Agmt 2006 Mercy Housing California XXXIII (4)

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THIS GROUND LEASE (this "Lease" or this "Agreement"), dated as of , 20_ (the "Effective Date"), is entered into by and between the Redevelopment Agency of the City of San Leandro, a public agency (hereafter "Agency" or "Landlord") and Mercy Housing California XXXIII, a California Limited Partnership (hereafter "Tenant" or "Developer"). Agency and Developer are hereafter collectively referred to as the "Parties." RECIT ALS A. Pursuant to authority granted under Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL"), the Agency has responsibility to implement the redevelopment plan adopted in 1993 (as subsequently amended, the "Redevelopment Plan") by the City Council of the City of San Leandro, California (the "City") for the Alameda County -City of San Leandro (Joint) Redevelopment Project Area (the "Project Area") as more particularly described in the Redevelopment Plan. B. Agency is the owner of fee title to the property located within the Project Area known as Alameda County Assessor's Parcel No. 077E-1525-003-04Iocated at 2398 East 14th Street and more particularly described in Exhibit A attached hereto (hereafter, the "Land") and the improvements located thereon (the "Improvements"). Hereafter the Land and the Improvements are collectively referred to as the "Property." C. In September, 2005, the Agency's governing board authorized execution of an agreement granting Developer exclusive rights to negotiate regarding the terms of a disposition and development agreement governing development of the Property. D. The Developer proposes to rehabilitate the existing motel and to operate a multi- family housing project on the Property consisting of 68 residential units, a community room and common area, parking, landscaping and related improvements (the "Project"). E. The Agency has determined that implementation of the Project pursuant to this Lease is consistent with the Redevelopment Plan and the Implementation Plan for the Project Area, will be of benefit to the Project Area, and will be consistent with and further the goals of California Community Redevelopment Law and the Redevelopment Plan by assisting in the elimination of blight and increasing the availability of housing affordable to low- and very low-income households in the Project Area. F. The City Council and the Agency have each approved the lease ofthe Property as set forth in this Agreement, have followed all requisite procedures, and have adopted all requisite findings in connection with the foregoing, including without limitation the requirements of Sections 33431 and 33433 of the CRL. G. Agency desires to lease to Developer, and Developer desires to lease from Agency the Property, upon the terms and conditions set forth in this Lease, for the undertaking of the Project as more particularly described herein. H. In connection with the financing and development of the Project, Landlord and Tenant have entered into a Disposition and Development Agreement dated as of June 19,2006 (the "DDA"), a Loan Agreement dated as of (the "Loan Agreement") and an 833368-4 1