Laserfiche WebLink
4936-6057-3568 v3 <br />AGREEMENT <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants contained herein and <br />good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, <br />the Parties agree as follows. <br />1. Incorporation of Recitals; Defined Terms. The Parties acknowledge the truth of the <br />foregoing Recitals, which by this reference are incorporated into this Agreement. Capitalized <br />terms used but not defined herein shall have the meaning given them in the Ground Lease. <br />2. Ground Lease Term. <br />2.1. Pursuant to the Assignment, the City granted the Lessee an option to extend the <br />term of the Ground Lease to April 1, 2095, contingent upon Lessee’s receipt of an <br />allocation of low-income housing tax credits to finance the rehabilitation of the Project. <br />The Parties acknowledge that in connection with the HUD Loan the Lessee is not <br />pursuing an allocation of low-income housing tax credits at this time, however, in order <br />to comply with the financing requirements for the HUD Loan, the Ground Lease will <br />need to be extended until April 1, 2077, so that the term of the Ground Lease shall be 81 <br />years from the original commencement date of the Ground Lease. Accordingly, the first <br />sentence in Section 3 of the Ground Lease is deleted and replaced as follows: <br />“The Term of this Lease shall commence on the Commencement Date <br />and, unless sooner terminated or extended or as herein provided, shall <br />expire on April 1, 2077”. <br />2.2. Notwithstanding the forgoing, the Parties acknowledge that the Lessee may still <br />pursue low-income housing tax credits at a later date, and the Option to extend the <br />Ground Lease until April 1, 2095, shall remain in place and exercisable in accordance <br />with the Assignment. <br />3. HUD Lease Addendum. <br />3.1. The HUD Lease Addendum is attached hereto and incorporated by reference into <br />the Ground Lease. <br />3.2. This Agreement constitutes Lessor’s prior written approval of the HUD Loan and <br />the recording of a Leasehold Mortgage by Lessee pursuant to Section 20(a) of the Ground <br />Lease. <br />4. Certain Defined Terms; Rent. <br />4.1. The following definitions as set forth in Section 1 of the Ground Lease are hereby <br />amended and modified as follows: <br />a. The term “Accrued Rent Note” is deleted in its entirety. <br />Page 34 of 683