Nonappropriation by School District Sample Clauses

Nonappropriation by School District. If the School Board of the School District (the “School Board”) does not appropriate or budget moneys sufficient to pay the Lease Payments and, except as provided in Section 4.14 of the Trust Agreement, reasonably estimated Additional Lease Payments coming due in the next Fiscal Year, as determined by a specific provision in the School District’s budget for the Fiscal Year in question so stating, the School District shall be deemed to have terminated this Agreement. The School District shall effect such termination by giving the Trustee a written notice of termination, as evidenced by a resolution of the School Board specifically determining not to provide moneys to pay Lease Payments for the succeeding Fiscal Year, and stating the School Board’s determination to terminate this Agreement at the end of the then current Fiscal Year, and by paying to the Trustee any Lease Payments and Additional Lease Payments which are due at or before the end of its then current Fiscal Year and which have not been paid. The School District shall give notice to the Trustee of any anticipated termination not less than ninety (60) days prior to the end of such Fiscal Year, but failure to provide such notice shall not operate to extend the term of the Lease, constitute an Event of Default, or result in any liability to the School District. In the event of termination of this Agreement as provided in this Section, the School District shall surrender possession of the Premises to the Trustee in accordance with Section 4.4 hereof and convey to the Trustee or release its interest in the Premises within ten (10) days after the expiration of the current Fiscal Year.
Sample 1
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