75A - AGMT FOR 99 YEAR LEASE AT 1901 W WALNUT

Home Browse Search

ARTICLE 3 PROPERTY LEASE 3.1 Prior to City Lease of Property. Prior to City leasing the Property to Developer and Developer accepting the lease of the Property from the City, Developer shall provide sufficient evidence that is satisfactory to the City, in City's sole and absolute discretion, that the following have been completed: 3.1.1 Developer has obtained all entitlements for the Project. 3.1.2 Developer has obtained construction financing for the Project. 3.1.3 Developer has obtained permanent financing for the Project. 3.1.4 Developer provided City sufficient evidence of equity. 3.1.5 Developer has obtained all necessary building permits for the Project. 3.2 Lease. Once Developer has satisfied Section 3.1, City shall lease the Property to the Developer for the Project, and the Developer shall accept the lease of the Property from the City, for a ninety-nine (99) year term, at a rental rate of one dollar (S1.00) per month, pursuant to the terms and conditions of this Agreement. City shall retain ownership of the Property. The Parties shall execute the lease of the Property from the City to the Developer pursuant to the terms of the City Lease attached herewith as Exhibit "E" and incorporated herein by reference. 3.3 Developer Due Diligence Investigations. 3.3.1 License to Enter. The City licenses and permits the Developer to enter the Property solely for the purpose of undertaking and completing such Due Diligence Investigations as the Developer deems necessary and appropriate. The license provided in this Section 3.3.1 shall expire at the earlier of: (i) the end of the Due Diligence Period or (ii) the date of Developer's delivery of the Due Diligence Completion Notice. The Developer shall conduct all of its Due Diligence Investigations at its sole cost and expense. The Developer shall abide by any reasonable additional condition(s) of entry onto the Property required by the City, whether or not set forth in this Agreement. Any Due Diligence Investigations of the Property by the Developer shall not unreasonably disrupt any then existing use or occupancy of the Property or the operations of the City. The City shall inform THRIVE of such operations or use, 14 days before said use or operations. 3.3.2 Limitations. The Developer shall not conduct any intrusive or destructive testing of any portion of the Property, other than low volume soil samples, without the City's prior written consent. Following the conduct of any Due Diligence Investigations on the Property, the Developer shall restore the Property to substantially its condition prior to the conduct of such Due Diligence Investigations. 12 75A-17