Stradling Yocca Carlson & Rauth
Draft of 1/7/26
4901-2243-1874/022283-0620
_________________________________________________________________________________
FIRST AMENDMENT TO LEASE AGREEMENT
Dated as of _____ 1, 2026
amending and supplementing the
LEASE AGREEMENT
dated as of July 1, 2024
by and between
CITY OF LANCASTER
and
LANCASTER FINANCING AUTHORITY
Relating to
$__________
LANCASTER FINANCING AUTHORITY
LEASE REVENUE BONDS, SERIES 2026A
_________________________________________________________________________________ i
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TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS .............................................................................................................. 2 Section 1.01 Definitions......................................................................................................... 2 ARTICLE II AMENDMENTS AND EFFECTIVENESS ................................................................. 3 Section 2.01 Addition to Existing Property ........................................................................... 3 Section 2.02 Amendment to Base Rental Payment Schedule................................................ 3 Section 2.03 Amendment to Section 3.01(a) of the 2024 Lease Agreement ......................... 3 Section 2.04 Amendment to Section 7.03 of the 2024 Lease Agreement.............................. 4 Section 2.05 Amendment to Section 9.11 of the 2024 Lease Agreement.............................. 4 Section 2.06 Effectiveness of First Amendment to Lease Agreement................................... 4 ARTICLE III USE OF PROCEEDS .................................................................................................... 4 Section 3.01 Use of Proceeds of the Series 2026A Bonds..................................................... 4 ARTICLE IV PREPAYMENT............................................................................................................. 4 Section 4.01 Prepayment........................................................................................................ 4 ARTICLE V MISCELLANEOUS...................................................................................................... 5 Section 5.01 Survival of 2024 Lease Agreement................................................................... 5 Section 5.02 Binding Effect ................................................................................................... 5 Section 5.03 Validity and Severability................................................................................... 5 Section 5.04 California Law .................................................................................................. 6 Section 5.05 Section Headings............................................................................................... 6 Section 5.06 Insurer as Third Party Beneficiary .................................................................... 6 Section 5.07 Execution........................................................................................................... 6 Signatures .................................................................................................................................S-1 EXHIBIT A LEGAL DESCRIPTION........................................................................................A-1 EXHIBIT B CAPITALIZED INTEREST AND BASE RENTAL PAYMENT SCHEDULE ..B-1 i
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FIRST AMENDMENT TO LEASE AGREEMENT
This First Amendment to Lease Agreement (the “First Amendment to Lease Agreement”), dated as of _____ 1, 2026, is by and between the LANCASTER FINANCING AUTHORITY (the “Authority”), a joint exercise of powers entity duly organized and existing under and by virtue of the laws of the State of California, as lessor, and the CITY OF LANCASTER (the “City”), a municipal corporation and charter city duly organized and existing under and by virtue of the Constitution and laws of the State of California, as lessee, and supplements and amends the Lease Agreement, dated as of July 1, 2024 (the “2024 Lease Agreement”), by and between the Authority and the City, as evidenced by that certain Memorandum of Lease Agreement recorded on July 17, 2024 in the Official Records of the County of Los Angeles as Instrument No. 2024-0469760 (as supplemented and amended by this First Amendment to Lease Agreement, the “Lease Agreement”).
