RES 2024040 - Laserfiche WebLink

1 4859-3312-3005v2 GROUND LEASE (Ridge View Commons) This Ground Lease (the “Lease”) dated as of ___________, 2024, is entered into by and between City of Pleasanton, a California municipal corporation (“Lessor”) and Ridge View Commons II Associates, L.P., a California limited partnership (“Lessee”). RECITALS A. Lessor is the owner of the real property located at 5200 Case Avenue in the City of Pleasanton, known as Alameda County Assessor’s Parcel No. 947-0008-010, and more particularly described in Exhibit A attached hereto (the “Land”). B. Lessor and Eden Housing, Inc., a California nonprofit public benefit corporation (“Eden”), entered into that certain Ground Lease of the Land dated as of June 1, 1988 (the “Original Ground Lease”), a short form of which was recorded in the Official Records of Alameda County (“Official Records”) on June 9, 1988 as Instrument No. 88-138518. The Original Ground Lease was amended by that certain Amendment to Ground Lease and Short Form Ground Lease dated June 27, 1988, executed by City and Eden, and recorded in the Official Records on June 30, 1988 as Instrument No. 88-157652. Pursuant to an Assignment of Lease dated October 31, 1989, executed by and among City, Eden, and Ridge View Commons Associates, a California limited partnership (“Ridge View”), and recorded in the Official Records on November 14, 1989 as Instrument No. 89-308001, Eden assigned its rights under the Original Ground Lease (as amended) to Ridge View. The Original Ground Lease as amended and assigned is referred to herein as the “Prior Ground Lease”. During the term of the Prior Ground Lease, Ridge View was the owner of the 200-unit multi-family residential project and related improvements located on the Land (the “Project”). C. Substantially concurrently with the execution and delivery of this Lease, Ridge View will sell the Project to Lessee. D. This Lease supersedes and replaces the Prior Ground Lease in its entirety. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lessor and Lessee hereby agree as follows: ARTICLE 1. DEFINITIONS Section 1.1 Definitions. For the purposes of this Lease, the following terms shall have the meanings set forth in this Article 1: “Additional Rent” means all sums payable by Lessee to Lessor pursuant to this Lease other than Rent, including without limitation, sums payable to reimburse Lessor for the following, together with applicable interest and penalties thereon: (i) amounts paid by Lessor to discharge liens and claims pursuant to Section 3.2, (ii) Impositions paid by Lessor pursuant to