11-076.00 Splash Down Concessions, Inc. OFFICE OF THE CITY ATTORNEY
SjöIkane CARY P.DRISKELL—CITY ATTORNEY
Valley®
11707 East Sprague Avenue Suite 103 ♦ Spokane Valley WA 99206
509.688.0235 • Fax: 509.688.0299 • cityattorney @spokanevalley.org
SUPPLEMENTAL AGREEMENT BETWEEN THE CITY OF SPOKANE VALLEY
AND SPLASH-DOWN CONCESSIONS, INC. FOR PAYMENT OF MONIES DUE
AND OWING FOR 2010 PURSUANT TO THE SPLASH-DOWN CONCESSIONS,
INC.,AGREEMENT ENTERED INTO THE PARTIES MAY 19, 2009.
The City of Spokane Valley (City) and Splash-Down Concessions, Inc., entered into an
Agreement ("2009 Lease Agreement") for the lease of certain City-owned property
located on the north side of Valley Mission Park, 11423 East Mission Road, Spokane
Valley, Washington. The 2009 Lease Agreement requires certain lease payments to be
made by Splash-Down to the City. Splash-Down is not current with its 2010 lease
payment obligations, with a principal and interest balance owing of $34,554,55. (See
Attachment A, payment schedule, incorporated herein by reference).
The parties agree that it is appropriate to have a modified payment schedule for the 2010
lease payments, which shall be as set forth in Attachment A. All other lease payments for
2011 and the remaining years on the 2009 Lease Agreement shall remain as previously
agreed to. This Supplemental Agreement is intended as an amendment of the 2009 Lease
Agreement, and incorporates the same herein. Any term of the 2009 Lease Agreement
not specifically amended herein remains unchanged.
In the event of a transfer of a majority ownership share of the subject business, any
remaining unpaid balance will immediately become due and owing, and must be paid
within 20 days of the closing of such transfer.
If any sum payable under this agreement is not received at City Hall by the due date set
forth immediately above, the entire principal sum, or that amount that remains unpaid as
of the date of default, shall immediately become due and owing, and the City shall have
all options available pursuant to the 2009 Lease Agreement.
Dated: it- — Dated: ‘ 3a/(
Agree• to by Splash-Down Concessions, Inc. City of Spokane Valley
. ffr_ / !
M' 4 We oggj1ic !'residentiklo Mike Jacks0 i y Manager
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Approved as to form:
C ? Lam
Office otithe City Attorney
STATE OF WASHINGTON )
)ss.
County of Spokane )
On this 30 day of June, 2011, before me, the undersigned, a Notary Public in
and for the State of Washington, personally appeared Melissa Kellogg, Vice-President of
Splash-Down Concessions, Inc., to me known to be the individual(s) who executed the
foregoing instrument, and acknowledged the said instrument to be her free and voluntary
act and deed for the uses and purposes therein mentioned, and that she has the authority
to sign on behalf of the above-stated business entity.
IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year
first above written.
Notary Pl]D1ic in and or the State of
VP 44. #1 Washington, residing at Spokane Valley
O.
NOTARY %C. P; My Appointment expires S ") '1 Z-
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C:\Documents and Settings\CDriskell\Local Settings\Temporary Internet Files\Content.Outlook\RJ2UVP1 D\Splash
Down amortization (2).xlsx
Loan Amount $32,485.42 6/30/2011
Annual Interest Rate 6.000%
Length of Loan 24
Monthly Payment $1,439.77
Payment Payment Remaining Payment
Number Amount Interest Principal Balance Date
32,485.42
1 1,439.77 162.43 1,277.34 31,208.08 7/15/2011
2 1,439.77 156.04 1,283.73 29,924.35 8/15/2011
3 1,439.77 149.62 1,290.15 28,634.20 9/15/2011
4 1,439.77 143.17 1,296.60 27,337.60 10/15/2011
5 1,439.77 136.69 1,303.08 26,034.52 11/15/2011
6 1,439.77 130.17 1,309.60 24,724.92 12/15/2011
7 1,439.77 123.62 1,316.15 23,408.77 1/15/2012
8 1,439.77 117.04 1,322.73 22,086.04 2/15/2012
9 1,439.77 110.43 1,329.34 20,756.70 3/15/2012
10 1,439.77 103.78 1,335.99 19,420.71 4/15/2012
11 1,439.77 97.10 1,342.67 18,078.04 5/15/2012
12 1,439.77 90.39 1,349.38 16,728.66 6/15/2012
13 1,439.77 83.64 1,356.13 15,372.53 7/15/2012
14 1,439.77 76.86 1,362.91 14,009.62 8/15/2012
15 1,439.77 70.05 1,369.72 12,639.90 9/15/2012
16 1,439.77 63.20 1,376.57 11,263.33 10/15/2012
17 1,439.77 56.32 1,383.45 9,879.88 11/15/2012
18 1,439.77 49.40 1,390.37 8,489.51 12/15/2012
19 1,439.77 42.45 1,397.32 7,092.19 1/15/2013
20 1,439.77 35.46 1,404.31 5,687.88 2/15/2013
21 1,439.77 28.44 1,411.33 4,276.55 3/15/2013
22 1,439.77 21.38 1,418.39 2,858.16 4/15/2013
23 1,439.77 14.29 1,425.48 1,432.68 5/15/2013
24 1,439.84 7.16 1,432.68 0.00 6/15/2013
34,554.55 2,069.13 32,485.42
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