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<br />DAL:mgl02/18/91 <br /> <br />(004/45) <br /> <br />2. <br /> <br />TERM. <br /> <br />The term of this lease shall be forty-nine (49) <br /> <br />years, <br /> <br />commencing <br /> <br />on <br /> <br />1991, <br /> <br />and <br /> <br />terminating on <br /> <br />, 2040. <br /> <br />3. <br /> <br />RENTAL. <br /> <br />Lessee shall pay Lessor rent at the times and <br /> <br />in the manner specified in the amount of Ten Dollars ($10.00) per <br /> <br />year, the first payment of which shall be paid concurrently with <br /> <br />the execution of this lease agreement, and the second and each <br /> <br />succeeding payment of which shall be paid yearly, <br /> <br />in advance, <br /> <br />without prior demand, on or before the date of each subsequent <br /> <br />anniversary hereof. <br /> <br />All amounts due Lessor shall be payable in <br /> <br />the <br /> <br />Office <br /> <br />of <br /> <br />the <br /> <br />City <br /> <br />Treasurer, <br /> <br />City <br /> <br />Hall, <br /> <br />Redwood <br /> <br />City, <br /> <br />California, or at such other place or places as may be designated <br /> <br />from time to time by Lessor. <br /> <br />It is understood and agreed to by the parties hereto that <br /> <br />the low rental amount herein specified shall be applicable only <br /> <br />during such time hereunder as the Leased Premises are used for <br /> <br />the purpose set forth in Paragraph 4, or for any other purpose <br /> <br />determined by Lessor to be a "Public purpose" within the meaning <br /> <br />of Article 16, Section 6, of the California Constitution. <br /> <br />If the <br /> <br />Leased <br /> <br />Premises <br /> <br />should <br /> <br />cease <br /> <br />to <br /> <br />be <br /> <br />used <br /> <br />for <br /> <br />other <br /> <br />than the <br /> <br />aforementioned purposes, the amount of rent due hereunder shall <br /> <br />be <br /> <br />adjusted <br /> <br />to <br /> <br />the <br /> <br />fair <br /> <br />market <br /> <br />rental <br /> <br />value <br /> <br />of <br /> <br />the <br /> <br />Leased <br /> <br />Premises at the time of such change in use as such fair market <br /> <br />value shall be determined in accordance with Paragraph 20. <br /> <br />4. <br /> <br />PURPOSE. <br /> <br />The Leased Premises shall be used for the <br /> <br />construction, <br /> <br />operation <br /> <br />and <br /> <br />maintenance <br /> <br />of <br /> <br />a <br /> <br />home <br /> <br />providing <br /> <br />affordable shared living which will be affordable to low and very <br /> <br />2 <br /> <br /> <br />Tr <br />