RES 94045A - Laserfiche WebLink

Appraisers (MAI) who may be an employee of the City satisfactory to the Trustee supporting the certifications of (b) above; (d) an ALTA or CLTA title insurance policy in respect of the substituted real property insuring the Authorities' leasehold interest in the property to be substituted; (e) supplements and amendments to this Lease Agreement and any other documents necessary to subject to the lien of the Trust Agreement any real property to be substituted for the Project or portion thereof to be released from the lien of the Trust Agreement or to release the Project or portion thereof to be released from the lien of the Trust Agreement; and (f) an opinion of nationally recognized bond counsel to the effect that such release and substitution of property, if any, is permitted under this Lease Agreement and will not adversely affect the exclusion of the interest component of Lease Payments from gross income for federal income tax purposes. The City agrees that any cash paid to the Trustee pursuant to the provisions of this Section 408 shall be deposited in the City's Redemption Fund. The release of any Project or portion thereof shall not entitle the City to any postponement, abatement or diminution of the Lease Payments or other payments required to be made hereunder. The Trustee shall be entitled to rely upon an opinion of nationally recognized bond counsel to the effect that the foregoing requirements have been met. ARTICLE V MAINTENANCE; TAXES; INSURANCE; AND OTHER MATTERS Section 501. Maintenance and Taxes. Throughout the Term of the Agreement, as part of the consideration for the rental of the Project, all improvement, repair and maintenance of the Project shall 6e the responsibility of the City, and the City shall pay for or otherwise arrange for the payment of the cost of the repair and replacement of the Project resulting from ordinary wear and tear or want of care on the part of the City thereof. In exchange for the Lease Payments herein provided, the Anthony agrees to provide only the Project, as hereinbefore more specifically set forth. The City shall also pay or cause to be paid to the Authority all taxes of any type or nature charged to the Authority or affecting the Project or the respective interests or estates therein, including, but not limited to, any sales tax, or affecting the amount available to the Authority from Lease Payments received under the Lease Agreement for [he retirement of the Bonds (including taxes or assessments assessed or levied by any governmental agency or City having power to lery [axes or assessments); provided, [hat with. respect to governmental charges that may lawfully be paid in installments over a period of years; the City shall be 11 ?407301U.LA1