Term Sheet For Commercial Lease (Page 4 of 5) in pdf

If at any time as a result of partial assignment(s) the

original ground lease does not contain any Wash Acres,

the Net Base Rent Schedule shall apply to all remaining

acres in the original ground lease. Furthermore, f at any

time the acreage of a Wash remaining in the original

ground lease are reduced, the acreage eliminated from

the Wash shall be treated as Net Acres subject to the Net

Base Rent Schedule.

Bonus Rent:

Tenant will pay “Bonus Rent” at a percentage to be

determined by SLD after further review.

% of the amount by which the Assessor’s value of the

improvements exceeds the natural breakpoint. The

natural breakpoint is calculated by dividing the current

annual base rent by ____%.

No Bonus Rent will be due in the first 10 lease years.

Pre-Paid Rent:

Pre-paid rent will be calculated pursuant to a TBD

formula.

Joint Development

Prepare for SLD’s review and approval for insertion

Agreement:

into the auction package.

A joint agreement to address the development of shared

infrastructure. Interest will accrue on the unpaid

balance at an annual rate of ___%, for a period of not

more than __ years. Thereafter, the interest will be

capped at the amount already accrued. The joint

development agreement will be an encumbrance on the

lease or sale instrument, not on SLD’s fee interest in the

land. The repayment obligation will pass to the

succeeding purchaser or lessee tapping into the

infrastructure.

Financial assurances for the infrastructure (e.g. escrow

funds or letters of credit) will be posted within ___ days

after the first party gives notice of its intent to

commence with the infrastructure.

404 Permit / 404

SLD will give right to Lessee to negotiate with ACOE

Wash Dedication

to delete or reduce the washes.

Concurrently with the development of improvements

adjacent to a 404 wash, and in accordance with ACOE

requirements, the developing party will also install the

required improvements for the full width and length of

the wash.

SLD will reserve the right to require security for the

completion of the required improvements.

Term Sheet For Commercial Lease Page 4

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