Reso 2011-1776 - Laserfiche WebLink

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subject to Tenant obtaining fmal, unappealable Site Plan Approval ("Site Plan Approval") from the City for Tenant's proposed development of a fIrst- class executive and professional condominium office building containing approximately 120,000 square feet of sellable Class A office space (the "Project") on the Leased Premises. (b) If Tenant obtains Site Plan Approval within 120 days from the date of full execution of the Lease (the "Effective Date"), the Deposit will become non-refundable 30 days after Site PIan Approval and will be paid by Escrow Agent to Landlord as the initial rent payment under the Lease. If Tenant fails to obtain Site Plan Approval within 120 days, Tenant may elect to terminate the Lease and Escrow Agent will return the Deposit to Tenant. (c) Within 30 days after Site Plan Approval Tenant will pay to City an additional rent payment in the amount of $800,000. (d) Within the earlier of (i) 30 days after receipt of building permits; or (ii) 12 months after Site Plan Approval, Tenant shall pay to City an additional rent payment of$500,000. (e) Within the earlier of (i) 30 days of the receipt of the Certificate of Use and Occupancy (or Temporary Certificate of Occupancy) (the "CO"); or (ii) 36 months after Site Plan Approval, Tenant shall pay to City additional rent in the amount of$I,500,000. (f) Commencing on the earlier of (i) 2 years after receipt of the CO; or (ii) 60 months after Site Plan Approval, the balance of the rent in an amount equal to $4,500,000 plus an amount that would equal 5 Y2% simple interest on that amount will be payable in equal monthly installments of $15,000, pIus an amount that would equal 5 Y2% interest per annum for the preceding Lease year. Said payments will continue for twenty five (25) years, or as provided below. Option to Purchase: Tenant shall have an option to purchase the Leased Premises at any time after 3 years following the date of Tenant's rent payment provided for in Section 3(c) above by paying to Landlord an amount equal to the balance of rent payable under Section 3 hereof, exclusive of interest payable beyond the date of such option payment and at the end of the lease term Tenant shall have the right to acquire the fee simple interest for $1.00. Upon exercise of the option to purchase, or Tenants right to acquire the Leased Premises at the end of the term, closing shall take place sixty (60) days from notice of intent to purchase, or expiration of the Lease Term. City/Seller will bear its specific costs associated with the transaction including its own legal costs. Seller shall pay for the documentary stamps on the deed of conveyance, surtax, title evidence, title premium, costs of recording corrective instruments and Seller's attorneys' fee and costs. Tenant will bear its due diligence costs, costs of recording of the deed and its own legal fees and mTh0 Weintraub Companies