11-25-1991 HRA Meeting - Laserfiche WebLink

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ARTICLE V TERM OF LEASE Section 5.1. T<>rm of Lgaa This Lease shall be and remain in effect with re.*oect to the Project for a Lease Term commencing on the date hereoi. -?nd continuing until February 1. 2008. or until terminated as provided in Section 5.2. Section 5.2. Termination of Lease Term. The Term of the Lease will terminate prior to February 1^ 2008 upon the occurrence of the first of the following events: (a) termination of the Lease pursuant to Section 6.4 hereof; (b) defeasance of the Lease pursuant to Section 10.3 hereof; (c) a default by City and the Authority's election to terminate this Lease pursuant to Article XII; or (d) the payment by City of the Purchase Price, together with any fees and expenses due Authority or Trustee rieret^nder or under the Trust Indenture. Section 5.3. Conveyanea. Upon the termination of the Lease as set forth in (b) or (d) above. Authority shall convey all of its right, title and interest in the Project by quit claim deed and bill of sale. City shall pay all expenses of preparation of the documents of conveyance and all taxes and charges payable in connection with the conveyance. City shall take title subject to: (a) those liens and encumbrances, if any, to which the property was subject when conveyed to Authority; (b) those liens and encumbrances, if any, created, permitted or acquiesced in by City, or to the creation of which Authority did not consent; (c) those liens and encumbrances, if any, resulting from the failure of City to perform or observe any of its agreements in this Lease; (d) Permitted Encumbrances, other than this Lease; and (e) the lien of unpaid installments of special assessments levied against the Project and not yet due and payable. 5-1 '-y “!'