W I T N E S S E T H:
WHEREAS, the City, the Authority and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), have entered into an Indenture, dated as of July 1, 2024, as supplemented and amended from time to time in accordance with its terms (the “2024 Indenture”), providing for the issuance of bonds secured on a parity thereunder; and
WHEREAS, in order to provide for the payment of the bonds issued under the 2024 Indenture, the City and the Authority have entered into the Ground Lease, dated as of July 1, 2024 (the “2024 Ground Lease”), pursuant to which the City leased to the Authority certain real property owned by the City, together with the City-owned improvements located thereon, as described in Exhibit A to the 2024 Ground Lease (collectively, the “Existing Property”), and the 2024 Lease Agreement, pursuant to which the Authority subleased the Existing Property to the City; and WHEREAS, pursuant to Sections 3.05 and 3.06 of the 2024 Indenture, the Authority may at any time issue Additional Bonds pursuant to a Supplemental Indenture (as defined in the 2024 Indenture); and
WHEREAS, pursuant to Section 11.07 of the 2024 Lease Agreement, the 2024 Lease Agreement may be amended to provide for the issuance of Additional Bonds (as defined in the 2024 Indenture) and to make such other changes or modifications as the Authority or the City may deem desirable or necessary, and which shall not materially adversely affect the interests of the Owners; and WHEREAS, the City has determined in Resolution No. _____ that it is in the public interest and will benefit the citizens of the City to have the Authority issue its Lancaster Financing Authority Lease Revenue Bonds, Series 2026A in the aggregate principal amount of $__________ as Additional Bonds pursuant to the 2024 Indenture, as amended and supplemented by the First Supplemental Indenture dated as of _____ 1, 2026 (the “First Supplemental Indenture” and, together with the 2024 Indenture as so supplemented, the “Indenture”), by and among the Authority, the City and the Trustee, to finance the costs of the acquisition, design, construction, installation, improvement, replacement and equipping of certain capital improvement projects of the City (collectively, the “2026A Projects”); and
WHEREAS, to finance the 2026A Projects, the City and the Authority will enter into a First Amendment to Ground Lease, dated as of even date herewith (the “First Amendment to Ground 2 4901-2243-1874/022283-0620
Lease”), which supplements and amends the 2024 Ground Lease by adding additional real property owned by the City to the Existing Property leased thereunder, and into this First Amendment to Lease Agreement pursuant to which the City will lease back the additional real property added to the Existing Property pursuant to the First Amendment to Ground Lease as a part of the property leased to the City described in Exhibit A hereto, and agree to make Base Rental Payments sufficient to pay debt service on the Series 2024 Bonds and the Series 2026A Bonds; and WHEREAS, to provide funds to finance the 2026A Projects, the Authority has issued the Series 2026A Bonds pursuant to the Indenture (as defined herein); and WHEREAS, in recognition of the issuance of the Series 2026A Bonds, the Base Rental Payments shall be increased as described herein from those set forth in the 2024 Lease Agreement; and WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this First Amendment to Lease Agreement do exist, have happened and have been performed in a regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this First Amendment to Lease Agreement.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01Definitions. Except as otherwise provided in Section 1.01 of this First Amendment to Lease Agreement, all terms used herein which are defined in the 2024 Lease Agreement shall have the meanings assigned to them therein. Unless the context otherwise requires, the terms defined in this Section shall for all purposes hereof and of any supplement and amendment of the Lease Agreement have the meanings herein specified. All other capitalized terms used herein without definition shall have the meanings as set forth in the Indenture. “Base Rental Payments” means all amounts payable to the Authority from the City as Base Rental Payments pursuant to Section 3.01 hereof.
“Base Rental Payment Schedule” means the schedule of Base Rental Payments payable to the Authority from the City pursuant to Section 3.01 of the 2024 Lease Agreement and attached hereto as Exhibit B, as from time to time amended as permitted in the Lease Agreement. “Delivery Date” means, with respect to the Series 2026A Bonds, _____, 2026. “Ground Lease” means the Ground Lease, dated as of July 1, 2024, as amended by the First Amendment to Ground Lease, dated as of ________ 1, 2026, each by and between the City and the Authority, as originally executed and as it may from time to time be further amended in accordance with to the provisions thereof and of the Lease Agreement. “Indenture” means the Indenture, dated as of July 1, 2024, as originally executed, as supplemented by the First Supplemental Indenture, dated as of ________ 1, 2026, each by and among 3 4901-2243-1874/022283-0620
the Authority, the City and the Trustee, and as it may from time to time be further amended or supplemented in accordance with the provisions thereof. “Lease Agreement” means the Lease Agreement, dated as of July 1, 2024, as originally executed, as supplemented and amended by this First Amendment to Lease Agreement, dated as of ________ 1, 2026, each by and between the City and the Authority, and as it may from time to time be further amended in accordance with the provisions thereof. “Series 2026A Bonds” means the Lancaster Financing Authority Lease Revenue Bonds, Series 2026A issued under the Indenture.
