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1994-06-28 Resolution 95
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1994-06-28 Resolution 95
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7/23/2008 5:50:44 PM
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• If the Lessee has not exercised its option to <br />purchase the Project or any portion thereof at .the <br />expiration of the term of the Lease and upon the full <br />discharge and performance by the Lessee of its <br />obligations under this Lease, the Authority shall <br />execute a deed of the Project to the Lessee conveying <br />good and merchantable title thereto, subject only to <br />Permitted Encumbrances. <br />8. Section 15 of the Lease is amended as follows: <br />Section 15. Defaults. If the Lessee shall (a) <br />default in the payment of any rentals or other sums <br />payable to the Authority hereunder, or in the payment <br />of any other sum herein required to be paid for the <br />Authority, (b) fail to comply with the terms set forth <br />in the Lease Resolution, or (c) default in the <br />observance of any other covenant, agreement or <br />condition hereof, and such default under (c) shall <br />continue for ninety (90) days after written notice to <br />correct the same, then, in any of such events, the <br />Authority may proceed to protect and enforce its <br />rights, either at law or in equity, by suit, action, <br />mandamus or other proceedings, whether for specific <br />performance of any covenant or agreement .contained <br />herein or for the enforcement of any other appropriate <br />. legal or equitable remedy; provided that in no event <br />shall the Lessee be relieved of its obligation to make <br />the Lease Payments hereunder as a result hereof. <br />9. Section 16 of the Lease is amended as follows: <br />Section 16. Notices. Whenever either party <br />shall be required to give notice to the other under <br />this Lease, it shall be sufficient service of such <br />notice to deposit the same in the United States mail, <br />in an envelope duly stamped, registered and addressed <br />to the other party at its last known place of business. <br />A copy of any notice shall be mailed by first-class <br />mail to the Trustee at its last known place of <br />business; with a copy to the Credit Facility Issuer at <br />the address provided for the Credit Facility Issuer in <br />the Credit Facility Agreement. <br />10. The following is added as Section 19 of the Lease <br />as follows: <br />Section 19. Rights of Credit Facility Issuer. <br />The Lessee acknowledges that the Authority's rights <br />hereunder have been assigned to the Trustee for the <br /> <br />
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