Lease Agreement- City of Brea - Laserfiche WebLink

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(iv) The City shall file with the Authority and the Trustee an amended Exhibit B to this Lease Agreement which adds thereto a description of such Substitute Facility and deletes therefrom the description of the Former Facility; (v) The City shall certify in writing to the Authority and the Trustee that such Substitute Site and/or Substitute Facility serve the purposes of the City, constitutes property that is unencumbered (or the portion of such property to be to substituted is unencumbered),subject to Permitted Encumbrances, and constitutes property which the City is permitted to lease under the laws of the State; (vi) The City delivers to the Trustee and the Authority evidence that the Substitute Site and/or Substitute Facility (or the portions to be to substituted), together with the portions of the Site and/or Facility not to be substituted, are of equal or greater value than the then Outstanding principal component of Bonds allocable to the City; (vii) The Substitute Site and/or Substitute Facility shall not cause the City to violate any of its covenants,representations and warranties made herein; (viii) The City shall obtain an amendment to the title insurance policy required pursuant to Section 5.6 hereof which adds thereto a description of the Substitute Site and deletes therefrom the description of the Former Site; (ix) The City shall certify that the Substitute Site and/or the Substitute Facility is of the same or greater essentially to the City as was the Former Site and/or the Former Facility; and (x) The City shall obtain the prior written consent of the Municipal Bond Insurer of such substitution and notice of such consent shall be given by the City to any rating agency then rating the Bonds. (b)Release of Site. The City shall have,and is hereby granted, the option at any time and from time to time during the Term of the Lease Agreement to release any portion of the Site, provided that the City shall satisfy all of the following requirements which are hereby declared to be conditions precedent to such release: (i) The City shall file with the Authority and the Trustee an amended Exhibit A to the Site and Facility Lease which describes the Site, as revised by such release; (ii) The City shall file with the Authority and the Trustee an amended Exhibit A to this Lease Agreement which describes the Site,as revised by such release; (iii) The City delivers to the Trustee and the Authority evidence that the Site, as revised by such release, together with the Facility, has a total at least equal to the portion of the Bonds then outstanding which are allocable to the City; (iv) The City shall obtain an amendment to the title insurance policy required pursuant to Section 5.6 hereof which describes the Site,as revised by such release; and (v) The City shall obtain the prior written consent of the Municipal Bond Insurer of such release and notice of such consent shall be given by the City to any rating agency then rating the Bonds. (c) GeneralIy. The Authority and the City may at any time amend or modify any of the provisions of this Lease Agreement,but only (a) with the prior written consents of the Owners -18-