RES 94045A - Laserfiche WebLink

shaze of the City's Reserve Fund, is sufficient in the opinion of an independent certified public accountant acceptable to the Trustee to pay all unpaid Lease Payments with respect to the particular component to be released, including the principal and interest components [hereof, in accordance with the Lease Payment schedule set forth in Exhibit A hereto, or (ii) Federal Securities, valued in accordance with Section 308 of the Trust Agreement, together with cash, if required in such amount as will, in the opinion of an independent certified public accountant, together with interest to accrue thereon and, if required, all or a portion of moneys or Permitted Investments of such type then on deposit in the Payment Fund and in the Reserve Fund, be fully sufficient to pay all unpaid Lease Payments with respect to the particular component to be released on their Due Date, or on the date of redemption of the Bond or the appropriate portion thereof In the event of a deposit pursuant to this Section, all obligations of the City under the Lease Agreement, and all security provided by the Lease Agreement for said obligatinns, shall cease and terminate, excepting only [he obligations of the City to make, orcause to be made, Lease Payments from the deposit made by the City pursuant to this Section, the City's fees and expenses of the Trustee as provided in Section 512 hereof and the City's obligation to indemnify the Authority and the Trustee pursuant to Section 703 hereof, and the Authority's interests and rights to the Project shall vest in the City on [he date of said deposit automatically and without further action by the City or the Authority, provided that such transfer shall be subject to the subsequent payment of Lease Payments from said deposit in accordance with the provisions of the Lease Agreement. Said deposit shall be deemed to be and shall constitute a special fund for the payment of Lease Payments with respect to the particular component of the Project to be released from this Lease Agreement in accordance with the provisions of the Lease Agreement. Section 407.Abatement of Rental in the Eveat of Failure to Have Use and Possession of the Project. The Lease Payments shall be abated in whole or in part during any period in which, by reason of damage or destruction, there is substantial and material interference with the use and possession of the Project by the City. The amount of such abatement shall be agreed upon by the City and the Authority such [hat the resulting Lease Payments represent fair consideration for the use and possession of the portions of the ProjeM not damaged or destroyed; provided, however, that such abatement shall no[ result so long as moneys in the Payment Fund and the Reserve Fund and Net Proceeds of insurance and rental interruption insurance are sufficient [o make Lease Payments when and as due, it being hereby declared that such moneys and Net Proceeds constitute special funds for the payment of Lease Payments. Such abatement or adjustment, if any, shall continue for the period commencing with such damage or destruction and ending with the substantial completion of the work of repair or reconstruction, if any. In the event of any such damage or destruction, the Lease Agreement shall continue in full force and effect and the City waives any right to terminate the Lease Agreement by virtue of any such damage and destruction. sao~so~u.wt