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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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1/29/2013 8:33:50 AM
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• Damage and Destruction of Leased Premises <br />The Lease provides that, in the event the Leased Premises are partially or totally damaged or destroyed <br />so as to render the same unfit, in whole or part, for its intended use: (i) it will then be the obligation of the <br />Authority to restore and reconstruct the Leased Premises as promptly as may be done, unavoidable strikes and other <br />causes beyond the control of the Authority excepted; provided, the Authority will not be obligated to restore or <br />reconstruct the Leased Premises if the amount of the proceeds received from the insurance provided for in the Lease <br />plus other money available therefor are insufficient for such purpose, or if the work cannot be completed within <br />the period covered by rental value insurance; and (ii) the rent will be abated pro rata for the period during which <br />the Leased Premises or any part thereof is unfit for its intended use. <br />If the Authority is not obligated to restore and reconstruct the Leased Premises pursuant to the provisions <br />described above, the insurance proceeds must be applied to the option to purchase price (see "Option to Purchase "). <br />In such circumstances, proceeds of insurance will be used for extraordinary redemption of Bonds without premium. <br />Furthermore. in certain circumstances, the Authority may direct application of insurance proceeds to the redemption <br />of Bonds at the then current redemption price. See "SUMMARY OF CERTAIN LEGAL DOCUMENTS - -TRUST <br />AGREEMENT -- Insurance- -Use of Proceeds from Insurance." <br />Option to Purchase <br />The Lessee has the right and option, on any rental payment upon 30 days' written notice, to purchase the <br />Leased Premises at a price equal to the amount required to enable the Authority to redeem the Bonds, pay the costs <br />thereof, and liquidate the Authority if it is to be liquidated. <br />In the event the Lessee has not exercised its option to purchase the Leased Premises, then upon expiration <br />• of the Lease and full performance by the Lessee of its obligations under the Lease, the Leased Premises will be <br />conveyed by the Authority to the Lessee. <br />• <br />Defaults <br />The Lease provides that, if the Lessee defaults (i) in the payment of any rentals or other sums payable to <br />the Authority under the Lease, (ii) by failing to comply with the terms of its resolution establishing funds for the <br />payment of lease rentals, or (iii) in the observance of any other covenant, agreement or condition of the Lease, and <br />such default continues for ninety (90) days after written notice to correct the same, the Authority may protect and <br />enforce its rights by proceedings at law or in equity. <br />TRUST AGREEMENT <br />THE FOLLOWING IS A SUMMARY OF CERTAIN PROVISIONS CONTAINED IN THE TRUST <br />AGREEMENT. THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE DESCRIPTION AND <br />IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE TRUST AGREEMENT. <br />Creation of Funds and Accounts <br />The Trust Agreement establishes the following funds and accounts to be held by the Trustee: <br />C -2 <br />
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