RES 2026001 - Laserfiche WebLink

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