1990-12-21 Resolution 28 - Laserfiche WebLink

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x end hereof by the parties hereto as soon as the same can be done after such completion dates and such endorsementshall be recorded as an addendum to this Lease. The Authority hereby represents that it is possessed of, ar will acquire, a good and indefeasible estate in fee simple or an insurable right-of-way easement subject only to Permitted Encumbrances, to the above-described real estate, ,and the Authority warrants and will defend the same against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. Section 3. Rental Payments. (a) During the term of this Lease, the Lessee agrees to pay rental for said premises as set forth in Section 4 hereof. Such rental shall be paid from the Airport Economic Development -Area Public Improvement Project Principal and Interest Account (in the case of the Tax-Exempt Project) and the Airport Economic Development Area Taxable Public Improvement Project Principal and Interest Account {in the case of the Taxable Project) of the Redevelopment District Bond Fund. All rentals payable under the terms of this Lease shall be paid to the Trustee or to such other bank or trust company as may from time to time succeed the Trustee under the Trust Agreements. All payments so made shall be considered as payments to the Authority of the rentals payable hereunder. In-the event rentals. payable under the terms of this Lease shall discontinue for any reason in relation to either. the Tax-Exempt Project or the :Taxable Project, such discontinuation of rental payments shall not affect the obligation of the Lessee to continue to pay rentals on the individual Project not affected by such discontinuation. The Lessee- shall receive credit for any Bonds maturing within seven (7) days of the date of the lease rental payment, at the face value thereof, which the Lessee acquires and delivers to the Trustee as a part of its lease rental payment; (b) as additional rental the Lessee agrees to pay all fees, charges and reimbursement of :expenses of the Trustee under the Trust Agreements and all prudent charges and expenses of the Authority incurred in the .performance of its obligations hereunder. Section 4. Rental Payment Dates and Amounts. (a) Tax- Exempt Project. The first semiannual rental installment in the amount of Ninety-Five Thousand Five Hundred Dollars ($9,5,500) shall be due on the day that the Tax-Exempt Project is completed and ready for use, or January 28, 1994, whichever is later. If completion is later than January 28, 1994, the first installment shall be in an amount .which provides for rental at the rate specified in Exhibit D for the semiannual period in-which the Tax- Exempt Project is completed. and ready for use, prorated from the date of completion until the first. July 28 or January 28 following such date of completion. Thereafter such rentals shall be payable in advance in semiannual installments on July 28 and January 28 of each year as provided for in the lease payment schedule attached hereto as Exhibit D. • -4- \rlhill\sthbnd\airport\Beneral\lease.amd;tmg;12-21-90;9:OOa.m.