DRAFT. In the event that during any Fiscal Year, any Additional Rentals shall become due which were not included in a duly enacted appropriation resolution then, in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation shall be deemed to have occurred, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding any provision to the contrary herein, if an Event of Nonappropriation occurs, the County’s rights of possession of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue after the end of the last day of the Fiscal Year for which this Lease shall be in effect; provided, however, that, subject to the limitations of Sections 6.01 and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held in the accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, shall be held by the Trustee for the benefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the Insurer.]
Appears in 1 contract
Sources: Lease Purchase Agreement
DRAFT. In The Corporation shall give written notice to the event that during any Fiscal Year, any Additional Rentals Trustee of its selection of the Series and maturity payment of which shall become due be made in accordance with this Section. The Trustee shall select the Bonds of like Series and maturity payment of which were not included shall be made in a duly enacted appropriation resolution then, accordance with this Section in the event that moneys are not specifically budgeted and appropriated manner provided in Section 4.04 hereof. Neither the Defeasance Securities nor money deposited with the Trustee pursuant to pay this Section nor principal or interest payments on any such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation Defeasance Securities shall be deemed to have occurredwithdrawn or used for any purpose other than, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding any provision to the contrary herein, if an Event of Nonappropriation occursand shall be held in trust for, the County’s rights of possession of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentalsprincipal, Additional Rentals Sinking Fund Installments, if any, or any other payments provided for herein which accrue after the end Redemption Price, if applicable, of the last day of the Fiscal Year for which this Lease shall be in effectand interest on said Bonds; provided, however, thatthat any money received from such principal or interest payments on such Defeasance Securities deposited with the Trustee, subject if not then needed for such purpose, shall, to the limitations extent practicable, be reinvested in Defeasance Securities maturing at times and in amounts sufficient to pay when due the principal, Sinking Fund Installments, if any, or Redemption Price, if applicable, of Sections 6.01 and 14.03 interest to become due on said Bonds on and prior to such redemption date or maturity date hereof, as the County shall continue to be liable for Base Rentals and Additional Rentals allocable to case may be. Any income or interest earned by, or increment to, the investment of any period during which the County shall continue to occupysuch money so deposited, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon to the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held in the accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired extent certified by the Trustee upon to be in excess of the termination amounts required hereinabove to pay the principal, Sinking Fund Installments, if any, or Redemption Price, if applicable, of this Lease by reason of an Event of Nonappropriation and interest on such Bonds, as provided hereinrealized, less any moneys due and owing to the Trustee, shall be held paid by the Trustee for as follows: First, to the benefit Arbitrage Rebate Fund, the amount required to be deposited therein in accordance with the direction of an Authorized Officer of the Owners as set forth in Corporation; second, to each Provider the IndentureProvider Payments which have not been repaid, pro rata, based upon the respective Provider Payments then unpaid to each Provider; and, then, the balance thereof to the Corporation. [Upon the occurrence of an Event of Nonappropriation, The money so paid by the Trustee shall immediately give notice be released of such occurrence to the Insurerany trust, pledge, lien, encumbrance or security interest created hereby.]
