Agmt25 YMCA-SV Second Amendment - Laserfiche WebLink

Browse Search

Exhibit D ATTY/AGR/2025/AMEND NO.2 – YMCA MASTER PROJECT AGREEMENT REV: 07-17-25 VR 2. Lease of YMCA Site. Landlord hereby leases, transfers and demises to Tenant, and Tenant hereby exclusively leases and takes from Landlord, the YMCA Site. Tenant shall also have non-exclusive use of Promenade, East Parking Lot, West Parking Lot and Drop Off Area (“Non- Exclusive Common Area”) for the terms and upon the agreements, covenants and conditions set forth in this Lease. 3. Term; Options to Extend. (a) Initial Term; Landlord Right to Terminate. The initial term (“Term”) of this Lease shall commence on the Effective Date set forth in the introductory paragraph of this Lease (“Commencement Date”), and shall expire on the forty-ninth (49th) anniversary of the date of issuance of the first certificate of occupancy (temporary or final) for the New YMCA, plus the first partial month if such certificate is issued on a date other than the first day of the month; provided, however, if the first certificate of occupancy (temporary or final) for the New YMCA has not been issued by _______________, 202__ [Insert date that is 26 months after Effective Date (i.e. signing/closing date) of Lease] (the “Phase 2 Improvements Outside Completion Date”), then Landlord may terminate this Lease upon notice to Tenant delivered at any time prior to the date on which the first certificate of occupancy (temporary or final) is issued and Tenant shall be obligated to pay liquidated damages as provided in Section 25(b) below. Except as provided in the foregoing sentence and in Section 25(b) below, following such termination by Landlord, neither Party shall have any further rights or obligations hereunder other than those obligations which survive termination of this Lease. Contemporaneously with issuance of the first certificate of occupancy (temporary or final) for the New YMCA, the Parties shall execute the “Confirmation of Term of Lease” form attached to the Lease as Attachment 8. All terms of this Lease shall be in effect from and after the Effective Date of the Lease, and the Parties shall record the Memorandum of Lease described in Section 39 (Memorandum of Lease) below, in the form attached to the Lease as Attachment 3 (“Memorandum”). Each period of Twelve (12) consecutive calendar months during the Term (following any adjustment for a partial month as described above) is referred to hereafter as a “Lease Year.” (b) Option to Extend. Upon the terms and conditions described in the Addendum attached hereto, Tenant will have the right to extend the term of this Lease for up to one (1) period of Five (5) Lease Years (the “Extension Period”). Unless otherwise specifically stated herein, all provisions of this Lease will be applicable during the Term and the Extension Period, as the case may be. (c) Termination Date. The date upon which the Term or the Extension Period(s) expire is referred to hereafter as the “Termination Date.” Upon such event, Tenant shall provide to Landlord an appropriate release or quitclaim, sufficient to cause the Memorandum to be deleted as a title exception affecting the Property. 4. Rent. Tenant shall pay to Landlord as rental for the use and occupancy of the YMCA Site, at the times and in the manner described herein, the following sums of money: Page 2 of 50