RES 87418 - Laserfiche WebLink

The City shall have the option to purchase the Corporation's interest in any part of the Demised Premises and Capital Projects I and II upon payment of an option price in an amount sufficient, together with the earnings thereon, to provide funds to pay the aggregate amount for the entire remaining term of this Lease of the part of the total rent hereunder attributable to such part of Capital Projects I and II (determined by reference to the proportion which the acquisition, design and construction cost of such part of Capital Projects I and II bears to the acquisition, design and construction cost of all of Capital Projects I and II). Any such payment shall be made to the Trustee and shall be treated as Rental Payments (as such term is defined in the Trust Agreement), and shall be applied by the Trustee to pay the interest and principal components of the Certificates and to prepay Certificates on or after 1, 19__, pursuant to the provisions of Section 4.01(d) of the Trust Agreement and Section 13 of this Lease or to discharge the interest and principal components of the Certificates pursuant to Article X of the Trust Agreement. Upon the making of such payment to the Trustee, (a) the interest and principal components of each installment of Base Rental thereafter payable under this Lease shall be reduced by the amount thereof attributable to such part of Capital Projects I and II and theretofore paid pursuant to this Section, (b) Section 20 and this Section of this Lease shall not thereafter be applicable to such part of Capital Projects I and II, (c) the insurance required by Sections 7, 8 and 9 of this Lease need not be maintained as to such part of Capital Projects I and II, and (d) title to such part of Capital Projects I and II and of the portion of the Demised Premises upon which such part of Capital Projects I and II is located shall vest in the City and the term of this Lease shall end as to the portion of the Demised Premises upon which such part of Capital Projects I and II is located and to such part of Capital Projects I and II. The City, in its discretion, may request the COrporation to sell or exchange any personal property which may at any time constitute a part of Capital Projects I and II, and to release said personal property from this Lease, if (a) in the opinion of the City the property so sold or exchanged is no longer required or useful in connection with the operation of Capital Projects I and II, (b) the consideration to be received from the property is of a value substantially equal to the value of the property to be released, and (c) if the value of any such property shall, in the opinion of the Corporation, exceed the amount of $50,000, the Corporation shall have been furnished a certificate of an independent engineer or other qualified independent professional consultant (satisfactory to the Corporation) certifying the value thereof and further certifying that such F-29 1456S