Reso 2022-086 2nd amendment to DDA

Home

Developer, City and Developer shall enter into an Interim License Agreement which permits City to continue to use that portion of the City's Marina Golf Course located on the Single Family Element for the operation of the golf course until Developer is ready to commence the Single Family Element Site Preparation. Such Interim License Agreement shall be substantially in the form attached hereto as Exhibit "S" and incorporated herein. 6. Rent Commencement Date. Section 3.1.1.1 of each of the Ground Leases shall be revised to provide that the "Rent Commencement Date" shall be the earliest to occur of (a) ninety (90) days after the TCO Date, (b) eighteen (18) to forty-eight (48) months after the approval of the first Building Permit for Vertical Improvements for the applicable Element, as further defined in Schedule of Performance, or (c) the outside date therefor set forth in the Schedule of Performance (i.e., sixty (60) months after the Effective Date for the Developer Hotel Ground Lease and Multifamily Ground Lease, and seventy-two (72) months after the Effective Date for the Developer Restaurant Ground Lease and Market Ground Lease). 7. Developer Improvements Prior to Performance of Post -Commencement Ground Lease Requirements. The following language shall be added as a new Section 6.8 to each of the Ground Leases: "6.8 Improvements Prior to Performance of Post -Commencement Ground Lease Requirements. Tenant may conduct Site Preparation and Horizontal Improvement activities on the Property prior to completion of performance of the Post - Commencement Ground Lease Requirements, except that Post -Commencement Ground Lease Requirement (insert paragraph number: 1.4.3.1(k) for Developer Hotel Ground Lease, 1.4.4.1(h) for Multifamily Ground Lease, 1.4. 5.1(1) for Developer Restaurant Ground Lease, and 1.4. 6.1(1) for Market Ground Lease) [Bonds and Security] shall have been completed, and all applicable permits for such Site Work and Horizontal Improvements shall have been issued by the City, prior to commencement of the applicable Site Preparation and Horizontal Improvement activities. Tenant shall not commence the construction of any of the Vertical Improvements on the Property until all of the Post -Commencement Ground Lease Requirements have been completed. City shall not be obligated to issue any building permits for the Vertical Improvements on the Property until all of the Post -Commencement Ground Lease Requirements have been completed. Until the commencement of construction of the Vertical Improvements on the Property, Tenant shall secure the Property in compliance with all applicable City and other public agency requirements, and take necessary measures to ensure that the Property is clean, clear and screened, including the placement of appropriate fencing and informational project signage. Tenant shall ensure that the Property is secure from trespassers and meets the foregoing property maintenance standards on an ongoing basis, including the removal of nuisance vegetation and providing security personnel as may be required." 8. Tenant's Failure to Timely Perform Post -Commencement Ground Lease Requirements Constitutes Default. The following language shall be added after the first sentence of Section 16.1.2 of each of the Ground Leases: