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05-11-2015 EDA Packet
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05-11-2015 EDA Packet
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EDA
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EDA Packet
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05/11/2015
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<br /> Section 3.03. Reports. In the event that the Term of Lease is terminated by the City because of <br />non-appropriation pursuant to Section 5.6 of the Lease or terminated by the Authority as a result of the <br />occurrence of an Event of Default by the City thereunder, the Authority shall keep complete and accurate <br />records regarding any sublease of the Site and the Facilities and shall, within sixty (60) days after the end <br />of each Fiscal Year of the City, deliver a written report to the City showing (a) all amounts received by <br />the Authority from any sublease of the Site and the Facilities; (b) an analysis as to whether the Authority <br />has received the Reimbursement Amount, with all supporting calculations; and (c) the date, if any, during <br />the next Fiscal Year of the City on which the Authority expects to receive the Reimbursement Amount. <br />Such written report shall be verified by a certified public accountant or firm of certified public <br />accountants not in the regular employ of the Authority. The City shall have the right, at its own expense, <br />to examine all of the Authority’s records insofar as they relate to the Site and the Facilities. Such <br />examination shall be made at the Authority’s offices during normal business hours. <br /> <br /> Section 3.04. City’s Option to Pay Reimbursement Amount. In the event that the Term of Lease <br />is terminated by the City because of non-appropriation pursuant to Section 5.6 of the Lease or terminated <br />by the Authority as a result of the occurrence of an Event of Default by the City thereunder, the unpaid <br />balance of the Reimbursement Amount and any other payment required under Section 3.02 hereof may be <br />paid by the City at any time. Upon such payment, this Ground Lease and the Authority’s interest in the <br />Site and the Facilities shall terminate; provided, that if the Authority’s interest in the Site or the Facilities <br />has been subleased to any sublessee pursuant to any sublease that is still in effect, this Ground Lease shall <br />not terminate, but the Authority shall assign and set over to the City all of the Authority’s interest in the <br />Site and the Facilities granted under this Ground Lease, subject to all existing rights created in the Site <br />and the Facilities by all such subleases, and the City shall be entitled to all rent payments with respect to <br />any subleases of the Site and the Facilities. <br /> <br /> Section 3.05. Effect of Termination of Lease. In the event that the Term of Lease is terminated <br />by the City because of non-appropriation pursuant to Section 5.6 of the Lease or terminated by the <br />Authority as a result of the occurrence of an Event of Default by the City thereunder, the City shall have <br />no continuing obligation under this Ground Lease after such termination, other than to continue to allow <br />the Authority to continue to use and enjoy the Site and the Facilities as provided herein. <br /> <br /> <br />ARTICLE IV <br /> <br />Use of Site; Additional Covenants <br /> <br /> Section 4.01. Use. The Authority shall not use or permit the use of the Site for any unlawful <br />purpose. <br /> <br /> Section 4.02. Quiet Enjoyment. The City covenants that upon the Authority’s paying the rent <br />reserved herein, and performing all conditions and covenants set forth in this Ground Lease and the <br />Lease, the Authority shall and may peaceably have, hold and enjoy the Site for the term of this Ground <br />Lease. The Authority covenants that upon expiration of this Ground Lease, it shall give the City <br />peaceable possession of the Site, together with the Facilities and any other improvements constructed <br />thereon pursuant to the Lease. <br /> <br /> Section 4.03. Assignment and Subletting. The Authority shall have the right to assign its interest <br />in this Ground Lease, and to sublet the Site in accordance with the Lease. <br /> <br /> Section 4.04. Additional Covenants. In the event that any person or entity, however organized <br />(other than the Authority or any assignee of the Authority), shall be determined to hold any interest that in <br />460514v1 JAE LN140-112 5
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