Appears in 1 contract
Sources: Master Trust Indenture
DRAFT. If more than thirty percent (30%) of the area of the Premises shall be taken or appropriated under the power of eminent domain or conveyed in lieu thereof, Tenant shall have the right to terminate this Lease at its option. If any part of the Building shall be taken or appropriated under power of eminent domain or conveyed in lieu thereof and such taking is so extensive that it renders the remaining portion of the Building unsuitable for the use being made of the Building on the date immediately preceding such taking, Landlord may terminate this Lease at its option. In either of such events, Landlord shall receive (and Tenant shall assign to Landlord upon demand from Landlord) any income, rent, award or any interest therein which may be paid in connection with the event exercise of such power of eminent domain, and Tenant shall have no claim against Landlord or the condemning authority for any part of sum paid by virtue of such proceedings, whether or not attributable to the value of the unexpired term of this Lease except that during Tenant shall be entitled to petition the condemning authority for the following: (i) the then unamortized cost of any Fiscal YearAlterations or tenant improvements paid for by Tenant from its own funds (as opposed to any allowance provided by Landlord); (ii) the value of Tenant’s trade fixtures; (iii) Tenant’s relocation costs; and (iv) Tenant’s goodwill, loss of business and business interruption. If a part of the Premises shall be so taken or appropriated or conveyed and neither party hereto shall elect to terminate this Lease and the Premises have been damaged as a consequence of such partial taking or appropriation or conveyance, Landlord shall restore the Premises continuing under this Lease at Landlord’s cost and expense; provided, however, that Landlord shall not be required to repair or restore any Additional Rentals injury or damage to the property of Tenant or to make any repairs or restoration of any Alterations installed on the Premises by or at the expense of Tenant. Thereafter, the Rent to be paid under this Lease for the remainder of the Term shall become due which were not included in a duly enacted appropriation resolution thenbe proportionately reduced, such that thereafter the amounts to be paid by Tenant shall be in the event ratio that moneys they are of the portion of the Premises not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent so taken bears to the date upon which such Additional Rentals are due, an Event total area of Nonappropriation shall be deemed to have occurred, upon notice by the Trustee to the County Premises prior to such effect (subject to waiver by the Trustee as hereinbefore provided)taking. Notwithstanding any provision anything to the contrary hereincontained in this ARTICLE 24, if an Event the temporary use or occupancy of Nonappropriation occurs, the County’s rights of possession any part of the Leased Property Premises shall be taken or appropriated under this Lease shall terminate at power of eminent domain during the end of the last day of the Fiscal Year for which Term, this Lease shall be and remain unaffected by such taking or appropriation and Tenant shall continue to pay in effectfull all Rent payable hereunder by Tenant during the Term; in the event of any such temporary appropriation or taking, Tenant shall be entitled to receive that portion of any award which represents compensation for the use or occupancy of the Premises during the Term, and Landlord shall be entitled to receive that portion of any award which represents the County shall not be obligated to make payment cost of restoration of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue Premises and the use and occupancy of the Premises after the end of the last day Term. If such temporary taking is for a period longer than one hundred eighty (180) days and unreasonably interferes with Tenant’s use of the Fiscal Year for which Premises, then Tenant shall have the right to terminate this Lease shall be in effect; provided, however, that, subject Lease. Landlord and Tenant understand and agree that the provisions of this ARTICLE 24 are intended to govern fully the limitations of Sections 6.01 rights and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession obligations of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held parties in the accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit event of the Owners. After the 10th Business Day a Taking of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, shall be held by the Trustee for the benefit portion of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the InsurerPremises.]
