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09B
City of Pleasanton
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CITY CLERK
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2018
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020618
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09B
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1/31/2018 5:22:20 PM
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1/31/2018 3:20:48 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
2/6/2018
DESTRUCT DATE
15Y
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GROUND LEASE <br />(Sunflower Hill) <br />This Ground Lease (the "Lease") dated as of , 20_, is entered into by <br />and between City of Pleasanton, a California municipal corporation ("Lessor") and <br />, L.P., a California limited partnership ("Lessee"). <br />RECITALS <br />A. Sunflower Irby LLC, a California limited liability company ("Sunflower"), <br />entered into that certain Disposition, Development and Loan Agreement dated as of <br />, 2018 with Lessor (as subsequently amended, the "DDLA"). Pursuant to the <br />DDLA and to meet some of Lessor's affordable housing goals under the City's inclusionary <br />housing ordinance as set forth in Chapter 17.44 of the City's Municipal Code, Lessor has <br />acquired that certain real property in the City of Pleasanton, County of Alameda, State of <br />California, more particularly described in the legal description attached hereto as Exhibit A and <br />depicted on the map attached as Exhibit B (the "Land"). Under the DDLA, the City agreed to <br />ground lease the Land to Lessee for a term of seventy-five (75) years, and Lessee has agreed to <br />develop and operate thereon a thirty-one (31) unit supportive housing development that will <br />include twenty-nine (29) units that will available at affordable rents to low- and very low-income <br />households that include at least one member that has a developmental disability. <br />B. Lessor desires to lease the Land to Lessee for a period of seventy-five (75) years <br />pursuant to the terms of this Lease for development of the Project. <br />C. Capitalized terms which are referred to and utilized throughout this Lease are <br />defined in Article 1 of this Lease. <br />NOW, THEREFORE, for and in consideration of the foregoing premises, the covenants, <br />representations, warranties and agreements set forth herein, and other good and valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto <br />do hereby agree as follows: <br />ARTICLE 1. <br />DEFINITIONS <br />Section 1.1 Definitions. For the purposes of this Lease, the following defined terms <br />shall have the meanings ascribed thereto in this Article 1: <br />(a) "Additional Rent" means all sums payable by Lessee to Lessor pursuant <br />to this Lease other than Rent, including without limitation, sums payable to reimburse Lessor for <br />the following, together with applicable interest and penalties thereon: (i) amounts paid by Lessor <br />to discharge liens and claims pursuant to Section 3.2, (ii) Impositions paid by Lessor pursuant to <br />Section 5.5, and (iii) amounts paid by Lessor to cure Lessee defaults under loans secured by the <br />Leased Premises and the Improvements. <br />1 <br />OAK #4823-7863-2026 v2 <br />
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