Laserfiche WebLink
4 <br />such semi-annual installment, payable as hereinafter described, shall be based on the value of the <br />Leased Premises, together with that portion of the Project which is complete and ready for use by <br />the Lessee at the time such semi-annual installment is made. Such rental shall be payable in <br />advance in semi-annual installments on January 15 and July 15 of each year, with the first rental <br />installment due no earlier than July 15, 2023. The last semi-annual rental payment due before the <br />expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from <br />the date such installment is due to the date of the expiration of this Lease. <br />After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to <br />pay principal and interest due in each twelve (12) month period commencing each year on August <br />1, rounded up to the next One Thousand Dollars ($1,000), together with incidental costs in each <br />year in an amount to be determined at the time the Bonds are sold for the purpose of paying annual <br />trustee fees and related costs, payable in advance in semi-annual installments. In addition, each <br />such reduced semi-annual installment shall be based on the value of the Leased Premises at the <br />time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on <br />this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon <br />as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an <br />addendum to this Lease. <br />(b)Additional Rental Payments. (i) The Lessee shall pay as further rental in addition <br />to the rentals paid under Section 2(a) for the Leased Premises (“Additional Rentals”) the amount <br />of all taxes and assessments levied against or on account of the Leased Premises or the receipt of <br />lease rental payments and the amount required to reimburse the Lessor for any insurance payments <br />made by it under Section 6. The Lessee shall pay as additional rental all administrative expenses <br />of the Lessor, including ongoing trustee fees, relating to the Bonds. Any and all such payments <br />shall be made and satisfactory evidence of such payments in the form of receipts shall be furnished <br />to the Lessor by the Lessee, at least three (3) days before the last day upon which such payments <br />must be paid to avoid delinquency. If the Lessee shall in good faith desire to contest the validity <br />of any such tax or assessment, the Lessee shall so notify the Lessor and shall furnish bond with <br />surety to the approval of the Lessor conditioned for the payment of the charges so desired to be <br />contested and all damages or loss resulting to the Lessor from the nonpayment thereof when due, <br />the Lessee shall not be obligated to pay the contested amounts until such contests shall have been <br />determined. The Lessee shall also pay as Additional Rentals the amount calculated by or for the <br />Lessor as the amount required to be rebated, or paid as a penalty, to the United States of America <br />under Section 148(f) of the Internal Revenue Code of 1986, as amended and in effect on the date <br />of issue of the Bonds (“Code”), after taking into account other available moneys, to prevent the <br />Bonds from becoming arbitrage bonds under Section 148 of the Code. <br />(ii)The Lessee may, by Resolution, pay Additional Rentals to enable the Lessor to <br />redeem or purchase Bonds prior to maturity. Rental payments due under this Section 2 shall be <br />reduced to the extent such payments are allocable to the Bonds redeemed or purchased by the <br />Lessor with such Additional Rentals. The Lessee shall be considered as having an ownership <br />interest in the Leased Premises valued at an amount equal to the amount of the Additional Rentals <br />paid pursuant to this subsection (b)(ii). <br />(c)Source of Payment of Rentals. The annual rentals set forth in Section 2(a) hereof <br />and the Additional Rentals shall be payable solely from the 2023 Improvements Principal and <br />Interest Account of the Redevelopment District Bond Fund (the “Bond Fund”). The Lessee may