Laserfiche WebLink
46 <br /> <br />ARTICLE X <br /> <br />PI~PAYMENT <br /> <br /> Section [0. i. 'C/hen Available. Tenant shall have the option to purchase Landlord's <br />interest in the Project on December 15, 2014 and any date thereafter, for.a Purchase Option Price <br />equal to the principal amount of the Bonds outstanding and accrued interest to the next day on <br />which they may be called for redemption, plus past due R. ental Payments, and ordy in the manner <br />provided in this Article. <br /> <br /> Section 10.2. Exercise of Purchase Option. Tenant shall give notice to Landlord and <br />Trustee'of its intention to exercise its purchase option not less than forty-five days prior to the <br />date on which the option is to be exercised and shall deposit with the Trustee on the date 'of <br />exercise an amount equal to all Rental Payments and any other amounts then due or past due and <br />the applicable Purchase Option Price. The purchase shall be on the date on which the option is <br />to be exercised at the office of Landlord. <br /> <br /> Section I0.3. R.elease of Landlord's Interest. Upon exercise by Tenant of its option to <br />purchase Landlord's interest in the Project, this Lease and the Ground Lease shall terminate and <br />Tenant thereupon shall become entitled to the Project AS IS, B/ITHOUT g/AR_R.ANTrES, <br />EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF IvlERCHANTABILITY OR <br />FITNESS FOR ANY PARTICULAR PURPOSE OR FITNESS FOR THE USE <br />CONTEMPLATED BY TENANT, except that the Project shall not be subject to any lien or <br />encumbrance created by or arising through Landlord other than Permitted Encumbrances. To <br />evidence the foregoing, Landlord and Trustee, .as agent for and on behalf of the Bondholders, <br />shall, at the request and expense of Tenant, execute such docUments as Tenant reasonably <br />determines are required-to convey and release to Tenant, any and all of their remaining fight, title <br />and/or interest in and to the Project <br /> <br /> Section 10.4. Defeasance. Tenant shall have the option to provide for the paYment of <br />the Rental Payments (and, if applicable, the pUrchase Option Price) by the deposit with the <br />Trustee in escrow on behalf of the holders of the Bonds of cash or securities for which the full <br />faith and credit of the 'United States are pledged for the payment of principal and interest or <br />which are guaranteed as to payment of principal and interest by the'United States, in an amount <br />sufficient (together with interest earnings thereon) to provide for payment of said Rental <br />Payments (and, if applicable, the Purchase Option Pr/ce) pr/or to their respective Payment Dates <br />as provided in Section 5.1 through their final maturity date, 'or such earlier date upon which an <br />option to purchase would have been exercisable by Tenant; provided that such earlier date is <br />designated by Tenant as the date on which the applicable Purchase Option Price shai1 be paid; <br />and provided further that Tenant files w/th Landlord and Trustee an opinion of counsel stating in <br />effect that such defeasance wiI[ not impair the t~ exempt status of the Bonds. Upon exercise by <br />Tenant oft. his option, this Lease and the Ground'Lease shall terminate and,'at the request and <br />expense of Tenant, Landlord and Trustee shall convey and release their interest in the Project as <br />provided in Section 10.3. For purposes of executing such release both the Landlord. and Trustee <br />may in good faith conclusively rely upon a repo-~ of an independent certified public accountant <br /> <br />1763908vl <br /> <br /> <br />