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ATTACHMENT A <br /> <br />GROUND LEASE <br /> <br /> THIS GROUND LEASE ("Lease"). is entered into effective as of .2003. by <br />and between the City of Pleasanton, a municipal corporation (the "Lessor") and BLP Parmership. <br />Inc., a California nonprofit public benefit corporation (the "Lessee"). <br /> <br />RECITALS <br /> <br /> A The Lessee will develop, own and operate an Assisted Living facility of <br />approximately one hundred five (105) units, including accommodations for approximately thirty- <br />one (31) low income residents, located in the City of Pleasanton. California defined as the <br />"Improvements" for a period of fifty-five (55) years pursuant to the terms of the Lease. More <br />specifically, the thirty-one (31 ) low income residents to be accommodated at Affordable Charges <br />shall include nine (9) Extremely Low-lncome residents, twenty-one (21) Very Low Income <br />residents, and one (1) Dementia Resident who is Very Low Income. <br /> <br /> B. The Improvements may be financed through one or more altemative construction <br />and permanent lenders and insured or guaranteed by a credit enhancement provider. <br /> <br /> C. The Lessor desires to lease the land upon which the Improvements will be <br />constructed for a period of fifty-five (55) years pursuant to the terms of the Lease. <br /> <br /> NOW, THEREFORE, in consideration of the promises and the respective covenants and <br />agreements contained in this Lease, the Parties agree as follows: <br /> <br />ARTICLE 1: DF:FINITIONg <br /> <br />1.1 Definiticm~ <br /> <br />(a) <br /> <br />"Affordability Reserve" shall mean the reserve funded pursuant to Section <br /> <br />3,4. <br /> <br /> (b) "Affordable Charges" shall mean the total charges for basic services <br />(including rent and standard basic Assisted Living sen,ices) to Extremely Low Income <br />Residents, Very Low Income Residents and the Dementia Resident which shall be the lesser of <br />the limit set forth in the City Regulatory Agreement or: <br /> <br /> (1) For Extremely Low Income Residents that do not receive <br /> Supplemental Security Income ("SSI") (i) eighty percent (80%) of twenty- <br /> five percent (25%) of area median income. <br /> <br />144\105\153233.13 <br /> <br />(2) For Extremely Low Income Residents who receive SSI, one <br />hundred percent (100%) of the Residents' SSI. <br /> 1 <br /> <br /> <br />