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No. 0924 reducing the annual rental on the lease for the SBCDA public improvement project and approving the execution of an addendum to the lease
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No. 0924 reducing the annual rental on the lease for the SBCDA public improvement project and approving the execution of an addendum to the lease
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of this Lease shall be adjusted to provide for rental at the rate <br />specified in Exhibit D for the applicable semiannual period prorated <br />from the date such installment is due to the date of the expiration <br />of this Lease (without taking into account any subsequent early <br />termination of this Lease pursuant to Section 2 hereof) . <br />The Lessee will not take any action or fail to take any action <br />that would result in the loss of the exclusion from gross income for <br />federal tax purposes of interest on the Bonds pursuant to Section <br />103(a) of the Internal Revenue Code of 1986, as amended (the "Code "), <br />as in effect on the date of delivery of the Bonds, nor will the <br />Lessee act in any manner which would adversely affect such <br />exclusion. The Lessee further covenants that it will not make any <br />investment or do any other act or thing during the period that any <br />Bond is outstanding hereunder which would cause any Bond to be an <br />"arbitrage bond" within the meaning of Section 148 of the Code and <br />the regulations thereunder as in effect on the date of delivery of <br />the Bonds. All officers, members, employees and agents of the Lessee <br />are authorized and directed to provide certifications of facts and <br />estimates that are material to the reasonable expectations of the <br />Lessee as of the date the Bonds are issued and to enter into <br />covenants on behalf of the Lessee evidencing the Lessee's commitments <br />made herein. <br />Section 5. Abatement of Rent. In the event that all or a <br />CO portion of the Project shall be damaged or destroyed so as to render <br />the damaged or destroyed portion of the Project unfit for its <br />intended use, it shall then be the obligation of the Authority to <br />restore and reconstruct the damaged or destroyed portion of the <br />Project as promptly as may be done, unavoidable strikes and other <br />causes beyond the control of the Authority excepted, if, in the <br />opinion of an independent registered architect, registered engineer, <br />construction manager or contractor selected by the Lessee and <br />acceptable to the Trustee, (i) the cost of such restoration or <br />reconstruction does not exceed the amount of the proceeds received by <br />the Authority from the insurance provided for in Section 9 hereof <br />plus other moneys available therefor and (ii) such restoration or <br />reconstruction can be completed within the period of time covered by <br />the rental value insurance provided for in Section 9 hereof. If <br />either or both conditions shall not exist, the proceeds received from <br />the insurance provided for in Section 9 hereof shall be applied to <br />the option to purchase price provided for in Section 14 hereof. The <br />rental shall be abated pro rata for the period during which the <br />damaged or destroyed portion of the Project is unfit for its intended <br />use. <br />Section 6. Net Lease. It is expressly understood and <br />agreed that this Lease shall be what is known as a net lease (i_e., <br />the rent being absolutely net to the Authority and that all other <br />expenses in connection with the Project of any nature whatsoever <br />shall be those of the Lessee) and that during the lease term the <br />-4- <br />
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