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Lease Agreement- City of Brea
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Lease Agreement- City of Brea
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ARTICLE IV <br /> LEASE OF LEASED PREMISES; TERM OF THIS LEASE <br /> AGREEMENT; LEASE PAYMENTS <br /> Section 4.1. Lease of Leased Premises. The Authority hereby leases the Leased Premises <br /> to the City, and the City hereby leases the Leased Premises from the Authority,upon the terms <br /> and conditions set forth in this Lease Agreement. <br /> Section 4.2. Term of Lease. This Lease Agreement shall take effect on the date hereof, <br /> and shall end on the earlier of August 1, 2006, or such earlier date on which the Bonds shall no <br /> longer be Outstanding under the Indenture. If, on August 1, 2006, the Indenture shall not be <br /> discharged by its terms or if the Lease Payments payable hereunder shall have been abated at <br /> any time and for any reason, then the Term of this Lease Agreement shall be extended until <br /> there has been deposited with the Trustee an amount sufficient to pay all obligations due under <br /> the Lease Agreement, but in no event shall the Term of this Lease Agreement extend beyond <br /> August 1, 2016. <br /> Notwithstanding the foregoing, the Term of the Lease Agreement shall not end so long as <br /> any amounts are owed to the Municipal Bond Insurer with respect to the Municipal Bond <br /> Insurance Policy. <br /> Section 4.3. Lease Payments. <br /> (a) Obligation to Pay. In consideration of the lease of the Leased Premises from the <br /> Authority hereunder and subject to the provisions of Section 6.2, the City agrees to pay to the <br /> Authority, its successors and assigns, as rental for the use and occupancy of the Leased <br /> Premises during each Fiscal Year, the Lease Payments (denominated into components of <br /> principal and interest) for the Leased Premises in the respective amounts specified in Exhibit C <br /> hereto, to be due and payable on the respective Lease Payment Dates specified in Exhibit C <br /> hereto. Any amount held in the Bond Fund, the Interest Account or the Principal Account <br /> allocable to the City on any Lease Payment Date shall be credited towards the Lease Payment <br /> then due and payable. The Lease Payments coming due and payable in any Fiscal Year shall be <br /> for the use of the Leased Premises for such Fiscal Year. <br /> (b) Rate on Overdue Payments. In the event the City should fail to make any of the <br /> payments required in this Section 4.3, the payment in default shall continue as an obligation of <br /> the City until the amount in default shall have been fully paid, and the City agrees to pay the <br /> same with interest thereon, from the date of default to the date of payment at the highest rate <br /> of interest borne by any Outstanding Bond. Such interest,if received, shall be deposited in the <br /> Bond Fund. <br /> (c) Fair Rental Value. The Lease Payments and Additional Payments coming due and <br /> payable in each Fiscal Year shall constitute the total rental for the Leased Premises for each <br /> Fiscal Year and shall be paid by the City in each Fiscal Year for and in consideration of the right <br /> of the use and occupancy of, and the continued quiet use and enjoyment of, the Leased <br /> Premises during each Fiscal Year. The Authority and the City hereby agree and determine that <br /> the total Lease Payments do not exceed the fair rental value of the Leased Premises. In making <br /> such determination, consideration has been given to the obligations of the parties under this <br /> Lease Agreement, the value of the Leased Premises,the uses and purposes which may be served <br /> by the Leased Premises and the benefits therefrom which will accrue to the City and the general <br /> public. <br /> -8- <br />
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