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ARTICLE V Term of Lease; Transfer or Surrender of Site and Facilities Section 5.1. Term of Lease. Subject to the provisions of Section 5.6 hereof, this Lease shall be in effect for a term commencing upon the execution hereof and ending on February 1, 2036. Section 5.2. Termination of Term of Lease. The Term of Lease will terminate upon the occurrence of the first of the following events: (a) non -appropriation by the City pursuant to Section 5.6 hereof; (b) the payment by the City of the Purchase Price, pursuant to Section 8.1 hereof; (c) the discharge by the City of its obligation to pay the Lease Payments and Additional Lease Payments required to be paid by it hereunder pursuant to Section 8.3 hereof; or (d) a default by the City and the Authority's election to terminate this Lease pursuant to Article X hereof. Section 5.3. Authority's Interest in the Site and Facilities. Upon payment of all Lease Payments and Additional Lease Payments due hereunder, or upon prepayment of the Lease Payments and Additional Lease Payments or discharge of the City's obligation to make the Lease Payments and Additional Lease Payments in accordance with Article VIII hereof, and in either event, upon defeasance of the Bonds, full and unencumbered legal title to the Facilities shall pass to the City, and the Authority shall have no further interest therein. In such event the Authority and its officers shall take all actions necessary to authorize, execute and deliver to the City any and all documents necessary to vest in the City, all of the Authority's right, title and interest in and to the Site and Facilities, free and clear of all liens, leasehold interests, encumbrances (other than Permitted Encumbrances), including, if necessary, a release of any and all interests or liens created under the provisions of this Lease. Section 5.4. Surrender of Site and Facilities. Upon termination of the Term of Lease pursuant to Section 5.2(a) or 5.2(d), or upon exercise by the Authority of its right to take possession of the Site and Facilities under Section 10.2 hereof, the City shall surrender the Site and Facilities to the Authority in the condition in which they were originally received from the Authority, except as repaired, rebuilt, restored, altered or added to as permitted or required hereby, ordinary wear and tear excepted. The City shall have the right to remove from the Site and Facilities at or prior to such termination or possession all personal property located therein which was not financed with proceeds of the Bonds, or which has not replaced personal property so financed, and which is not otherwise owned by the Authority, but the City shall repair any damages caused by such removal. Section 5.5. Purchase; Conveyance of Title. At any time when the Purchase Price, together with any unpaid or delinquent interest, has been fully paid or provided for, whether by (i) payment of all Lease Payments and Additional Lease Payments as provided in Section 8.1 hereof, or (ii) payment or provision for payment of the Purchase Price as provided in Article VIII hereof, then the purchase of the Site and the Facilities by the City shall be deemed to have been completed. The Authority shall thereupon deliver to the City such instruments of conveyance or release as, in the opinion of the City, may be necessary to release the interest of the Authority in the Site and Facilities. 460515v2 JAE LN140-112 13