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Joint Powers Authority, Ground Lease, and Option Agreement <br />For the Crossroads at Washington <br />February 18, 2020 <br />Page 8 <br />Address <br />APN <br />Size <br />(Acres) <br />Size <br />(SF) <br />Land <br />Percentage <br />Value <br />Allocation <br />Agency Owned Site <br />398-092-14 <br />1.456 <br />63,423 <br />63.69% <br />$4,108,136 <br />County Owned Site <br />398-092-13 <br />0.83 <br />36,155 <br />36.31% <br />$2,341,864 <br />Total <br />2.286 <br />99,578 <br />100.00% <br />$6,450,000 <br />• Net refinancing proceeds shall be used to pay any unpaid base rent, net of regular and <br />reasonable costs and other loans on the Project. <br />• Triple net rent is required with all costs and expenses of every kind and nature payable by <br />the tenant. <br />• Tenant shall pay directly to the taxing authorities all taxes required and utility costs. <br />• Tenant shall construct and during the entire Term operate, maintain, replace and repair the <br />improvements upon the property for only the following required uses: <br />o multifamily affordable housing, and appurtenant improvements, including, without <br />limitation, parking; <br />o permanent supportive housing units and related services; and <br />o related commercial and community -serving uses, as approved by the Lessor. <br />• The County, Agency and their authorized representatives may enter the premises upon two <br />(2) business days' prior written notice to Tenant in order to determine whether Tenant is <br />complying with Tenant's obligations or to enforce any rights given to County or Agency <br />under the Lease. <br />• No work for development of the improvements on the site shall be commenced, and no <br />building or other materials shall be delivered to the premises, until the conditions in the <br />Option Agreement have been met. <br />• On a monthly basis, the Tenant shall maintain a reserve fund to pay for the costs of major <br />replacements, renovations or significant upgrades of or to the Project. The Tenant shall <br />contribute to a Capital Improvement Fund one percent (1%) of the total rent collected by <br />Tenant from sub -tenants from the previous month. The Capital Improvemetn Fund can be <br />satisfied by capital improvement reserves (or replacement reserves) required by Tenant's <br />Leasehold Mortgagees or Limited Partner. <br />• Throughout the Term of the Lease, Tenant shall, at Tenant's sole cost and expense, keep <br />and maintain the premises and any and all Improvements now or hereafter constructed and <br />installed on the premises in good order, condition and repair. <br />• In the event the whole or any part of the improvements shall be damaged or destroyed by <br />fire or other casualty, damage or action of the elements which is fully covered by insurance <br />required to be carried by Tenant pursuant to the Lease or in fact caused by Tenant, at any <br />time during the Term, Tenant shall with all due diligence, at Tenant's sole cost and expense, <br />repair, restore and rebuild the improvements on substantially the same plan and design as <br />existed immediately prior to such damage or destruction and to substantially the same <br />condition that existed immediately prior to such damage. <br />• Tenant will purchase all required insurance at Tenant's expense and provide active <br />certificates of insurance, including all endorsements required by both the County and <br />Agency. <br />• Other terms and conditions binding the Tenant in regards to Condemnation, Subletting, <br />Default and Remedies under the lease, Holding Over the lease term ($25,000 or $50,000 <br />