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D~S: k 08/08/88 (#21) <br /> ' - ~ 3:d~k 09/08/88R <br /> <br /> hereby authorized and directed to execute said agreement for and <br /> on behalf of the Port subject to completion of the conditions <br /> precedent described in paragraph 2 hereof. <br /> <br /> 2. This resolution shall be effective upon its adoption; <br />provided, that the authorization granted hereby shall be <br />effective and shall remain in full force and effect only if: (i) <br />that certain ordinance entitled "Ordinance of the Board of Port <br />Commissioners of the City of Redwood City Approving and <br />Authorizing Execution of Ground Lease Agreement with First <br />Continental Financial Corporation for Use in Connection with <br />Refinancing and Acquisition and Construction of Improvements for <br />Lumber Terminal Facilities" introduced August 24, 1988 by this <br />Board, is duly adopted and becomes effective, and pursuant <br />thereto this Board has entered into the aforesaid Ground Lease, <br />and (ii) the Port has received from FCFC the "Acquisition Fund <br />Deposit" as that term is defined in said Lease/Purchase <br />Agreement. <br /> <br /> 3. Without limitation upon the provisions of paragraph 2, <br />the President and Secretary of this Board may execute the Lease/ <br />Purchase Agreement pursuant to paragraph 1 hereof at such time as <br />the Port has received assurance from FCFC that the Port shall <br />receive from FCFC an amount equal to the Acquisition Fund <br />Deposit, or that portion thereof necessary to extinguish the <br />Port's obligations unde~ the Refunded Lease and the Existing <br />Ground Lease in accordance with the provisions of the former and <br />when, on the basis of such assurance, the Port shall has given <br />notice to FMLC of its intention to exercise the Port's prepayment <br /> <br /> 3 <br /> <br /> <br />