RecDoc 2022-010589 Maple St - Laserfiche WebLink

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EXHIBIT C GROUND LEASE KEY TERMS 1. Effective Date. The effective date of the Ground Lease will be the date it is entered into by City and County. 2. Commencement/Outside Dates. A. County shall have five (5) years following the effective date of the Ground Lease to obtain entitlements and permits, including CEQA clearance, for development of a supportive housing or other affordable housing project. The sixty-five (65) year term of the Ground Lease will commence upon satisfaction of the conditions precedent to term commencement. If the conditions precedent have not been satisfied within five (5) years following the Ground Lease effective date, the Ground Lease shall automatically terminate. The parties acknowledge that approval of the Ground Lease is subject to CEQA review, which may identify environmental effects warranting a decision not to move forward with the proposed project or to require design changes to the project and/or mitigations. B. After the term of the Ground Lease commences, County or its successor shall have two (2) years to commence foundation excavation and construction, and thereafter shall proceed to complete and open the affordable housing project for occupancy within three (3) years after commencing construction, subject to extension for force majeure delays. If County or its successor fails to commence construction or fails to open the project within the time periods specified, then subject to mortgagee protection provisions, City shall have the right to terminate the Ground Lease upon written notice to County or its successor and assume control and occupancy of the Remainder Parcel and any improvements thereon, and County or its successor shall deliver to City all plans for the affordable housing project which City may use. If City exercises its right to terminate the Ground Lease for County's failure to satisfy these time limits, City in its discretion may remove any new improvements already installed, at County's cost and with prompt reimbursement by County. 3. Term. Once commenced, the term of the Ground Lease shall be sixty-five (65) years. 4. Base Rent. Base Rent for the Ground Lease is $100 for the full term, payable upon execution and nonrefundable whether or not the conditions precedent to commence the term are satisfied. 5. Use. Use of the Remainder Parcel shall be limited to affordable housing, including potentially permanent supportive housing, targeted to low income households (80% AMI) or below. REV: 01-21-2022 SK ATTY/AGR.2022.010.6/City- County Land Swap (Page 12 of 14)