Lease of Fiber Ring to COG Sample Clauses

Lease of Fiber Ring to COG. Following the creation of the COG, the County and the COG shall enter into a lease agreement in substantially the form set forth on Exhibit J, attached hereto and incorporated herein by reference (“Fiber Ring Lease”), whereby the County shall lease to the COG the Fiber Ring for a term of ninety-nine years (99), commencing upon the substantial completion of the Fiber Ring. The Fiber Ring Lease shall require the County to undertake the Fiber Ring Project as set forth above and to deliver possession of the Fiber Ring to the COG upon substantial completion of construction of the Fiber Ring. The COG shall be responsible pursuant to the Fiber Ring Lease for the operation, management and maintenance of the Fiber Ring. The COG shall also be responsible for undertaking and paying for all capital repairs and replacement of the Fiber Ring. The Fiber Ring Lease shall provide for base rent payments to be paid from the COG to the County commencing in the (1st) month of the term, with such monthly base rent payments being the amount of $1.00 per month, for a total base rent amount of $1,188.00, which may be pre-paid by the COG at any time. Additionally, as additional rent, the COG shall be responsible for paying, or reimbursing the County for, all costs associated with its lease of the Fiber Ring and the operation management and maintenance of the Fiber Ring, including, but not limited to, maintenance, utilities, insurance, and taxes and assessments, if any. The Fiber Ring Lease shall further provide that, in the event the COG has insufficient funds in any given year to pay the full rent required by the Fiber Ring Lease, given the order and priority of obligations set forth below and in the Fiber Ring Lease, then then the same shall not constitute an event of default, and any unpaid base rent, or portion thereof, still remaining due as of December 15th of that calendar year shall, at the end of that calendar year, be deferred and carried forward, and divided equally among the then-remaining months in the initial term, in addition to the rent already due in those then-remaining months. No later than December 31st of each calendar year, the County shall provide the COG an updated rent schedule reflecting any deferrals as set forth in this paragraph. The Fiber Ring Lease shall further provide that the COG shall pay all base rent due and owing, including all deferred amounts, in the final twelve (12) months of the initial term of said lease. Such Fiber Ring Lease shall opera...
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