RES 87418 - Laserfiche WebLink

Lease, computed on the basis of a 360-day year composed of twelve 30-day months. Each annual payment of Base Rental will be for the use of the Demised Premises, of Capital Project I following completion of construction thereof, and of Capital Project II for the twelve-month period commencing on March 1 of the period in which such installments are payable. If the term of the Facility Lease has been extended pursuant to the Facility Lease, Base Rental payment installments will continue to be due on April 1 and October 1 in each year, and payable as described above, continuing to and including the date of termination of the Facility Lease, in an amount equal to the amount of Base Rental payable for the twelve-month period commencing March 1, 2008. Upon such extension of the Facility Lease, the principal and interest components of the Base Rental payments will be established so that the principal components will in the aggregate be sufficient to pay all unpaid principal components with interest components sufficient to pay all unpaid interest components plus interest on the extended principal components at a rate equal to the rate of'interest on the principal component of the Base Rental payable on September 15, 2008. Additional Rental The City is also required to pay the Corporation as Additional Rental the amount of all costs and expenses incurred by the Corporation in connection with the execution, performance or enforcement of the Facility Lease, or the assignment thereof, the Trust Agreement, the lease of the Demised Premises and the lease-back of the Demised Premises and Project to the City, including payment of all fees, costs and expenses and all administrative costs of the Corporation related to the Project, including all expenses, compensation and indemnification of the Trustee, fees of auditors, accountants, attorneys or engineers, insurance premiums, taxes and utilities and all other necessary administrative costs of the Corporation or charges required to be paid by it. City Provision of Rent The City covenants to include all Base Rental and Additional Rental Payments in its annual budget and to make the necessary annual appropriations for all such payments. The covenants on the part of the City under the Facility Lease will be deemed to be and will be construed to be duties imposed by law. The Corporation and the Trustee will be furnished copies of each annual budget of the City within 30 days after the adoption thereof. B-8 1685S