Port Authority Amends Lease for STEM Academy Expansion

FACILITIES

Lease Term commencing on December 8, 2023 and expiring on the date that is thirty (30) years after the Commencement Date, as amended by First Amendment effective September ____, 2025

The underlying Lease Term remains at thirty years from the Commencement Date, but Section 2(a) is amended so the Lessor will not terminate the Ground Lease and will allow it to automatically renew unless the Lessee gives notice of intent to terminate. The amendment also updates the definition of Mortgage and replaces the Lender with a Bond Trustee as the secured party under a new leasehold mortgage tied to Bonds issued as of the amendment’s Effective Date.

Agreement