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75A - AGMT FOR 99 YEAR LEASE AT 1901 W WALNUT
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75A - AGMT FOR 99 YEAR LEASE AT 1901 W WALNUT
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Last modified
2/27/2020 1:32:46 PM
Creation date
2/27/2020 1:17:59 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
75A
Date
3/3/2020
Destruction Year
2025
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DDA and this Lease, Lessor has determined that the lease of the Premises to the Tenant for <br />development and operation of the Project in accordance with the DDA and this Lease is in the best <br />interest of the Lessor. <br />H. Lessor desires to lease the Premises, and the Tenant desires to enter into a lease of <br />the Premises for the purpose of development and operation of the Project on the Premises on the <br />terms and conditions set forth in the DDA and this Lease. <br />L Lessor acknowledges that the conditions precedent required by the DDA have been <br />fulfilled and therefore the Parties desire that Tenant shall ground lease the Premises from Lessor <br />on the terms set forth herein. <br />J. Lessor and Tenant have jointly agreed to enter into this Lease as of the date set <br />forth above. <br />NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, THE <br />RECEIPT AND SUFFICIENCY OF WHICH THE PARTIES ACKNOWLEDGE, AND <br />PURSUANT TO THE PROMISES AND COVENANTS SET FORTH IN THIS AGREEMENT, <br />THE PARTIES AGREE, AS FOLLOWS: <br />ARTICLE I <br />DEFINITIONS <br />1.1 Definitions: The following defined terms used in this Lease shall have the meanings <br />set forth below. Other terms are defined in other provisions of this Lease, and shall have the <br />definitions given to such terms in such other provisions. <br />I.I.I. "Affiliate" shall mean, with respect to any person (which as used herein <br />includes an individual, trust or entity), any other person which directly or indirectly through one <br />or more intermediaries controls, or is controlled by, or is under common control with, such person. <br />1.1.2. "Aggregate Transfer" shall refer to the total "Ownership Interest(s)" in <br />Tenant transferred or assigned in one transaction or a series of related transactions (other than an <br />Excluded Transfer) occurring since the latest of (a) the Effective Date, (b) the execution by Tenant <br />of this Lease, or (c) the most recent Tenant Ownership Change; provided, however, that there shall <br />be no double counting of successive transfers of the same interest in the case of a transaction or <br />series of related transactions involving successive transfers of the same interest. Isolated and <br />unrelated transfers shall not be treated as a series of related transactions for purposes of the <br />definition of "Aggregate Transfer." <br />1.1.3. "Certificate of Occupancy" shall mean a temporary or final certificate of <br />occupancy (or other equivalent entitlement, however designated) which entitles Tenant to <br />commence normal operation and occupancy of the Improvements. <br />Page 12 <br />75A-49 <br />
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