|
include any income tax, capital levy, estate, succession, inheritance, or similar taxes of Lessor.
<br />Except for a tax, assessment, or charge resulting from Lessee's use of the Leased Premises
<br />pursuant to this Lease, "Impositions" shall not include any franchise tax imposed upon any
<br />owner of the fee of the Leased Premises, or any income, profits or revenue tax, assessment or
<br />charge imposed upon the rent or other benefit received by Lessor under this Lease by any
<br />Governmental Authorities.
<br />(y) "Improvements" or "Project" means the affordable rental housing
<br />development comprised of thirty-one (31) multi -family residential dwelling units to be
<br />developed on the Land, all of which, other than two (2) manager's units, will be restricted for
<br />occupancy by Eligible Households at Affordable Rents, and related improvements, including
<br />without limitation, the following: community space, parking, tenant related space and related
<br />ancillary facilities, together with any and all replacements or substitutions therefor or
<br />modifications thereto, in accordance with all City approvals and use conditions applicable to the
<br />Leased Premises. The Improvements will be constructed in accordance with a site plan and
<br />construction plans approved by the City.
<br />(z) "Indemnitees" means Lessor and its elected and appointed officials,
<br />officers, employees, agents, contractors, representatives and volunteers.
<br />(aa) "Insurance Requirements" means the requirements, whether now or
<br />hereafter in force, of any insurer or insurance carrier, any board of fire underwriters or any other
<br />company, bureau, organization or entity performing the same or similar functions, applicable to
<br />the Leased Premises and/or the Improvements, or any portion thereof, to the extent so applicable.
<br />(bb) "Investor" means the low income housing tax credit investor that will
<br />provide equity to the Project and all permitted successors and assigns. is
<br />the initial Investor.
<br />(cc) "Land" is defined in Recital A above.
<br />(dd) "Lease Year" means a calendar year during the term of this Lease.
<br />(ee) "Leased Premises" means the Land, together with all and singular rights,
<br />easements, licenses, privileges and appurtenances thereunto attaching or in any way belonging
<br />thereto.
<br />(ff) "Leasehold Mortgage" means any mortgage, deed of trust, security
<br />agreement or collateral assignment pursuant to an Approved Loan encumbering Lessee's Estate
<br />as a leasehold mortgage lien.
<br />(gg) "Legal Requirements" means all laws, statutes, codes, ordinances,
<br />orders, rules, regulations and requirements of all Governmental Authorities and the appropriate
<br />agencies, officers, departments, boards and commissions thereof, whether now or hereafter in
<br />force applicable to Lessor, Lessee, the Leased Premises, the Improvements, or any portion
<br />thereof, to the extent so applicable.
<br />5
<br />OAK #4823-7863-2026 v2
<br />
|