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OPTION TO GROUND LEASE AGREEMENT <br />THIS OPTION �(O N LEASE AGREEMENT ("Option Agreement") is <br />made this .2 ay of err,," 14 by and between the City of Newport Beach, a <br />charter city and California municipal corporation ("City") and ExplorOcean, a California <br />non-profit corporation ("EO"). <br />RECITALS <br />A. City is the owner of a public parking lot located generally between Palm <br />Street and Washington Street from Bay Avenue to Balboa Boulevard on the Balboa <br />Peninsula in the City of Newport Beach that is commonly referred to as the Palm Street <br />Parking Lot ("Property"). <br />B. The Property is currently improved with a sixty-eight (68) space surface <br />public parking lot and an ATM kiosk, and is surrounded by thirteen (13) on -street <br />parking spaces. <br />C. EO is the owner of the real property located adjacent to the Property at <br />600 East Bay Avenue, Newport Beach, California ("EO's Property"). <br />D. EO has submitted to the City development applications to construct and <br />operate an expanded experiential ocean literacy center open to the general public on <br />EO's Property ("EO Project"). Referenced development applications include a request <br />for General Plan Amendment, Coastal Land Use Plan Amendment, Zone Change, <br />Planned Community Development Plan, Site Development Review, and Coastal <br />Development Permit ("Entitlement Applications"), with a EO Project description. <br />E. EO and City have engaged in pre -entitlement lease discussions regarding <br />the development and use of the Property for construction of a multi-level parking <br />structure to be used by EO in connection with the Project. Such parking facility is <br />described in detail in the submitted project description and will be evaluated in the Initial <br />Study/Notice of Preparation and Environmental Impact Report ("EIR"). <br />F. The parties desire to provide EO the right to lease the Property upon the <br />terms and conditions set forth in the Ground Lease (defined below) in the event that <br />certain conditions are satisfied, including, without limitation, compliance with the <br />California Environmental Quality Act ("CEQA") following a full Environmental Impact <br />Report (°EIR") certified by the City Council and all referenced project approvals by the <br />City and other governmental agencies, including the California Coastal Commission. <br />AGREEMENT <br />In consideration of the promises herein and for other good consideration, the <br />sufficiency of which is hereby acknowledged, the parties hereto agree as follows. <br />