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as a base rental for the Leased Premises rent equivalent to the amount payable <br />by Lessor for interest and principal upon the Bonds issued by Lessor for the <br />purpose of financing the construction and equipping of the Leased Premises. <br />Said rent shall be payable in equal monthly installments of Seven thousand one <br />hundred twenty -two and 12 /100ths Dollars ($7,122.12) payable in advance on <br />or before the first day of each month during the Lease Term. Regardless of <br />the completion of the Leased Premises as herein defined, the Lessee shall be <br />obligated to start rental payments as herein provided for on July 1, 1974. <br />All taxes, charges, costs, and expenses which Lessee assumes or agrees to pay <br />hereunder, together with all interest and penalties that may accrue thereon <br />in the event Lessee fails to pay the same as herein provided, and any and all <br />other sums which may become due, by reason of any default of Lessee, shall <br />be deemed to be additional rent and, in the event of non - payment, Lessor shall <br />have all the rights and remedies herein provided in the case of non - payment <br />of rent. <br />SECTION 2. The Lessee expressly covenants that the lease rental payments shall <br />be paid as provided in this Lease and the Indenture of Trust regardless of <br />whether or not the Leased Premises are used or useful, or whether any appli- <br />cable laws, regulations, or standards prevent or prohibit the use of the Leased <br />Premises. <br />SECTION 3. Anything contained herein to the contrary notwithstanding concerning <br />the payment of rent as hereinabove described with reference to the principal <br />and interest payable by the Lessor on the Bonds and other charges payable by <br />the Lessee, if the tax exempt status of the said Bonds under the Internal Revenue <br />Code of 1954, as amended, shall be either lost or rendered ineffective by action <br />or omission of the Lessee after the execution of the Bonds, then said Bonds <br />shall be redeemed by the Lessee in the then unpaid principal thereof together <br />with any and all interest accrued to the date of said accelerated maturity <br />together with a sum equal to one year's interest on the then unpaid principal <br />of said Bonds. Further, if the said tax exempt status of the said Bonds is <br />either lost or destroyed because of action or omission other than by the Lessee <br />after the execution of the Bonds, then said Bonds shall mature on such event <br />of loss of tax exempt status and said Bonds shall be called for redemption <br />and said Bonds shall be redeemed by the Lessee by the payment of the principal <br />then due together with interest accrued to the date of said redemption. <br />- 4 - <br />