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<br /> Ma cli 27,2018 • `y
<br /> Pagc,2 of d .y, I-.,.i f FSO•,1c)
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<br /> TDRs:Buy-Back Option: The City and the Owner acknowledge that Navarro Property is
<br /> subject to a Lease Agreement("Existing Lease"),which expires on
<br /> Deceniber 31,2021.The parties further acknowledge that Holiday
<br /> CVS, LLC("Existing Tenant")has one(I) five(5)year option to
<br /> renew the Existing'Lease upon its expiration.lithe City is notable
<br /> .to sell all,or part of the Navarro's TDRs by December 31, 2021,
<br /> the Cit}..shall pay• Owner the Guaranteed Maximum Price per
<br /> square feet for the remaining unsold Navarro TDRs in three-(3)
<br /> equal instillations on or before the following dates; January I,
<br /> 2022, January 1, 2023 and January I, 2024 provided that the 5
<br /> - • year option under the Lease is terminated. If the 5 year option is
<br /> not terminated, the City shall pay the Guaranteed.Maximum Price
<br /> } per square feet for the remaining unsold TDRs in five (5) equal
<br /> installations on or before the following dates; January 1, 2023,
<br /> January I,2024,January 1,2025,January 1,2026,and January!,
<br /> 2027.
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<br /> Due Diligence Period: The City shall have 120 clays from the date oftheexecution of this
<br /> LOI to investigate all aspects of the Property, including title,
<br /> survey,environmental;soils,entitlements,.land use considerations,
<br /> • access, and utilities. •
<br /> Due Diligence Materials: The Owner shall provide the City with due diligence materials,
<br /> • which include but are not limited to environmental reports, title
<br /> reports and surveys upon request.
<br /> • Existing Lease: The Property is currently leased to Holiday CVS, LLC. d/b/a
<br /> •
<br /> •
<br /> Navarro Pharmacy owned and operated by CVS Pharmacy
<br /> •
<br /> • ("Existing Tenant") pursuant to an existing Lease Agreement
<br /> between Owner, as landlord, and Existing Tenant,as tenant, (the
<br /> i "Existing Lease"). The Existing Lease expires December 31,2021
<br /> i• • and Tenanthas one remaining.option of five(5)years.The Owner
<br /> shall use its best efforts to terminate the five (5) year option
<br /> remaining under the Existing Lease prior to the closing date. If
<br /> . Lease is not terminated prior to Closing, the.Owner shall assign
<br /> the Existing Lease to the City. In the event that the City is unable
<br /> •
<br /> to sell all the TDRs prior to December 31,2021 and the Existing
<br /> Lease is extending for 5 years, the City shall enter into a lease
<br /> agreement with Owner to allow the Owner to sublease the
<br /> Property to the Existing Tenant under the same terms and
<br /> conditions of the Existing Lease until the city is able to sell all the
<br /> TDRs.The Owner shall be able to collect the rental income under
<br /> the sublease until all the TDRsdiscussed herein are sold,and said
<br /> sublease shall terminate upon the sale of all the TDRs.
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