Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.

Home Browse Search

but that,it�will not execute any other contract or give any order for.the acquisition, construction and installation of the Project, unless and until the Lessee shall have approved the same in writing. Also, the Lessor shall not execute any contract for the improvement or modification of the Project without the prior written approval of the Lessee. The Lessor agrees to use its best efforts and to cooperate with the Lessee to cause the acquisition and construction of the Project to be completed with all reasonable dispatch and in accordance with the schedule established by the Lessee. Nothing contained in this Section shall relieve the Lessee from making the rental payments required to be made pursuant to Section 5.3 hereof. Section 4.2. Agreement to Issue Bonds; Application of Bond Proceeds. In order to provide funds for payment or reimburse- ment of the costs of acquisition, construction and installation provided for in Section 4.1 hereof, the Lessor agrees that it will sell, and cause to be delivered to the purchasers thereof, $3,350,000 aggregate principal amount of the Series 1976 Bonds. Upon receipt of the proceeds of said sale, the Lessor will (a) deposit in the Bond Fund a sum equal to the accrued interest payable on the Series 1976 Bonds from their date to the date of closing, and (b) deposit in the Project Fund the balance of the proceeds received from said sale. The Lessor may authorize the issuance of Additional Bonds upon the terms and conditions provided in Section 211 of the Indenture. Additional Bonds shall be issued to provide funds to pay or to reimburse the Lessee for costs incurred by the Lessee for any one or more of the following: M the costs of completing the Project, (ii) the costs of making such additions, improvements, extensions, alterations, equipment, acquisitions, relocations, enlargements, expan- sions, modifications or changes in, on, or to the Project as the Lessee may deem necessary or desirable, and as will not impair operating unity or productive capacity or the value of the Building as a manufacturing and distribution plant and will be located on the lands hereinbefore described and on additional acquired land, if necessary, and (iii) the costs of the issuance and sale of the Additional Bonds and other costs reasonably related to the financing as shall be agreed upon by the Lessee and the Lessor. If the Lessee is not in default hereunder, the Lessor will, on request of the Lessee, from time to time, use its best efforts to issue the amount of Additional Bonds speci- fied by the Lessee; provided that the terms of such Additional IV-2 a iw 2U8 215