Base Lease definition
Examples of Base Lease in a sentence
A default under this Continuing Disclosure Agreement shall not be deemed an event of default under the Declaration of Trust, the Base Lease, the Lease or the Certificates, and the sole remedy under this Continuing Disclosure Agreement in the event of any failure of the City or the Dissemination Agent to comply with this Continuing Disclosure Agreement shall be an action to compel performance.
Concurrently with the execution of this Lease, (i) the Base Lease will be executed by the City and the Fee Owner and placed of record, and (ii) the commitment for title insurance or ownership and encumbrance report required by Article VII will be delivered to the City.
The parties intend for there to be no property tax abatement on the Project by virtue of the issuance of the Bonds and the execution of the Base Lease and this Lease.
Upon the Completion Date, the Base Lease and this Lease will terminate, and the City will sell its interest in the Project to the Fee Owner, all in furtherance of the public purposes of the Act.