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|
|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|
- 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.
- 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)
- 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.