Conveyances Required; Lease; Company Payments Sample Clauses

Conveyances Required; Lease; Company Payments. Contemporaneous with the issuance of the Bonds: (i) the Company shall convey to the City marketable fee simple title to the Property, subject only to Permitted Encumbrances; and (ii) the City shall lease to the Company via the Lease the Property for a term co-terminus with the term of the Bonds, all in accordance with terms and conditions set forth in the Bond Documents. At Closing, the Company shall (i) pay (or receive credit for if pre-paid) as purchase price for the Bonds: (a) all closing costs incurred in connection with the conveyance of the Property contemplated by this Agreement, including charges related to the issuance of the Title Policy; (b) all costs and expenses associated with the preparation and review of this Agreement in accordance with the Initial Funding Agreement; (c) all closing costs, fees and charges associated with issuance of the Bonds; (ii) deliver to the City a special warranty deed and any other necessary instruments of transfer for the Property; and (iii) deliver to the City the Title Policy or a written binding commitment to issue the Title Policy. From time to time, as the Company constructs the Project: (i) the City shall issue in multiple annual series Bonds in aggregate principal amounts in each such series corresponding to the costs of the portions of the Project then completed or installed, but not previously financed or conveyed to the City under this Agreement and the Bond Documents; (ii) using amounts then provided in the applicable accounts within the Acquisition Fund and from no other source whatsoever, the City shall acquire the applicable portions of the Project for the acquisition prices set forth in the Indenture or any applicable supplement thereto; and (iii) the City shall lease to the Company via the Lease or applicable amendments thereto the portions of the Project so acquired for a term co- terminus with the term of the Bonds. The Company and the City each intend that payments made from time to time under the Lease shall at all times be equal to and timed to coincide with the due dates of, and pledged to pay, all applicable principal and interest as the same shall become due and payable with respect to the applicable series of Bonds.
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Related to Conveyances Required; Lease; Company Payments

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