Reso 1998-026 to 030 - Laserfiche WebLink

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condition to final map approvals, shall be borne and paid by Tenant. If the following conditions are not satisfied within ninety (90) days following the Commencement Date, Landlord shall have the right to terminate this Lease and the Development Agreement by written notice delivered to Tenant at any time after such date and before all of such conditions have been satisfied: (i) Tenant shall have provided Landlord with evidence reasonably satisfactory to Landlord that Tenant has received and has available for unconditional use at least Five Million Dollars ($5,000,000) in cash equity investment capital to be used for the design and construction of the Improvements; and (ii) Tenant shall have provided Landlord with evidence reasonably satisfactory to Landlord that Tenant and Tenant's Leasehold Mortgagee have executed binding loan documents providing for at least Nineteen Million Dollars ($19,000,000) in private financing to be used for the design and construction of the Improvements, and that such funds are available for disbursement without contingencies or conditions other than conditions to the funding of individual draws or disbursements typical for such a loan. C. Security Interest. Upon execution of this Lease, Landlord and Tenant shall execute a security agreement (the "Security Agreement") in the form of the attached Exhibit G, pursuant to which Tenant shall, among other things, grant to Landlord a security interest in all furniture, furnishings, fixtures, equipment and other personal property to be owned by Tenant and used in connection with the operation of the Facility (the "Equipment"). Landlord's security interest in the Equipment shall be subordinate in priority only to a LEASE BETWEEN CITY OF SAN LEANDRO AND SAN FRANCISCO BAY CONFERENCE RESORT PAGE 53 2574001\313983.8