RES102003A - Laserfiche WebLink

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Prepayment Provisions Optional Prepayment. The Certificates with stated payment dates of February 1, 2013 and thereafter are subject to prepayment on February 1, 2012 and thereafter, (1) in whole, at any time, if the City exercises its option to purchase the Trustee's interest in the Leased Property and deposits an amount sufficient to effect such purchase pursuant to the Lease on the applicable Optional Prepayment Date, or (2) in part, on any Payment Date, if the City prepays additional Base Rentals pursuant to the Lease. Any prepayment of the Certificates pursuant to this paragraph will be at the prepayment price of 100% of the Principal Component of Base Rentals represented thereby plus the Interest Component of Base Rentals accrued thereon to the Optional Prepayment Date. Extraordinary Optional Prepayment. The Certificates are subject to optional prepayment on any Prepayment Date, in whole but not in part, at a Prepayment Price equal to 100% of the Principal Component of Base Rentals represented thereby plus the Interest Component of Base Rentals accrued thereon to the Prepayment Date without premium, if (1) the Leased Property is damaged or destroyed, in whole or in part, or is taken in a condemnation proceeding, or certain events occur with respect to the title to the Leased Property, (2) the Net Proceeds of any insurance policy or condenmation award, plus all amounts required to be paid as deductibles thereunder, made available by reason of one or more such occurrences, are insufficient to pay in fidl the cost of repairing, restoring, modifying, improving or replacing the affected portion of the Leased Property, an, d (3) the City elects, pursuant to the Lease, to apply such Net Proceeds to the payment of the Option Price applicable on the next occurring Optional Prepayment Date together with such other money as the City is required to provide pursuant to the Lease to assure that sufficient money is available to pay the Option Price in full. If so called for prepayment, the Certificates will be subject to prepayment on the next Payment Date for which timely notice of prepayment is given as provided in the Indenture. See "SUMMARY OF THE LEASE -- Damage, Destruction and Condemnation" in ,4ppendix C hereto. Partial Prepaytnent of Certificates. If less than all of the Outstanding Certificates of a series are called for prepayment, (1) Certificates shall be prepaid in such order of stated payment dates as is determined by the City, and (2) within a stated payment date the Trustee shall select the Certificates or any given portion thereof to be prepaid in such equitable manner as the Trustee determines in principal amounts of $5,000 or integral multiples thereof. Upon surrender of any Certificate prepaid in part only, the Trustee shall execute and deliver to the Owner thereof, at the expense of the City, a new Certificate or Certificates of the same series and stated payment date, equal in aggregate principal amount to the unprepaid portion of the Certificate surrendered. Notice of Prepayntent. Official notice of any prepayment of Certificates is required to be given by the Trustee by mailing a copy of the notice at least 30 days and not more than 60 days prior to the prepayment date by first class mail to the Certificate Insurer and the Owner of the Certificate or Certificates to be prepaid, at the address shown on the Register on the date the notice is mailed, as more fully described in the Indenture. Effect of Prepayment. After funds sufficient for payment of the Prepayment Price have been deposited with the Trustee and notice of prepayment has been given as required by the Indenture, on the prepayment date designated in the notice, (1) the Certificates (or portions thereof) called for prepayment will become due and payable at the Prepayment Price specified in the notice, (2) the Interest Component of Base Rentals represented by the Certificates called for prepayment will cease to accrue, (3) the Certificates (or portions thereof) will cease to be entitled to any benefit or security under the Indenture and (4) the Owners of such Certificates will have no rights in respect thereof except to receive payment of the Prepayment Price. CERTIFICATE INSURANCE [To be provided by the Insurer] -6-