Laserfiche WebLink
ARTICLE VII. <br />DEFEASANCE <br />Section 7.1. Defeasance. If the Loan is funded and repayment of the Series 2022 Note <br />is forgiven pursuant to the terms of this Loan Agreement, then and in that case, all property, rights <br />and interest hereby conveyed or assigned or pledged shall revert to the Borrower, and the estate, <br />right, title and interest of the City therein shall thereupon cease, terminate and become void; and <br />this Loan Agreement, and the covenants of the Borrower contained herein, shall be discharged and <br />the City in such case on demand of the Borrower and at its cost and expense, shall execute and <br />deliver to the Borrower a proper instrument or proper instruments acknowledging the satisfaction <br />and termination of this Loan Agreement, and shall convey, assign and transfer or cause to be <br />conveyed, assigned or transferred, and shall deliver or cause to be delivered, to the Borrower, all <br />property, including money, then held by the City together with the Series 2022 Note marked paid <br />or cancelled. <br />(End of Article VII) <br />18 <br />4854-2813-5735.5 <br />