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AG 15-234Lease Assignment Agreement This lease assignment agreement ( "Agreement ") is entered into by Twin Shin Corporation ("Property Owner) and the City of Federal Way ( "City "), hereinafter referred to collectively as the "Parties." A. On April 1, 2007 Property Owner entered into a Lease Agreement ( "Lease ") with Clear Channel Outdoor, a Delaware corporation, for the purposes of renting space for a billboard located at 34450 Pacific Hwy S., Federal Way, Washington, 98003. The Lease is attached hereto as Exhibit A and incorporated by this-reference. B. The City and Property Owner wish for Lease to be assigned to the City. NOW, THEREFORE, the Parties agree to the following terms and conditions: 1. Assignment. For and in consideration of the sum of Three Thousand and No /100 Dollars ($3,000.00) Property Owner hereby assigns, transfers, sets over, conveys, and delivers any and all of its rights, title, and interest in the Lease to the City of Federal Way. The undersigned Property Owner acknowledges that it is authorized to execute this Assignment and bind the Property Owner to the obligations set forth herein. 2. Effective Date. The City hereby assumes all of Property Owner's rights, title, and interest in the Lease as its own obligation on and after September 10, 2015. 3. Severability. In the event that any part of this Agreement is held to be void, invalid or unenforceable in any respect, then the same shall not affect the remaining parts, which shall continue in full force and effect. 4. Entire Agreement. This Agreement contains the entire understanding of the Parties. This Agreement may be amended or modified only upon the written agreement of both Parties. 5. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington. 6. Indemnification. Except as hereinafter provided, it is expressly understood and agreed that, by the acceptance and assumption the assignment of the Lease, the City shall not become obligated to keep, fulfill, observe, perform or discharge, nor does the City assume, expressly or impliedly, any covenant, duty, debt or obligation of the Property Owner which has accrued prior to the effective date of this agreement, under the terms, provisions and conditions of the Lease described on Exhibit A, and the Property Owner hereby agrees to indemnify the City against and defend and hold the City harmless from and against any and all costs, claims, fees and expenses (including City's attorneys' fees) arising out of or in any way relating to defaults and liabilities of the Property Owner under the Lease described on Exhibit A relative to the acts by or omissions of the Property Owner on or prior to the effective date of this agreement; provided, however, that the City assumes and agrees lo per fucui the- disclosed- obiigationss of the Property Owner under the Lease from and after the effective date of this Agreement. Lease Assignment Agreement Page I 1 PROPERTY OWNER: TWIN SHIN CORPORATION a Washington corporation wretiri 0"11.404 aftola Its: ee*. $ I 441614 40. STATE OF WASHINGTON ) ) ss. COUNTY OF --1,t,.3 (r - ) I certify that I know or have satisfactory evidence that Pta OW\ is the person who appeared before me, and said person acknowledged ha he signed this instrument on oa st tecV,she was authorized to execute the instrument and acknowledged it as the 1 of Twin Shin Corporation, a Washington corporation to be the free and oluntary act of such corporation for the uses and purposes mentioned in this instrument. GIVEN my hand and official seal this J day of , 2015. cR E. t 4 44 0 frinitiAlialrmaroA.,Lank RVing at: My appointment expires: Lease Assignment Agreement Page 1 2 CITY: CITY EDERAL WAY, a Wash L n municipal co . +ration MarwSalloum Its: Public orks Director STATE OF WASHINGTON ) ) ss. COUNTY OF 10(/ I certify that I know or have satisfactory evidence that Marw Salloum is the person who appeared before me, and said person acknowledged that{'�'he signed this instrument on oath stated gshe was authorized to execute the