Agenda - Economic Development Authority - 05/24/2005

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ARTICLE IV TERM OF LEASE Section 4. I. Lease Term. Landlord hereby leases the Project to Tenant, and Tenant hereby leases, or in the case of the Land, subleases the Pro. jeer from Landlord upon the terms and conditions set forth in th_is Lease. This Lease shall be in effect .for a Lease Term commencing uprm the date of execution hereof and ending on the date the last Rental Payment is due and payable as shown in Exhibit B unless terminated by Tenant at the end 0fany Fiscal Year of Tenant occurring prior thereto in accordance with Section 4.3, or unless terminated as. provided in Section 4.6. Section 4.2. Possession and Enioyment. Landlord hereby co,~enan_ ts to provide Tenant during the Term of this Lease with the quiet use and enjoyment of the Project and Tenant shall during the Term of this Lease peaceably and quietly have and hold and enjoy the-Project, without suit, trouble or hindrance from Landlord, except as expressly set forth herein. Landlord will, at the request of Tenant and at Tenant's cost, .join in any legal action in which Tenant asserts its right to such possession and enjoyment to the extent Landlord law-fully may do so. Section 4.3. Termination by Tenant. In the sole event of Non-appropriation, Tenant shall have the right to terminate this Lease, in whole but not in part, at the end of any Fiscal Year of' Tenant, in the manner and subject to the terms sPecified in this section and in Sections 4.5 and 4. (5. Tenant may effect such termination by giving Landlord a written notice of termination and by paying to Landlord any Rental Payments and any other mounts due pursuant to Section 4.5 which are due and have not been paid and any other mount due pursuant to Section 4.5 at or b~*,f'orc the end of its then current Fiscal Year. Tenant shall give written notice to the Trustee and the [.andlord of any such termination not less than si,Cry days prior to the end of such Fiscal Y-ear_ In the event of termination of this Lease as provided in this section, Tenant shall convey to l,andlord and release its interest under the Lease in the Project in accordance with Section 12.3 i~m-nediately after termination of this Lease. Section 4.4-. Intent to Continue Lease Term; Appropr/ations and property Taxes. Ten;mt presently intends to continue this Lease for its entire Term and to pay all Rental Payments. The Tenant covenants that the chief financial official and/or other appropriate official o f' thc Tenant will include in the officer's annual budget for each Fisca[ Year and thereby request ;tn appropriation by Tenant's City Council of an amount sufficient to meet Tenant's obligations under this Lease. To provide sufficient funds to pay the Rental Payments due hereunder, subject to the provisions in Section 4.3, Tenant shall include in each annual budget an appropriation sufficient, and shall levy such taxes as may be necessary, when combined with any other appropriated and available funds, to make the Rental Payments. Section 4.5. Effect of Termination. Upon any termination of this Lease as described in Section 4.3, Tenant shall not be responsible for the payment 0fany additional Rental Payments corning due with respect to succeeding Fiscal Years. If Tenant does not deliver possession of the Project to Landlord in accordance with Section 12.3 and convey to Landlord or release its interest under the Lease in the Project immediately upon the termination of this Lease, the