Acquisition from City Sample Clauses

Acquisition from City. The City previously acquired all properties essential to implement this MOU (the “Property”). The District shall lease the Property from the Cityfor a prepaid rental payment of $1,108,000 (the “Prepaid Ground Rent”) for a term of 40 years pursuant to the terms of a ground lease to be negotiated and to be in form and substance satisfactory to the District (the “Ground Lease”). The Ground Lease shall include an option for the District to purchase the fee title to the Land for $1.00 at the end of its term. The Ground Lease shall be consummated prior to the issuance of a Certificate of Occupancy for any portion of the Project, and not later than the closing of the financing described under Section IV E. 4.
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Related to Acquisition from City

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