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Refinancing no later than , 2012. If such closing and funding has not occurred on or before such date, the terms and conditions of this First Amendment shall be null and void. 3. Amortizing Rent Payments by Tenant. In consideration of Landlord's agreement to extend the Term of the Lease, Tenant will make the following payments to Landlord (collectively, the "Extension Payments ") in immediately available funds on the dates indicated below. Such payments will be made to Landlord in lieu of the current annual rent payments in the amount of $1.00 as provided in Section 4.01 and 4.02 of the Lease. If Tenant fails to make these payments on the dates provided below and does not cure such failure within fifteen (15) days following Landlord's written notice of such failure, Tenant shall be in default of its obli €ations under the Lease and Landlord shall be entitled to its remedies under Section 16.03 of the Lease. a) Upon the execution of the HUD refinancing, Tenant shall pay to Landlord the amount of $100,000.00; and {b) Pursuant to the Grant of Easement, commencing on January 1, 2013 and continuing on January 1 of each year thereafter through and including 2047, Tenant shall pay to Landlord the amount of $5,686.00. 4. Option to Purchase. Section 21.01 of the Lease is hereby amended to provide that Tenant's option to purchase may be exercised, at Tenant's option, at any time prior to the new expiration date of the Lease (as amended above in Section 2). Section 21.01 (b) of the Lease iE amended to provide that the purchase price for the Leased Premises shall be equal to the sum of (i) $1.00 plus (ii) all amounts due under Section 3(b) above prior to and subsequent to the date Tenant exercises its option to purchase and which have not yet been paid to Landlord. 3. No Defaults. Landlord and Tenant each represent and warrant that there are no uncured defaults under the Lease and that to the extent either party previously failed to perform an obligation under the Lease, the performance of such obligation is hereby waived. 6. Commissions. Landlord and Tenant represent to each other that they have not authorized any broker to act on such party's behalf in connection with this First Amendment. '7. Continued Validity. Except as expressly modified hereby, the remaining terms and con Jitions of the Lease shall remain in full force and effect. It. Leasehold Mortgages. All references to "Mortgagee" in the Lease shall be read to mead Lender and the Secretary of Housing and Urban Development. Notwithstanding anything, to the contrary contained in Section 13.02 of the Lease, the Commission hereby acknow edges and agrees that: (a) the provisions of Article XIII of the Lease shall apply to Lender end HUD; and (b) that it will provide all Mortgagee notices under the Lease to Lender and HUD at the below addresses. Without limiting the rights of Mortgagee under said Article XIH, dieing all times that and for so long as a HUD insured mortgage is in effect and encumb ,-ring the Central High School Project Site, the Lease shall not be terminated, modified or amended without the prior written consent of HUD. -2-