Housing Consortium of the East Bay Ground Lease 20231030

Home

14 implied, with respect to the Leased Premises, the Project, the condition of the soil, subsoil, geology or any other physical condition of the Leased Premises, the condition of any improvements, any environmental laws or regulations, the presence of any Hazardous Substances on the Leased Premises, or any other matter affecting the use, value, occupancy or enjoyment of the Leased Premises, the suitability of the Leased Premises for the uses permitted by this Ground Lease, the suitability of the Leased Premises for the Project, construction of the Project, or construction or use of the Improvements on the Leased Premises, and Lessee understands and agrees that the Lessor is making no such representation, warranty or covenant, expressed or implied, it being expressly understood that the Leased Premises is being leased in its As-Is Condition with respect to all matters. Lessee acknowledges that it has had the advice of such independent professional consultants and experts as it deems necessary in connection with its investigation and study of the Leased Premises, and has, to the extent it deemed necessary, independently investigated the condition of the Leased Premises, including the soils, hydrology, seismology, and archaeology thereof, and the laws relating to the construction, maintenance, use and operation of the Improvements, including environmental, zoning and other land use entitlement requirements and procedures, height restrictions, floor area coverage limitations and similar matters, and has not relied upon any statement, representation or warranty of Lessor of any kind or nature in connection with its decision to execute and deliver this Ground Lease and its agreement to perform the obligations of Lessee except as provided in this Ground Lease. Section 2.6 Memorandum of Lease. The Parties shall execute and acknowledge a Memorandum of Lease, substantially in the form attached hereto as Exhibit C, which shall be recorded in the official records of Alameda County. ARTICLE 3. RENT Section 3.1 Ground Rent. For each Lease Year during the Term, Lessee shall pay to Lessor on the Commencement Date of this Ground Lease and on each succeeding anniversary thereof rent in advance for the next succeeding Lease Year ("Rent") in the nominal amount of $1.00 per Lease Year. Section 3.2 Payments. All Rent, Additional Rent, and other sums, if any, due Lessor hereunder shall be paid by Lessee to Lessor at the address of Lessor set forth hereinafter for notices, or to such other person and/or at such other address as Lessor may direct by written notice to Lessee, without notice or demand, and without abatement, deduction or set off. Lessee may pay all Rent due at the rate set forth in Section 3.1 for the entire Term of this Ground Lease in advance. ARTICLE 4. THE IMPROVEMENTS Section 4.1 Construction and Rehabilitation of Improvements. Lessee shall cause the Improvements to be constructed and rehabilitated in substantial compliance with the Scope of DocuSign Envelope ID: 6E2EA799-6D74-41E3-B3EE-3CD67DC0ACD0