Setting a Public Hearing on a Lease for the Construction and Equipping of a Fire Stattion, a Fire Safety Traning Facility

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TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging, unto Lessee, for a term of twenty -one (21) years, beginning (i) with respect to the Fire Station Project on the date the Fire Station Project is completed and ready for occupancy and ending on the day prior to such date twenty -one (21) years thereafter and (ii) with respect to the Fire Safety Training Center Project on the date the Fire Safety Training Center Project is completed and ready for occupancy and ending on the day prior to such date twenty -one (21) years thereafter. However, the term of this Lease shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The date on which the Fire Station Project and the Fire Safety Training Center Project are completed and ready for occupancy shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after such completion and such endorsement shall be recorded as an addendum to this Lease. The Lessor hereby represents that it is possessed of a good and indefeasible estate in fee simple to the above- described real estate, and Lessor warrants and will defend the same against all claims whatsoever not suffered or caused by the acts of omissions of Lessee or its assigns. 2. Semiannual Rental Payments. During the term of this Lease, the Lessee agrees to pay rental for said premises at the semiannual rate of Two Hundred Eighty Thousand Five Hundred and 00 /100 Dollars ($280,500.00). The first semiannual rental payment shall be due on the later of (i) the day that the Projects are completed and ready for occupancy or July 15, 2014. If completion of the Projects is later than July 15, 2014, the first installment shall be in an amount which provides for rental at the rate specified above prorated from the date of such -2- DMS_US 51840010x2