“Termination Date” means May 1, 20__.
ARTICLE II
AMENDMENTS AND EFFECTIVENESS
Section 2.01Addition to Existing Property. The Authority has previously leased to the City the Existing Property and now desires to lease additional real property to the Authority pursuant to the terms of the 2024 Lease Agreement, as amended hereby, which additional real property is described in Exhibit A hereto. The Property as shown in Exhibit A of the 2024 Lease Agreement is hereby amended and restated in its entirety and replaced with Exhibit A to this First Amendment to Lease Agreement.
Section 2.02Amendment to Base Rental Payment Schedule. The Base Rental Payment Schedule as shown in Exhibit B of the 2024 Lease Agreement, is hereby amended and supplemented by adding the Series 2026A Base Rental Payments shown in Exhibit B hereto.
Section 2.03Amendment to Section 3.01(a) of the 2024 Lease Agreement. Section
3.01(a) of the 2024 Lease Agreement is hereby amended and restated in its entirety to read as follows:
(a) Subject to the provisions hereof relating to a revision of the Base Rental Payment Schedule pursuant to subsection (b) of this Section, the City shall pay to the Authority, as Base Rental Payments (subject to the provisions of Section 3.06 and Article VII hereof), (i) the Series 2024A Base Rental Payments, the Series 2024B Base Rental Payments and the Series 2026A Base Rental Payments, at the times specified in the Base Rental Payment Schedule, a portion of which Base Rental Payments shall constitute principal, and a portion of which shall constitute interest, (ii) all amounts payable to the Insurer pursuant to Sections 5.05(c) and 11.21 of the Indenture which constitute Insurer Reimbursement Amounts, and (iii) all amounts required to repay draws and policy costs under or related to the Reserve Surety Policy or the Series 2026A Reserve Surety Policy. Rental Payments, including Base Rental Payments, shall be paid by the City to the Authority for and in consideration of the right to use and occupy the Property and in consideration of the continued right to the quiet use and enjoyment thereof during each Rental Period for which such Rental Payments are to be paid.
The obligation of the City to make the Base Rental Payments does not constitute a debt of the City or of the State of California, or of any political subdivision thereof, within the meaning of any constitutional or statutory debt limit or restriction, and does not constitute an obligation for which the City or the State of California is obligated to levy or pledge any form of taxation or for which the City or the State of California has levied or pledged any form of taxation. 4 4901-2243-1874/022283-0620
Section 2.04Amendment to Section 7.03 of the 2024 Lease Agreement. Section 7.03 of the 2024 Lease Agreement is hereby amended and restated in its entirety to read as follows:
Control by Insurer Upon Default. Anything herein or in the Indenture to the contrary notwithstanding, so long as the Insurance Policies are in full force and effect and the Insurer has not defaulted on its obligations thereunder, upon the occurrence and continuance of a default or an event of default, the Insurer shall be: (a) deemed to be the sole and exclusive Owner of the Series 2024A Bonds, the Series 2024B Bonds and the Series 2026A Bonds, as applicable, for purposes of all approvals, consents, waivers, institution of any action, and the direction of all remedies and (ii) entitled to direct and control the enforcement of all remedies granted under the Ground Lease and this Lease Agreement..
Section 2.05Amendment to Section 9.11 of the 2024 Lease Agreement. Section 8.11 of the 2024 Lease Agreement is hereby amended and restated in its entirety to read as follows:
No Additional Obligations. Without the written consent of the Insurer, the City shall not issue or incur, directly or indirectly, any additional certificates, notes, bonds or other indebtedness in addition to the Series 2024 Bonds or the Series 2026A Bonds that are (i) payable from or secured by the Base Rental Payments payable under this Lease Agreement or (ii) secured by, or granted a lien on, the Property.
Section 2.06Effectiveness of First Amendment to Lease Agreement. This First Amendment to Lease Agreement shall be effective on the Delivery Date of the Series 2026A Bonds.
