT TO JAMES E. JACOBSEN'S ASSIGNMENT OF LEASE
INTEREST TO 5-50 HANGER, LLC
THIS CONSENT TO LEASE ASSIGNMENT dated July 14 2023
("Assignment") between the City of Auburn, a Washington Municipal Corporation ("Lessor"),
James E. Jacobsen, an individual person ("Assignor") and 5-50 Hanger, LLC, an Alaska Limited
Liability Corporation wholly owned by Assignor (Entity Number 10235527, "Assignee").
I. Recitals:
1. Landlord and Assignor entered into an Airport Hanger Land Lease dated June 3, 2002
("Lease"). The Auburn City Council approved the Lease through its enactment of
Resolution 3474.
2. Section 12 of the Lease contemplated Assignee's ability to assign or sublet his Lease
interest with Lessor's consent.
3. Subject to the terms of Lease Section 12, Assignor desires to assign his Lease interest to
Assignee, who desires to assume the rights and obligations in the Lease.
4. Capitalized terms not defined in this Consent shall have the same meaning as defined in
the Lease.
II. Terms of Lease Assignment:
LESSOR consents to this Lease Assignment on the following terms and conditions:
Consent to Assigned Lease. Assignor assigns and transfers his rights, title and interest in
the Lease to the Assignee, who shall assume such Lease rights, title, and interest from
Assignor in the Lease.
2. Effective Date. This Assignment takes effect on August 1, 2023 ("Effective Date"), and
continues until the Term of the Lease expires on June 2, 2052.
3. Security Deposit. With this Assignment, any Assignor rights to a security deposit under
Section 6 of the Lease are transferred to and become the property of the Assignee.
4. Assumption of Obligations. Assignee agrees to jointly assume all of Assignor's Lease
obligations and responsibilities (including the responsibility of rent payments found in
Section 4, and the insurance and indemnification requirements found in Sections 9 and 10
of the Lease).
DocuSign Envelope ID: 6D2B8F45-A918-4892-80AA-8D00160F1AOA
5. Assimor's Continued Obligations. Pursuant to Section 12 of the Lease, Lessor's consent
to this assignment shall not relieve Assignor of any Lease obligation. On and after this
assignment, Assignor and Assignee shall be jointly and severally liable for all Lease
obligations. In the event of a breach or default of the Lease by Assignee, Assignor will
remain additionally and separately liable to the Lessor or any other party claiming
damages.
6. Charges accrued prior to the Effective Date. Assignor shall remain fully responsible for
all rents and other Lease charges accruing prior to the Effective Date of this Assignment.
This provision shall survive the Effective Date of this Assignment.
7. Further Assignment. There will be no further assignment of the Lease without the prior
written consent of the Lessor.
SIGNATURES
ASSIGNOR
ASSIGNEE
S-50 HANGER, LLC
EJD—Sig"Id by:
7/12/2023
EDO-Signedby:
jamktU, 7/12/2023
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James E. Jacobsen
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J. E. Jacobsen, Managing Member
III. Lessor's Consent to Assignment
Lessor, specified by its signature below, hereby consents to this Assignment subject to those
provisions expressed in the Agreement above effective August 1, 2023 thereafter.
Ak LESSOR
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Signedby: DS ��7/14/2023
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Nancy Backus, Mayor — City of Auburn