Laserfiche WebLink
1 GROUND LEASE <br /> <br /> 2 (3923 - 3937 Lemon Street and <br /> 3904 - 3964 Orange Street) <br /> 3 <br /> <br /> 4 On this 19th day of January ,1999, the REDEVELOPMENT AGENCY <br /> <br />5 OF THE CITY OF RIVERSIDE, a public entity, hereinafter referred to as "Lessee", and the Riverside <br />6 County Board of Law Library Trustees, a public corporation, hereinafter referred to as "Lessor", <br />7 mutually agree as follows: <br />8 1. PREMISES LEASED. Lessor hereby leases to Lessee an area of approximately 1.053 <br />9 acres owned by Lessor and located at 3923 - 3937 Lemon Street and 3904 - 3964 Orange Street within <br />10 the City of Riverside, California (the "City"), as described in the legal description attached hereto as <br />11 Exhibit "A" and as shown on the plat attached hereto as Exhibit "B" (the "Premises"), both of which <br />12 are incorporated herein by this reference. <br />13 2. TERM. The term of this Lease shall be for five (5) years commencing January 1, 1999, <br />14 and terminating January 1, 2004; provided, however, either party may tenninate this Lease at any time <br />15 upon ninety (90) days prior written notice to the other, unless earlier terminated under the Lease or by <br />16 operation of law. Termination shall be as provided for in Section 8 of this Lease. <br />17 3. RENT. Notwithstanding the provisions of Section 3.1 of this Lease, upon <br />18 commencement of this Lease, the rent for the Premises shall be One Dollar ($1.00) payable yearly on <br />19 the 1 st day of January. <br />20 3.1. ALLOCATION OF AMORTIZATION COSTS. During the term of this lease, <br />21 Lessee shall be entitled to "offset" against the cost to the Lessee of making the improvements as <br />22 described in Section 4 of this Lease by applying parking service revenue generated on the Premises until <br />23 such time as the Lessee recovers its actual cost of the Improvements provided for in Section 4. After <br />24 Lessee has recovered its actual cost as provided hereinabove, Lessee shall pay to Lessor, on a yearly <br />25 basis, as additional rent, eighty percent (80%) of the gross parking service revenues generated on the <br />26 Premises. <br /> <br />27 3.2. RESERVATION OF PARKING SPACES. Upon completion of the <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 782-5567 <br /> <br /> <br />