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cvcn datc hcrcwith (the "Original Lease") which Original Lease <br /> provides that in no event shall City as tenant thereunder be <br /> liable for all or any part of the cost of construction of the <br /> Improvements nor shall City as tenant thereunder be liable for <br /> payment of rent under the Original Lease unless and until the <br /> Improvements have been substantially completed, a temporary <br /> certificate of occupancy has been issued and the Improvements <br /> have been accepted by City as substantially complete and are <br /> available for use by the City; and <br /> WHEREAS, on August 23, 1991, the City issued to Lessee a <br /> certificate of substantial completion of the Improvements <br /> pursuant to the 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 related lease and <br /> ground lease; and <br /> WHEREAS, a competitive solicitation of bids for the <br /> acquisition of the Lessor's interests in this Amended and <br /> Restated Ground Lease, the Amended and Restated Ground Lease and <br /> the Improvements has been conducted, and pursuant to Resolution <br /> No. of the City, an underwriter has been selected to <br /> accomplish such takeout financing; 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, 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, 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 /> Amended and Restated Ground Lease; and <br /> WHEREAS, City is authorized under the Constitution and the <br /> laws of the State of Washington to enter into this Amended and <br /> Restated Ground Lease for the purposes set forth herein; <br /> WHEREAS, the City is duly authorized to execute this Amended <br /> and restated Ground Lease (the "Ground Lease") by Ordinance No. <br /> of the City, passed October , 1991; <br /> -2- D0T440 91/09/24 <br />