Reso 2020-020 - Laserfiche WebLink

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e. Parcel E - Existing Water Treatment Plant. City shall retain title to parcel E (except as otherwise approved in the tentative parcel map that is approved by City). f. Parcel F - Existing Restaurant. City shall retain title to parcel F. g. Parcel G - Existing Hotel. City shall retain title to parcel G. h. Parcel H - Multifamily Housing. Subject to the Developer satisfying all conditions precedent to ground lease commencement set forth herein, City shall lease ground parcel H to Developer. A portion of Parcel H will be subject to an easement for the Bay Trail and other public purposes and uses, which will provide for City maintenance of the easement area. There is currently a restroom, boat launch ramp and other improvements located on Parcel H, which will remain in place as of the commencement of the Multifamily Ground Lease. i. Parcel I - Developer Hotel. Subject to the Developer satisfying all conditions precedent to ground lease commencement set forth herein, City shall ground lease parcel I to Developer. There is currently an existing restaurant building located on Parcel I, which will remain in place as of the commencement of the Developer Hotel Ground Lease. j. Parcel J - Developer Restaurant. Subject to the Developer satisfying all conditions precedent to ground lease commencement set forth herein, City shall ground lease parcel J to Developer. The Developer Restaurant Element shall have an easement over parcel I for parking and access. k. Parcel K — Market. Subject to the Developer satisfying all conditions precedent to ground lease commencement set forth herein, City shall ground lease parcel K to Developer. The Market Element shall have an easement over Parcel I for parking and access. 1. Parcel L — Park and Harbor Basin. City shall retain title to parcel L. 1.3. Term of the Agreement. The term ("Term") of this Agreement shall commence upon the Effective Date and continue in full force and effect for a period ending on the first to occur of (i) ten (10) years from the Effective Date, (ii) the date all construction required by this Agreement has been completed, or (iii) the termination of this Agreement as provided herein. The Term has been established by the Parties as a reasonable estimate of the time required to develop the Project and obtain the benefits of the Project. The obligations of the parties must be completed within the times set forth in the Schedule of Performance attached hereto. 5