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- 4INSOKANCE NOT RE Q UI D. JAIVED / ` <br />4f <br />WORK MAY PROCEED <br />CLERK OF COUNCIL <br />DATE: i-3i-nJ <br />LEASE AMENDMENT < <br />1 �y <br />THIS LEASE AMENDMENT is made and entered into this 16th day of November,1998 <br />("Effective Date"), by and between the CITY OF SANTA ANA, a charter city and municipal <br />corporation duly organized and existing under the constitution and laws of the State of California <br />("Lessor") and the SANTA ANA HISTORICAL PRESERVATION SOCIETY, a Californianon- <br />profit corporation ("Lessee"), in reference to that certain LEASE PURCHASE AGREEMENT <br />between the parties hereto dated February 5, 1996 (the "Lease") related to that certain property <br />located at 615 North Sycamore Street, Santa Ana, California (the "Land"), together with <br />improvements thereon known as the historical Howe -Waffle House (the "House"), (jointly, the <br />"Premises") . <br />WITNESSETH <br />WHEREAS, from 1975 until 1996 the City leased the Land from the County of Orange <br />(the "County") and maintained thereon the House under agreement with the Lessor; and, <br />WHEREAS, in 1996 the City entered into a 25 year lease purchase agreement for the Land <br />with the County (the "County Agreement") which provided for a $20,000 advance payment, and <br />monthly payments of $887.00, underwhich the City would, at the end of the term, acquire fee <br />interest in the Land; and, <br />WHEREAS, in 1996 Lessor entered into a lease purchase agreement with Lessee mirroring <br />the terms of the County Agreement, but included the House (the "City Agreement") underwhich <br />the Lessee agreed to make on behalf of the City its payments as called for in the County <br />Agreement; and, <br />WHEREAS, the Lessee has notified the Lessor that the Lessee is no longer able to make the <br />monthly payments called for in the City Agreement, and that Lessee wishes to forego its purchase <br />rights to the Premises in exchange for reduction of rent payments to $1.00 per year and extension of <br />the term of the City Agreementto 99 years. <br />NOW, THEREFORE, it is mutually understood and agreed by Lessor and Lessee that the City <br />Agreement shall be amended as follows: <br />A. Extension of Term <br />Section 1 of the City Agreement is hereby amended to read as follows: <br />111. Premises and Term <br />LESSOR hereby does lease and demise to LESSEE, and LESSEE does hereby hire <br />and take from LESSOR upon the terms and conditions hereinafter set forth, those certain <br />premises known as: 615 North Sycamore Street, Santa Ana, County of Orange, State of <br />