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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 /> Lessor's interests in the Improvements and the related lease and <br /> ground lease; and <br /> WHEREAS, the City and Lessor 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 Lease sets forth the amendments to the Original <br /> Lease necessary to accomplish said takeout financing; and <br /> WHEREAS, a competitive solicitation of bids for the <br /> acquisition of the Lessor's interests in this Lease, the Amended <br /> and Restated Ground Lease and the Improvements has been conducted, <br /> and pursuant to Resolution no. of the City, an underwriter has <br /> been selected to accomplish such takeout financing; and <br /> WHEREAS, City is authorized under the Constitution and the <br /> laws of the State of Washington to enter into this Lease for the <br /> purposes set forth herein; provided, however, that in no event <br /> shall City be liable for all or any part of the cost of construc- <br /> tion of the Improvements nor shall City be liable for payment of <br /> rent under the Lease unless and until the Improvements have been <br /> substantially completed, a temporary certificate of occupancy has <br /> been issued and the Improvements have been accepted by the City as <br /> substantially complete and are available for use by the City; and <br /> WHEREAS, the City is authorized to enter into this Lease by <br /> Ordinance No. of the City passed , 1992, and <br /> Resolution No. of the City adopted , 1992 ; <br /> NOW, THEREFORE, pursuant to law and for and in consideration <br /> of the mutual promises, covenants and conditions hereinafter <br /> contained the parties hereto agree as follows: <br /> ARTICLE I: LEASED PREMISES <br /> As of the date first set forth above, this Lease supersedes <br /> in its entirety the Original Lease executed by and between the City <br /> and Lessor dated as of May 31, 1991. <br /> B-6 KR170 92/01/27 <br />