Laserfiche WebLink
Waand that the above requirement that any force <br />11 be remedied will all reasonable dispatch shall <br />e thesettlement of strikes, lockouts and other <br />disturbances by acceding to the demands of the <br />opposing party or parties when such course is unfavorable in <br />the judgment of the party having the difficulty. <br />Section 12.1o. Unsuccessful Sale of Bonds. It is <br />understood and agreed at t e obligations of t e Lessor <br />under this Lease are based upon its ability to successfully <br />negotiate the issuance, sale and delivery of the Bonds. <br />Accordingly, it is understood and agreed that in the event <br />of a failure to successfully issue, sell and deliver the <br />Bonds or failure by the Lessor to deposit the applicable <br />Bond proceeds promptly in a Project Fund for the account of <br />said Project or in Bond Fund then this Lease shall be of no <br />binding force and effect, and the Lessor and the Lessee in <br />such event do hereby mutually release and discharge any and <br />all claims of any character whatsoever which either may have <br />against the other by reason of or arising from the failure <br />of this agreement for such cause. <br />It is also understood and agreed that the obligations <br />of the Lessee under this Lease are conditional upon the <br />ability of the Lessor to successfully negotiate the issuance, <br />sale and delivery of the Bonds upon such a basis that the <br />adjusted rentals hereinbefore provided will be satisfactory <br />to the Lessee, such rentals being adjusted to the exact <br />interest and principal requirements of the Bonds as same are <br />determined by the sale of the Bonds. Lessee shall be <br />obligated to pay only such adjusted rentals. Such condition <br />as to such rentals being satisfactory to the Lessee shall be <br />satisfied upon a representative of the Lessee stating in <br />writing that a certain interest rate or rates on the Bonds <br />is or are satisfactory. <br />In the event of a failure to successfully sell the <br />Bonds, the Lessor shall convey to Lessee any and all properties <br />previously conveyed to the Lessor by the Lessee or others <br />for this Project upon payment by Lessee to the Lessor of its <br />cost, if any, of acquisition of such properties, and the <br />Trustee shall release upon behalf of such Bondholders all <br />interest, if any, which they have to such property if such <br />action should ever be deemed necessary to be taken by the <br />Trustee, although it is hereby expressly be <br />that such <br />action is not necessary, since in the event of the failure <br />to issue the Bonds there would be no Bondholders who would <br />have any interest in such property. <br />ra•� a:JS (End of Article XII) <br />XII-4 <br />