ARTICLE III
USE OF PROCEEDS
Section 3.01Use of Proceeds of the Series 2026A Bonds. The parties hereto agree that the proceeds of the Series 2026A Bonds will be used to pay the costs of the 2026A Project and to pay for costs of issuance of the Series 2026A Bonds.
ARTICLE IV
PREPAYMENT
Section 4.01Prepayment.
(a) The City may prepay all or a portion of the Base Rental Payments attributable to the Series 2026A Bonds which are payable on or after May 1, 20__, from any source of available funds, on any date on or after May 1, 20__, by paying (i) all or a portion, as selected by the City, of the principal components of such Base Rental Payments, and (ii) the accrued but unpaid interest component of such Base Rental Payments to be prepaid to the date of such prepayment. (b) The City may prepay, from any source of available funds, all or any portion of the Base Rental Payments attributable to the Series 2026A Bonds by depositing with the Trustee moneys or securities as provided, and subject to the terms and conditions set forth, in Article X of the Indenture sufficient to make such Base Rental Payments when due or to make such Base Rental Payments through a specified date on which the City has a right to prepay such Base Rental Payments 5 4901-2243-1874/022283-0620
pursuant to subsection (a) of this Section, and to prepay such Base Rental Payments on such prepayment date, at a prepayment price determined in accordance with subsection (a) of this Section. (c) If less than all of the Base Rental Payments attributable to the Series 2026A Bonds are prepaid pursuant to this Section then, as of the date of such prepayment pursuant to subsection (a) of this Section, or the date of a deposit pursuant to subsection (b) of this Section, the principal and interest components of such Base Rental Payments shall be recalculated in order to take such prepayment into account. The City agrees that if, following a partial prepayment of such Base Rental Payments, the Property is damaged or destroyed or taken by eminent domain, or a defect in title to the Property is discovered, the City shall not be entitled to, and by such prepayment waives the right of, abatement of such prepaid Base Rental Payments and the City shall not be entitled to any reimbursement of such Base Rental Payments.
(d) If all of the Base Rental Payments are prepaid in accordance with the provisions of this Lease Agreement then, as of the date of such prepayment pursuant to subsection (a) of this Section and, if applicable, the corresponding provisions hereof relating to the prepayment of Base Rental Payments attributable to Additional Bonds, or deposit pursuant to subsection (b) of this Section and, if applicable, such corresponding provisions, and payment of all other amounts owed under this Lease Agreement have been made, the term of this Lease Agreement shall be terminated. (e) Prepayments of Base Rental Payments attributable to the Series 2026A Bonds made pursuant to this Section shall be applied to the redemption of Series 2026A Bonds as directed by the City and as provided in Section 4.01 of this First Amendment to Lease Agreement. (f) Before making any prepayment pursuant to this Article, the City shall give written notice to the Authority and the Trustee specifying the date on which the prepayment will be made, which date shall be not less than 45 nor more than 60 days from the date such notice is given to the Authority.
ARTICLE V
MISCELLANEOUS
Section 5.01Survival of 2024 Lease Agreement. Except as otherwise amended hereby, the 2024 Lease Agreement shall remain in full force and effect.
Section 5.02Binding Effect. This First Amendment to Lease Agreement shall inure to the benefit of and shall be binding upon the Authority and the City and their respective successors and assigns.
Section 5.03Validity and Severability. If for any reason this First Amendment to Lease Agreement shall be held by a court of competent jurisdiction to be void, voidable or unenforceable by the Authority or by the City, or if for any reason it is held by such a court that any of the covenants and conditions of the City hereunder, including the covenant to pay Rental Payments, is unenforceable for the full term hereof; then and in such event the Lease Agreement is and shall be deemed to be a Lease Agreement under which the Rental Payments are to be paid by the City annually in consideration of the right of the City to possess, occupy and use the Property, and all of the terms, provisions and conditions of the Lease Agreement, except to the extent that such terms, provisions and conditions are contrary to or inconsistent with such holding, shall remain in full force and effect. 6 4901-2243-1874/022283-0620
Section 5.04California Law. This First Amendment to Lease Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of California.
Section 5.05Section Headings. All section headings contained herein are for convenience of reference only and are not intended to define or limit the scope of any provision of this First Amendment to Lease Agreement.
