1990-03-07 Minutes - Laserfiche WebLink

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of this Lease shall be adjusted to provide for rental at the rate specified. in Exhibit D for the applicable semiannual period prorated from the date such installment is due to the date of the expiration • of this Lease (without taking into account any subsequent early termination of this Lease pursuant to Section 2 hereof) . After the sale of the Bonds issued by the Authority to pay. the cost > of the Project, including expenses incidental thereto, the .sum of the first and second semiannual rental installments and the sum of the third and fourth semiannual rental installments, and so on, shall be reduced to an amount equal to the multiple of One terestadue onlthe ($1,000) next highest to the sum of principal and in Bonds in the year ending on the bond maturity date .(bond year) immediately following such two semiannual rental installments plus Five Thousand Dollars ($5,000) payable in two equal semiannual installments, assuming for such purposes that the first semiannual rental installment is due on July 31, 1991. Such amount of reduced- annual rental shall be endorsed on this Lease at the end .hereof by the parties hereto as soon as the same can be done after the sale of said Bonds, and such endorsement shall be recorded as an addendum to this Lease. The Lessee will not take any action or fail to take any action that would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"), as in effect on the 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 the Project shall be damaged or destroyed so as to render the damaged or destroyed .,portion of the Project 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 Project 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, reg thereLess eln and construction manager or contractor selected by ~~ ~J III-5