13-098 Rent Deferral Letter of Understanding #1 07-21-2020Letter of Understanding
This Letter of Unc;jerstanding is between the City of Cupertino, a municipal
corporation, 10300 Torre Avenue, Cupertino, CA 95014 ("Lessor"), and Hungry
Jack's Corporation, a California corporation, 22100 Stevens Creek Boulevard,
Cupertino, CA 95014 ("Lessee").
Whereas, on 7/3/2013 a Lease Agreement was entered into by and between
Lessor and Lessee for the lease of premises located on Lessor's property at
22100 Stevens Creek Boulevard, Cupertino, CA 95014, better known as the Blue
Pheasant Restaurant, hereinafter the "Leased Premises". The agreement was
amended on 7/1/2018, extending the term until 6/30/2021; and
Whereas, the Lessor and Lessee conditionally agree to a temporary three (3)
month deferral of rent payments for the Leased Premises, hereinafter the
"Deferral Period"; and
Whereas, this Letter of Understanding is intended to guide the manner in which
Lessor and Lessee agree to defer the rent.
Now be it proclaimed, that the Lessor and Lessee understand and agree
as follows:
1.The Lessor will allow the Lessee to defer rent payments for the Leased
Premises for up to three (3) months, beginning May 1, 2020, and ending August 1,
2020. All rent due for the Deferral Period will be due on August 1, 2020 and will
include the rent for the Leased Premises due for the months of May, June, July
and August. The deferral of rent is not a waiver of Lessee's requirement to pay
rental amounts.
2.Except as expressly modified herein, all other terms and covenants set
forth in the original 3/1/2019 Lease Agreement shall remain the same and shall
be in full force and effect.
This Letter of Understanding sets forth the entire understanding between the
parties. No further amendment or modification of this Lease shall be binding or
valid except by written instrument and signed by the parties.
By their signatures ereto, the Parties agree in good faith to honor the terms
outlined in this Let r of Understanding.
Lessor
Deb Feng
City Manager
City of Cupertino
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Date
7/21/2020