Laserfiche WebLink
aeL: 4110/95 <br />LEASE PURCHASE AGREEMENT <br />THIS AGREEMENT, made and entered into this J " aay of.YXlk,/17•N�� <br />1996, by and between the CITY OF SANTA ANA, a municipal corporation <br />of the State of California ("LESSOR") and the SANTA ANA HISTORICAL <br />PRESERVATION SOCIETY ("LESSEE") <br />1. Premises and Term <br />LESSOR hereby does lease and demise to LESSEE, and LESSEE does <br />hereby hire and take from LESSOR upon the terms and conditions <br />hereinafter set forth, those certain premises known as: 615 North <br />Sycamore Street, Santa Ana, County of Orange, State of California, <br />hereinafter referred to as "demised premises." The term of this <br />lease shall be twenty-five (25) years commencing on March 15, 1996. <br />2. Purchase Rights of LESSEE <br />(a) It is understood by the parties hereto that the demised <br />premises consists of (1) land owned by the County of Orange (the <br />"County") and leased to LESSOR (the "Land") and (2) the historical <br />building known as the "Howe -Waffle House" owned by LESSOR. It is <br />further understood and agreed that LESSOR has contracted with the <br />County to purchase the Land from the County for a purchase price <br />consisting of an initial payment of Twenty -thousand Dollars <br />($20,000) (the "Down -payment") and a promissory note in the <br />principal amount of $120,000, payable in installments over a <br />twenty-five year period (the "Note"). <br />(b) This Agreement is conditional upon the payment by LESSEE <br />on behalf of LESSOR of the Down -payment at the time of conveyance <br />of the Land by the County to LESSOR. <br />(c) In consideration of LESSEE's payment of the the Down - <br />payment, and upon condition that all rental payments due to LESSOR <br />from LESSEE during the term of this Agreement have been paid, then <br />upon the expiration of the term of this Agreement, LESSOR shall <br />convey the demised premises (including both Land and improvements) <br />to LESSEE at no additional cost. <br />(d) Further in consideration of LESSEE's payment of the the <br />Down -payment, and upon condition that all rental payments due to <br />LESSOR from LESSEE have been paid, LESSEE shall have the option to <br />purchase the demised premises (including both Land and improve- <br />ments) at a price equal to that amount then outstanding on the <br />Note. The option described above may be exercised by LESSEE by <br />1 <br />