Rent Adjustment Agreement to Lease between Schnitzer Investment Corp. and Schnitzer Steel Industries, Inc.
Schnitzer Investment Corp. and Schnitzer Steel Industries, Inc. have agreed to adjust the monthly rent for buildings and land leased at 12005 North Burgard Road, Portland, Oregon, under their existing lease. The new rent schedule, effective retroactively from March 1, 1999, reduces and then increases the rent through August 2003. Schnitzer Steel will receive a credit for any overpayment made in March 1999. The agreement is confirmed by signatures from both companies' presidents.
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| SCHNITZER INVESTMENT CORP. |
3200 NW Yeon Avenue
P.O. Box 10047
Portland, Oregon ###-###-####
March 22, 1999
Mr. Robert W. Philip
Schnitzer Steel Industries, Inc.
3200 N.W. Yeon Avenue
Portland, Oregon 97210
RE: Lease Agreement dated September 1, 1998
Dear Bob:
Schnitzer Investment Corp. (“SIC”) hereby agrees to adjust the rent of Schnitzer Steel Industries, Inc. (“SSI”) for the buildings and land leased at 12005 North Burgard Road under the referenced Lease Agreement. The current rent through August of 2003, is $109,945.00 per month. Retroactive to March 1, 1999, SIC is willing to adjust the monthly base rent as follows:
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| 03/01/99 – 12/31/99 |
| $ | 82,118.00 |
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| 01/01/00 – 12/31/00 |
| 92,633.00 | |
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| 01/01/01 – 08/31/02 |
| 126,767.00 | |
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| 09/01/02 – 08/31/03 |
| 133,612.00 | |
SSI will receive a credit invoice for the overpayment in March of 1999. If this adjustment is acceptable to you, please sign below and return a fully-executed original of this letter to me.
| Very Truly Yours, |
| Approved and Accepted: | ||
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| SCHNITZER INVESTMENT CORP. |
| SCHNITZER STEEL INDUSTRIES, INC. | ||
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| /s/K. Novack |
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| /s/R. Philip |
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| Kenneth M. Novack |
| Robert W. Philip | ||
| President |
| President | ||
cc: Barry A. Rosen
Rebecca Widden
Sherie Weisenberg
