Laserfiche WebLink
this Agreement. District shall give notice to City of its intent to <br />refinance the construction of School Facilities. The nominal maturity <br />date established by the original financing shall not be extended by <br />virtue of any refinancing sought and obtained by District. <br />f. In the event of a default giving rise to a reversion of title <br />to City, District shall execute a reconveyance of the School Site to <br />City. City shall be entitled to enforce the obligation of District to <br />reconvey such title through an action for specific performance. <br />g. The parties acknowledge that, due to circumstances that cannot <br />be foreseen at this time, modifications may be required in the property <br />description for the School Site as determined pursuant to subparagraph <br />(a), above. In such event, City and District shall cooperate in the <br />processing of any lot line adjustment(s) that may be necessary to effect <br />a required change in the property description for the School Site. <br />h. The parties hereto acknowledge that, in order to obtain the <br />financing necessary to construct a K-5 elementary school on the School <br />Site, under a certificate of participation or similar financing <br />structure, it may be necessary to transfer a leasehold or fee title <br />interest in the School Site and any School Facilities constructed <br />thereon to a third party non-profit entity. City and District agree to <br />take such steps as may be required to provide for such transfer if such <br />transfer becomes necessary. All necessary <br />limitations as contemplated between the parties to this Agreement shall <br />be imposed upon, and shall apply to, any such third party as a condition <br />of such transfer. <br />6 <br />ATTY/AGR/2017/AMENDMENTS/AMEND NO. 1 TO JOINT USE AGREEMENT - SANDPIPER <br />REV: 03-02-17 JS Page 13 of 42 <br />