Section 5.06Insurer as Third Party Beneficiary. The Insurer is a third-party beneficiary under this First Amendment to Lease Agreement and may enforce any right, remedy or claim conferred upon, given or granted hereunder.
Section 5.07Execution. This First Amendment to Lease Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all together shall constitute but one and the same First Amendment to Lease Agreement. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]
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IN WITNESS WHEREOF, the Authority and the City have caused this First Amendment to Lease Agreement to be executed by their respective officers thereunto duly authorized, all as of the day and year first above written.
CITY OF LANCASTER
By:
George Harris
Finance Director
ATTEST:
Andrea Alexander
City Clerk
LANCASTER FINANCING AUTHORITY
By:
George Harris
Treasurer
ATTEST:
Andrea Alexander
Secretary
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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
On ___________________ before me, ____________________________________, Notary Public, personally appeared _____________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal
SIGNATURE OF NOTARY PUBLIC
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A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
On ___________________ before me, ____________________________________, Notary Public, personally appeared _____________________________________________________, who proved to me on the basis of satisfactory evidence to be the person(s) whose names(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal
SIGNATURE OF NOTARY PUBLIC
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EXHIBIT A
DESCRIPTION OF THE PROPERTY
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF LANCASTER,
IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
LANCASTER PERFORMING ARTS CENTER
PARCEL 1: (3133-025-900)
LOT 13 AND THE SOUTHERLY 25 FEET OF LOT 12 OF TRACT NO. 15058, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 325 PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT THEREFROM AIL OIL, GAS, MINERALS AND OTHER HYDROCARBON
SUBSTANCES IN AND UNDER THE PROPERTY WITHOUT THE RIGHT TO THE USE OF SURFACE OR SUBSURFACE TO A DEPTH OF 500 FEET, MEASURED VERTICALLY FROM
THE SURFACE OF SAID REAL PROPERTY, AS RESERVED BY COUNTY OF LOS ANGELES, A BODY CORPORATE AND POLITIC, IN DEED RECORDED SEPTEMBER 7, 2000 AS INSTRUMENT NO. 2000-1401418, OFFICIAL RECORDS.
PARCEL 2: (3133-025-901)
LOTS 11 AND 12 OF TRACT NO. 15058, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 325 PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT THE NORTHERLY 25 FEET OF SAID LOT 12.
ALSO EXCEPT THEREFROM ALL OIL, GAS, MINERALS AND OTHER HYDROCARBON
SUBSTANCES IN AND UNDER THE PROPERTY WITHOUT THE RIGHT TO THE USE OF SURFACE OR SUBSURFACE TO A DEPTH OF 500 FEET, MEASURED VERTICALLY FROM
THE SURFACE OF SAID REAL PROPERTY, AS RESERVED BY COUNTY OF LOS ANGELES, A BODY CORPORATE AND POLITIC, IN DEED RECORDED SEPTEMBER 7, 2000 AS INSTRUMENT NO. 2000-1401418, OFFICIAL RECORDS.
PARCEL 3: (3133-025-902)
LOT 17 OF TRACT NO. 15058, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 325 PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 4: (3133-025-903)
THAT PORTION OF LOT 6 IN BLOCK 22 OF TOWN OF LANCASTER, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP A-2
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RECORDED IN BOOK 5 PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHEAST CORNER OF SAID LOT; THENCE SOUTHWESTERLY ALONG THE NORTHWESTERLY LINE OF SAID LOT, 150 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING SOUTH WESTERLY ALONG SAID NORTHWESTERLY LINE 60 FEET; THENCE SOUTHEASTERLY PARALLEL WITH THE NORTHEASTERLY LINE OF SAID LOT, 175 FEET; THENCE NORTHEASTERLY PARALLEL WITH THE NORTHWESTERLY LINE OF SAID LOT 60 FEET, THENCE NORTHWESTERLY PARALLEL WITH THE NORTHEASTERLY LINE OF SAID LOT 175 FEET TO THE TRUE POINT OF BEGINNING.
