Approving and Authorizing lease for renovation and equipping of the former O'Brien School

Home Browse Search

TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging, unto Lessee, for a term of seven (7) years beginning on the date the Project is completed and ready for occupancy and ending on the day prior to such date seven (7) years thereafter. However, the term of this Lease shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The date on which the Project is completed and ready for occupancy shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after such completion and such endorsement shall be recorded as an addendum to this Lease. The Lessor hereby represents that it is possessed of a good and indefeasible estate in fee simple to the above-described real estate, and Lessor warrants and will defend the same against all claims whatsoever not suffered or caused by the acts of omissions of Lessee or its assigns. 2. Semiannual Rental Payments. The Lessee agrees to pay rental for said premises as set forth herein. The first semiannual rental installment in the amount of Fifty-two Thousand One Hundred Ninety-six and 00/100 Dollars ($52,196.00) shall be due on the later of (a) the day that the Project to be erected on the premises is completed and ready for occupancy, or (b) March 28, 2000. If completion of the Project is later than March 28, 2000, the first installment shall be in an amount which provides for rental at the rate specified for the Project in Exhibit B attached hereto and made a part hereof for the semiannual period in which the Project is completed and ready for occupancy, prorated from the date of such completion until the first March 28 or September 28 following such date of completion. Thereafter, such rental shall be payable in advance ::ODMA\PCDOCS\SBDOCSI\41920\1 -2-