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6097 (EXHIBIT A - E)
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6097 (EXHIBIT A - E)
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Last modified
12/6/2004 2:47:13 PM
Creation date
11/5/2014 12:21:26 PM
Metadata
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Template:
City Ordinances
Passed
2/10/1997
Ordinance Number
0
Bill Number
8316
Introdate
1/27/1997
Description
APPROVING DELIVERY OF $1,425,000 PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION TO PAY FOR NEW PARKING GARAGE CONSTRUCTION
Introduced By
MUNKEL
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and the reasonably estimated Supplemental Rent coming due during such fiscal year, an Event of <br />Nonappropriation will be deemed to have occurred. The Lessor may waive any Event of <br />Nonappropriation which is cured by the Lessee within a reasonable time if, in the Lessor's judgment, <br />such waiver is in the best interests of the Owners of the Certificates. <br /> <br /> (b) If an Event of Nonappropriation occurs, the Lessee will not be obligated to pay the Base <br />Rentals or Supplemental Rent provided for herein which accrue after the last day of the Initial Term or <br />the then current Renewal Term, except for the Lessee's obligation to make Payments which are payable <br />prior to the termination of this Lease; provided, however, that, subject to the limitations of Section 3.04 <br />hereof, the Lessee will continue to be liable for the Base Rentals and Supplemental Rent allotable to any <br />period during which the Lessee continues to occupy the Leased Property. The Lessor will, upon the <br />occurrence of any Event of Nonappropriation and a foreclosure of the lien of the Indenture, have all <br />rights and remedies to take possession of the Leased Property as trustee for the benefit of the Owners of <br />the Certificates and will be further entitled to all money then on hand in all funds and accounts created <br />under the Indenture. All property, funds and rights acquired by the Lessor upon the termination of this <br />Lease or the Lessee's possessory interests hereunder by reason of an Event of Nonappropriation shall be <br />held by the Lessor under the Indenture for the benefit of the Owners of the Certificates as set forth in the <br />Indenture until the Certificates are paid in full. <br /> <br /> (c) The parties hereto agree that, upon the occurrence of an Event of Nonappropriation <br />(which is not waived), the Lessee shall immediately quit and vacate the Leased Property upon <br />termination of the term of the Lease for which funds have been appropriated. <br /> <br /> Section 3.10. Advances by the Lessor. If the Lessee fails to pay any Supplemental Rent <br />required by this Lease, the Lessor may (but will be under no obligation to) pay such Supplemental Rent, <br />which Supplemental Rent will constitute additional Base Rentals hereunder and are to be reimbursed to <br />the Lessor, by the Lessee upon demand therefor, subject to the availability of sufficient legally available <br />funds for such purpose. <br /> <br />ARTICLE IV <br /> <br />DELIVERY OF CERTIFICATES; USE OF PROCEEDS; <br /> TAX COVENANTS <br /> <br /> Section 4.01. Delivery of Certificates. For the purpose of providing funds to (a) pay a portion <br />of the costs of the Project, (b) fund a debt service reserve fund for the Certificates and (c) pay all costs <br />and expenses incidental to the delivery of the Certificates, the Lessor shall cause the Certificates to be <br />executed and delivered pursuant to the Indenture and shall cause the proceeds from the sale thereof to be <br />applied as provided in the Indenture. <br /> <br />Section 4.02. Acquisition, Construction and Installation of the Project. <br /> <br /> (a) The Lessee will acquire, construct and install the Project in accordance with the <br />Construction Contracts and the Plans and Specifications. The Lessee may make minor changes in and to <br />the Construction Contracts and the Plans and Specifications incorporated therein, but major changes may <br />only be made with the approval of the Lessor, which consent shall not be unreasonably withheld. The <br />Lessee agrees that it will use its best efforts to cause the Project to be completed as soon as practicable <br />with all reasonable dispatch, and in any event not later than February 15, 2000. The Lessee agrees that <br /> <br />-8- <br /> <br /> <br />
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