BLP PARTNERSHIP GROUND LEASE - Laserfiche WebLink

Section 2.3 Ground Rent Charges The Lessee shall pay to the Lessor rent in the amount of Fifty -Five Dollars ($55), which shall represent payment of rent equal to One Dollar ($1) per year for the first fifty -five (55) years of the Lease Term, payable one time only upon execution of this Lease. Section 2.4 Use of Project and Assurances of Lessee The Lessor and the Lessee understand and agree that the rent has been set at a nominal amount for the specific purpose of assisting the Lessee to operate and maintain the Project. In consideration of the nominal amount of the rent and the other financial assistance from the Lessor to the Lessee, the Lessee shall use the land and operate the Project in accordance with the uses outlined in this Lease. The Lessee agrees: (a) to operate the Improvements as an Assisted Living facility in accordance with the terms of the Assisted Living Laws, the City Regulatory Agreement, and this Lease; (b) to maintain the character of the Project as required by this Lease and any Other Loan Documents, the City Loan Documents, and the City HELP Loan Documents, for so long as such Other Loan Documents, the City Loan Documents and the City HELP Loan Documents remain in effect; (c) to select Residents in accordance with Section 2.12; (d) not to use the Project for any disorderly or unlawful purpose; (e) to use commercially reasonable efforts to prevent any Resident from committing or maintaining any nuisance or unlawful conduct on or about the Project; (f) to use commercially reasonable efforts to prevent any,Resident from violating any of the covenants and conditions of this Lease with respect to the Project; (g) to take commercially reasonable action, if necessary, to abate any violation of this Lease by any Resident upon notice from the Lessor; (h) to provide Lessor with Project annual audited financial statements, copies of the current management plan, and the annual operating budget. Lessee shall also notify Lessor of 0) any fines, citations, or other disciplinary actions brought against Lessee by any government entity charged with enforcing the Assisted Living Laws and (ii) any financial situation that may result in Lessee's inability to meet the Project's annual operating expenses. In the event any payments due to Lessor as part of this Lease, the City Loan Documents, the City HELP Loan Documents and Other Loan Documents are not paid in full, the Lessee shall meet with Lessor to review alternatives to facilitate full payment; and • (1) to provide, in accordance with the City Regulatory Agreement, approximately nine (9) units that are affordable to extremely low income households, twenty -one (21) units that are affordable to very low income households and one bed for a very low income 144\105\153233.25 5