AgdaPkt 2003-11-03 - Laserfiche WebLink

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R remaining usable portion of the Leased Property. The City covenants to contest any eminent domain award which is insufficient to either. (i) redeem the Bonds and the 1998 Bonds in whole, if all of the Leased Property is condemned; or (11) redeem a pro rata share of Bonds and 1998 Bonds, in the event that less than all of the Leased Property is condemned. See RISK FACTORS - Priority of Lease Agreement Upon DesLVction of Leased Property or Eminent Domain" below. See also "Abatement" beluw. Substitution of Leased Property The City may, at its option at any time and from time to time during the term of the Lease Agreement, substitute other land ( "Substitute Sites ") and substitute facilities, which facilities may not be equipment ( "Substitute Facilities") for all or any portion of the Leased Property, provided that the City satisfies certain requirements, including that the City file with the Authority, the Trustee [and the Insurer] a new appraisal prepared by an MAI appraiser setting forth the appraised value of the Substitute Sites and the Substitute Facilities, which appraised value, together with the appraised value of all other facilities and sites subject to the Subordinate Lease Agreement, shall be no less than the cumulative Outstanding principal amount of the Bonds, and any Additional Bonds. See "APPENDIX A - Summary of Legal Documents - Substitution for the Leased Property" Abatement The Lease Agreement provides that the amount of Lease Payments will be subject to abatement during any period in which by reason of damage or destruction (other than by eminent domain which is hereinbefore provided for) there is substantial interference with the use and occupancy by the City of the Leased Property or any portion thereof. The amount of such abatement shall be agreed upon by the City and the Authority such that the resulting Lease Payments represent fair consideration for the use and occupancy of the portions of the Leased Property not damaged or destroyed. Such abatement shall continue for the period commencing with such damage or destruction and ending with the substantial completion of the work of repair or reconstruction. In the event of any such damage or destruction, the Lease Agreement shall continue in full force and effect and the City waives any right to terminate this Lease Agreement by virtue of any such damage and destruction. Notwithstanding the foregoing, there shall be no abatement of Lease Payments to the extent that the proceeds of an eminent domain or insurance award, including self - insurance, are available to pay Lease Payments or to the extent that moneys are available in the Lease Payment Fund or the Reserve Fund. Additional Bonds The Lease Agreement provides that in addition to the Bonds, the Authority may by Supplemental Indenture, establish one or more other issues of bonds ( "Additional Bonds") ranking on a parity with the Bonds and secured by Revenues on a parity with the Bonds, upon compliance by the Authority with the provisions of the Indenture, which include the following. (a) The Lease Agreement shall have been amended, if necessary, to (i) increase or adjust the Lease Payments due and payable on each Lease Payment Date to an amount sufficient to pay the principal, premium (if any) and interest payable with respect to all Outstanding Bonds, including all Additional Bonds as and when, if any, the same mature or become due and payable (except to the extent such principal, premium and interest may be payable out of moneys then in the Reserve Fund or otherwise on deposit with the Trustee in accordance with the Indenture), (ii) if appropriate, amend the definition of Leased Property to include as part of the Leased Property all or any portion of additions, betterments, extensions, improvements or replacements, or such other real or personal property (whether or not located upon the Leased Property as such Leased Property is constituted as of the date of the -14-