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4 - RESO - BONDS AND LEASE AGMT
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4 - RESO - BONDS AND LEASE AGMT
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Last modified
5/29/2014 4:27:08 PM
Creation date
5/29/2014 3:52:24 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
4
Date
6/3/2014
Destruction Year
2019
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Payments to CB bh wire: <br />Payments to COPE by check (by overnight delivery only to this address ; <br />Payments to COPF by wire• <br />Section 4.4. Ouiet Enjoyment. Throughout the Term of this Lease Agreement, the <br />Authority will provide the City with quiet use and enjoyment of the Property and the City will <br />peaceably and quietly have and hold and enjoy the Property, without suit, trouble or hindrance <br />from the Authority, except as expressly set forth in this Lease Agreement. The Authority will, at <br />the request of the City and at the City's cost, join in any legal action in which the City asserts its <br />right to such possession and enjoyment to the extent the Authority may lawfully do so. <br />Notwithstanding the foregoing, the Authority and the ssi nees have the right to inspect the <br />Property as provided in Sections 5.12(c) and 7.2. <br />Section 4.5. Title. At all times during the Term of this Lease Agreement, the City shall <br />hold title to the Property, including all additions which comprise fixtures, repairs, replacements <br />or modifications thereto, subject to Permitted Encumbrances and subject to the provisions of <br />Section 7.2. <br />Upon the termination of this Lease Agreement (other than under Section 8.2(b) hereof), <br />all right, title and interest of the Authority in and to the Property shall be transferred to and <br />vested in the City. Upon the payment in full of all Lease Payments allocable to the Property, or <br />upon the deposit by the City of security for such Lease Payments as provided in Section 9.1, all <br />right, title and interest of the Authority in and to the Property shall be transferred to and vested <br />in the City. The Authority agrees to take any and all steps and execute and record any and all <br />documents reasonably required by the City to consummate any such transfer. <br />Section 4.6. Release of Excess Property. The City may, at any time and from time to time, <br />release any portion of the Property (the "Released Property') from the Lease, with the prior <br />written consent of the Assignees, which consent shall be at the Asi I sole discretion, and <br />upon satisfaction of all of the following requirements which are conditions precedent to such <br />release: <br />(a) The City shall certify to the Authority and the Assignees that no Event of Default has <br />occurred and is continuing, and no event giving rise to an abatement of Lease Payments under <br />Section 6.3 has occurred or is continuing with respect to the Property to be remaining following <br />release of the Released Property; <br />(b) The City shall file with the Authority and the ssi nees and cause to be recorded in <br />the office of the Orange County Recorder, an amendment to this Lease Agreement which <br />deletes the Released Property from the description of the Property; <br />(c) The City shall file with the Authority and the Assigr�ee . a written certificate of the <br />City stating the City's determination that the estimated value of the real property which will <br />remain leased under this Lease Agreement following such release is at least equal to the original <br />-14- <br />4-59 <br />
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