1998-10-19 Resolution 130 - Laserfiche WebLink

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APPENDIX SUMMARY OF SELECTED PROVISIONS OF CERTAIN LEGAL DOCUMENTS THE LEASE THE FOLLOWING IS A BRIEF SUMMARY OF CERTAIN PROVISIONS CONTAINED IN THE LEASE. THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE DESCRIPTION AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE LEASE. General In the Lease, as amended (the "Lease"), the Authority leases to the Commission, as lessee (the "Lessee"), a public golf course and all related improvements which comprise the Blackthorn Golf Course (such improvements are referred to herein as the "Leased Premises"). The lease rentals payable pursuant to the Lease constitute Pledged Funds under the Trust Agreement. Term The term of the Lease expires on August 24, 2013, or at the earlier of (a) the exercise of . the option to purchase by the Lessee and payment of the option price or (b) the prepayment or defeasance of all obligations of the Authority incurred to (i) finance the cost of the Lease Premises, (ii) to refund such obligations, or (iii) to refund such refunding obligations. Rent The Lessee agrees to pay rental for the Leased Premises in semiannual. installments. The next semiannual rental installment will be due February 25, 1999. Thereafter, rental will be payable in advance in semiannual installments for the following six-month period on each August 25 and February 25. The last semi-annual rental payment due before the expiration of the Lease will be adjusted to provide for rental at the rate specified above from the date such installment is due to the date of expiration of the Lease. All rentals payable under the terms of the Lease will be paid by the Lessee to the Trustee. After the sale of the Bonds, the rental required to be paid for the Leased Premises shall be reduced to an amount equal to the principal and interest due on the Bonds and payable from such rentals in each twelve-month period ending on February 1 plus Three Thousand Dollars ($3,000) (rounded up to the nearest One Thousand Dollars ($1,000)), payable in equal semi- annual installments. The Lease provides that the Lessee also will pay any taxes and assessments in connection with the Leased Premises, and an costs of maintenance, operation and use thereof, so that all rent paid will be net to the Authority and all expenses in connection with the Leased Premises will be the responsibility of the Lessee.