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Improvements nor shall City as tenant thereunder be liable for <br /> payment of rent under the Lease unless and until the Improvements <br /> have been substantially completed, a temporary certificate of <br /> occupancy has been issued and the Improvements have been accepted <br /> by City as substantially complete and are available for use by <br /> the City; and <br /> WHEREAS, the City intends that the Leased Premises shall be <br /> used solely for purposes of construction of the Improvements, and <br /> with such use limitations, the Leased Premises have nominal value <br /> to third parties; and <br /> WHEREAS, on , 1992, the City issued a Certificate of <br /> Substantial Completion of the Improvements pursuant to the <br /> Construction Contract; and <br /> WHEREAS, the Construction Contract contemplates that, <br /> following substantial completion of construction of the <br /> Improvements, the City shall provide for the takeout financing of <br /> Lessee's interests in the Improvements and the related lease and <br /> ground lease; and <br /> WHEREAS, the City and Lessee have determined it is necessary <br /> and in their respective best interests to make certain changes to <br /> the Original Ground Lease and the Original Lease in order to <br /> accomplish such takeout financing; and <br /> WHEREAS, this Ground Lease reflects the amendments to the <br /> Original Ground Lease necessary to accomplish such take-out <br /> financing; and <br /> WHEREAS, a competitive solicitation of bids for the <br /> acquisition of the Lessee's interests in the Lease, this Ground <br /> Lease and the Improvements has been conducted, and pursuant to <br /> Resolution No. of the City, an underwriter has been selected <br /> to accomplish such takeout financing; and <br /> WHEREAS, the City is authorized to enter into this Ground <br /> Lease by Ordinance No. of the City passed <br /> 1992 ; and <br /> WHEREAS, any ground lease rental charged hereunder will be <br /> passed directly on to the City by the Lessee hereunder, and the <br /> City has found that such rent pass through and the use <br /> restrictions on the Leased Premises result in a maximum feasible <br /> rental for the property of $100 for the entire term of this <br /> Ground Lease; and <br /> WHEREAS, City is authorized under the Constitution and the <br /> laws of the State of Washington to enter into this Ground Lease <br /> for the purposes set forth herein; <br /> A-5 KR172 92/01/27 <br />