RES 87418 - Laserfiche WebLink

If the Corporation, for any reason whatsoever, cannot deliver possession of the Demised Premises and Capital Project II or any part thereof to the City by September 1, 1989, the Facility Lease will not be void or voidable, nor will the Corporation be liable to the City for any loss or damage resulting therefrom; but in that event the rent payable under the Facility Lease will be abated proportionately, in the proportion which the acquisition-cost of the part or parts of Capital Project II not yet delivered to the City bears to the acquisition and construction cost of the entire Capital Projects I and II, with respect to the period between September 1, 1989 and the time when the Corporation delivers possession, except to the extent of amounts held by the Trustee in the Lease Fund or in the Certificate Reserve Fund or otherwise available to the Trustee for payments in respect of the Certificates. It is contemplated that the City will take possession of Capital Project II on or before the date of commencement of the Facility Lease. Rental Rental payable for the use and occupancy of the Demised Premises and the Project is denominated "Base Rental" and "Additional Rental." Base Rental Payments The City will pay to the Corporation as a base rental annual rental payments with principal and interest components, the interest components being payable semiannually, in accordance with the Rental Payment Schedule attached to the Facility Lease as Exhibit B. Base Rental will be calculated on an annual basis, for the twelve-month periods commencing on March 1 and ending on the last day of February (except for the first rental payment period, which will run from the date of recordation of the Facility Lease to February 28, 1989), and each annual Base Rental will be divided into two interest components, payable on March 15 and September 15 of each rental payment period, and one principal component, payable on September 15 of each rental payment period. Each Base Rental payment installment will be payable on the fifteenth (15th) day of the month immediately preceding its due date and any interest or other income with respect thereto accruing prior to such due date will belong to the City and will be returned by the Corporation to the City on April 1 and October 1 of each year. The interest components of the Base Rental payments will be paid by the City as and constitute interest paid on the principal components of the Base Rental payments to be paid by the City under the Facility B-7 1685S