Appears in 1 contract
Sources: Lease Agreement
DRAFT. In If no appointment of a successor Escrow Agent or a temporary successor Escrow Agent shall have been made by the event that during District pursuant to the foregoing provisions of this Section within 60 days after written notice of resignation of the Escrow Agent has been given to the District, the holder of any Fiscal Yearof the Refunded Certificates or any retiring Escrow Agent may apply to any court of competent jurisdiction for the appointment of a successor Escrow Agent, and such court may thereupon, after such notice, if any, as it shall deem proper, appoint a successor Escrow Agent. No successor Escrow Agent shall be appointed unless such successor Escrow Agent shall be a corporation with trust powers authorized to do business in the State of Missouri and organized under the banking laws of the United States or the State of Missouri and shall have at the time of appointment capital and surplus of not less than $10,000,000. Every successor Escrow Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the District an instrument in writing accepting such appointment hereunder, and thereupon such successor Escrow Agent without any further act, deed or conveyance shall become fully vested with all the rights, immunities, powers, trusts, duties and obligations of its predecessor, but such predecessor shall, nevertheless, on the written request of such successor Escrow Agent or the District, execute and deliver an instrument transferring to such successor Escrow Agent all the estates, properties, rights, powers and trusts of such predecessor hereunder, and every predecessor Escrow Agent shall deliver all securities and money held by it to its successor. Should any transfer, assignment or instrument in writing from the District be required by any successor Escrow Agent for more fully and certainly vesting in such successor Escrow Agent the estates, rights, powers and duties hereby vested or intended to be vested in the predecessor Escrow Agent, any Additional Rentals shall become due such transfer, assignment and instruments in writing shall, on request, be executed, acknowledged and delivered by the District. Any corporation into which were not included in a duly enacted appropriation resolution thenthe Escrow Agent, in or any successor to it of the event that moneys are not specifically budgeted duties and appropriated to pay such Additional Rentals within 45 days [(or longerresponsibilities created by this Escrow Agreement, as may be approved by merged or converted or with which it or any successor to it may be consolidated, or any corporation resulting from any merger, conversion, consolidation or reorganization to which the Insurer)] subsequent Escrow Agent or any successor to it may be a party, shall, if satisfactory to the date upon which such Additional Rentals are dueDistrict, an Event be the successor Escrow Agent under this Escrow Agreement without the execution or filing of Nonappropriation shall be deemed to have occurredany paper or any other act on the part of the parties hereto, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding any provision anything herein to the contrary herein, if an Event of Nonappropriation occurs, the County’s rights of possession of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue after the end of the last day of the Fiscal Year for which this Lease shall be in effect; provided, however, that, subject to the limitations of Sections 6.01 and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held in the accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, shall be held by the Trustee for the benefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the Insurernotwithstanding.]
Appears in 1 contract
Sources: Escrow Trust Agreement and Restated Lease Agreement
DRAFT. In the event that during any Fiscal Year, any Additional Rentals shall become due which were not included in a duly enacted appropriation resolution then, in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent The Landlord giving notice to the date upon Tenant, which such Additional Rentals are due, an Event of Nonappropriation shall be deemed to have occurred, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding any provision to the contrary herein, if an Event of Nonappropriation occurs, the County’s rights of possession is only possible using one of the Leased Property under this Lease shall terminate at the end 18 grounds for eviction set out in schedule 3 of the last day Act. This can happen either: - By the Landlord giving the Tenant a Notice to Leave stating one or more of the Fiscal Year for which this Lease shall be in effecteviction grounds, and the County shall not be obligated Tenant choosing to make payment leave. In this case, the tenancy will come to an end on the day specified in the Notice to Leave, or the day on which the Tenant actually leaves the Let Property, whichever is the later. or: - By the Landlord giving the Tenant a Notice to Leave stating one or more of the Base Rentalseviction grounds and then, Additional Rentals or any other payments provided for herein which accrue if the Tenant chooses not to leave on the day after the notice period expires, subsequently obtaining an eviction order from the Tribunal on the stated eviction ground(s). In this case, the tenancy will come to an end on the date specified in the eviction order. The Landlord can bring the tenancy to an end only if one of the last 18 grounds for eviction apply. If the Landlord serves a Notice to Leave on the Tenant, he or she must specify which eviction ground(s) is being used and give the reasons why they believe this eviction ground applies. This may be applicable should the tenant breach this agreement. If the Landlord applies to the Tribunal for an eviction order, the Tribunal will ask the Landlord to provide supporting evidence