Attachment 8 — Burbank City Council, January 14, 2025

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EXHIBIT D-1
F
orm of the Amendment of Leases
(313 West Valencia and 427 West Valencia)

AMENDMENT OF LEASES
3 13 West Valencia and 427 West Valencia
(Project No. 11)
T
his Amendment of Leases (“Amendment”) is made as of January 14, 2025, by and between the Housing Authority of the City of Burbank (“Authority” or “Lessor”), a public body, corporate and politic, and Burbank Housing Corporation, a California nonprofit public benefit corporation (the “Nonprofit” or “Lessee”).

RECITALS
A. T
he Authority’s predecessor-in-interest and the Lessee entered into a Lease dated February 21, 2006, regarding the real property located at 313 West Valencia Avenue in Burbank, California (“313 Lease”).

B. T
he Authority’s predecessor-in-interest and the Lessee entered into a Lease dated February 21, 2006, regarding the real property located at 427 West Valencia Avenue in Burbank, California (“427 Lease”; and together with the 313 Lease, “Leases” and each individually, “Lease”).

C. T
he Authority’s predecessor-in-interest had previously made loans to Lessee regarding the properties subject to the Leases (“Property”).

D. O
n January 14, 2025, the Authority, the City of Burbank, and the Lessee entered into an Amended and Restated Master Loan Agreement (“A&R MLA”), which modified the loan terms. by forgiving accrued interest due and eliminating future interest on the Authority loans, eliminating any residual receipts payments, as well as agreeing to forgive 1/55th of the total loan balance each year that Lessee is in compliance with the regulatory agreements recorded on the Property. The modifications also extended the Term of the loan and the Affordability Period to April 1, 2080.

E. Th
e parties desire to modify the Leases to conform with the financial modifications in the A&R MLA.

N
OW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Lessor and Lessee agree as follows:

1. C
apitalized terms not defined in this Amendment shall have the meanings set forth in each Lease.

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2. S
ection 3 of each Lease is hereby amended to extend the Term of each Lease to April 1, 2080.

3. S
ection 5.2 of each Lease is hereby amended to replace the first paragraph as follows:
“5
.2 Rent: During the Term of this Lease, Lessee agrees to pay in advance on the Commencement Date, and thereafter on April 1 of each year thereafter rent in the amount of One Dollar.”

4. S
ection 6.2 of each Lease is hereby amended to replace the second sentence as follows: “ For purposes of this Section 6.2, “in perpetuity” means the useful life of the Property with the land use controls imposed, but at least until April 1, 2080.”

5. T
he first two paragraphs of subsection 10(i) of each Lease are hereby deleted.

6. Ex
cept as amended pursuant to this Amendment, all other terms of each Lease remain the same and each Lease remains in full force and effect.

I
N WITNESS WHEREOF, Lessor and Lessee have executed this Modification of Lease as of the date first set forth above.
"Lessor"

HOUSING AUTHORITY OF THE CITY OF
BURBANK, a public body, corporate and politic
By:____
Justin Hess, Executive Director
Attest:
, CMC, Secretary
“LES
SEE"
B

URBANK HOUSING CORPORATION,
a California nonprofit public benefit corporation
By:

Name:

Its:

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EXHIBIT D-2
F
orm of the Amendment of Leases
(1729-1735 Elliot Dr., 1801-1815 and 1819 Grismer Ave.
(Project No. 6)

AMENDMENT OF LEASE
1729-1735 E
lliot Dr., 1801-1815 and 1819 Grismer Ave.
(Project No. 6)
T
his Amendment of Lease (“Amendment”) is made as of January 14, 2025, by and between the Housing Authority of the City of Burbank (“Authority” or “Lessor”), a public body, corporate and politic, and Burbank Housing Corporation, a California nonprofit public benefit corporation (the “Nonprofit” or “Lessee”).

RECITALS
A. T
he Authority’s predecessor-in-interest and the Lessee entered into a Lease dated April 14, 2004, regarding the real property located at 1729-1735 Elliot Dr., 1801-1815 and 1819 Grismer Ave in Burbank, California (“Lease”).

B. T
he Authority’s predecessor-in-interest had previously made loans to Lessee regarding the properties subject to the Lease (“Property”).

C. On
January 14, 2025, the Authority, the City of Burbank, and the Lessee entered into an Amended and Restated Master Loan Agreement (“A&R Master Loan Agreement”), which modified the loan terms by forgiving accrued interest due and eliminating future interest on the Authority loans, eliminating any residual receipts payments, as well as agreeing to forgive 1/55th of the total loan balance each year that Lessee is in compliance with the regulatory agreement recorded on the Property. The modifications also extended the Term of the loan and the Affordability Period to April 1, 2080.

D. Th
e parties desire to modify the Leases to conform with the financial modifications in the A&R MLA.

N
OW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Lessor and Lessee agree as follows:

1. C
apitalized terms not defined in this Amendment shall have the meanings set forth in each Lease.

2. S
ection 3 of the Lease is hereby amended to extend the Term of the Lease to April 1, 2080.

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3. Section 5.2 of the Lease is hereby amended to replace the first paragraph as follows:
“5
.2 Rent: During the Term of this Lease, Lessee agrees to pay in advance on the Commencement Date, and thereafter on April 1 of each year thereafter rent in the amount of One Dollar.”

4. S
ection 6.2 of the Lease is hereby amended to replace the second sentence as follows: “ For purposes of this Section 6.2, “in perpetuity” means the useful life of the Property with the land use controls imposed, but at least until April 1, 2080.”

5. T
he first two paragraphs of subsection 10(i) of the Lease are hereby deleted.