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hereunder, the multi-purpose room/community center, in a safe, habitable <br />condition and fit for the purposes intended in accordance with all <br />applicable requirements of state and local laws and as required under <br />this Agreement; <br />herein. <br />h. Any material breach of this Agreement or covenant <br />3. Permitted Encumbrance - any lease, sublease, lease -back, <br />assignment, pledge, or other conveyance by District of any interest in <br />the School Site or any School Facilities thereon or District's right to <br />use and occupy the School Site, made or entered into by District as <br />security for any Permitted Indebtedness. <br />4. Permitted Indebtedness - any bonds, certificates of <br />participation, notes, or other evidences of indebtedness made, issued or <br />entered into by District to finance the acquisition and construction of <br />the 450 student K-5 elementary school facility and District's <br />proportionate share of the multipurpose room/ community center on the <br />School Site, or to refinance said acquisition and construction; <br />provided, that the nominal term to maturity of any such refinancing <br />indebtedness or corresponding security shall not extend beyond that of <br />the original Permitted Indebtedness and corresponding Persitted <br />Encumbrance. <br />5. Permitted Use - Use by District of the School Site for <br />the purposes permitted under paragraph 6 hereof. <br />b. In the Event of Default, City shall give written notice to <br />District of said Default and City's intention to exercise its rights and <br />remedies hereunder. District shall have ninety (90) days from the date <br />25 <br />ATTY/AGR/2017/AMENDMENTS/AMEND NO. 1 TO JOINT USE AGREEMENT - SANDPIPER <br />REV: 03-02-17 JS Page 32 of 42 <br />