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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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Template:
City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
4
Date
6/3/2014
Destruction Year
2019
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portion thereof to the extent to be agreed upon by the City and the Assignees. The parties agree <br />that the amounts of the Lease Payments under such circumstances shall not be less than the <br />amounts of the unpaid Lease Payments as are then set forth in Exhibit C, unless such unpaid <br />amounts are determined to be greater than the fair rental value of the portions of the Property <br />not damaged or destroyed, based upon an appropriate method of valuation, in which event the <br />Lease Payments shall be abated such that they represent said fair rental value. Such abatement <br />shall continue for the period commencing with such damage or destruction and ending with the <br />substantial completion of the work of repair or reconstruction as evidenced by a Certificate of a <br />City Representative to the Authority and the Assignees. In the event of any such damage or <br />destruction, this Lease Agreement shall continue in full force and effect and the City waives any <br />right to terminate this Lease Agreement by virtue of any such damage and destruction. <br />Notwithstanding the foregoing, there shall be no abatement of Lease Payments under this <br />Section 6.3 to the extent that (a) the proceeds of rental interruption insurance or (b) amounts in <br />the Insurance and Condemnation Fund are available to pay Lease Payments which would <br />otherwise be abated under this Section 6.3, it being hereby declared that such proceeds and <br />amounts constitute special funds for the payment of the Lease Payments. <br />_22_ <br />4 -67 <br />
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