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District will rent from the City, a portion of the Park containing approximately 18.84 acres, the <br />legal description of which is attached hereto as Exhibit "B" (the "Premises ") in exchange for <br />the District's agreement to construct the School Improvements along with the long term rights <br />set forth in that certain Joint Use Agreement and Covenant of even date herewith between the <br />District and City (the "Joint Use Agreement "). <br />F. Pursuant to the terms and conditions of this Lease and the Joint Use Agreement, <br />the District intends to construct upon the Premises the School's athletic facilities (currently <br />anticipated to include soccer, softball and baseball fields, tennis and basketball courts and a <br />future swimming pool), a gymnasium, and a theater -arts facility (collectively, the "Joint Use <br />Facilities "). The Premises and the Joint Use Facilities are sometimes collectively referred to <br />herein as the "Property ". The improvements to be built on the District Property and the <br />Premises are referred to herein as the "School Improvements ". <br />NOW, THEREFORE, the City and the District hereby agree as follows: <br />AGREEMENT <br />1. Lease of Premises. The City hereby leases the Premises to the District, and the <br />District hereby leases the Premises from the City, on all of the terms and conditions set forth in <br />this Lease. <br />2. Term of Lease. The Term of this Lease (the "Term ") shall be ninety -nine (99) <br />years. The Term shall commence on the Commencement Date (as hereinafter defined), and shall <br />expire on the ninety -ninth (99th) anniversary thereof, if not terminated earlier pursuant to the <br />terms of this Lease. <br />3. Consideration. As consideration for the lease of the Premises, the District agrees <br />to initiate and complete the School Improvements, and as further consideration, District and City <br />have entered into the Joint Use Agreement, setting forth the rights and duties of the parties with <br />respect to use by each party of the Premises and the Joint Use Facilities. <br />4. Commencement Date. This Lease shall commence and become effective upon <br />delivery of evidence to the reasonable satisfaction of the City's City Manger (the "City <br />Manager ") of compliance with all of the following: <br />4.1 Final approval of the site and the School Improvements by the California <br />Department of Education (CDE); and, <br />4.2 Final approval by the California Department of General Services' Division of <br />State Architect (DSA) of the plans and specifications for the School <br />Improvements; and, <br />4.3 Approval of an allocation of construction funds by the California State <br />Allocation Board (SAB) of at least $25,000,000.00; and, <br />4.4 Issuance of District financing which combined with SAB funds will be <br />sufficient to complete construction of the School in accordance with the <br />2 <br />