1990-12-21 Resolution 28 - Laserfiche WebLink

Home Browse Search

_~ ' ~L date of delivery of the Bonds, nor will the Lessee act in any • manner which would adversely affect such exclusion. The Lessee further covenants that it will not make any investment or do any other act or thing during the period that any Bond is .outstanding hereunder which would cause any Bond to be an "arbitrage bond" within the meaning of. Section 148 of the Code and the regulations thereunder as in effect on the date of delivery of the Bonds. All officers, members, employees and agents of the Lessee are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the Lessee as of the date the Bonds are issued and to enter into covenants on behalf of the Lessee evidencing the Lessee's commitments made herein... Section 5. Abatement of Rent. In the event that all or a portion of either of the Projects shall be damaged or destroyed so as to render the damaged or destroyed portion of the Projects unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Projects as promptly as may be done,. unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the-Lessee and acceptable to the Trustee, (i) the cost of such restoration or reconstruction does not exceed the amount of the proceeds received by the .Authority from- the insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such restoration or reconstruction can be completed within the period of time covered, by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall. not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental shall be abated .pro rata for the period during which the damaged or destroyed portion of the Projects is unfit for its intended use. Section 6. Net Lease. It is expressly understood and agreed that this Lease shall be what is known as a net lease (i.e., the rent being absolutely net to the Authority and that all other expenses in connection with the Projects of any nature whatsoever shall be those of the Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses without reimbursement from. the Authority all costs of taxes and assessments., if any., and maintenance, operation and use in connection with or relating to the Projects, including but not limited to all costs .and expenses of all services, repair or replacement of all parts of the Projects or improvements of the Projects. -6- \r1hi11\sthbnd\airport\Seneral\lease.amd;tmg;12-21-90;9:OOa.m.