COMMUNITY REDEVELOPMENT AGENCY - Laserfiche WebLink

Home Browse Search

2. Additional Operating Subsidy. Paragraph 16(h)is added to the Lease to read as follows: "(h)Additional Assistance in payment of Operating Losses. "Each calendar year beginning with 2003,Landlord shall pay Lessee the following additional operating subsidy: "2003 $80,000 "2004$75,000 "2005 $70,000 "2006 $65,000 "2007 $60,000 "This additional subsidy shall be paid not later than December 1 of each year specified above,and shall be deposited by Lessee in the Special Account specified in paragraph 16(c), above.Notwithstanding the foregoing,the subsidy for 2003 will be paid to Lessee on or before May 1,2004. "Landlord and Lessee further agree to meet and confer to discuss whether this provision should be further amended upon written request of Lessee made on the grounds that support given to Lessee by the Trustees of the California State University, or the administration of California State University at Fullerton,has materially diminished or been eliminated; or the Lessee's costs associated with the Premises have materially increased." 3. Early Termination of the Lease. Section 4(d)(ii)of the Lease is hereby amended to add the following to the end of this paragraph: "Commencing in Year 16 (i.e.,on January 1,2015)through Year 30 (i.e., January 1, 2029)Lessee may request that the Landlord's executive body(i.e.,the Agency Board or City Council if the Lease has been assigned pursuant to paragraph 4 below)terminate this lease upon one year's notice due to economic hardship or other unforeseen circumstances, which request shall not be unreasonably denied." 4. Consent To Assignment to City of Santa Ana. Landlord and Lessee agree that the Landlord may assign this Lease to the City of Santa Ana("City")as part of the City's acquisition of the Premises without any further approval by Lessee;provided,however,that the City shall assume all of Landlord's obligations and comply with all terms and conditions of this Lease. Landlord agrees that