EXCEPT THEREFROM THAT PORTION OF LOT 6 IN BLOCK 22 OF THE TOWN OF
LANCASTER, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF
CALIFORNIA, AS PER MAP RECORDED IN
BOOK 5, PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF LOT 15, TRACT NO. 15058, AS PER MAP RECORDED IN BOOK 325, PAGE 35 OF MAPS, RECORDS OF SAID COUNTY; THENCE ALONG THE EASTERLY LINE OF SAID LOT 15, SOUTH 7° 28' 38" EAST 175.00 FEET TO THE SOUTHEAST CORNER OF SAID LOT 15; THENCE PARALLEL WITH THE NORTHERLY LINE OF SAID LOT 6, NORTH 82° 27' 22" EAST 1.00 FOOT; THENCE PARALLEL WITH SAID EASTERLY LINE NORTH 7° 28' 38" WEST 175.00 FEET TO SAID NORTHERLY LINE; THENCE ALONG SAID NORTHERLY LINE SOUTH 82° 27' 22" WEST 1.00 FOOT TO THE BEGINNING.
PARCEL 4A:
THAT PORTION OF LOT 6, BLOCK 22, IN THE TOWN OF LANCASTER, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5, PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT, THENCE ALONG THE NORTHERLY LINE OF SAID LOT, SOUTH 82° 27' 22' WEST 150.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE ALONG SAID NORTHERLY LINE NORTH 82° 27' 22" EAST
1.50 FEET; THENCE PARALLEL WITH THE EASTERLY LINE OF SAID LOT SOUTH 7° 28' 38" EAST 138.00 FEET; THENCE PARALLEL WITH SAID NORTHERLY LINE NORTH 82° 27' 22" EAST 5.00 FEET; THENCE PARALLEL WITH SAID EASTERLY LINE SOUTH 7° 28' 38" EAST 37.00 FEET; THENCE PARALLEL WITH SAID NORTHERLY LINE SOUTH 82° 27' 22" WEST 6.50 FEET TO A LINE PARALLEL WITH SAID EASTERLY LINE WHICH PASSES THROUGH THE TRUE POINT OF BEGINNING; THENCE ALONG SAID PARALLEL LINE NORTH 7° 28' 38" WEST 175.00 FEET TO THE TRUE POINT OF BEGINNING.
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PARCEL 5: (PT 3133-025-903)
THE WESTERLY 11.5 FEET OF LOT 14 OF TRACT NO. 15058, IN THE CITY OF LANCASTER,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 325 PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 6: (REM. 3133-025-903)
THAT PORTION OF LOT 6 IN BLOCK 22, OF THE TOWN OF LANCASTER, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN ROOK 5, PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE SOUTHERLY LINE OF LANCASTER BOULEVARD FORMERLY 10 STREET, 100 FEET WIDE, AS SHOWN ON THE MAP OF TRACT NO. 15058 RECORDED IN BOOK 325 PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DISTANT ALONG SAID SOUTHERLY LINE NORTH 82° 27' 22" EAST 615 FEET FROM THE MOST NORTHERLY CORNER OF LOT 15 OF SAID TRACT NO. 15058; THENCE PARALLEL WITH THE EASTERLY LINE OF SAID LOT 15, SOUTH 7° 28' 38" EAST 138.00 FEET; THENCE PARALLEL WITH SAID SOUTHERLY LINE OF LANCASTER BOULEVARD NORTH 82° 27' 22" EAST 6.00 FEET; THENCE PARALLEL WITH EASTERLY LINE OF LOT 15, SOUTH 7° 28' 38" EAST 37.00 FEET TO THE NORTHERLY LINE OF THE 30 FOOT ALLEY SHOWN ON THE MAP OF SAID TRACT NO. 15058; THENCE NORTH 82° 27' 22" EAST 325 FEET TO THE MOST SOUTHERLY CORNER OF LOT 14 OF SAID TRACT NO. 15058; THENCE ALONG THE WESTERLY LINE OF SAID LOT 14 NORTH 7° 28' 38" WEST 175.00 FEET TO THE SOUTHERLY LINE OF SAID LANCASTER BOULEVARD; THENCE ALONG SAID BOULEVARD SOUTH 82° 27' 22" WEST 385 FEET TO THE POINT OF BEGINNING.
