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

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ARTICLE V Effective Date of This Lease; Duration of Lease Term; Rental Provisions Section 5.1. Effective Date of This Lease; Duration of Lease Term. This Lease shall become effective upon its delivery, and the leasehold estate created in this Lease shall then begin, and, subject to the provisions of this Lease (including particularly Articles X and XI hereof), shall expire June 1, 2001, or if all of the Bonds than have not been fully paid and retired (or provision forsuch payments made as provided in the Indenture), on such date as such payment or provision for payment shall have been made. Section 5.2. Delivery and Acceptance of Possession. The Lessor agrees that the Lessee will have sole and exclu- sive possession of the Project (subject to the right of the Iessor to enter thereon for the inspection purposes and to the other provisions of Section 8.2 hereof) on and after the Completion Date, and the Lessee agrees to take sole and exclusive possession of the Project upon such delivery; provided that prior to such date for delivery of sole and exclusive possession, the Lessee may take such possession of all or any part of the Project as shall not interfere with the construction or installation of any improvements to the Project by the Lessee during the Completion Period. The Lessor covenants and agrees that it will not take any action, other than pursuant to Article X of this Lease, to prevent the Lessee from having quiet and peaceable posses- sion and enjoyment of the Project during the Lease Term and will, at the request of the Lessee, and at the cost of the Lessee, cooperate with the Lessee in order that the Lessee may have quiet and peaceable possession and enjoyment of the Project. Section 5.3. Rents and Other Amounts Payable. Lessee shall pay to Trustee as rent for the Project at least two (2) business days before the first day of December, 1976, and at least two (2) business days before the first day of each June and December thereafter until the principal of, premium, if any, and interest on the Bonds shall have been paid or provision for the payment thereof shall have been made .in accordance with the Indenture (i) if the next suc- ceeding Bond payment date is June 1, a sum equal to the amount payable on such date as principal of (whether at maturity or by redemption as provided in Section 301 of the Indenture), premium, if any, and interest on the Bonds, and (ii) if such next succeeding Bond payment date is December 1, Asa 2z3 V-1