JT25S - 4TH DISTRICT COURT - Laserfiche WebLink

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(vi) The City delivers to the Assignee and the Authority evidence that the Substitute Site and/ or Substitute Improvements are of equal or greater value than the Former Site and Former Improvements; (vii) The Substitute Site and/ or Substitute Improvements 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 Improvements is of the same or greater essentiality to the City as was the Former Site and/ or the Former Improvements; (x) The City shall have received the prior written consent of the Assignee to such substitution; and (xi) The City shall furnish the Authority and the Assignee with a written opinion of nationally-recognized bond counsel, which shall be an Independent Counsel, stating that such substitution does not cause the interest components of the Lease Payments to become subject to federal income taxes or State personal income taxes. (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 Assignee an amended Exhibit A to the Site Lease which describes the Site, as revised by such release; (ii) The City shall file with the Authority and the Assignee an amended Exhibit B to this Lease Agreement which describes the Site, as revised by such release; (iii) The City delivers to the Assignee and the Authority evidence that the Site, as revised by such release, is a legal parcel, has access to a physically open street and is of a value at least equal to the value of the Site as of the Oosing Date; (iv) Such release shall not cause the City to violate any of its covenants, representations and warranties made herein; (v) 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 (vi) The City shall have received the prior written consent of the Assignee to such release; and -19- JT25S-38