for any eviction ground(s) being used. The amount of notice a Landlord must give the Tenant will depend on which eviction ground is being used by the Landlord and how long the Tenant has lived in the Let Property. The Landlord must give the Tenant at least 28 days’ notice if, on the day the Tenant receives the Notice to Leave, the Tenant has been entitled to occupy the Let Property for six months or less, or if the eviction ground (or grounds) that the Landlord is stating is one or more of the Fiscal Year following: The Tenant: • Is not occupying the Let Property as his or her only or principal home • Has breached the tenancy agreement • Is in rent arrears for which this Lease shall be three or more consecutive months • Has a relevant criminal conviction • Has engaged in effect; providedrelevant antisocial behaviour • Has associated with a person who has a relevant conviction or has engaged in antisocial behaviour • Is in breach of the contents set out in Section 17 or other relevant clauses DRAFT The Landlord must give the Tenant at least 84 days’ notice if, however, that, subject on the date the Tenant receives the Notice to the limitations of Sections 6.01 and 14.03 hereofLeave, the County shall continue Tenant has been entitled to be liable occupy the Let Property for Base Rentals over six months and Additional Rentals allocable the Notice to any period during which the County shall continue to occupy, use Leave does not rely exclusively on one (or retain possession more) of the Leased Property, beginning with the first day of the Fiscal Year eviction grounds already mentioned in respect of which the Event of Nonappropriation occursthis paragraph. The County shall in Landlord must secure repossession only by lawful means and must comply with all events vacate or surrender possession of relevant legislation affecting private residential tenancies. SCHEDULE 3 TO THE ACT – EVICTION GROUNDS Schedule 3 sets out the Leased Property by the 10th Business Day of the Fiscal Year in respect of 18 grounds under which the Event of Nonappropriation has occurreda Landlord may seek eviction. The Trustee shall, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held in the accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, shall be held by the Trustee for the benefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the Insurer.]COPY
Appears in 1 contract
DRAFT. A Bank Bondowner shall decide whether to sell any Liquidity Provider Bonds owned by it to any Purchaser and shall give notice of such decision to the City and the Remarketing Agent by 2:00 p.m. on the Business Day preceding the Sale Date. In the event that during any Fiscal Yearsuch notice is not timely delivered by a Bank Bondowner, any Additional Rentals shall become due which were not included in a duly enacted appropriation resolution then, in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation Bank Bondowner shall be deemed to have occurred, upon notice by determined to sell such Liquidity Provider Bonds to a Purchaser on the Trustee to the County to such effect Sale Date (subject to waiver receipt by it of the funds called for by the Trustee as hereinbefore providednext following sentence). Notwithstanding any provision If a Bank Bondowner determines or is deemed to have determined to sell such Liquidity Provider Bonds to a Purchaser, such Bank Bondowner shall deliver such Liquidity Provider Bonds to the contrary hereinPaying Agent/Registrar (or, if an Event in the case of Nonappropriation occursLiquidity Provider Bonds which are Book Entry Bonds, shall cause the beneficial ownership thereof to be credited to the account of the Remarketing Agent at DTC) by 10:00 a.m. on the Sale Date against receipt of the Sale Price therefor in immediately available funds in the Bond Fund or at the Bank Bondowner’s address listed in the registration records kept by the Paying Agent/Registrar, and such Liquidity Provider Bonds shall thereupon no longer be considered Liquidity Provider Bonds; and as provided in the Ordinance, such Liquidity Provider Bonds shall be deemed to have been delivered and such Bonds shall no longer be considered Liquidity Provider Bonds. When Liquidity Provider Bonds are purchased in accordance with this subsection (h), the County’s rights of possession of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue after the end of the last day of the Fiscal Year for which this Lease shall be in effect; provided, however, that, subject to the limitations of Sections 6.01 and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee Paying Agent/Registrar shall, upon receipt of such Liquidity Provider Bonds and upon receipt by such Bank Bondowner of the occurrence Sale Price, notify the City that such Bonds are no longer Liquidity Provider Bonds. Any sale of an Event a Liquidity Provider Bond pursuant to this subsection (h) shall be without recourse to the seller and without representation or warranty of Nonappropriationany kind. If a Bank Bondowner notifies the Paying Agent/Registrar and the Remarketing Agent, be entitled to all moneys then on hand and being held as provided in the accounts within all funds created under first sentence of this subsection (h), that it will not sell its Liquidity Provider Bonds, the IndenturePaying Agent/Registrar shall notify the City, including the Reserve FundRemarketing Agent, for the benefit Bank and such Bank Bondowner that as of the Owners. After Sale Date such Bond or Bonds shall no longer constitute Liquidity Provider Bonds, and such Bonds shall be deemed to have been remarketed and no longer constitute Liquidity Provider Bonds and the 10th Business Day Available Amount of the Fiscal Year in respect Letter of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, Credit shall be held by the Trustee for the benefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the Insurerappropriately increased.]
