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DES:djk ~8/08/88 (~21) <br /> <br /> WHEREAS, this Board desires to give notice to FMLC in <br />accordance with Section 8.3 of the Lease-Purchase Agreement of <br />its intention to exercise its prepayment option in accordance <br />therewith, and to discharge all of its obligations under said <br />Lease-Purchase Agreement and the Ground Lease, and to terminate <br />said Agreements; <br /> <br /> NOW, THEREFORE; <br /> <br /> BE IT RESOLVED BY THE BOARD OF PORT COMMISSIONERS OF THE <br />CITY OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. Notice is hereby given to FMLC pursuant to the <br />provisions of Section 8.3 of the Lease-Purchase Agreement of the <br />Port's intention to exercise its prepayment option effective as <br />of October 1, 1988, and to deposit with FMLC on or before said <br />date an amount equal to then current Lease-Purchase payment and <br />the applicable prepayment price as shown in Exhibit "C" of the <br />Lease-Purchase Agreement, less any "Net Proceeds" (as said term <br />is defined in the Lease-Purchase Agreement) to be applied to the <br />amount to be so paid in accordance with Section 6.2 of said <br />Lease-Purchase Agreement. <br /> <br /> 2. The Treasurer of the Port of Redwood City is hereby <br />authorized and directed to remit the amount described in <br />paragraph 1 hereof to FMLC upon receipt of a certified copy of <br />this resolution. <br /> <br /> 3. In accordance with the provisions of Section 8.1 of the <br />Lease-Purchase Agreement, FMLC is hereby requested to execute and <br />deliver to the Port of Redwood City, in form approved by the Port <br />Attorney, such documents as the Port Attorney shall specify as <br /> <br /> 2 <br /> <br /> <br />