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The amount of Lease Payments shall also be abated to the extent, if any, <br />required by operation of law resulting from the City's failure [o have unencumbered use and <br />possession of the Project. <br />Settiou 405. Substitution of Projects. <br />So long as no event of default specified in Section 801 hereof shall have <br />occurred and be continuing, the Authority and the "l rustee shall release any Project or <br />appropriate portion thereof from the Authority's interest in the Project or portion thereof under <br />the Site Lease and shall execute all documents necessary or appropriate to convey or reconvey <br />or release from the Site Lease such Project or portion thereof to the City, free of all <br />restrictions and encumbrances imposed or creazed by this Lease Agreement or the Trust <br />Agreement, upon receipt by the Trustee and the Authority of the following: <br />(a) a written request of a City Representative for such release, describing <br />the Project or portion thereof to be released; <br />(b) a certificate of a City Representative certifying <br />(i) the fair market value of the Project or portion thereof to be <br />released and the fair market value, taking into account all encumbrances set forth in the title <br />policy described in (d) below, of any real property to be substituted for such Project or portion <br />thereof to be released; <br />(ii) the disposition to be made of the Project or portion thereof to be <br />released and the consideration, if any, to be received therefor; <br />(iii) that the disposition of the Project or portion thereof to be <br />released and the substitution therefor of the real property to be substituted for such Project or <br />portion thereof to be released, if any, will not materially adversely affect [he govemmental <br />functions of the City or its ability to fulfill its obligations under this Lease Agreement; <br />(iv) that any real property to be substituted for the Project or portion <br />thereof to be released is necessary or useful to the governmental functions of the City; and <br />(v) that the fair market value, taking into account all encumbrances <br />set forth in The title policy described in (d) below, of the real property to be substituted, <br />together with cash to be paid by the City to the Trustee, if any, is at least equal to the lesser of <br />the fair market value of the Project or portion [hereof to be released or 125% of the original <br />Principal Amount hereof; <br />(c) current appraisals of [he fair market value of the Project or portion <br />thereof to be released and the fair market value, taking into account all encumbrances set forth <br />in the title policy described in (d) below, of any real property to be substituted therefor, <br />respectively, shall be prepared by a member of the American Institute of Real Estate <br />10 <br />stovsoiu.Lai <br />