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4936-6057-3568 v3 <br />b.The term “Annual Rent” is hereby amended in its entirety and shall be replaced with <br />the following: “Annual Rent shall have the meaning given to such term in Section <br />4(a).” <br />c. The term “Base Rent” is hereby amended in its entirety and shall be replaced with the <br />following: “Base Rent shall have the meaning given to such term in Exhibit B.” <br />d. The term “Annual Surplus Cash” originally included on Exhibit B to the Ground <br />Lease is hereby incorporated into the Section 1 of the Ground Lease and shall now <br />read as follows: “Annual Surplus Cash shall have the meaning given to such term on <br />Exhibit B.” <br />4.2. Section 4 of the Ground Lease is deleted in its entirety and shall be replaced with <br />the following: <br />“4. RENT. <br />(a)Lessee shall pay to Lessor rent (the “Annual Rent”) in an annual amount equal to Two <br />Hundred and Twenty Thousand and no/100th Dollars ($220,000.00). Payments of the <br />Annual Rent shall be made every June 1 or at such other annual date to which Lessor and <br />Lessee may mutually agree in writing, continuing throughout the Term. <br />(b)During the entire Term of the Lease, to the extent that Annual Surplus Cash is less <br />than the Annual Rent, Lessee shall not be in default under this Lease so long as Lessee <br />pays to Lessor the Base Rent. Any such unpaid portion of Annual Rent which exceeds the <br />paid Base Rent shall be deferred. Such deferred amounts shall be paid in the immediately <br />following year to the extent Annual Surplus Cash is available and prior to the payment of <br />newly due Annual Rent or Base Rent payments. In the event that Annual Surplus Cash in <br />any such immediate following year is not sufficient to pay all such sums owed, then any <br />unpaid Annual Rent shall accrue and shall be similarly paid to the extent available in <br />subsequent years from Annual Surplus Cash. <br />(d) In the event that Annual Surplus Cash is more than the Annual Rent, Lessee shall pay <br />to Lessor Annual Rent plus an amount equal to (i) sixty percent (60%) of Annual Surplus <br />Cash, minus (ii) the Annual Rent.” <br />4.3. Exhibit B attached to the Ground Lease is deleted in its entirety and shall now read as <br />follows: <br />“Exhibit B Base Rent Payment Schedule Total for Both the Affordable Parcel and <br />Market Parcel <br />“Base Rent” is hereby defined as follows: Subject to the limitations, if any, imposed by any <br />Regulatory Agreement, an annual payment in an amount equal to (i) sixty percent (60%) of <br />Annual Surplus Cash. <br />“Annual Surplus Cash” is hereby defined as follows: “Annual Surplus Cash” shall mean <br />operating income in excess of expenses required for operation of the Development, <br />Page 35 of 683