18-104.04 New Splash-Down Consessions, Inc: Lease Termination AgreementLEASE TERMINATION AGREEMENT
THIS LEASE TERMINATION AGREEMENT (this "Agreement") is made and entered into as of
June 20, 2023 (the "Termination Date"), by and between the City of Spokane Valley, a Washington
municipality ("Landlord"), and New Splash -Down Concessions, Inc., a Washington corporation
("Tenant"), under the following circumstances:
A. Landlord and Tenant are parties to that certain Lease Agreement — New Splash -Down
Concessions, Inc., attached hereto as Exhibit A (the "Lease"), whereby Landlord leased to Tenant that
portion of Valley Mission Park identified therein (the "Premises") for the purpose of operating a water park
thereon;
B. In May of 2023, Tenant transferred to F.W. Holdings, LLC, all ownership rights, title and
interest that Tenant had in the existing structural improvements situated on the Premises;
C. Landlord and Tenant acknowledge and agree that it is in their best interests to immediately
terminate the Lease; and
D. Landlord and Tenant mutually desire to enter into this Agreement to cancel and terminate
the Lease upon the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises, the mutual covenants contained herein, and
other good, valuable and adequate consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:
l . Recitals. The recitals set forth above are hereby incorporated by this reference. The parties
agree to and acknowledge each of the recitals of fact and each of those statements of agreement that are
found and set forth in the recitals.
2. Termination of Lease. Landlord and Tenant stipulate that the Lease is and shall be deemed
cancelled as of (,T�_t�-�tt^ , 2023.
3. Entire Agreement. This Agreement constitutes the entire agreement between the parties
with respect to the termination of the Lease and supersedes all prior oral or written negotiations and
communications by or on behalf of the parties, and no variance or modification hereof shall be valid and
enforceable, except by supplemental agreement in writing, executed and approved in the same manner as
this Agreement.
4. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the state in which the Premises are located.
5. Conflict. In the event of any conflict between the terms of the Lease and the terms of this
Agreement, the terms of this Agreement shall control.
6. Defined Terms. Defined terms used in this Agreement not defined herein shall have the
meaning set forth in the Lease.
7. Counterparts; Signatures. This Agreement may be executed in counterparts. This
Agreement may also be executed and delivered by facsimile signature, PDF or any electronic signature
complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com).
[signature page follows]
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the Termination
Date.
LANDLORD:
CITY OF SPOKANE VALLEY,
a Washington municipality
By:
Na : John Hohman
Its: City Manager
TENANT:
NEW SPLASH -DOWN CONCESSIONS, INC.,
Washington corporation
By: &U-tts
Name: Heidi Shutts
Its: Director
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