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GROUND LEASE <br />THIS GROUND LEASE is made as of this first day of June, <br />1988, by and between the CITY OF PLEASANTON, CALIFORNIA, a <br />municipal corporation, the Lessor herein and Eden Housing, Inc., <br />a California nonprofit corporation, the Lessee herein. <br />THIS LEASE IS ENTERED into on the basis of the <br />following facts, intentions and understanding of the parties: <br />A. The City of Pleasanton desires to develop a <br />200 -unit rental housing project for elderly low income households <br />(the "Project ") on a certain parcel of land owned by the City of <br />Pleasanton. <br />B. Eden Housing, Inc. is a nonprofit public benefit <br />corporation organized for the purpose of developing housing for <br />elderly and low income households. <br />C. Eden Housing, Inc. was hired by the City of <br />Pleasanton to provide consulting services to assist with the <br />planning and development of the Project, which was to be owned by <br />the City of Pleasanton. <br />D. During the planning stage of the project, the City <br />of Pleasanton and Eden Housing, Inc. determined that it was <br />necessary and desireable for the City to apply for a $4,000,000 <br />Housing Development Grant from the Department of Housing and <br />Urban Development ( "HDG "), notwithstanding the HDG condition that <br />C:GDLEASE.EHI -1- <br />