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5G Consent
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Packet 20231016
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5G Consent
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3/21/2024 5:56:02 PM
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12/26/2023 3:00:13 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
10/16/2023
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<br />12 <br />repair, reasonable wear and tear and obsolescence excepted. Lessee shall leave in place and in <br />good order, condition, and repair, all fixtures and machinery; except Lessee shall have the right <br />to remove only Lessee-owned appliances, other unattached equipment, furniture and <br />merchandise that Lessee shall have installed, which removal must be done without damage to the <br />Leased Premises or Improvements. Lessor agrees that Lessee, at any time prior to the expiration <br />or other termination of this Ground Lease, may remove from the Leased Premises any and all <br />equipment which Lessee has furnished for maintenance purposes or for the use of the property <br />manager, provided that Lessee shall repair any physical damage to the Leased Premises caused <br />by the removal of such equipment and property. Upon the expiration or sooner termination of <br />this Ground Lease, Lessee shall deliver the Leased Premises and the Improvements to Lessor <br />free of all monetary liens and encumbrances unless otherwise consented to in writing by Lessor. <br />Any equipment or other personal property not removed from the Leased Premises by the <br />expiration of the Term shall become the property of Lessor, and Lessor shall have the right to <br />dispose of such equipment and property in the manner of Lessor's choosing. <br />Section 4.9 No Abandonment. Lessee shall not abandon or vacate the Leased <br />Premises or the Improvements at any time during the Term of this Ground Lease. If Lessee shall <br />abandon, vacate, or otherwise surrender the Leased Premises or the Improvements, or be <br />dispossessed thereof by process of law or otherwise, the same shall constitute a default under this <br />Ground Lease on the part of Lessee and, in addition to any other remedy available on the part of <br />Lessor, any of Lessee’s property left in, upon or about the Leased Premises or the Improvements <br />(except for underground storage tanks) shall, at Lessor’s option, be deemed to be abandoned and <br />shall become the property of Lessor. <br /> <br />ARTICLE 5. <br />CITY FINANCIAL ASSISTANCE <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 Rehabilitation Grant”) <br />to Lessee for the costs of the construction and rehabilitation of the Improvements, upon the terms <br />and conditions and for the purposes set forth in this Agreement. Provided that Lessee has <br />complied with all conditions precedent to disbursement of the City Rehabilitation Grant as set <br />forth in Section 5.3, the proceeds of the City Rehabilitation Grant (“City Rehabilitation Grant <br />Proceeds”) shall be 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 5.2. In the event <br />that Lessor determines that it is necessary to amend or supplement this Agreement in order to <br />ensure compliance with the requirements of the different funding sources to be used for the City <br />Rehabilitation Grant, the Parties shall make and execute appropriate amendments to this <br />Agreement and/or the attachments hereto which are mutually acceptable to the Parties. <br />Section 5.2 Use and Disbursement of City Rehabilitation Grant Proceeds. The <br />City Rehabilitation Grant Proceeds shall be used as follows: (a) a portion of the City <br />Rehabilitation Grant Proceeds shall be used to pay for predevelopment costs of the Project <br />incurred after the date of the Predevelopment Grant Agreement and prior to the date of this <br />Ground Lease, to be funded at the commencement of construction and rehabilitation of the DRAFT
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