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No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
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No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
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i <br />Upon request of the Lessee, the Authority agrees to furnish <br />an itemized statement setting forth the amounts required to be paid <br />by the Lessee on the next rental payment date in order to purchase <br />the Project in accordance with the preceding paragraph. <br />If the Lessee exercises its option to purchase, the Lessee <br />shall pay to the Trustee that portion of the purchase price which <br />is required to provide for the payment of all the Bonds, including <br />all premiums payable on the redemption thereof, accrued and unpaid <br />interest thereon and the costs of redemption thereof. Such payment <br />shall not be made until the Trustee gives to the Lessee a written <br />statement that such amount will be sufficient to retire all Bonds <br />including all premiums payable on the redemption thereof and <br />accrued and unpaid interest. <br />The remainder of such purchase price, if any, shall be paid <br />by the Lessee to the Authority. Nothing herein contained shall be <br />construed to provide that the Lessee shall be under any obligation <br />to purchase the Project, or under any obligation in respect to any <br />creditors or bondholders of the Authority. <br />If the Lessee has not exercised its option to purchase the <br />Project at the expiration of the term of the Lease and upon the <br />full discharge and performance by the Lessee of its obligations <br />under this Lease, the Authority shall execute a deed of the Project <br />to the Lessee conveying good and merchantable title thereto, <br />subject only to Permitted Encumbrances. <br />Section 15. Defaults. If the Lessee shall (a) default in <br />the payment of any rentals or other sums payable to the Authority <br />hereunder, or in the payment of any other sum herein required to <br />be paid for the Authority, (b) fail to comply with the terms set <br />forth in the Lease Resolution, or (c) default in the observance of <br />any other covenant, agreement or condition hereof, and such default <br />under (c) shall continue for ninety (90) days after written notice <br />to correct the same, then, in any of such events, the Authority may <br />proceed to protect and enforce its rights, either at law or in <br />equity, by suit, action, mandamus or other proceedings, whether for <br />specific performance of any covenant or agreement contained herein <br />or for the enforcement of any other appropriate legal or equitable <br />remedy. <br />Section 16. Notices. Whenever either party shall be <br />required to give notice to the other under this Lease, it shall be <br />sufficient service of such notice to deposit the same in the United <br />States mail, in an envelope duly stamped, registered and addressed <br />to the other party at its last known place of business. A copy of <br />any notice shall be mailed by first -class mail to the Trustee at <br />its last known place of business. <br />Section 17. Construction of Covenants. All provisions <br />contained herein shall be construed in accordance with the <br />-7- <br />
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