2. SR 05-14-2007 - Laserfiche WebLink

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service. and thus reduce Basic Rent navahle hv T ,essee under section 3.01 hereof. in the amount and to the extent that the net nresent value of Rasic Rent reduction (calculated as of the Comnletion Date usinQ" vield on the Bonds as the discount rate) eouals the amount of !:Xl:fSS. Project Costs (81'Slblamg lIie sa&t af afty EElblipmeat) in elleeSG ef the MIH,i_ Baad Amaoot paid by Lessee under paragraph (g) of this Section. To the extent Landfill Grant proceeds remain after reimbursement of Lessee in full for such excess costs throuI'h Basic Rent reduction, the City may use sbleh gram f-oodsT .andfill Grant nroceeds for any purpose authorized by law. If total Project Costs as of the Completion Date (excluding the cost of any Equipment and Lessee Equipment) are less than the Maximum Bond Amount, the City may apply Landfill Grant proceeds for any purpose authorized by law, and Lessee shall have no right, title or interest in such grant proceeds. (i) The Completion Date shall be the date on which the Facilities are completed in their entirety and ready to be placed in service and all other property which constitutes the Facilities has been acquired and installed, all as reasonably determined by Lessor. Promptly after the Completion Date, Lessor shall submit to Lessee a Completion Certificate signed by an officer of Lessor, substantially in the form of Exhibit C hereto, which shall specifY the Completion Date and shall state that construction and acquisition of the Facilities has been completed and the Project Costs have been paid, except for any portion thereof which has been incurred but is not then due and payable, or the liability for the payment of which is being contested or disputed by Lessor (or by the City on behalf of Lessor), and for the payment of which Lessor has retained specified amounts of moneys within the Project Fund. Notwithstanding the foregoing, the Completion Certificate may state that it is given without prejudice to any rights against third parties which exist at the date thereof or which may subsequently come into being. The Completion Certificate shall include a list of the equipment, if any, financed with proceeds of the Bonds and included as part of the Facilities. Section 2.02. Coordination of Construction. After Lessor has obtained the necessary permits and governmental approvals, Lessor shall provide notice to Lessee of the date construction of the Building is to commence. Commencement of construction, the progress of construction, use of staging and storage areas, ingress and egress rights and construction progress meetings shall all be coordinated between Lessor and Lessee. Lessor and Lessee shall have the right to attend all construction progress meetings and to receive copies of all construction progress reports from the Architect and the Contractor. Section 2.03. Representations and Warranties of Lessee. Lessee represents and warrants to Lessor that: (a) Lessee is a Minnesota corporation, exempt from federal income taxation under Section 501(a) of the Code, as an organization described in Section 501(c)(3) of the Code; is possessed of full power to own and hold real and personal property, and to sell the same; and has duly authorized the execution and delivery ofthis Lease. (b) Neither the execution and delivery of this Lease, nor the fulfillment of or compliance with the terms and conditions thereof, nor the consummation of the transactions contemplated thereby, conflicts with or results in a breach of the terms, conditions or provisions of any restriction or any agreement or instrument to which Lessee is now a party or by which Lessee is bound. Section 2.04. Representations and Warranties of Lessor. (a) Lessor is a public body corporate and politic and a political subdivision of the State of Minnesota.