Laserfiche WebLink
GROUND LEASE <br /> (Phase H of Kottinger Gardens Development Project) <br /> This Ground Lease (the "Lease") is entered into as of , 2017, by and between <br /> City of Pleasanton, a California municipal corporation ("Lessor") and Kottinger Gardens Phase 2 <br /> Associates, L P , a California limited partnership ("Lessee") <br /> RECITALS <br /> A MidPen Housing Corporation, a California nonprofit public benefit corporation <br /> ("MidPen"), entered into that certain Disposition, Development and Loan Agreement for <br /> Kottinger Gardens Development Project dated November 5, 2013 with Lessor, and Housing <br /> Authonty of the City of Pleasanton, a public body corporate and politic ("Housing Authonty") <br /> (the "DDLA") Pursuant to the DDLA and to meet some of Lessor's affordable housing goals <br /> under the City's inclusionary housing ordinance as set forth in Chapter 17 44 of the City's <br /> Municipal Code, Lessor has acquired that certain real property in the City of Pleasanton, County <br /> of Alameda, State of California, more particularly described in the legal description attached <br /> hereto as Exhibit A and depicted on the map attached as Exhibit B (the "Land") Under the <br /> DDLA, the City agreed to ground lease the Land to Lessee for sixty(60) years or such longer <br /> term as required by lenders and investors, and Lessee has agreed to develop and operate thereon <br /> fifty-four(54) residential dwelling units and related intenor and exterior improvements, <br /> including but not limited to, a rental office and a community center (the "Improvements"). <br /> B Lessor desires to lease the Land to Lessee for a penod of seventy-five (75) years <br /> pursuant to the terms of this Lease <br /> C. Capitalized terms which are referred to and utilized throughout this Lease are <br /> defined in Article 1 of this Lease. <br /> NOW, THEREFORE, for and in consideration of the foregoing premises, the covenants, <br /> representations, warranties and agreements set forth herein, and other good and valuable <br /> consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto <br /> do hereby agree as follows. <br /> ARTICLE 1. <br /> DEFINITIONS <br /> Section 1 1 Definitions For the purposes of this Lease, the following defined terms <br /> shall have the meanings ascribed thereto in this Article 1. <br /> (a) Adjusted for Family Size Appropnate for the Unit shall be determined <br /> consistent with Section 50052 5(h) of the California Health Health and Safety Code, subject to <br /> the application of federal rules and regulations applicable to Project financing sources, including <br /> Section 42(g)(2) of the Internal Revenue Code of 1986 as amended (or successor provision). <br /> 1 <br /> 191\52\1656915 8 <br /> OAK#4834-9609-1684 v9 <br />