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Reviewed by Counsel and <br />Acceptable as to Legal <br />Forn--Sheppard Mullin <br />LEASE TERMINATION AGREEMENT <br />This Lease Termination Agreement ("Termination Agreement") dated f?-2o2f. <br />O2 <br />3'-(the "Effective Date") for reference purposes only, is made by and between CITY OF <br />REDLANDS, a California municipal corporation and general law City ("Landlord"), and <br />CITIBANK, N.A., a national banking association ("Tenant") (collectively, the "Parties" or <br />individually a "Party") with respect to the Lease Agreement dated January 15, 1999 as amended, <br />supplemented and/or assigned (collectively, the "State Street Lease") for the property located at <br />300 E. State Street in the City of Redlands (the "State Street Building"). <br />BACKGROUND <br />A. The State Street Lease was amended a total of eight times as follows: First <br />Amendment dated December 29, 2003; Second Amendment dated July 31, 2008; Third <br />Amendment dated December 1, 2009; Fourth Amendment dated October 31, 2011; Fifth <br />Amendment dated December 8, 2014; Sixth Amendment dated February 9, 2016; Seventh <br />Amendment dated February 17, 2020; and the Eighth Amendment dated September 24, 2020. On <br />or about September 21, 2021, the State Street Lease was assigned to Landlord. <br />B. Under the Eighth Amendment, the State Street Lease term expires February <br />28, 2026, with three (3) options to extend for periods of five (5) years each. <br />C. Landlord intends to use and redevelop the State Street Building for the City <br />of Redlands' City Hall and as a result, Landlord and Tenant have mutually agreed to a termination <br />of the Lease between them pursuant to which Tenant will vacate the State Street Building and <br />relocate to the Orange Street Property (defined below). <br />D. In connection with Tenant's relocation, the owner of the Orange Street <br />Property, Property One, LLC, a California limited liability company ("Orange Owner"), has <br />agreed to lease to Tenant that certain building located at 333 Orange Street, Redlands, California <br />(the "Orange Street Property") pursuant to the terms of that certain Lease dated <br />January 18, 2024, 242.3 (the "Orange Street Lease"). <br />F. Landlord and Tenant have mutually agreed to terminate the State Street <br />Lease in its entirety, on the terms and conditions set forth herein. To the extent the provisions of <br />this Termination Agreement and the State Street Lease are inconsistent regarding termination, the <br />Parties desire that the provisions of this Termination Agreement shall control. <br />AGREEMENT <br />The above recitals are made part of this Termination Agreement and incorporated <br />herein. For good and valuable consideration, the Parties agree as follows: <br />1. Termination of State Street Lease. Subject to the terms of this Termination Agreement, <br />Landlord and Tenant hereby agree that the State Street Lease shall terminate effective as of the <br />Termination Date specified below. Until the Termination Date, the State Street Lease shall <br />-1- Citibank <br />[FINAL REVIEW COPY] City of Redlands <br />SMRH:4854-3459-0049.14 Lease Termination // 300 E. State St., Redlands, CA <br />102523 0100-092806 <br />