Event of Nonappropriation definition

Event of Nonappropriation means a termination of this Facilities Agreement pursuant to

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Event of Nonappropriation means a nonrenewal of the Lease by the City determined by the failure of the City to appropriate and budget, or the election of the City not to so appropriate and budget, on or before the date required by the laws of the State during the Initial Term or any Renewal Term, moneys sufficient to pay the Rental Payments and reasonably expected Additional Payments due and payable during the next Renewal Term.

Event of Nonappropriation shall have the meaning set forth for such term in the Facilities Agreement.

Examples of Event of Nonappropriation in a sentence

• In the event County fails to budget and appropriate, on or before December 31 of each year, funds sufficient to pay all payments and other monetary obligations due for the next ensuing year, an Event of Non-appropriation shall be deemed to have occurred and this Agreement shall cease and terminate.

• If an Event of Non-appropriation occurs, County shall only be obligated to make payments to Landlord for those amounts that had previously been appropriated and budgeted and not for any ensuing budget years.

• The Lessee shall use the Leased Property for the purpose of subletting the same to the District pursuant to the Lease Purchase Agreement; provided, that upon the occurrence of an Event of Nonappropriation or an Event of Default under the Lease Purchase Agreement, the District shall vacate the Leased Property as provided in the Lease Purchase Agreement, the Lessee may exercise the remedies provided in the Lease Purchase Agreement and the Lessee may use or sublet the Leased Property for any lawful purposes.

• Additionally, upon the occurrence of an Event of Nonappropriation and prior to the Lessee’s exercise of any remedies provided in the Lease Purchase Agreement, the Lessee shall offer the Town a reasonable opportunity to enter into a new lease purchase agreement between the Lessee, as lessor, and the Town, as lessee, with the same terms and provisions as the Lease Purchase Agreement.

• The Town reserves the right, so long as no Event of Nonappropriation or Event of Default shall have occurred under the Lease Purchase Agreement, for any of its duly authorized representatives to enter upon the Leased Property at any reasonable time to inspect the same or to make any repairs, improvements or changes necessary for the preservation thereof.

More Definitions of Event of Nonappropriation

Event of Nonappropriation means an Event of Nonappropriation as described in Section 3.04.

Event of Nonappropriation means a termination of this Financing Lease by the Town, determined by the Town’s failure for any reason, to duly enact by the last day of each Fiscal Year an appropriation resolution or ordinance for the ensuing Fiscal Year which includes (a) by specific line item reference amounts authorized and directed to be used to pay all Base Rentals and (b) sufficient amounts to pay such Additional Rentals as are estimated to become due, as provided in Section 6.06 of this Financing Lease. The term also includes the giving of notice under Section 4.01 of this Financing Lease of the Town’s intention to terminate and the occurrence of an event described in Section 6.06 of this Financing Lease relating to the failure by the Town to appropriate amounts due as Additional Rentals at least equal to the amounts reasonably estimated to become due.

Event of Nonappropriation shall have the meaning set forth in Section 3.2 hereof.

Event of Nonappropriation means any failure by the Governing Board to adopt, by the first day of any Fiscal Year, a budget for the Borrower that includes an appropriation for Required Payments, or the Governing Board’s amendment of the annual budget to remove an appropriation for Required Payments, in each case as contemplated by Section 3.05.

Event of Nonappropriation means an event described in Section 9. "Governing Body" means the Governing Body of the Lessee.

Event of Nonappropriation means an Event of Nonappropriation as described in

Event of Nonappropriation is defined in Section 6.02.