RES 03043 - Laserfiche WebLink

ATTACHMENT A ARTICLE 3: MAINTFNAN('F- 1 ~gF OF PRFMIg;Fg 3.1 Title lo lmprovement~ The Lessor grants to the Lessee without warranty, express or i~nplied, any right, title, or interest that the Lessor may have in the Improvements now or later located on the Land. The Improvements on the Land during the Lease Term shall be and remain the property of the Lessee: provided, however, that the Lessee shall have no right to destroy, demolish or remove the Improvements except as specifically provided for in this Lease. When the Lease Term expires or, subject to applicable cure rights of any Lenders of the Lessee, when the Lease is otherwise terminated under the terms of this Lease, title to the Improvements shall revert to and vest in the Lessor without cost to the Lessor. It is the intent of the Parties that this Lease shall create a constructive notice of severance of the Improvements from the Land without the necessity of a deed from the Lessor to the Lessee after the Improvements have been constructed. The Improvements, when built, shall be and remain real property and shall be owned in fee by the Lessee for the Lease Term. The Lessor agrees to execute, at the request of the Lessee, a confirmatory quitclaim deed of the Improvements to the Lessee to be recorded at the Lessee's option and expense and any other documents that may be reasonably required by the Lessee or the Lessee's title company to provide the Lessee leasehold title to the Improvements. The Lessee agrees to execute, at the request of the Lessor at the end of the Lease Term, a confirmatory quitclaim deed of the Improvements to the Lessor to be recorded at the Lessor's option and expense and any other documents that may be reasonably required by the Lessor or the Lessor's title company to provide the Lessor title to the Improvements. Lessee agrees that it will ensure all reserve funds other than those'that are funded by Lessee or its affiliates outside any loan or grant funds will revert to Lessor at the end of the Lease Term. 3.2 Permits; I icen~eq nncl gaqementq The Lessor agrees that, within ten (10) days after receipt of written request from the Lessee, it shall (at no expense to the Lessor) join in any and all applications for permits, licenses or other authorizations required by any governmental or other body claiming jurisdiction in connection with any work the Lessee may do pursuant to this Lease. and shall also join in any grants of easements for public utilities useful or necessary to the development of the Land or of the Improvements. In the event that the Lessee desires to seek a change of zoning of the Land to permit a greater density of the development of the Land, the Lessor agrees to execute all applications or other documents which may be necessary or appropriate in connection therewith. 3.3 1 l~e of Project The Lessee shall at all times during the Lease Term use or cause the Project to be used as an Assisted Living facility for the purposes set forth in this Lease and the City Regulatory Agreement, which shall include providing accommodations at Affordable Charges for nine (9) Extremely Low Income Residents, twenty-one (21) Very Low Income Residents and one (1) Dementia Resident 10 144\ 105\153233. '13