Appears in 1 contract
Sources: Reimbursement Agreement
DRAFT. A Bank Bondowner shall decide whether to sell any Liquidity Provider Bonds owned by it to any Purchaser and shall give notice of such decision to the City and the Remarketing Agent by 2:00 p.m. on the Business Day preceding the Sale Date. In the event that during any Fiscal Yearsuch notice is not timely delivered by a Bank Bondowner, any Additional Rentals shall become due which were not included in a duly enacted appropriation resolution then, in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation Bank Bondowner shall be deemed to have occurred, upon notice by determined to sell such Liquidity Provider Bonds to a Purchaser on the Trustee to the County to such effect Sale Date (subject to waiver receipt by it of the funds called for by the Trustee as hereinbefore providednext following sentence). Notwithstanding any provision If a Bank Bondowner determines or is deemed to have determined to sell such Liquidity Provider Bonds to a Purchaser, such Bank Bondowner shall deliver such Liquidity Provider Bonds to the contrary hereinPaying Agent/Registrar (or, if an Event in the case of Nonappropriation occursLiquidity Provider Bonds which are Book Entry Bonds, shall cause the beneficial ownership thereof to be credited to the account of the Remarketing Agent at DTC) by 10:00 a.m. on the Sale Date against receipt of the Sale Price therefor in immediately available funds in the Purchase Fund or at the Bank Bondowner’s address listed in the registration records kept by the Paying Agent/Registrar, and such Liquidity Provider Bonds shall thereupon no longer be considered Liquidity Provider Bonds; as provided in the Ordinance, such Liquidity Provider Bonds shall be deemed to have been delivered and such Bonds shall no longer be considered Liquidity Provider Bonds. When Liquidity Provider Bonds are purchased in accordance with this subsection (h), the County’s rights of possession of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue after the end of the last day of the Fiscal Year for which this Lease shall be in effect; provided, however, that, subject to the limitations of Sections 6.01 and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee Paying Agent/Registrar shall, upon receipt of such Liquidity Provider Bonds and upon receipt by such Bank Bondowner of the occurrence Sale Price, notify the City that such Bonds are no longer Liquidity Provider Bonds. Any sale of an Event a Liquidity Provider Bond pursuant to this subsection (h) shall be without recourse to the seller and without representation or warranty of Nonappropriationany kind. If a Bank Bondowner notifies the Paying Agent/Registrar and the Remarketing Agent, be entitled to all moneys then on hand and being held as provided in the accounts within all funds created under first sentence of this subsection (h), that it will not sell its Liquidity Provider Bonds, the IndenturePaying Agent/Registrar shall notify the City, including the Reserve FundRemarketing Agent, for the benefit Bank and such Bank Bondowner that as of the Owners. After Sale Date such Bond or Bonds shall no longer constitute Liquidity Provider Bonds, and such Bonds shall be deemed to have been remarketed and no longer constitute Liquidity Provider Bonds and the 10th Business Day Available Amount of the Fiscal Year in respect Letter of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, Credit shall be held by the Trustee for the benefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the Insurerappropriately increased.]
