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DES:dj~ q8/08/88 (#21) <br /> <br /> RESOLUTION NO. P-1299 <br /> <br /> RESOLUTION OF THE BOARD OF PORT COMMISSIONERS OF THE <br /> CITY OF REDWOOD CITY GIVING NOTICE OF ITS INTENTION TO <br /> EXERCISE ITS PREPAYMENT OPTION, AND TO TERMINATE GROUND <br /> LEASE AND LEASE-PURCHASE AGREEMENT WITH FIRST MUNICIPAL <br /> LEASING CORPORATION IN CONNECTION WITH SAID PREPAYMENT <br /> <br /> WHEREAS, the City of Redwood City, a municipal corporation <br />of the State of California, acting by and through the Board of <br />Port Commissioners of the City of Redwood City (the "Port"), as <br />Lessor, and First Municipal Leasing Corporation, a District of <br />Columbia corporation ("FMLC") , as Lessee, entered into that <br />certain ground lease (the "Ground Lease") dated as of November 1, <br />1986 pursuant to which the Port leased certain "Premises" (as <br />therein described) to FMLC for the financing, acquisition, <br />construction, and installation of certain improvements therein <br />described for use in conjunction with lumber' terminal facilities <br />and the Port Administration Building; and <br /> <br /> WHEREAS, the Port, as Lessee, and FMLC, as Lessor, entered <br />into that certain Lease-Purchase Agreement likewise dated as of <br />November 1, 1986 pursuant to which the Port leased-back from FM-LC <br />the above-described improvements (which are more particularly <br />described in Exhibit "A" of said Lease-Purchase Agreement), all <br />subject to the terms and conditions of said Lease-Purchase <br />Agreement; and <br /> <br /> WHEREAS, Section 8.2 of the Lease-Purchase Agreement <br />provides that the Port sb. all have the option to prepay the unpaid <br />Lease-Purchase payments described in said Agreement on any <br />payment date in the manner provided in Article VIII of said <br />Lease-Purchase Agreement; and <br /> <br /> <br />