PARCEL 7: (3133-025-904)
THAT PORTION OF LOT 6, IN BLOCK 22, OF THE TOWN OF LANCASTER, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5 PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT THE NORTHEAST CORNER OF LOT 15 OF TRACT NO. 15058, AS PER MAP RECORDED IN BOOK 325 PAGE 35 OF MAPS, RECORDS OF SAID COUNTY; THENCE ALONG THE EASTERLY LINE OF SAID LOT 15, SOUTH 7° 28' 38" EAST 175.00 FEET TO THE SOUTHEAST CORNER OF SAID LOT 15; THENCE PARALLEL WITH THE NORTHERLY LINE OF SAID LOT 6, NORTH 82° 27' 22" EAST 1.00 FOOT; THENCE PARALLEL WITH SAID EASTERLY LINE NORTH 7° 28' 38" WEST 175.00 FEET TO SAID NORTHERLY LINES; THENCE ALONG SAID NORTHERLY LINE SOUTH 82° 27' 22" WEST 1.00 FOOT TO THE POINT OF BEGINNING.
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PARCEL 8: (REM. 3133-025-904)
ALL OF LOT 15 AND THE EASTERLY 9 FEET OF LOT 16 OF TRACT NO. 15058, IN THE CITY
OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS SHOWN ON MAP RECORDED IN BOOK 325, PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 9: (3133-025-906)
THE SOUTHERLY 11.5 FEET OF LOT 14 OF TRACT NO. 15058, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 325, PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PARCEL 9A:
THAT PORTION OF LOT 6 IN BLOCK 22, OF THE TOWN OF LANCASTER, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5 PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT A POINT IN THE SOUTHERLY LINE OF LANCASTER BOULEVARD FORMERLY 10TH STREET, 100 FEET WIDE, AS SHOWN ON THE MAP OF TRACT NO. 15058, RECORDED IN BOOK 325 PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DISTANT ALONG SAID SOUTHERLY LINE NORTH 82° 27' 22" EAST 61.5 FEET FROM THE MOST NORTHERLY CORNER OF LOT 15 OF SAID TRACT NO. 15058; THENCE PARALLEL WITH THE EASTERLY LINE OF SAID LOT 15, SOUTH 07° 28' 38" EAST 138.00 FEET; THENCE PARALLEL WITH SAID SOUTHERLY LINE OF LANCASTER BOULEVARD NORTH 82° 27' 22" EAST 6.00 FEET; THENCE PARALLEL WITH THE EASTERLY LINE OF SAID LOT 15, SOUTH 07° 28' 38" EAST 37.00 FEET TO THE NORTHERLY LINE OF THE 30 FOOT ALLEY SHOWN ON THE MAP OF SAID TRACT NO. 15058; THENCE NORTH 02° 27' 22" EAST 32.5 FEET TO THE MOST SOUTHERLY CORNER OF LOT 14 OF SAID TRACT NO. 15058; THENCE ALONG THE WESTERLY LINE OF SAID LOT 14, NORTH 07° 28' 30" WEST 175.00 FEET TO THE SOUTHERLY LINE OF SAID LANCASTER BOULEVARD; THENCE ALONG SAID BOULEVARD SOUTH 82° 27' 22" WEST
