|
<br />Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants dated as of
<br />(the "Regulatory Agreement"). The DDA, the Loan Agreement and the
<br />Regulatory Agreement are hereby incorporated herein by reference.
<br />
<br />NOW, THEREFORE, for and in consideration of the covenants and agreements
<br />hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of
<br />which are hereby acknowledged, Landlord and Tenant hereby agree as follows.
<br />
<br />ARTICLE I
<br />
<br />DEMISE OF PREMISES
<br />
<br />1.1. Demise. Landlord hereby leases to Tenant, and Tenant hereby leases from
<br />Landlord, the Property for the Term (as defined in Section 2.1 below) and on the terms and
<br />conditions set forth in this Lease.
<br />
<br />1.2. Condition of Title. Landlord leases the Property to Tenant subject to all
<br />easements, covenants, conditions, restrictions and other title matters of record existing as of the
<br />Effective Date, and all matters that would be apparent from an inspection of the Property on the
<br />Effective Date.
<br />
<br />1.3. Condition ofPropertv. Landlord leases the Property to Tenant in its "as-is"
<br />condition existing on the Effective Date, and Tenant acknowledges that, except as otherwise
<br />expressly set forth in this Lease, Landlord makes no representations or warranties to Tenant with
<br />regard to the condition of the Property or the fitness or suitability thereof for Tenant's purposes,
<br />including but not limited to, matters pertaining to topography, utilities, soil, subsoil, presence or
<br />absence of fill, presence or absence of hazardous materials, drainage, flood zone designation,
<br />environmental laws, rules, or regulations. Tenant shall rely solely on its own independent
<br />investigation and judgment as to all matters relating to the Property. Tenant represents that it
<br />has, prior to the execution of this Lease, made investigations of the Property, including without
<br />limitation such inquiries of governmental agencies, soils testing, tests and inspections as Tenant
<br />has deemed necessary to determine the condition ofthe Property and that Tenant, by execution
<br />hereof, accepts the Property in its current "as-is" condition and state.
<br />
<br />1.4 Definitions.
<br />
<br />1.4.1 Improvements. For purposes of this Lease, the term "Improvements"
<br />shall mean all buildings, structures, fixtures, fences, walls, paving, parking improvements,
<br />driveways, walkways, plazas, landscaping, permanently affixed utility systems and equipment,
<br />and other improvements located on the Land, including, without limitation, the Project.
<br />
<br />1.4.2 Leasehold Mortgage. For purposes of this Lease, the term "Leasehold
<br />Mortgage" shall mean a mortgage on the leasehold estate created by this Lease and held by a
<br />Leasehold Mortgagee.
<br />
<br />1.4.3 Leasehold Mortgagee. For purposes of this Lease, the term "Leasehold
<br />Mortgagee" shall mean the mortgagee or beneficiary of any Leasehold Mortgage and in the
<br />
<br />833368-4
<br />
<br />2
<br />
|