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1. Lease of Property. In consideration of the rents to be paid by WISTEC, and in <br />consideration of the covenants, terms and conditions to be performed by the parties, City <br />does hereby lease the Land to WISTEC and WISTEC does hereby lease the Land from City. <br />The Land includes certain landscaping, irrigation, parking areas and other similar alterations <br />and improvements. As used in this Lease (including but not limited to Section 6. 1), the term <br />"Land" includes those alterations and improvements. <br />2. Purpose. This Lease is made for the purpose of providing scientific and educational <br />resources for the public and students within Lane County and for purposes related thereto. <br />WISTEC may use the Land and Building only for such purpose, and may not change the <br />purpose for which the Land and Building are used, without the prior written consent of City, <br />which consent shall be within the City's absolute and unfettered discretion. <br />3. Term. The term of this Lease is ninety -nine (99) years, commencing upon the Effective <br />Date and ending ninety -nine (99) years thereafter at midnight of the final date of the Lease <br />term. <br />4. Rental. Given the public benefit derived from WISTEC's scientific and educational <br />services, WISTEC shall pay to City on an annual basis the nominal amount of one dollar <br />($1). Payment shall be made to City's Finance Department, or to such other department as <br />City shall designate. The total rental amount shall be paid by WISTEC to City in advance, <br />on or before the first day of each year of the ninety -nine (99) year term. <br />5. Taxes. The Land is currently exempt from assessment of real property taxes. WISTEC shall <br />be held solely responsible to preserve the tax- exempt status of the Land. City shall cooperate <br />with WISTEC in WISTEC's preparation of documents necessary to preserve such <br />tax- exempt status. In the event WISTEC fails to preserve the tax- exempt status of the Land, <br />WISTEC shall pay all property taxes before they become delinquent. <br />6. Alterations, Improvements, Repairs and Maintenance. <br />6.1 At all times during the Lease term, WISTEC at its sole cost and expense shall <br />maintain the Land and Building in good order, condition and repair, including, <br />without limitation, any repairs or alterations arising by reason of or necessitated by <br />WISTEC's use or occupancy of the Land or Building and any act, omission, misuse, <br />or negligence of WISTEC, its agents, employees, contractors and invitees. However, <br />City may elect, from time to time upon notice to WISTEC, to assume at City's cost <br />the obligation of maintaining, repairing, removing or replacing the irrigation system <br />currently serving the Land. Otherwise, if WISTEC fails to maintain the Land or <br />Building as required by this Section 6.1 (including, without limitation, the irrigation <br />system unless City has elected to assume that obligation as provided in the foregoing <br />sentence), then: (a) City may elect to perform any one or more of WISTEC's <br />obligations under this Section 6.1 and be reimbursed therefor by WISTEC upon <br />demand, or (b) City may elect to exercise one or more of the rights or remedies <br />otherwise provided by this Lease. If City elects to perform an obligation of <br />GROUND LEASE - 2 <br />