instrument and acknowledged it as the Public Works Director of the City of Federal Way, a Washington municipal corporation to be the free and voluntary act of such municipal corporation for the uses and purposes mentioned in this instrument. GIVEN my hand and official seal this l) day of 2015. Printed Name: Notary Publi9n d Residing at: to My appointment expires: Lease Assignment Agreement Page ( 3 Date: 3/26/2007 CLEARCHANNEL LEASE AGREEMENT OUTDOOR 1. The undersigned, Twin Shin Corp., "Landlord ", leases to CLEAR CHANNEL OUTDOOR, a Delaware corporation (CLEAR CHANNEL "), exclusively and quiet possession the following described property ( "Property "), for the purpose of maintaining one (1) 12'x24' double -sided outdoor advertising structure, including fixture connections, panels, signs, copy and any equipment and accessories as CLEAR CHANNEL may place thereon (collectively, the "Structures'), together with free access to the Property and use of the Property to construct, improve, supplement, post, paint, illuminate, maintain, repair, or remove the Structures. CLEAR CHANNEL may license the use of the Structures, or any portion thereof, for any lawful purpose. All electrical costs shall be paid by CLEAR CHANNEL. The Property is located at: Address /Ride: 34450 Pacific Hwy Si SEA/TAC HWY WL 355F S/O S 344TH ST PCN /Legal: 2021049082J 202104 82 BEG ON N LN OF NE 1/4 OF SE 1/4 235.75 FT W OF W LN OF HWAY TH W 200FT TH S 250F TH S 70 -41 -32 E TO WLY HWAY MGN TH NELY ALG SD MGN 60 FT TH N 68 -12 -38 W 128.04 FT TH N 250.19 FT TO BEG LESS BEG AT MOST SWLY COR THOF TH N 00 -26 -22 E 70 FT TH S 89 -51 -38 E 120 FT TH S 00 -26 -22 E 70 FT TH S 89 -51 -38 E 120 FT TH S 00 -26 -22 W TH PT WCH BEARS S 70 -41 -32 E FRM POB TH N 70 -41 -32 W TO POB in the City of Federal Way, County of King, State of Washington 2. This Lease shall be in effect for a base term of five (5yrs) years, commencing on April 1, 2007 3. The rent shall be two thousand nine hundred and NO /100 ($2,900.00) dollars per year, payable by Clear Channel in twelve (12) equal monthly installments in advance. 4. This Lease shall continue in full force and effect for its initial term and thereafter on a year to year basis, unless not Tess than sixty (60) days before the end of any such term Landlord or CLEAR CHANNEL gives a written Notice of termination. Upon written notice, Clear Channel shall remove sign structure within forty five (45) days. If ownership of the Property changes, Landlord shall promptly notify CLEAR CHANNEL of such change and furnish the new owner with a copy of this lease. 5. CLEAR CHANNEL is the owner of all Structures and has the right to remove the Structures at any time or within forty five (45) days following the termination of this Lease. If for any reason, CLEAR CHANNEL's Structures are removed, materially damaged or destroyed, all rent payments shall be adjusted proportionately to Toss suffered until the Structures are rebuilt. CLEAR CHANNEL has the sole right to make any necessary applications with, and obtain permits from, governmental entities for the construction, use and maintenance of the Structures. All such permits remain the property of CLEAR CHANNEL. 6. Landlord and Landlord's tenants, agents, or other persons acting on Landlord's behalf, shall not place or maintain any object on the Property or any neighboring property owned or controlled by Landlord which, in CLEAR CHANNEL's opinion, would obstruct the view of the advertising copy on the Structures. If Landlord fails to remove the obstruction within fourteen (14) days after Notice from CLEAR CHANNEL, CLEAR CHANNEL may reduce the rent proportionately to loss suffered while the obstruction continues. CLEAR CHANNEL may trim any trees and vegetation on the Property and on any adjacent property controlled by Landlord as often as CLEAR CHANNEL in its sole discretion deems appropriate to prevent obstructions. This work shall be done professionally and Landlord shall be contacted prior to work. 7. If, in CLEAR CHANNEL's opinion: (a) the Property cannot safely be used for the erection or maintenance of the Structures for any reason; (b) CLEAR CHANNEL is unable to obtain or maintain any necessary permit for the erection, use and/or maintenance of the Structures as CLEAR CHANNEL may desire; or (d) the Structures' use is prevented or restricted by law, CLEAR CHANNEL may immediately at its option either:(i) reduce rent in direction proportion to the loss suffered; or (ii) cancel this Lease and receive all pre- paid rent for any unexpired term of this Lease. 