11-25-1991 HRA Meeting - Laserfiche WebLink

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Hi- U' ‘.* 1,1?; t; I k. :r. L-'f f I w t - Payments which are due and have not been paid at or before the end of its then current Fiscal Year. The City shall endeavor to give notice of termination not less than sixty (60) days prior to the end of such Fiscal Year, and shall notify the Authority of any anticipated termination. In the event of termination of this Lease as provided in this Section, the City shall deliver possession of the Project to the Authority in accordance with Section 12.3, and release its interest in the Project granted under this Lease within ten (10) days after the termination of this Lease. Section 6.5. Inrent to Contlnu# Pit]*php«A Paymanrgt Aporoprlatir>ng. The City presently intends to continue this Lease for its entire Term and to pay all Lease-Purchase Payments required hereunder. The City's administrator will include in the budget request for each Fiscal Year the Lease-Purchase Payments to become due in such Fiscal Year, and will use all reasonable and lawful means at his/her disposal to secure the appropriation of money for such Fiscal Year sufficient to pay the Lease-Purchase Payments coming due therein. The City reasonably believes that moneys in an amount sufficient to malce all such Lease-Purchase Payments can and will lawfully be appropriated and made available for this purpose. To provide t.he funds necessary to malce the Lease-Purchase Payments, City agrees, subject to the provisions of Section 6.4, that it will include in each annual budget an appropriation sufficient therefor and will levy general ad valorem taxes in uhe amount required, together with any other available and appropriated funds, to malce the Lease-Purchase Payments. Section 6.6. Effgrr of Termination- Upon termination Of this Lease as provided in Section 6.4, the City shall not be responsible for the payment of any a&ditional Lease-Purchase Payments coming due with respect to succeeding Fiscal Years, but if the City has not delivered possession of the Project to the Authority in accordance with Section 12.3 and conveyed to Lessor or released its interest in the Project granted under this Lease within ten (10) days after the termination of the Lease, the termination shall nevertheless be effective, but the City shall be responsible for the payment of damages in an amount equal to the amount of the Lease-Purchase Payments thereafter coming due under Exhibit B which are attributable to the number of days after such ten (10) day period during which the City fails to take such actions. Section 6.7. City shall during the Lease Term, within thirty (30) business days after written notice that such payment is due, also pay the following amounts to the following persons: 6-2 , f» .. I