2. SR 05-14-2007 - Laserfiche WebLink

Home Browse Search

fully paid, and Lessee agrees to pay interest on any delinquent Basic Rent or Additional Rent at a rate of interest equal to the yield on the Bonds. Section 3.04. Lessee's Obligations and Remedies. (a) Lessee's obligation to pay Basic Rent and Additional Rent, and to perform and observe all other covenants and agreements of Lessee contained herein, shall be absolute and unconditional; and the Basic Rent and Additional Rent due and payable hereunder shall be made without notice or demand and without set-off, counterclaim, abatement, deduction or defense including, without limitation: (i) receipt by Lessor or the City of funds from any source, including without limitation any Landfill Grant, to pay any portion of the cost of the Facilities or pay any portion of principal of or interest on the Bonds, except to the extent provided otherwise in Section 2.01(h) hereof; (ii) any failure or delay by Lessor in the performance of any of its obligations hereunder; and (iii) irrespective of whether the Facilities shall have been started or completed, or whether the City's or Lessor's title thereto or to any part thereof is defective or nonexistent; and (iv) notwithstanding any damage to, loss, theft or destruction of the Facilities or any part thereof; and (v) any failure of consideration, the taking by eminent domain of title to or of the right of temporary use of all or any part of the Facilities, legal curtailment of Lessee's use thereof, the eviction or constructive eviction of Lessee, any change in the tax or other laws of the United States of America, the State of Minnesota or any political subdivision thereof, any change in the Authority's legal organization or status, or any default by the Authority hereunder, and regardless of the invalidity of any action of the Authority, and regardless of the invalidity of any portion of this Lease. (b) Nothing in this Lease shall be construed to release Lessor from the performance of any agreement on its part herein contained or as a waiver by Lessee of any rights or claims which Lessee may have against Lessor under this Lease or otherwise, but any recovery upon such rights and claims shall be had from Lessor separately, it being the intent of this Lease that Lessee shall be unconditionally and absolutely obligated to perform fully all of its obligations, agreements and covenants under this Lease during the Lease Term (including the obligation to pay Basic Rent and Additional Rent) for the benefit of Lessor. Lessee may, however, at its own cost and expense and in its own name or in the name of Lessor, prosecute or defend any action or proceeding or take any other action involving third persons which Lessee deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event Lessor hereby agrees to cooperate fully with Lessee and to take all action necessary to effect the substitution of Lessor for Lessee in any such action or proceeding if Lessee shall so request. Section 3.05. Possession and Enjovment. Lessor hereby covenants to provide Lessee during the Lease Term with quiet use and enjoyment of the Land and Facilities, and Lessee shall during the Lease Term peaceably and quietly have and hold and enjoy the Land and Facilities, without suit, trouble or hindrance from Lessor, except as expressly set forth in this Lease. At the request of Lessee and at Lessee's cost, Lessor will join in any legal action in which Lessee asserts its right to such possession and enjoyment to the extent Lessor may lawfully do so. Section 3.06. Authority Access to Land and Facilities. Lessor shall have the right at all reasonable times to examine and inspect the Land and Facilities, and shall have such rights of access to the Land and Facilities as may be reasonably necessary to cause the proper maintenance thereof in the event of failure by Lessee to perform its obligations hereunder. Section 3.07. Term of Lease. The term of this Lease (the "Lease Term") initially shall be a period commencing on the date hereof and ending thirty-one (31) years thereafter (the