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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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Premises, reduced by any mortgage or other valid encumbrance which is a lien <br />on the Leased Premises or Real Property not required to be paid by Lessee under <br />this Lease; (c) Lessee shall receive any portion of the award then remaining, <br />attributable to a diminution in the value of its leasehold interest; and (d) <br />Lessee and Lessor shall apportion between them any part of the award then re- <br />maining attributable to the improvements, Lessee receiving the portion of such <br />award that the unexpired term of the Lease bears to the entire Lease Term and <br />Lessor receiving the balance. If the award is insufficient to pay off the <br />said Bonds, the Lessee shall provide the necessary sum to pay off said Bonds <br />and the accrued interest thereon to the date of taking. <br />If less than all of the Real Property and the Leased Premises are <br />taken under the power of eminent domain, and Lessee does not elect to exercise <br />its option to terminate, the award so made shall be applied on the redemption of <br />the said Bonds, together with accrued interest thereon. Thereafter, the unpaid <br />principal of the Bonds together with interest thereon shall be amortized over <br />the remaining Lease Term and shall be due as rental thereafter as provided for <br />in the Lease. <br />If the Lease is terminated pursuant to this Article VII, Lessor or <br />Trustee shall refund the proportionate part of any advance rental paid for any <br />period beyond termination date. <br />ARTICLE VIII <br />ASSIGNMENT AND SUBLETTING <br />Lessee may assign or sublet its interest in this Lease or any part <br />thereof without securing Lessor's or Trustee's consent. No assignment or <br />subletting however, will relieve Lessee or its successors in interest from lia- <br />bility for the performance of its obligations under the Bonds, the Indenture of <br />Trust, and this Lease except by written consent of the Lessor, the Trustee, and <br />at least fifth- -one percent (51 %) of the .-.olders of the Bonds. <br />- 10 - <br />
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