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AGREEMENT <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 /> 4936-6057-3568 v3 <br />