Lease Agreement- City of Brea - Laserfiche WebLink

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LEASE AGREEMENT This LEASE AGREEMENT (this "Lease Agreement"), dated as of July 1, 1996, is by and between the COUNTYWIDE PUBLIC FINANCING AUTHORITY, a joint exercise of powers authority organized and existing under and by virtue of the laws of the State of California, as lessor (the "Authority"), and the CITY OF BREA, a municipal corporation and general law city organized and existing under the laws of the State of California, as lessee (the. 'City"); WITNESSETH : WHEREAS, the City is proceeding to finance its share of a countywide 800 MHz communications system and to finance capital improvements throughout the geographic boundaries of the City and, for the purpose of providing moneys for such purposes, the City has leased certain real property, more particularly described in Exhibit A attached hereto and incorporated herein as if set forth in full in this place (the "Site"), and improvements, more particularly described in Exhibit B attached hereto and incorporated herein as if set forth in full in this place (the "Facility")(collectively, the "Leased Premises"), to the Authority pursuant to a Site and Facility Lease, dated as of the date hereof and recorded concurrently herewith (the "Site and Facility Lease"), for an advance rental payment in an amount not exceeding the current appraised value of the Leased Premises (the "Advance Rental Payment"), to be paid to the City upon the execution and delivery of the Site and Facility Lease; and WHEREAS,in order to raise the amount required to make the Advance Rental Payment, the Authority has proposed to issue its Countywide Public Financing Authority 1996 Revenue Bonds in the aggregate principal amount of$27,725,000 (the "Bonds"); and WHEREAS, in order to provide a portion of the revenues necessary to enable the Authority to pay debt service on the Bonds as it becomes due, the Authority has proposed to lease the Leased Premises back to the City upon the terms and conditions set forth herein; and WHEREAS,the Authority and the City have duly authorized the execution and delivery of this Lease Agreement; NOW, THEREFORE, for and in consideration of the premises and the material covenants hereinafter contained, the parties hereto hereby formally covenant, agree and bind themselves as follows: