RES 94045A - Laserfiche WebLink

Section 404. Possession and Enjoyment During the Term of the Agreement, the Authority shall provide the City with quiet use and enjoyment of the Project, and the City shall, during such Term, peaceably and quietly have and hold and enjoy the Project, without suit, trouble or hindrance from the Authority, except as expressly set forth in the Lease Agreement. The Authority will, at the request of the City and at the City's cost, join in any legal action in which the City asserts its right to such possession and enjoyment to the extent the Authority may lawfully do so. Notwithstanding the foregoing, the Authority shall have the right to inspect the Project as provided in Section 603 hereof SeMion 405. Title to the Project; Partial Release. During the Term of the Agreement, title to the Project shall remain with the City, and the AuthoriTy will maintain a leasehold interest in the Project and any and all additions, replacements or modifications, except as provided below and except for those modifications which are added to the Project by the City and which may be removed without damaging the Project. The Authority shall not have any right, title or interest in the Project or in any additions, repairs, replacements or modifications thereto except as expressly provided in the Lease Agreement It is the specific intent of this Section to provide for and allow the release from the Lease Agreement of one or more of the components of a Project subject to this Lease Agreement if the City has fulfilled all payment obligations with respect to such component, and is not then in default hereunder. If the City has paid all Lease Payments during the Term of the Agreement with respect to a component of the Project, or upon deposit of [he security deposit as provided in Section 406 hereof, all right and interest of the Authority in and to the particular component of the Project shall be transferred to and vest in the City. Additionally, if necessary, the Authority shall authorize, execute and deliver to the City a bill of sale in order to release any and all liens created under the provisions of the Lease Agreement and the Trust Agreement, and any other documents required to terminate the Lease Agreement and consummate such transfer of title and release of liens. The Authority agreesto defend and eliminaze any claims adverse to the title to the Project, and to save and hold the City harmless therefrom; provided that the Authority's obligations under this sentence shall not extend to claims arising out of actions by the City or persons asserting claims under it; provided that the City shall reimburse the Authority for any costs incurred by the AuthoriTy in defending or eliminating such claims, including reasonable attorneys' fees. Section 406. Security Deposit. Notwithstanding any other provision of the Lease Agreement, the City may, on any date, secure the payment of Lease Payments, or such portion [hereof relating to a particular component, by depositing ircevocably into [he Payment Fund with the Trustee: (i) an amount which, together with amounts on deposit in thePayment Fund and the pro rata 8 9407301U.LA1