Appears in 1 contract
Sources: Reimbursement Agreement
DRAFT. The deposit monies are expressly deemed to be deposit monies only, and not partial payments. Default in payment of any amount payable pursuant to this Agreement on the date or within the time specified, shall constitute substantial default hereunder, and the Vendor shall have the right to terminate this Agreement and forfeit all deposit monies in full as liquidated damages and not as a penalty. Without prejudice to the Vendor's rights as to forfeiture of deposit monies as aforesaid, and in addition thereto, the Vendor shall have the right to recover from the Purchaser any monies owing to the Vendor pursuant to this Agreement and not paid to the Vendor in accordance with the terms hereof and/or all additional costs, losses and damages arising out of default on the part of the Purchaser pursuant to any provision contained in this Agreement, including interest thereon from the date of demand for payment at the rate of 24% per annum, calculated daily, not in advance, until paid. In the event that during any Fiscal Year, any Additional Rentals shall become due which were not included in a duly enacted appropriation resolution thenthis Agreement, in future, is amended in order to accelerate the Closing of the transaction or to change or alter the construction specifications of the Dwelling by giving the Purchaser a credit or reduction against the Purchase Price and the Purchaser fails to complete the transaction, all damages shall be assessed as if such amendment was not entered into. In the event that moneys any one or more of the provisions of this Agreement or any portion or portions thereof are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(invalid or longerunenforceable, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation same shall be deemed to have occurred, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding any provision to the contrary herein, if an Event of Nonappropriation occurs, the County’s rights of possession of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, deleted herefrom and the County shall not be obligated deemed to make payment affect the enforceability or validity of the Base Rentalsbalance of this Agreement. The Purchaser, Additional Rentals if required by the Vendor, shall execute and deliver on Closing one or more covenants incorporating the terms hereof. There is no representation, warranty, collateral Agreement or condition affecting this Agreement or the Property, or supported hereby, except as set forth herein in writing. In the event there is a conflict between any other payments provided for herein term(s) in this Agreement, the Vendor shall determine which accrue after conflicting term(s) prevail(s). The Purchaser acknowledges and agrees that the end covenants and obligations of the last day Vendor contained in this Agreement shall be those of the Fiscal Year for which Vendor only and should the Vendor represent or act as trustee or agent on behalf of a beneficiary or principal (whether disclosed or undisclosed) in executing this Lease Agreement, such beneficiary or principal shall have no liability under this Agreement, such liability being restricted to the Vendor only. All buildings and equipment shall be in effect; provided, however, that, subject and remain at the Vendor's risk until Closing. In the event of any damage to the limitations of Sections 6.01 and 14.03 hereofDwelling, however caused, the County Vendor shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then the insurance proceeds payable under any insurance policy coverage on hand the Dwelling. Deed to be prepared at Vendor's expense, and being held shall be executed by the Purchaser if required by the Vendor and shall be registered forthwith on Closing at the Purchaser's expense. The Purchaser shall pay the Vendor’s solicitor’s fees in the accounts within all funds created under amount of $500.00 (plus Applicable Taxes and disbursements) for each letter or other form of notice sent to the Indenture, including Purchaser or the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed Purchaser’s solicitor relating to exercise all or any Lease Remedies. All property, funds and rights acquired default by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, shall be held by the Trustee for the benefit of the Owners as set forth in the Indenture. [Upon the occurrence of an Event of Nonappropriation, the Trustee shall immediately give notice of such occurrence to the InsurerPurchaser.]
