SANTA ANA HISTORICAL PRESERVATION SOCIETY (2)

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- 4INSOKANCE NOT RE Q UI D. JAIVED / ` 4f WORK MAY PROCEED CLERK OF COUNCIL DATE: i-3i-nJ LEASE AMENDMENT < 1 �y THIS LEASE AMENDMENT is made and entered into this 16th day of November,1998 ("Effective Date"), by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized and existing under the constitution and laws of the State of California ("Lessor") and the SANTA ANA HISTORICAL PRESERVATION SOCIETY, a Californianon- profit corporation ("Lessee"), in reference to that certain LEASE PURCHASE AGREEMENT between the parties hereto dated February 5, 1996 (the "Lease") related to that certain property located at 615 North Sycamore Street, Santa Ana, California (the "Land"), together with improvements thereon known as the historical Howe -Waffle House (the "House"), (jointly, the "Premises") . WITNESSETH WHEREAS, from 1975 until 1996 the City leased the Land from the County of Orange (the "County") and maintained thereon the House under agreement with the Lessor; and, WHEREAS, in 1996 the City entered into a 25 year lease purchase agreement for the Land with the County (the "County Agreement") which provided for a $20,000 advance payment, and monthly payments of $887.00, underwhich the City would, at the end of the term, acquire fee interest in the Land; and, WHEREAS, in 1996 Lessor entered into a lease purchase agreement with Lessee mirroring the terms of the County Agreement, but included the House (the "City Agreement") underwhich the Lessee agreed to make on behalf of the City its payments as called for in the County Agreement; and, WHEREAS, the Lessee has notified the Lessor that the Lessee is no longer able to make the monthly payments called for in the City Agreement, and that Lessee wishes to forego its purchase rights to the Premises in exchange for reduction of rent payments to $1.00 per year and extension of the term of the City Agreementto 99 years. NOW, THEREFORE, it is mutually understood and agreed by Lessor and Lessee that the City Agreement shall be amended as follows: A. Extension of Term Section 1 of the City Agreement is hereby amended to read as follows: 111. Premises and Term LESSOR hereby does lease and demise to LESSEE, and LESSEE does hereby hire and take from LESSOR upon the terms and conditions hereinafter set forth, those certain premises known as: 615 North Sycamore Street, Santa Ana, County of Orange, State of