8. In the event the Structures or any part thereof, or any portion of the Property, is condemned by proper authorities, or any right -of- way from which the Structures are visible is relocated, CLEAR CHANNEL shall have the right to relocate the Structures on Landlord's remaining Property or to terminate this Lease upon not less than thirty (30) days' Notice and to receive all pre -paid rent for any unexpired term of this Lease. Any condemnation award for Structures shall accrue to CLEAR CHANNEL. Any condemnation award for loss of rent revenue to Landlord shall accrue to Landlord. If condemnation proceedings are initiated, Landlord shall use its best efforts to include CLEAR CHANNEL as a party thereto. 9. Landlord represents that it is the owner (or authorized agent of the owner) of the Property and has the authority to enter into this Lease. 10 CLEAR CHANNEL shall indemnify and hold Landlord harmless from all injuries to the Property or third persons caused by CLEAR CHANNEL, CLEAR CHANNEL's employees, agents licensees and contractors. Landlord shall indemnify and hold CLEAR CHANNEL harrrmtess from all injuries to Structuresorthirdpersons caused by Landlnrd. Landlords enipk'yee' agents,licensees and contractors. 11 This Lease is binding upon the heirs, assigns and successors of both Landlord and CLEAR CHANNEL. 12 Neither Landlord nor CLEAR CHANNEL shall be bound by any terms, conditions or oral representations that are not set forth in this Lease. This Lease represents the entire agreement of CLEAR CHANNEL and Landlord with respect to the Structures and the Property. This lease (proposal) may only precede an existing lease agreement upon the full execution of both parties, Landlord and Tenant. Furthermore, all terms of this Lease shall remain confidential, and neither party to the Lease, nor any agent to such party, shall disclose its substance or content without the written permission of both parties. Branch: CLEAR CHANNEL OUTDOOR — Seattle Div. Attn: Real Estate Manager 3601 6t' Avenue South Seattle, WA 98134 Tel No. (206) 682 - Fax No. (206) 44 -03 By: Chris It's: President, C Date Accepted > - -- Signed: Name: Title: "Landlord" ice. O,i Twin Shin Corp. 33217 44`h Ave S Federal Way, WA 98001 PH: (253) 394 -6926 'F: (253) 922 -6099 TIN: 20-4608999 CHANNEL OUTDOOR — Seattle Div. Landlord Notary State of Washington ) )ss County of King On this r' "` day of %�� 2007 personally appeared before me Yitik 0 to me known to be the individual, or individuals, described herein and who executed the within and foregoing instrument, and acknowledged that X71/1 f - (he /she /they) signed the same as Vex- (his/her /their) free and voluntary act and deed, for the uses and purposes therein mentioned. In Witness Whereof I have hereunto set my hand and affixed my official seal the day and year first above written Clear Channel Notary: State of Washington )__ County of King On.this T day of executed the within and forego )ss ) ( e of Notary NOTARY PUBLIC in Residing at: My commission expi Residing at: nd for the State of Washington s: , 2007 personally appeared before me Chris Adman to me known to be the individual, or individuals, described herein and who instrument, and acknowledged that he signed the same as his free and voluntary act and deed, for the uses and purposes therein mentioned. In Witness Whereof I have hereunto set my hand and affixed my official seal the day and year first above written (Name of Notary NOTARY PUBJ4C in and for the State. of Washington Residing at: e.ZTLe My commission expires: Residing at: