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Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.
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Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.
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4/17/2025 3:39:21 PM
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5/14/2024 4:19:37 PM
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Board of Public Works
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Resolutions
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5/14/2024
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any/,of the contents of the Building, and (iv) in the <br />event of a mortgage foreclosure on the Project under <br />the Indenture, or sale of, or a mortgage foreclosure <br />on the addition to the Building, directly bear the ex- <br />pense or be responsible for and obligated topayto the <br />Lessor or Trustee such sums as the Lessor and/or Trustee <br />may expend, to restore those portions of the Building <br />which were altered or removed to the condition which <br />they were in immediately preceding such alteration or <br />removal or such other lesser restorations as the Trus- <br />tee deems necessary in order to foreclose the mortgage <br />under the Indenture on a manufacturing and distribution <br />plant as self-contained and complete as the manufac- <br />turing and distribution plant was immediately prior to <br />any such alteration or removal. <br />The Lessor agrees that upon receipt of the notice, certifi- <br />cate and money required in this Section to be furnished to it <br />by Lessee, the Lessor will promptly deliver the money to Trustee <br />for deposit in the Bond Fund and to secure from the Trustee a <br />release, if necessary, from the lien of the Indenture of such <br />portion of the Project with respect to which the Lessee shall <br />have exercised the option granted to it in this Section. Nothing <br />herein shall entitle the Lessee to any abatement or diminution <br />of the rents payable under Section 5.3 hereof, except as other- <br />wise provided in section 5.3 hereof. Any addition to the Build- <br />ing constructed pursuant to this Section shall not become a part <br />of the Project or be made subject to the lien of the Indenture, <br />unless the Lessee expressly agrees thereto in writing. <br />(End of Article XI) <br />NIV 2s8,.:251 <br />XI-6 <br />
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