The 99 year Ground Lease for the Waldbaum’s Shopping Center

Here’s a makeshift-lease abstract for that infamous 99 year lease we all keep hearing about. Signed in 1983, this is a ground lease for the entire property between The City of Long Beach [lessor] & Long Beach Plaza Corp [Lessee]. There is a common misconception how this lease is for the Waldbaum’s itself. Please understand that’s not the case. Waldbaum’s [A&P] is just one of the many tenants in that center.

[UPDATE: According to some of the comments, A&P actually is Long Beach Plaza Corp.]

Take this info for what it is; there could be mistakes. Due to time restraints and boredom, this info is also incomplete. I’ll try to upload a scan of the entire lease as soon as I can.


LANDLORD: City of long Beach
TENANT: Long Beach Plaza Corp.
TERMS:  Ground Lease for the entire property.
LEASE DATE: May 20, 1983.
AMENDMENT (October 21, 1983): Additional property: Lots 5, 46, 47 block 95. Same terms modifying additional property to lease lease.  $2400 per annum. (There are no other amendments that I know of)

Tenant Pays Basic Rent + Additional Rent (triple net including tax, insurance, maintenance, etc.)


Equal monthly installments in advance 1st of month

Terms(Signed May 20, 1983) Basic Rent (per annum) Lease Amendment (October 21st, 1983) (per annum)* Total (per annum) paid in equal monthly installments in advance on the 1st of the month
construction period $0.00 $0.00 $0.00
First 5 years after $30,000.00 $2,400.00 $32,400.00
years 6 to 10 $40,000.00 $2,400.00 $42,400.00
years 11 to 15 $50,000.00 $2,400.00 $52,400.00
years 16 to 20 $60,000.00 $2,400.00 $62,400.00
years 21 to 25 $70,000.00 $2,400.00 $72,400.00
years 26 to 30 $80,000.00 $2,400.00 $82,400.00
years 31 to 40 $90,000.00 $2,400.00 $92,400.00
years 41 to 50 $100,000.00 $2,400.00 $102,400.00
years 51 to 60 $110,000.00 $2,400.00 $112,400.00
years 61 to 70 $120,000.00 $2,400.00 $122,400.00
years 71 to 80 $130,000.00 $2,400.00 $132,400.00
years 81 to 90 $140,000.00 $2,400.00 $142,400.00
Remaining $150,000.00 $2,400.00 $152,400.00


  • Along with the BASIC RENT, tenant also pays ADDITIONAL EXPENSES: Insurance, taxes, permits, fees, obligations, etc. All prorates on a daily basis, 
  • All contesting fees, tax certiorari appeals, rebates,refunds etc. belong to tenant.
  • I didn’t see any mention of  ‘Base Year’ credits. As far as I can tell, Long Beach Plaza Corp. pays 100% of all taxes and additional rent.


  • This was a neighborhood development program area. Appropriate for urban renewal ‘project area’
  • Use of Property: First 30 years may only be used for specific plan.
  • Tenant responsible for upkeep. Required to maintain in good repair / good condition.
  • Tenant must provide Generally liability insurance.
  • Indemnity Agreement: Landlord (Long Beach) is held harmless against liabilities, lawsuits, penalties, claims, liens, demands, etc.
  • Tenant may sublease/assign after 5 years term of lease (May 19 1988)
  • Surrender at end of term, property must be in good order, etc.

Lease termination:

  • Tenant to cover cost of restoration if an event (like Sandy) occurs. Landlord can terminate lease if this isn’t obliged.
  • Condemnation: (see scan below)

Screen Shot 2015-06-29 at 10.25.13 AM

  • Termination clause expenses prorated
  • No modification of lease without consent of both parties.
  • Termination of lease. Reason of default. Monetary defaults
  • Default events : failure to pay basic rent 15 day grace period.
  • Tenant has option to terminate lease.

Most of what else is in there is typical stuff you’d find in a blumberg form, I’ll try to get an actual scan of the entire lease as soon as I can.