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<br />ii <br />Section 2.6 Memorandum of Lease. ................................................................................14 <br />ARTICLE 3. Rent ........................................................................................................................14 <br />Section 3.1 Ground Rent. .................................................................................................14 <br />Section 3.2 Payments. .......................................................................................................14 <br />ARTICLE 4. The Improvements ................................................................................................14 <br />Section 4.1 Construction and Rehabilitation of Improvements. ........................................14 <br />Section 4.2 Permits, Licenses and Easements. ...............................................................15 <br />Section 4.3 Construction Contract. Lessor shall enter into one or more construction <br />contracts with one or more general contractors for the rehabilitation and <br />construction work for the Improvements with a general contractor <br />reasonably acceptable to the Lessor, which general contractor shall be duly <br />licensed in the State of California and shall have significant experience in <br />organizing and contracting development projects of the type and scale <br />similar to the Project. ......................................................................................15 <br />Section 4.4 Prevailing Wage Requirements. .................................................................15 <br />Section 4.5 Compliance with Laws. ...............................................................................17 <br />Section 4.6 Liens. .............................................................................................................17 <br />Section 4.7 Title to Improvements. ................................................................................18 <br />Section 4.8 Surrender of Property at End of Term. ....................................................19 <br />Section 4.9 No Abandonment. ........................................................................................19 <br />ARTICLE 5. CITY FINANCIAL ASSISTANCE ....................................................................19 <br />Section 5.1 City Rehabilitation Grant. The City shall provide a grant in the amount <br />of Five Million Two Hundred Thousand Dollars ($5,200,000) (the “City <br />Rehabilitation Grant”) to Lessee for the costs of the construction and <br />rehabilitation of the Improvements, upon the terms and conditions and for <br />the purposes set forth in this Agreement. Provided that Lessee has <br />complied with all conditions precedent to disbursement of the City <br />Rehabilitation Grant as set forth in Section 5.3, the proceeds of the City <br />Rehabilitation Grant (“City Rehabilitation Grant Proceeds”) shall be <br />disbursed in accordance with Section 5.2 hereof. The City Rehabilitation <br />Grant Proceeds shall be disbursed only for the purposes set forth in Section <br />5.2. In the event that Lessor determines that it is necessary to amend or <br />supplement this Agreement in order to ensure compliance with the <br />requirements of the different funding sources to be used for the City <br />Rehabilitation Grant, the Parties shall make and execute appropriate <br />DocuSign Envelope ID: 6E2EA799-6D74-41E3-B3EE-3CD67DC0ACD0