2018-367 Housing - Community Home Trust Grant Agreement

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DocuSign Envelope ID: 5C622784- 3DD9- 4F2B- 8D53- D3D3E1 D35BD4 I► I i RB6513 120 30158 7.2 CONSTRUCTION AND ALTERATION: Lessee may make new improvements or alter existing improvements on the Leased Premises upon the following conditions: (a) Lessee will bear all costs of construction; (b) All construction will be performed in a worker like manner and in compliance with all applicable laws and regulations; (c) All construction will be consistent with the permitted uses set forth in Article 4; (d) Lessee will furnish to Lessor a copy of any plans and all building permits for the construction prior to commencing construction. (e) Lessee may not change the exterior building envelope of the Improvements without the prior written consent of Lessor. Lessee acknowledges that he /she will not recover any increase in the market value of the Property resulting from any improvements he /she might make on resale of the Property. 7.3 PROHIBITION OF LIENS: Lessee will procure the record discharge of any claim of lien including but not limited to mechanic's or materialman's claim of lien which might be filed against the Leased Premises within sixty (60) days of its filing. If Lessee fails to procure the record discharge of a claim of lien within the time allowed, Lessor may, but is not obligated to, discharge the same by paying the amount in question. Lessee may contest the validity of any lien asserted so long as Lessee furnishes a bond in an amount sufficient to release the Leased Premises from the lien. Any amounts paid by Lessor hereunder in respect of the liens will be deemed an additional Ground Lease Fee payable by Lessee upon demand. 7.4 MAINTENANCE AND SERVICES: Lessee will, at Lessee's sole expense, maintain the Leased Premises as required by section 4.2 above. Lessor will not be required to furnish any services or facilities, including but not limited to heat, electricity, air conditioning, or water, or to make any repairs to the Leased Premises, and Lessee hereby assumes the sole responsibility for furnishing all services or facilities. 7.5 DISPOSITION OF LEASED PREMISES UPON EXPIRATION OF LEASE TERM: Upon the expiration of the term of this Lease as such term may be extended or terminated in accordance with this Lease, Lessee will surrender the Leased Premises to the Lessor. The exclusive right to possess the Leased Premises will thereupon revert to Lessor, provided, however, that Lessor will promptly pay to Lessee as consideration for the Leased Premises an amount equal to Lessor's Resale Formula Price calculated in accordance with Article 10 below, as of the time of reversion of ownership, less the total amount of any unpaid Ground Lease Fee including any charges that may have been added to the Ground Lease Fee in accordance with this Lease. ARTICLE 8: Financing 8.1 PERMITTED MORTGAGE: Lessee may mortgage his or her interest in the Leased Premises with the written consent of Lessor. Lessor will be required to consent to a proposed mortgage only if: (a) All mortgage documents, which must be submitted to Lessor ten (10) days in advance of closing, are in a form acceptable to Lessor; (b) Lessee is not in default on any obligation under this Lease;