Appears in 1 contract
Sources: Purchase and Sale Agreement
DRAFT. In For the event that during any Fiscal Yearscope of services, any Additional Rentals please refer to the attached proposal from Cranston Engineering Group, P.C., which includes the fee schedule for service tasks. The CITY shall become due compensate the CONSULTANT for services, which have been authorized by the CITY under the terms of this Agreement. DRAFT The CONSULTANT may submit to the CITY a monthly invoice, in a form acceptable to the CITY and accompanied by all support documentation requested by the CITY, for payment for the services, which were completed during the billing period. The CITY shall review for approval said invoices. The CITY shall have the right to reject payment of any invoice or part thereof if not included properly supported, or if the costs requested or a part thereof, as determined solely by the CITY, are unreasonably in excess of the actual phase of completion of each phase. The CITY shall pay each such invoice or portion thereof as approved, provided that the approval or payment of any such invoice shall not considered to be evidence of performance by the CONSULTANT to the point indicted by such invoice, or of receipt of acceptance by the CITY of the service covered by such invoice. The CITY shall pay any undisputed items contained in such invoices. Each invoice shall be accompanied by a letter progress report describing the total work accomplished for each phase and any problems, which have been encountered, which may inhibit execution of the work. The CONSULTANT shall also submit an accurate updated schedule, and an itemized description of the percentage of total work completed for each phase during the billing period. When the CITY authorizes the CONSULTANT to proceed with the work authorized in a duly enacted appropriation resolution thenTask Order, it agrees to pay the CONSULTANT for work completed, on the basis of the standard billing rates shown in Attachment B to the Contract of those principals and employees engaged directly on the work. Compensation for design services shall be invoices based on the sum of all actual costs incurred in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [(or longer, as may be approved by the Insurer)] subsequent to the date upon which such Additional Rentals are due, an Event of Nonappropriation shall be deemed to have occurred, upon notice by the Trustee to the County to such effect (subject to waiver by the Trustee as hereinbefore provided). Notwithstanding any provision to the contrary herein, if an Event of Nonappropriation occurs, the County’s rights of possession performance of the Leased Property under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue after the end of the last day of the Fiscal Year for which this Lease shall be in effect; provided, however, that, subject to the limitations of Sections 6.01 and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession of the Leased Property, beginning with the first day of the Fiscal Year in respect of which the Event of Nonappropriation occurs. The County shall in all events vacate or surrender possession of the Leased Property by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shall, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held in the accounts within all funds created under the Indenturework, including all direct, payroll, overall and profit cost in an amount not-to-exceed the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination of this Lease by reason of an Event of Nonappropriation as provided herein, less any moneys due and owing to the Trustee, shall be held by the Trustee for the benefit of the Owners as compensation set forth in the Indentureterms of the Agreement or any authorized Task Order. [Upon All invoices submitted by the occurrence CONSULTANT shall be detailed to reflect incurred expenses, labor hours and costs by authorized Task. Overtime may be performed at the discretion of an Event the CONSULTANT, but the premium time portion of Nonappropriation, the Trustee shall immediately give notice of such occurrence overtime will not be billed to the InsurerCITY unless the CONSULTANT has requested acceleration of the scheduled work in writing.]
Appears in 1 contract
Sources: Consultant Services Agreement
DRAFT. In Notwithstanding anything to the event that during contrary contained in this Lease, at any Fiscal Yeartime and from time to time Lessee may mortgage, pledge and encumber its interests in this Lease and in any Additional Rentals shall become due which were not included in subleases, and assign this Lease and any subleases, licenses and other occupancy and use agreements as collateral security for such mortgage(s). The making of a duly enacted appropriation resolution then, in the event that moneys are not specifically budgeted and appropriated to pay such Additional Rentals within 45 days [leasehold mortgage (or longerany other such assignment, as may pledge or encumbrance) shall not be approved by deemed to constitute a prohibited assignment of this Lease, or of the Insurer)] subsequent leasehold estate hereby created, nor cause the holder of the leasehold mortgage (a “Mortgagee”) to the date upon which such Additional Rentals