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The current lease for the Sears Building goes through January. The original lease provided for 2 month option periods. Seritage has now agreed to break it into single month extension periods. They also agreed to reduce the notice period for extensions from 45 to 30 days so we can have more time to assess our needs. This was done via letter agreement to amend the lease. Dr. Magee signed this document on Wednesday because we had a deadline of December 17 under the original lease for notice to exercise the next extension and we needed the modification of the notice period to take effect. Risk Management Committee met with Dr. Magee, Mr. Negroe and legal counsel prior to her signing the document and approved the amendment and her execution thereof.
If we need an additional extension we need to give notice 30 days before the end of the current term in January. 
Minh Ha asked if these time periods include demolition time. Dr. Magee said no this is just our occupancy period. We are also working with Seritage to see if they will keep some of the buildout.
Bathroom leases are for a year. Admin has reached out to the company see if we can get a shorter term extension if we end up having to extend at Sears.

Next regular board meeting January 13 at 5 pm