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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <br /> ARTICLE 3: Duration of Lease <br /> 3.1 TERM: The term of this Lease will be 99 years, commencing on <br /> 20 , and terminating on , 2 , unless terminated sooner or extended as <br /> provided below. <br /> 3.2 LESSEE'S OPTION TO EXTEND: Lessee may extend the term of this Lease for one <br /> (1) additional period of 99 years upon the following conditions: <br /> a. This Lease must be in effect at the time notice of exercise is given and on the last day <br /> of the term. <br /> b. Lessee must not be in default on any term of this Lease or on any term of a Permitted <br /> Mortgage (as hereinafter defined). <br /> c. Not more than 365 nor less than 180 days before the last day of the current term, <br /> Lessor will give Lessee written notice, stating the date of expiration of the Lease, describing any <br /> changes that Lessor intends to make to the terms of the Lease as permitted above, and reiterating <br /> the conditions for renewal ("the Expiration Notice"). <br /> d. The parties will execute a memorandum of lease in recordable form, acknowledging <br /> the fact that the option has been exercised and otherwise complying with the requirements of law <br /> for an effective memorandum of lease. <br /> 3.3 CHANGE OF LESSOR; LESSEE'S RIGHT TO PURCHASE: Subject to the <br /> requirements of any restrictions or rights to purchase Lessor may have granted any governmental <br /> entity which will take priority over the provisions of this subsection, this Lease will continue in <br /> effect regardless of any change in the ownership of the Leased Premises. However, if Lessor <br /> attempts to convey the Leased Premises to any person or entity other than a nonprofit <br /> corporation, charitable trust, governmental agency or other similar entity sharing the goals <br /> described in the Recitals above (or as security for a mortgage loan), the Lessee will have a right <br /> of first refusal to purchase the Leased Premises. This right will be as specified in the attached <br /> Exhibit D: FIRST REFUSAL. Any sale or other transfer contrary to this section 3.3 will be null <br /> and void. <br /> ARTICLE 4: Use of Leased Premises <br /> 4.1 RESIDENTIAL USE ONLY: Lessee and any person occupying the Leased Premises <br /> will use the Leased Premises only for residential purposes and the accessory uses permitted <br /> under the applicable zoning regulations and will abide by any applicable declaration of <br /> restrictions described in the attached Exhibit E: SPECIAL USE RESTRICTIONS. <br /> 4.2 RESPONSIBLE USE AND COMPLIANCE WITH LAW AND COVENANTS: <br /> Lessee will maintain the Leased Premises in good, safe, and habitable condition in all respects, <br /> except for normal wear and tear, in full compliance with all applicable laws and regulations and <br /> homeowners regulations applicable to the Leased Premises. <br /> 4.3 RESPONSIBLE FOR OTHERS: Lessee will be responsible for the use of the Leased <br /> Premises by all residents and their families, friends and visitors and anyone else using the Leased <br /> Premises with their consent and will make all such people aware of the spirit, intent and <br /> appropriate terms of this Lease. <br />