RDA Agmt 2001 Batarse Family Trust UTA

Home

EXHIBIT E THIRD AMENDMENT TO THE GROUND LEASE FOR THE AUTOMALL READER BOARD SIGN This is the Third Amendment (the "Third Amendment") to the Ground Lease between the REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO, a public agency, as Lessor and THE BATARSE FAMILY TRUST, U.T.A. DATED MAY 7,1987, ANTHONY A. BATARSE, JR., TRUSTEE, as Lessee, which was entered into on May 7,1997, first amended on June 4, 1997, subsequently amended on January _,1998 (collectively, the "Ground Lease.") The Initial Term of the Ground Lease was twenty (20) years commencing on June 1,1997, and ending on June 1, 2017. The parties hereby agree to extend the Initial Term of the Ground Lease for an additional twenty (20) years, thus extending the end of the Initial Term to June 1, 2037. Commencing on June 1, 2017, Lessee shall make an annual payment of rent equal to ten percent (10%) of the land value of the Premises, which value shall reflect the unique value of the Premises as the site of a reader board sign for retail purposes. Such land value shall be determined by an appraiser who is a Member of the Appraisal Institute (MAI) or economic consultant and such appraiser or consultant shall be selected upon the mutual agreement of Landlord and Tenant. Such appraisal shall be conducted no later than May 1, 2017 and shall be updated every five (5) years for the remainder of the Term of the Lease. Paragraph 2.2 of the Ground Lease entitled "Extension" shall be of no further effect. All other terms and conditions of the Ground Lease remain in full force and effect. IN WITNESS WHEREOF, the parties executed this Third Amendment as of ..2001 REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO " By: JOHN JERMANIS Executive Director APPROVED AS TO FORM: By: LIANE M. RANDOLPH Agency Counsel