SECOND AMENDMENT TO OPTION TO LEASE AGREEMENT
THIS SECOND AMENDMENT TO OPTION TO LEASE AGREEMENT ("Amendment") is entered into effective as of March 1, 2025 ("Effective Date"), by and between CITY OF COSTA MESA, a California municipal corporation ("Optioner" or "City"), and JHC ACQUISITIONS, LLC, a California limited liability company ("JHC"). Optioner and JHC are sometimes referred to herein individually as a "Party" and collectively as the "Parties."
RECITALS
A. Optioner and JHC, entered into that certain Option to Lease Agreement dated July 16, 2024 ("Option to Lease"), for certain real property located at 695 W. 19 th Street (APN 424- 211-01), in the City of Costa Mesa ("City"), County of Orange ("County"), State of California, as more particularly described on Exhibit "A, (the "City Property") attached to the Option to Lease.
B. The First Amendment to Option to Lease Agreement extended the term of The Option to Lease through February 28, 2025.
C. JHC desires to extend the Option to Lease another sixty one (61) days to April 30, 2025 and Optioner consents to the extension.
D. The Parties desire to amend the Option to Lease in the manner hereinafter set forth.
NOW, THEREFORE, for valuable consideration, the tender, receipt and sufficiency of which are hereby acknowledged, the Option to Lease is hereby amended as follows:
TERMS
1. Recitals. The foregoing recitals are true and correct and incorporated herein by reference.
2. Option to Lease Extension. Section 2 (a), "Term of Option," is amended as follows:
Option to Lease term ("Term") shall expire on April 30, 2025 ("Expiration Date"), unless sooner terminated pursuant to the terms of this Second Amendment.
3. Defined Terms. Defined terms not otherwise specifically defined in this Amendment shall have the same meaning in the Option to Lease.
4. Effective Date. This Second Amendment shall be effective upon March 1, 2025 after (2) copies are executed by JHC and delivered to Optioner.
Second Amendment to Option to Lease
Attachment 1
5. Attorney's Fees. If any legal action is commenced to enforce any of the terms of this Second Amendment, the prevailing party will have the right to recover its reasonable attorney's fees and costs from the other Party.
6. Effect of Second Amendment. Except as provided in this Second Amendment, all other terms of the Option to Lease are unamended and shall remain in full force and effect. In case of any inconsistencies between the terms and conditions contained in the Option to Lease and the terms and conditions contained herein, the terms and conditions of this Second Amendment shall control.
7. Counterparts. This Second Amendment may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.
8. Authorization. The person(s) executing this Second Amendment on behalf of JHC represents and warrants that (i) JHC is duly organized and existing under the laws of California; (ii) they are duly authorized to execute and deliver this Second Amendment on behalf of JHC; (iii) upon execution, this Second Amendment is binding upon JHC; and (iv) entering into this Second Amendment does not violate any provision of any other agreement to which JHC is bound.
[Signatures on next page]
IN WITNESS WHEREOF, this Second Amendment is entered into by the parties as of the day and year first above written.
"Optioner"
CITY OF COSTA MESA,
a California municipal corporation
Lori Ann Farrell, City Manager
ATTEST:
"JHC"
JHC-ACQUISITIONS, LLC,
a California limited liability company
By: Jamboree Housing Corporation, a California limited
Name: Michael Massie
Title: Executive Vice President and Chief
Development Officer