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COUNTYWIDE PUBLIC FINANCING AUTHORITY
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Last modified
4/17/2025 11:40:49 AM
Creation date
3/27/2025 1:48:38 PM
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Contracts
Company Name
COUNTYWIDE PUBLIC FINANCING AUTHORITY
Contract #
A-1996-067
Agency
Finance & Management Services
Expiration Date
1/1/1999
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Section 5. Purpose. The Authority shall use the Site and the Facility solely for the <br />purpose of leasing the Site and the Facility to the City pursuant to the Lease Agreement and for <br />such purposes as may be incidental thereto; provided, however, that in the event of default by <br />the City under the Lease Agreement, the Authority and its assigns may exercise the remedies <br />provided in the Lease Agreement. <br />Section 6. City's Interest in Site and the Facility. The City covenants that it is the owner <br />of fee title to the Site and the Facility. <br />Section 7. Assignments and Subleases. Unless the City shall be in default under the <br />Lease Agreement, the Authority may not assign its rights under this Site and Facility Lease or <br />sublet the Site or the Facility, except as provided in the Lease Agreement, without the written <br />consent of the City. <br />Section 8. Right of Entry. The City reserves the right, for any of its duly authorized <br />representatives, to enter upon the Site and the Facility at any reasonable time to inspect the <br />same or to make any repairs, improvements or changes necessary for the preservation thereof. <br />Section 9. Termination. The Authority agrees, upon the termination of this Site and <br />Facility Lease, to quit and surrender the Site and the Facility in the same good order and <br />condition as the same were in at the time of commencement of the term hereunder, reasonable <br />wear and tear excepted, and agrees that any permanent improvements and structures existing <br />upon the Site or the Facility at the time of the termination of this Site and Facility Lease shall <br />remain thereon and title thereto shall vest in the City. <br />Section 10. Default. In the event the Authority shall be in default in the performance of <br />any obligation on its part to be performed under the terms of this Site and Facility Lease, which <br />default continues for thirty (30) days following notice and demand for correction thereof to the <br />Authority, the City may exercise any and all remedies granted by law, except that no merger of <br />this Site and Facility Lease and of the Lease Agreement shall be deemed to occur as a result <br />thereof; provided, however, that so long as any Bonds are outstanding and unpaid in <br />accordance with the terms thereof, the Lease Payments assigned by the Authority to the Trustee <br />under the Indenture shall continue to be paid to the Trustee. <br />Section 11. Quiet En�oyinent. The Authority, at all times during the term of this Site and <br />Facility Lease, shall peaceably and quietly have, hold and enjoy the Site and the Facility subject <br />to the provisions of the Lease Agreement and the Indenture. <br />Section 12. Waiver of Personal Liability. All liabilities under this Site and Facility Lease <br />on the part of the Authority are solely liabilities of the Authority and the City hereby releases <br />each and every member, director, officer, employee and agent of the Authority of and from any <br />personal or individual liability under this Site and Facility Lease. No member, director, officer, <br />employee or agent of the Authority shall at any time or under any circumstances be individually <br />or personally liable under this Site and Facility Lease for anything done or omitted to be done <br />by the Authority hereunder. <br />Section 13. Taxes. The City covenants and agrees to pay any and all assessments of any <br />kind or character and also all taxes, including possessory interest taxes, levied or assessed <br />upon the Site and the Faci.%ity (including both land and improvements). <br />Section 14, Eminent Domain. In the event the whole or any part of the Site or the Facility <br />thereon is taken by eminent domain proceedings, the interest of the Authority shall be <br />recognized and is hereby determined to be the amount of the then unpaid Bonds including the <br />unpaid principal and interest with respect to any then outstanding such Bonds and, subject to <br />-2- <br />
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