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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (3).
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THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A (3).
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7/8/2014 4:59:15 PM
Creation date
7/8/2014 4:51:26 PM
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Company Name
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
Contract #
A-2014-133-B
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
6/3/2014
Destruction Year
0
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(e) Fair Rental Value. The Lease Payments coming due and payable during each Rental <br />Period constitute the total rental for the Property for such Rental Period, and will be paid by <br />the City in each Rental Period for and in consideration of the right of the use and occupancy of, <br />and the continued quiet use and enjoyment of the Property during each Rental Period. The <br />parties hereto have agreed and determined that the total Lease Payments due during each <br />Rental Period are not in excess of the fair rental value of the Property during such Rental <br />Periods. In making this determination, consideration has been given to the estimated fair <br />market value of the Property, the estimated replacement cost of the Property, the uses and <br />purposes which may be served by the Property and the benefits therefrom which will accrue to <br />the City and the general public. <br />(f) Source of Payments, Budget and Appropriation. The Lease Payments are payable from <br />any source of legally available funds of the City, subject to the provisions of Sections 6.1, 6.3 <br />and 9.1. The City covenants to take such action as may be necessary to include all Lease <br />Payments in each of its annual budgets during the Term of this Lease Agreement and to make <br />the necessary annual appropriations for all such Lease Payments. The covenants on the part of <br />the City herein contained constitute duties imposed by law and it is the duty of each and every <br />public official of the City to take such action and do such things as are required by law in the <br />performance of the official duty of such officials to enable the City to carry out and perform <br />the covenants and agreements in this Lease Agreement agreed to be carried out and performed <br />by the City. <br />(g) Allocation of Lease Payments. All Lease Payments received shall be applied first to the <br />interest components of the Lease Payments due hereunder, then to the principal components of <br />the Lease Payments due hereunder, but no such application of any payments that are less than <br />the total rental due and owing shall be deemed a waiver of any default hereunder. <br />(h) No Offsets. Notwithstanding any dispute between the Authority, or Assignees as the <br />Authority's assignee, and the City, the City shall make all Lease Payments when due without <br />deduction or offset of any kind and shall not withhold any Lease Payments pending the final <br />resolution of such dispute. <br />(i) Assignment Agreement. The City understands and agrees that all Lease Payments <br />have been assigned by the Authority to the Agent for the benefit of the Assignees under the <br />Assignment Agreement executed concurrently herewith, and the City hereby assents to such <br />assignment. The Authority hereby directs the City, and the City hereby agrees, to pay to the <br />Agent, on behalf of the Assignees, all payments payable by the City under this Section 4.3 and <br />all amounts payable by the City under Article IX. Lease Payments shall be paid to the Agent <br />pursuant to an invoice to be transmitted to the City by the Agent not less than thrity (3) days <br />prior to each Lease Payment Date. <br />Section 4.4. Quiet Enjoyment. Throughout the Term of this Lease Agreement, the <br />Authority will provide the City with quiet use and enjoyment of the Property and the City will <br />peaceably and quietly have and hold and enjoy the Property, without suit, trouble or hindrance <br />from the Authority, except as expressly set forth in this Lease Agreement. The Authority will, <br />at the request of the City and at the City's cost, join in any legal action in which the City <br />asserts its right to such possession and enjoyment to the extent the Authority may lawfully do <br />so. Notwithstanding the foregoing, the Authority and the Assignees have the right to inspect <br />the Property as provided in Sections 5.12(c) and 7.2. <br />Section 4.5. Title. At all times during the Term of this Lease Agreement, the City shall <br />hold title to the Property, including all additions which comprise fixtures, repairs, <br />replacements or modifications thereto, subject to Permitted Encumbrances and subject to the <br />provisions of Section 7.2. <br />14- <br />
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