38.5 FEET TO THE POINT OF BEGINNING.
PARCEL 10: (3133-025-907)
THE WEST 20 FEET OF THE EAST 29 FEET OF LOT 16, IN THE CITY OF LANCASTER,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 325, PAGE 35 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
STADIUM PROPERTY
PARCEL 11: (3153-015-940 & 941)
PARCEL 4 OF AMENDED PARCEL MAP NO. 24368, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP FILED IN BOOK 273, PAGES 65 A-5
4901-2243-1874/022283-0620
THROUGH 70, INCLUSIVE OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
ECONOMIC DEVELOPMENT OFFICE
PARCEL 12: (3126-032-909)
LOTS 32 AND 33 OF TRACT NO. 32548, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 968 PAGES 1 TO 5 INCLUSIVE OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
PUBLIC SAFETY BUILDING
PARCEL 13: (3134-013-910)
PARCEL 1 OF PARCEL MAP NO. 17284, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 183 PAGE 100 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
MUSEUM PROPERTY
PARCEL 14: (3134-009-031)
PARCEL A, AS SHOWN ON LOT LINE ADJUSTMENT LLA NO. 08-13, RECORDED APRIL 2, 2009 AS INSTRUMENT NO. 2009-477953, OF OFFICIAL RECORDS, IN THE CITY OF
LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA AND MORE PARTICULARLY DESCRIBED AS FOLLOWS:
A PORTION OF BLOCK 14 OF THE TOWN OF LANCASTER, IN THE CITY OF LANCASTER,
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 5 PAGES 470 AND 471 OF MISCELLANEOUS RECORDS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SAID BLOCK 14, SAID POINT LYING AT
THE INTERSECTION OF THE NORTHERLY RIGHT-OF-WAY LINE OF LANCASTER BOULEVARD (FORMERLY 10TH STREET), 100 FEET WIDE, AND THE EASTERLY RIGHT- OF-WAY LINE Of ELM AVENUE, 60 FEET WIDE, AS SHOWN ON SAID MAP; THENCE.
ALONG SAID EASTERLY RIGHT-OF-WAY LINE OF ELM AVENUE, NORTH 07° 27' 39" WEST A DISTANCE OF 302.57 FEET TO A POINT ON THE SOUTHERLY LINE OF THAT
CERTAIN EASEMENT FOR INGRESS/EGRESS PURPOSES GRANTED TO THE CITY OF LANCASTER PER DOCUMENT RECORDED APRIL 22, 2008 AS INSTRUMENT NO. 2008- 0704116 OF OFFICIAL RECORDS; THENCE, ALONG SAID SOUTHERLY LINE, NORTH 82° 27' 30" EAST A DISTANCE OF
51.16 FEET; THENCE SOUTH 07° 27' 54" EAST A DISTANCE OF 142.47 FEET; THENCE NORTH 82° 32' 06" EAST A DISTANCE OF 15.03 FEET; THENCE SOUTH 07° 27' 54" EAST A DISTANCE OF 12.00 FEET; THENCE NORTH 82° 24' 44" EAST A DISTANCE OF 13.93 FEET; THENCE SOUTH 07° 29' 54" EAST A DISTANCE OF 148.09 FEET TO SAID NORTHERLY RIGHT-OF-WAY LINE OF LANCASTER BOULEVARD; THENCE, ALONG SAID A-6
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NORTHERLY RIGHT-OF-WAY LINE, SOUTH 82° 27' 34" WEST A DISTANCE OF 80 23 FEET TO THE POINT OF BEGINNING.
LANCASTER COMMUNITY CENTER
PARCEL 15: (3138-029-940)
PARCEL 1 OF PARCEL MAP NO. 26585, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS SHOWN UPON A MAP FILED IN BOOK 309, PAGES 11 AND 12, INCLUSIVE OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
CORPORATION YARD
PARCEL 16: (3118-014-907)
LOT 1 OF PARCEL MAP NO. 23315, IN THE CITY OF LANCASTER, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 277 PAGES 39 THROUGH 41 INCLUSIVE OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT THEREFROM ALL MINERALS AND MINERAL RIGHTS IN RELATION THERETO
AND WITHIN THE MEANING OF MINERALS AND MINERAL RIGHTS SHALL BE DEEMED
INCLUDED ALL OIL, PETROLEUM, ASPHALTUM AND LIKE SUBSTANCES AND LIKE
SUBSTANCES, AS RESERVED BY THE SOUTHERN TRUST COMPANY, A CORPORATION, IN DEED RECORDED MARCH 4, 1911 IN BOOK 4451 PAGE 198 OF DEEDS, RECORDS OF SAID COUNTY.
[LEGAL DESCRIPTION OF ADDITIONAL PROPERTY TO COME]
A-6
4901-2243-1874/022283-0620
B-1
4901-2243-1874/022283-0620
EXHIBIT B
BASE RENTAL PAYMENT SCHEDULE