12-033 Rent Deferral Letter of Understanding #1 07-30-2020Letter of Understanding
This Letter of Understanding is between the City of Cupertino, a municipal
corporation, l0300Torre Avenue, Cupertino, CA 95014 ("Lessor"), and Lifetime
Tennis Inc., OBA Lifetime Activities Inc., a California corporation, 1901 South
Bascom Ave. Suite 1225, Campbell, CA 95008 ("Lessee").
Whereas, on 3/20/2012 a Lease Agreement was entered into by and between
Lessor and Lessee for the lease of premises located on Lessor's property at the
Cupertino Sports Center building at 21 l l l Stevens Creek Blvd., Cupertino, CA
95014, hereinafter the "Leased Premises". The agreement was amended on
7 /l /2018, extending the term for six years. The agreement will expire on
6/20/2024; 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:
l.The Lessor will allow the Lessee to defer rent payments, $1,684 per month,
for the Leased Premises for up to three (3) months, beginning May l, 2020, and
ending August l , 2020. All rent due for the Deferral Period will be due on August
l , 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 3/20/20l 2Lease Agreement, and as amended on 7 /l /2018,
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 hereto, the Parties agree in good faith to honor the terms
outlined in this Letter of Understanding.
2LM Lifetime Activities Inc.
Lessor
S'J}1fv�O ___ _Date Deb Feng
City Manager
City of Cupertino
Page 1 of 1
Date
7/21/2020