are due, be deemed an Event assignee of Nonappropriation this Lease. Such Mortgagee (or its nominee) shall be deemed an assignee of this Lease only at such time it succeeds to have occurredthe Lessee’s interest in this Lease by foreclosure of any leasehold mortgage, upon notice or assignment in lieu of the foreclosure, or if it exercises or attempts to exercise any rights or privileges of Lessee under the Lease. Upon such succession such Mortgagee (or nominee) shall be bound by the Trustee terms of this Lease only with respect to the County to obligations first arising after such effect (subject to waiver by the Trustee as hereinbefore provided)succession and shall be released and relieved of all further liabilities and obligations under this Lease once it assigns its interest in this Lease. Notwithstanding the foregoing, Mortgagee or such successors shall be liable for all rent due under the Lease, and for curing any provision breaches or defaults which continue after the Mortgagee or such successor acquire ▇▇▇▇▇▇’s interest in this Lease. Notwithstanding anything to the contrary hereincontinued in this Lease, if an Event any Mortgagee (or other person or entity) that succeeds to Lessee’s interest in this Lease by way of Nonappropriation occursforeclosure, assignment in lieu of foreclosure or the County’s rights exercise of possession any other remedies relating to the enforcement of the Leased Property any leasehold mortgage may assign this Lease to any telecommunications company with assets in excess of One Hundred Million Dollars ($100,000,000) and upon such assignment, such assignee shall be released from all further liability under this Lease shall terminate at the end of the last day of the Fiscal Year for which this Lease shall be in effect, and the County shall not be obligated to make payment of the Base Rentals, Additional Rentals or any other payments provided for herein which accrue after the end of the last day of the Fiscal Year for which this Lease shall be in effectLease; provided, however, thatthat the provisions hereof shall become null and void upon such assignment. When used in this Lease, subject “mortgage” shall include whatever security instruments are used in the locality of the Premises, such as, without limitation, mortgages, deeds of trust, security deeds, and conditional deeds, as well as financing statements, security agreements, and other documentation required pursuant to the limitations of Sections 6.01 Uniform Commercial Code or successor or similar legislation. If a Mortgagee shall send to Lessor and 14.03 hereof, the County shall continue to be liable for Base Rentals and Additional Rentals allocable to any period during which the County shall continue to occupy, use or retain possession its counsel a true copy of the Leased Propertyleasehold mortgage, beginning together with written notice specifying the first day name and address of the Fiscal Year in Mortgagee and the pertinent recording data with respect of which to such leasehold mortgage, Lessor agrees that the Event of Nonappropriation occurs. The County following provisions shall in all events vacate or surrender possession of apply to such mortgage so long as the Leased Property leasehold mortgage has not been released by the 10th Business Day of the Fiscal Year in respect of which the Event of Nonappropriation has occurred. The Trustee shallMortgagee: There shall be no cancellation, upon the occurrence of an Event of Nonappropriation, be entitled to all moneys then on hand and being held in the accounts within all funds created under the Indenture, including the Reserve Fund, for the benefit of the Owners. After the 10th Business Day of the Fiscal Year in respect of which an Event of Nonappropriation has occurred, the Trustee may[, with the written consent of the Insurer, and shall, at the written direction of the Insurer,] proceed to exercise all surrender or any Lease Remedies. All property, funds and rights acquired by the Trustee upon the termination modification of this Lease by reason ▇▇▇▇▇▇ and ▇▇▇▇▇▇ without the prior consent in writing of an Event of Nonappropriation as provided herein, less any moneys due and owing to each Mortgagee. If the Trustee, leasehold interest under this Lease shall ever be held by the Trustee for same person or party who then holds the benefit of reversionary interest under this Lease, no merger shall result therefrom and both the Owners as set forth in the Indentureleasehold and reversionary interests shall continue. [Upon the occurrence of an Event of NonappropriationDRAFT Lessor shall, the Trustee shall immediately give upon serving Lessee with any notice of default or other notice provided for in this Lease, simultaneously serve a copy of such occurrence notice upon the Mortgagee and no such notice to Lessee shall be effective unless a copy of such notice is so served on the InsurerMortgagee. Upon receipt of such notice the mortgagee shall have the same period, after and commencing upon receipt of such notice, to elect (in its sole discretion) to remedy or cause to be remedied the defaults complained of, and ▇▇▇▇▇▇ shall accept such performance as if the same had been done by ▇▇▇▇▇▇.]
Appears in 1 contract
Sources: Lease Agreement