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location of the Leased Premises is shown upon "Exhibit B," attached hereto; provided, <br />however, that reference to said Exhibit is for convenience only, and shall not be deemed <br />to modify or amend the specific description set forth in "Exhibit A." Except as otherwise <br />herein set forth, the "Leased Premises" shall not include any Leasehold Improvements to <br />be constructed by Lessee pursuant to Paragraph 7. As used in this Lease the term <br />"Leasehold Improvements" shall mean all improvements constructed by Lessee on the <br />real property described in "Exhibit A" attached hereto excluding the environmental and <br />geotechinical remediation performed by Lessee pursuant to paragraph 7. Leasehold <br />Improvements shall include the Building, parking lot, playground, utilities and <br />landscaping. <br /> <br /> 2. TERM; CONDITIONS PRECEDENT. The initial term of this Lease shall <br /> <br />be thirty-one (31) years, commencing upon the issuance of the first grading or building <br />pet-mit for the Project (as defined in paragraph 7 below). <br /> <br /> Lessee's obligations under this Lease are subject to the following <br />conditions precedent: <br /> <br /> a. Lessee obtaining all necessary zoning and other land use approvals <br /> <br />and/or permits for the Project, and Lessor agreeing to process Lessee's application for all <br />required City pemdts and approvals with due diligence; <br /> <br /> b. Lessee's completion, review and approval of an environmental case <br /> <br />closure and mitigation plan covering the Leased Premises; <br /> <br /> c. Commitment of First American Title Insurance Company to issue its <br /> <br />ALTA lender's leasehold policy of title insurance showing title to the Leased Premises <br />free and clear of encumbrances other than exceptions 1 thru 6 as shown on its <br />preliminary title report dated 11/28/2000 , order no. 458987 <br /> <br /> d. Lessee obtaining a commitment for a construction loan (the <br /> <br />"Construction Loan") in an amount not less than $3,000,000 and otherwise on terms <br />acceptable to Lessee. Lessor shall cooperate in providing Lessee with such <br />documentation as the lender may reasonably request, including a commitment letter to <br />lender regarding permanent financing. <br /> <br />17996.00003~BGLIB 1\1085097.9 2 <br /> <br /> <br />