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<br />event of a transfer of such Leasehold Mortgage, the successor Leasehold Mortgagee, upon <br />delivery of written notice of the transfer to Landlord. <br /> <br />1.4.4 Proiect. For purposes ofthis Lease, the term "Project" shall mean the <br />residential rental proj ect and related improvements as described in Recital D and Section 5.1, and <br />any replacement thereof pursuant to this Lease. <br /> <br />1.4.5 Property. For purposes ofthis Lease, the term "Property" shall mean the <br />Land and all Improvements. <br /> <br />ARTICLE II <br /> <br />TERM OF LEASE <br /> <br />2.1 Term. The term ofthis Lease (the "Term") shall commence on the date of <br />Closing as described in Section 3.6 of the DDA and shall be memorialized by execution ofa <br />memorandum of this Lease substantially in the form set forth in Exhibit B attached hereto <br />("Memorandum") and its recordation in the Official Records of Alameda County <br />("Commencement Date"). Unless sooner terminated under the provisions hereof, the Term of <br />this Lease shall expire on the day preceding the seventy-fifth (75th) anniversary of the <br />Commencement Date (the "Expiration Date"). The expiration or sooner termination of the <br />Term shall be referred to as "Lease Termination." The Memorandum shall specify the <br />Commencement Date and the Expiration Date. <br /> <br />2.2 Lease Year. For purposes of this Lease, "Lease Year" shall mean each calendar <br />year, or partial calendar year during the Term. If the Commencement Date does not occur on <br />January 1, then any amounts required to be paid under this Lease on a Lease Year basis shall be <br />prorated on a per diem basis for the partial Lease Years that commence with the Commencement <br />Date and end on the Expiration Date. <br /> <br />ARTICLE III <br /> <br />RENT <br /> <br />3.1 Rent. For the period commencing upon the issuance of a certificate of occupancy <br />for the Project ("Rent Commencement Date") and ending upon the date of expiration of the <br />Regulatory Agreement, for each Lease Year during the Term, Tenant shall pay to Landlord, <br />annual rent ("Base Rent") in the amount of the lesser of: (i) One Hundred Thousand Dollars <br />($100,000) per year, increasing on each anniversary of the Rent Commencement Date by the <br />sum of Two Thousand Five Hundred Dollars ($2,500) per year, or (ii) Seventy-Five Percent <br />(75%) of Surplus Cash (as calculated pursuant to Section 3.5 below). In any Lease Year in <br />which Rent is determined based on clause (ii) above, Tenant shall be entitled to retain the <br />remaining Twenty-Five Percent (25%) of Surplus Cash for distribution in accordance with <br />Tenant's partnership agreement. <br /> <br />833368-4 <br /> <br />3 <br />