19-2020 - Trinity Church Lease Agreement

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LEASE AGREEMENT This Lease Agreement (the "Lease Agreement") is made and entered into effective as of September , 2020 (the "Effective Date") by and between the CITY OF LAKEWOOD, an Ohio municipal corporation (the "City"), having a mailing address of 12650 Detroit Avenue, Lakewood, Ohio 441075 Attn: Law Director, and TRINITY PROJECT LLC, an Ohio limited liability company, having a mailing address of 13316 Madison Avenue, Lakewood, Ohio 44107, Attn: Frank Scalish (the "Lessee"). RECITAL S: A. The City and Lessee (as successor in interest to Scalish Construction LLC) are parties to that certain Real Property Purchase Agreement effective as of May 11, 2020 (the "Purchase Agreement") pursuant to which the City agreed to sell to Lessee, and Lessee agreed to purchase, the real property and improvements commonly known as 16300 — 16400 Detroit Avenue, Lakewood, Ohio, as described on Exhibit A attached hereto (collectively, the "Property"). B. Lessee intends to apply for Ohio Historic Preservation Tax Credits under Round 25 of the Ohio Historic Preservation Tax Credit Program, as a component of Lessee's financing of the acquisition and development of the Property. C. To qualify for the Ohio Historic Preservation Tax Credit Program, Lessee must be the -owner or lessee ofthe Property. D. In order to facilitate Lessee's application for Ohio Historic Preservation Tax Credits, the City desires to lease the Property to Lessee, and Lessee desires to lease the Property from the City, on and subject to the terms and conditions set forth in this Lease Agreement, and with the understanding that this Lease Agreement shall not amend or in any way effect the Purchase Agreement, which Purchase Agreement shall remain in full force and effect. As an inducement to and in consideration of the conditions and covenants contained in this Lease Agreement, the parties agree as follows: Section 1. Lease of Property; Rent; Term. (a) Lease of Property; Rent. Subject to the terms of this Lease Agreement, the City leases the Property to Lessee and Lessee leases the Property from the City, solely for the purpose of Lessee obtaining Ohio Historic Preservation Tax Credits under the Ohio Historic Preservation Tax Credit Program and for no other purpose whatsoever. As rent and in consideration for the lease of the Property and the rights granted to Lessee hereunder, Lessee shall pay the City the sum of Ten Dollars. (b) Title. The City makes no representation as to the condition of the title to the Property. (c) Term. This term of this Lease Agreement will be from the Effective Date through and until September 30, 2060 (the "Term"), provided, however, that either the City and/or Lessee may terminate this Lease Agreement at any time should Lessee not receive an allocation of Ohio Historic Preservation Tax Credits applied for under Round 25 of the Ohio Historic Preservation Tax Credit Program. This Lease Agreement shall also automatically terminate and be of no further force or effect in the event title to the Property is transferred to Lessee pursuant to the Purchase Agreement or if the Purchase Agreement is otherwise terminated by either party. If this Lease Agreement has been recorded, the City shall cause the Lease to be released of record at the time title transfers to the Lessee.