2. SR 05-14-2007 - Laserfiche WebLink

Home Browse Search

ARTICLE ill RENTAL PAYMENTS AND TERM Section 3.01. Basic Rent. On or before January 15,2008, and semiannually thereafter on or before each January 15 and July 15 through the Maturity Date (each a "Lease Payment Date"), Lessee shall pay in immediately available funds: (i) one-third of the amount payable as interest on the Bonds on the following February 1 or August 1 semiannual interest payment date (less any amount allocated as capitalized interest pursuant to the Bond Resolution). after annlication of anv Landfill Grant nroceeds on such interest navrnent date in Dccorrlance with Section 2.0Hh) hereof; plus (ii) one-third ofthe amount, if any, payable as principal of the Bonds due on such semiannual interest payment date (whether at maturity or by call for redemption) plus any premium due on the Bonds on such date. after annlication of anv T .andfill Grant nroceeds on slIch interest navrnent date in accorrlance with Section 2.01(h) hereof. Collectively, such payments are referred to as "Basic Rent". From and after the Maturity Date, the Basic Rent shall be $1.00 per year, payable on or before January 1 first following the Maturity Date and each January 1 thereafter through the Lease Term. Section 3.02. Additional Rent. During the Lease Term, Lessee shall also payor cause to be paid the following amounts (the "Additional Rent"): (a) Until the Maturity Date, one third of all fees, charges and expenses, including agent and counsel fees, of any paying agent incurred under the Bond Resolution, as and when the same become due. (b) Until the Maturity Date, one third of all costs incident to the payment of the principal of, premium, if any, and interest on the Bonds as the same become due and payable, including redemption premiums, if any, and all other costs and expenses in connection with the call, redemption and payment of the Bonds. (c) Until the Maturity Date, one third of all payments required by the rebate covenants under the Tax Exemption Agreement, including without limitation any fees payable to consultants retained to analyze rebate requirements. (d) An amount sufficient to reimburse Lessor for all expenses reasonably incurred by Lessor hereunder and in connection with the performance of Lessor's obligations under this Lease or the Bond Resolution. (e) All expenses incurred in connection with the enforcement of any rights under this Lease by the Authority or the City. (1) All costs of insurance payable by Lessee under Section 7.0 I hereof. (g) All other payments of whatever nature which Lessee has agreed to payor assume under the provisions of this Lease. Section 3.03. Interest on Unpaid Rent. In the event Lessee shall fail to make any payment of Basic Rent or Additional Rent under Section 3.01 or 3.02, the item or installment so in default shall continue as an obligation of Lessee until the amount in default shall have been