NOTICE OF INTENT TO EXTEND LEASE
(154 South Main Street, Cottonwood, Arizona)
To: Joseph, Sharon & Alan Rackov, Lessors
1002 South 12th Street
Cottonwood, Arizona 86326
Yavapai County as lessee entered into a lease with Joseph, Sharon & Alan Rackov (the “Rackovs”), as lessor for a certain free standing building, consisting of approximately 3,200 square feet, at 154 South Main Street, Cottonwood, AZ 86326 (the “Lease”). The Lease, executed and dated February 4, 2002, by Yavapai County, was for an initial term of three years ending February 3, 2005. Subsequently, Yavapai County provided written notice of its intent to renew the Lease for an additional term of one year, and a subsequent term of 24 months ending June 30, 2008. Pursuant to Paragraph 1(c) of the Lease, Yavapai County desires to extend the current Lease for an additional 2 years, reserving its right and option under this particular Lease extension as follows:
1. Yavapai County as Lessee hereby provides formal notice to Lessor of its intent to extend the Lease for an additional term of 24 full months (2 years), with the option to renew upon the expiration date of June 30, 2010.
2. Monthly rental for this renewal term July 1, 2008 through June 30, 2010, shall be adjusted from the current base rate of $3,133.90 as follows:
- The Rakovs have agreed to move the annual increase from February to July beginning in 2009. Thus, for July 1, 2008 through June 30, 2009, the base rate shall remain at $3,133.90. With a 2.2% Cottonwood sales tax, the total payment per month shall be $3,202.85.
- For July 1, 2009 through June 30, 2010, the base rate shall be at the adjusted rate of $3,227.92 (3% over the base rental rate of $3,133.90) in accordance with paragraph 2(a) of the lease. With a 2.2% Cottonwood sales tax, the total payment per month shall be $3,298.93.
2. All other terms of the Lease shall remain in full force and effect.
______
Carol Springer, Chairman Date
Yavapai County Board of Supervisors
ATTEST: By ______
Julie Ayers
Clerk of the Board