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ARES ASSET MANAGEMENT, LLC
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Last modified
8/26/2025 8:34:52 AM
Creation date
8/26/2025 8:34:15 AM
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Contracts
Company Name
ARES ASSET MANAGEMENT, LLC
Contract #
N-2025-219
Agency
Police
Expiration Date
8/30/2030
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of the Premises and make the Premises tenantable again, using standard working methods <br /> ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot <br /> be made tenantable within two hundred seventy (270) days from the date the repair and <br /> restoration is started, then regardless of anything In Section 18,a above to the contrary, <br /> either party shall have the right to terminate this Lease by giving written notice to the other <br /> of such election within ten (10) business days after recelpt of the Completion Estimate, <br /> Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was <br /> caused by the negligence or intentional misconduct of Tenant, Tenant Related Parties or <br /> any of Tenant's transferees, contractors or licensees. <br /> 19. Condemnation. <br /> Either party may terminate this Lease if the whole or any material part of the Premises shall be <br /> taken or condemned for any public or quasi-public use under Law, by eminent domain or private purchase <br /> In lieu thereof(a "Taking"). Landlord shall also have the right to terminate this Lease if there is a Taking <br /> of any portion of the Building or the Property which would leave the remainder of the Building unsuitable <br /> for use as an office building in a manner comparable to the Building's use prior to the Taking. In order to <br /> exercise its right to terminate this Lease, Landlord or Tenant, as the case may be, must provide written <br /> notice of termination to the other within forty-five (45) days after the terminating party first receives notice <br /> of the Taking. Any such termination shall be effective as of the date the physical taking of the Premises <br /> or the portion of the Building or the Property occurs, If this Lease is not terminated, the Rentable Square <br /> Footage of the Project and the Rentable Square Footage of the Premises shall be appropriately adjusted. <br /> In addition, Rent for any portion of the Premises taken or condemned shall be abated during the unexpired <br /> Term of this Lease effective when the physical taking of the portion of the Premises occurs. All <br /> compensation awarded for a Taking, or sale proceeds, shall be the property of Landlord, any right to <br /> receive compensation or proceeds being expressly waived by Tenant. However, Tenant may file a <br /> separate claim at its sole cost and expense for Tenant's Property and Tenant's reasonable relocation <br /> expenses, provide the filing of the claim does not diminish the award which would otherwise be receivable <br /> by Landlord. In connection with the parties'respective rights and obligations under this Section 19,Tenant <br /> hereby waives any and all rights It might otherwise have pursuant to Sections 1265.130 and 1265.150 of <br /> The California Code of Civil Procedure. <br /> 20. Events of Default. <br /> a. Events of default. Each of the following occurrences shall be considered to be a"Default"; <br /> intentionally omitted; or(b) Tenant's failure (other than a Monetary Default) to comply with <br /> any term, provision, condition or covenant of this Lease, if the failure is not cured within ten <br /> (10) days after written notice to Tenant, which notice shall be in satisfaction of, and not in <br /> addition to, notice required by Laws (including, without Ilmitation, Section 1161 of the <br /> California Code of Civil procedure),pmvided, however, if Tenant's failure to comply cannot <br /> reasonably be cured within ten (10) days, Tenant shall be allowed additional time (not to <br /> exceed sixty(60) days) as is reasonably necessary to cure the failure so long as Tenant <br /> commences to cure within ten (10) days and Tenant diligently pursues the cure to <br /> ----- ......_._._..----------------completion:._.,._.._..__. <br /> 21. Remedies. <br /> a. Landlord Remedies. Upon the occurrence of any Default under this Lease, whether <br /> enumerated in Section 20 above or not, Landlord shall have the option to pursue any one <br /> (1) or more of the following remedies without any notice (except as expressly prescribed <br /> herein)or demand whatsoever(and without limiting the generality of the foregoing, Tenant <br /> hereby specifically waives notice and demand for payment of Rent or other obligations, <br /> except for those notices specifically required pursuant to the terms of Section 20 above or <br /> -12- 4 MUTTON CENTRE <br /> 5MRK4898-2595-6119.6 City of Santa Ana(Police Substation) <br /> 072325 92ZK-404113 <br /> 2219591.1 <br />
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