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7.B. - Page 11 ATTACHMENT 3 <br /> Summary of Principal Legal Documents <br /> Site And Facility Lease <br /> Under the Site Lease the City will lease the site on which the leased project is <br /> situated to the Public Financing Authority (PFA). It establishes the term of the <br /> Site Lease, payment, purpose of the lease, the City's duty to comply with <br /> applicable environmental regulations, certain rights of the City and proscriptions <br /> on the use of the site by the PFA, events of default and other miscellaneous <br /> provisions. <br /> Lease Aqreement <br /> Under the Lease Agreement the PFA will lease the site on which the leased <br /> projects are situated back to the City in exchange for annual lease payments. It <br /> establishes the terms of the Lease Agreement, payment provisions, the City's <br /> duty to make annual appropriations, duties to maintain the leased project, <br /> duties to maintain certain insurance, events of defaults and remedies, various <br /> covenants of the City and other miscellaneous provisions. <br /> Assiqnment Aqreement <br /> Under the Assignment Agreement the PFA will sell, assign and transfer its <br /> rights under the Lease Agreement and the Site and Facility Lease, as well as its <br /> rights to enforce lease payments, to the bank. <br /> Termination Aqreement <br /> The Termination Agreement terminates the 2003 Site Lease and 2003 <br /> Memorandum of Lease recorded in connection with the 2003 Bonds. <br /> Lease Letter Aqreement <br /> The Lease Letter Agreement is the purchase contract between the bank and <br /> the PFA specifying the conditions under which the bank will agree to assign the <br /> Lease Agreement. It contains representations and warranties of the City and <br /> certain conditions precedent to the closing, and specifies the events that permit <br /> the bank to terminate the transaction. <br /> Memorandum of Lease Aqreement <br /> The Memorandum of Lease Agreement very generally describes the lease, the <br /> leased premises, the term of the lease, and the Assignment of the PFA's rights <br /> under the Lease Agreement. It is recorded with the County of San Mateo so <br /> that there is evidence of a lease encumbrance on the leased premises. <br /> Escrow Instructions <br /> The Escrow Instructions specify the amounts deposited in escrow for the benefit <br /> of the owners of the 2003 Bonds and the duties of the escrow bank to make <br />