Transfer Upon Termination. After all payments have been made pursuant to Section 6.1 or prepayment has been made pursuant to Section 6.2, the Local Government shall be deemed to have acquired all of VRA's right, title and interest in the Leased Property and the Prime Lease. In such event, and upon request, VRA will execute and deliver to the Local Government an appropriate instrument assigning, transferring and conveying to the Local Government all of VRA's right, title and interest in the Prime Lease and the Real Estate and the Improvements free from any lien, encumbrance or security interest except such as may be created or permitted by the Local Government, but without other warranties, and shall enter into an appropriate instrument terminating this Agreement.
Appears in 3 contracts
Sources: Local Lease Acquisition Agreement and Financing Lease, Prime Lease, Local Lease Acquisition Agreement and Financing Lease