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Term shall mean the fifty (50) year period set forth in <br />Section 3, during which this Lease shall be operative unless <br />earlier terminated in accordance with the provisions of this <br />Lease. See Section 23 giving Lessor the right to terminate this <br />Ground Lease after the termination of the HOG term and the <br />approval of any holder of a note secured by the Property. <br />Very Low Income Household shall mean households whose <br />incomes do not exceed 55% of the median yearly income for a <br />household in Alameda County, adjusted for household size. <br />Alameda County median income figures as utilized in this Lease <br />shall be those published periodically by the California <br />Department of Housing and Community Development ( "HCD ") or the <br />United States Department of Housing and Urban Development <br />( "HUD "), whichever figures are higher. In the event that such <br />income determinations are no longer published, or are not updated <br />for a period of at least eighteen months, the City shall provide <br />Lessee with other income determinations which are reasonably <br />similar with respect to method of calculation to those previously <br />published by HCD or HUD. <br />2. Lease of Property. (a) Lessor hereby leases, <br />transfers and demises to Lessee, and Lessee hereby leases and <br />takes from Lessor, the Land for the Term and upon the agreements, <br />covenants and conditions set forth in this Lease. Lessee <br />acknowledges and agrees that this Lease is subject only to the <br />easements, covenants, restrictions and exceptions set forth in <br />Exhibit S, attached hereto and incorporated by reference herein. <br />(b) As set forth in the recitals of this Lease, Lessee <br />acknowledges that Lessor has made special concessions and has <br />provided, and will continue to provide, Lessee with substantial <br />financial assistance in order to assist Lessee in constructing, <br />operating and maintaining the Project as a rental housing project <br />for Elderly Households, including Elderly Lower Income Households <br />and Elderly Very Low Income Households. Accordingly, Lessor is <br />given various approval rights with respect to Lessee's operation <br />C:GDLEASE.EHI -8- <br />