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the Corporation the Demised Premises for a term ending on <br />March 1, 2009, unless extended or sooner terminated. If on <br />February 28, 2009 the Certificates have not been fully paid or <br />retired, or if the rentals payable under the Facility Lease <br />have been abated at any time and for any reascn, the term of <br />the Site Lease will be extended until 10 days after all <br />Certificates have been fully paid and retired (but not beyond <br />February 28, 2019). <br /> <br /> DEED OF GIFT <br /> <br /> The Corporation has purchased the site of Capital <br />Project II and Capital Project II from the Pleasanton Joint <br />School District of Alameda and Contra Costa Counties with the <br />proceeds of an advance from the City. The Corporation, <br />pursuant to a deed of gift dated as of October 1, 1987, will <br />deed to the City its interest in the site and Capital <br />Project II. The Corporation will reserve an interest in the <br />property for 31 years and 5 months from October 1, 1987. Upon <br />full payment of the Certificates, title to such site and <br />Capital Project II will vest in the City. <br /> <br /> THE FACILITY LEASE <br /> <br /> The City and the Corporation will enter into a lease <br />providing for the construction and the subsequent lease to the <br />City of the water reservoir and pipeline and the lease to the <br />City of the office building comprising the Project. <br /> <br />Term <br /> <br /> The term of the Facility Lease will end on <br />February 28, 2009, unless extended or earlier terminated. If <br />prior to February 28, 2009 all of the Certificates will have <br />been fully paid, the Facility Lease will terminate ten days <br />thereafter. (The final payment date of the Certificates is <br />October 1, 2009.) If on February 28, 2009 all of the <br />Certificates have not been fully paid, the term will be <br />extended until ten days after all Certificates have been fully <br />paid, except that the term of the Facility Lease will in no <br />event be extended beyond February 28, 2019. <br /> <br />Commencement of Rental <br /> <br /> It is contemplated that the City will take <br />possession of Capital Project I on or before September 1, <br />1989. If Capital Project I is substantially completed before <br />September 1, 1989, the City may take possession of Capital <br />Project I upon such substantial completion. <br /> <br /> B-6 <br /> 1685S <br /> <br /> <br />