Laserfiche WebLink
<br />Lease, the Loan Agreement, the Note, the Deed of Trust, the Regulatory Agreement, the <br />Ground Lease and the Memorandum of Lease (each defined below) are hereinafter referred to <br />collectively as the "Agency Documents." <br /> <br />1.3.7 Insurance. Developer shall provide evidence reasonably satisfactory to Agency <br />that Developer has obtained insurance coverage meeting the requirements set forth in Section <br />5.11. <br /> <br />ARTICLE II <br /> <br />RESERVED <br /> <br />ARTICLE III <br /> <br />LEASE OF THE PROPERTY <br /> <br />3.1 Lease of Property. Provided that all conditions precedent set forth in this Agreement <br />have been satisfied or waived, Agency shall lease to Developer, and Developer shall lease from <br />Agency, the Property and Improvements thereon in accordance with and subject to the terms, <br />covenants and conditions of this Agreement and the Ground Lease, subject only to: (a) the <br />provisions and effect of the Redevelopment Plan, (b) the provisions and effect of the Agency <br />Documents, (c) applicable building and zoning laws and regulations, (d) any lien for current <br />taxes and assessments or taxes and assessments accruing subsequent to commencement of the <br />term of the Ground Lease, (e) the exceptions to title listed in Exhibit L, (f) matters that would <br />be apparent from an inspection of the Property, and (g) such other conditions, liens, <br />encumbrances, restrictions, easements and exceptions as Developer may approve in writing, <br />which approval shall not be unreasonably withheld. All of the foregoing are collectively <br />hereinafter referred to as the "Permitted Exceptions." The date of commencement of the term <br />of the Ground Lease shall be memorialized in a Memorandum of Ground Lease (the <br />"Memorandum of Lease") to be recorded in the Official Records of Alameda County <br />substantially in the form attached as an exhibit to the Ground Lease. The term of the Ground <br />Lease shall be seventy-five (75) years. <br /> <br />3.2 Rent. Developer shall pay rent for the Property pursuant to the Ground Lease. <br /> <br />3.3 Escrow. Agency and Developer shall open escrow at the office of Old Republic Title <br />Company located at 475 Sansome Street, Suite 1700, San Francisco, California, 94111, or such <br />other title company as the Parties may agree upon ("Title Company" or "Escrow Agent") in <br />order to consummate the closing of escrow ("Closing") for the transactions contemplated <br />hereby. <br /> <br />3.4 Costs of Closing and Escrow. Developer shall pay all title insurance premiums for <br />policies Developer elects to purchase in connection with the lease of the Property and the <br />financing of the Project, and all conveyance and recording fees, transfer taxes, escrow fees and <br />closing costs incurred in connection with the leasing of the Property and the financing of the <br />Project. Property taxes and assessments shall be prorated as ofthe date of closing ("Closing <br /> <br />803698-6 <br /> <br />8 <br />