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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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• The Lessee will not take any action or fail to take any action that would result in <br />the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds <br />pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"), as in <br />effect on the date of delivery of the Bonds, nor will the Lessee act in any manner which would <br />adversely affect such exclusion. The Lessee further covenants that it will not make any <br />investment or do any other act or thing during the period that any Bond is outstanding hereunder <br />which would cause any Bond to be an "arbitrage bond" within the meaning of Section 148 of the <br />Code and the regulations thereunder as in effect on the date of delivery of the Bonds. All <br />officers, members, employees and agents of the Lessee are authorized and directed to provide <br />certifications of facts and estimates that are material to the reasonable expectations of the Lessee <br />as of the date the Bonds are issued and to enter into covenants on behalf of the Lessee evidencing <br />the Lessee's commitments made herein. <br />Section S. Abatement of Rent. In the event that all or a portion of the Project <br />shall be damaged or destroyed so as to render the damaged or destroyed portion of the Project <br />unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct <br />the damaged or destroyed portion of the Project as promptly as may be done, unavoidable strikes <br />and other causes beyond the control of the Authority excepted, if, in the opinion of an <br />independent registered architect, registered engineer, construction manager or contractor selected <br />by the Lessee and acceptable to the Trustee, (i) the cost of such restoration or reconstruction does <br />not exceed the amount of the proceeds received by the Authority from the insurance provided for <br />in Section 9 hereof plus other moneys available therefor and (ii) such restoration or <br />reconstruction can be completed within the period of time covered by the rental value insurance <br />• provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds <br />received from the insurance provided for in Section 9 hereof shall be applied to the option to <br />purchase price provided for in Section 14 hereof. The rental shall be abated pro rata for the <br />period during which the damaged or destroyed portion of the Project is unfit for its intended use. <br />Section 6. Net Lease. It is expressly understood and agreed that this Lease shall <br />be what is known as a net lease (i.e., the rent being absolutely net to the Authority and that all <br />other expenses in connection with the Project of any nature whatsoever shall be those of the <br />Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses <br />without reimbursement from the Authority all costs of taxes and assessments, if any, and <br />maintenance, operation and use in connection with or relating to the Project, including but not <br />limited to all costs and expenses of all services, repair or replacement of all parts of the Project <br />or improvements of the Project. <br />Section 7. Nonliability of Authority. The Authority shall not be liable for <br />damage caused by hidden defects or failure to keep the Project in repair and shall not be liable <br />for any damage done or occasioned by or from plumbing, gas, water, or other pipes or the <br />bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for <br />damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the <br />Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the <br />Project howsoever arising. The Authority shall not be liable for damage to the Lessee's property <br />or to the property of any sublessee of the Lessee or of any other person which may be located in, <br />• upon or about the Project. <br />BDDBOI 490~1O5v1 ' 4 - <br />
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