05-11-2015 Council Packet - Laserfiche WebLink

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Section 5.6. Non -Appropriation. If the City Council does not appropriate or budget moneys sufficient to pay the Lease Payments and reasonably estimated Additional Lease Payments coming due in the next Fiscal Year, as determined by the City's budget for the Fiscal Year in question, then the Term of Lease shall tenninate at the end of the preceding Fiscal Year. The City Council shall effect such non -appropriation by adoption of a resolution specifically referring to this Lease and determining (i) not to provide moneys for payments due hereunder in the next Fiscal Year and (ii) that the Lease shall terminate at the end of the then - current Fiscal Year, and the City shall give the Authority a written notice of such non -appropriation and shall pay to the Authority any Lease Payments and Additional Lease Payments which are due and have not been paid at or before the end of its then current Fiscal Year. The City shall endeavor to give as much notice of non -renewal as possible prior to the end of such Fiscal Year, but in any event the City shall not be required to give more than twelve (12) months' notice, and the City shall notify the Authority of any anticipated termination. In the event of termination of this Lease as provided in this Section, the City shall surrender possession of the Site and Facilities to the Authority in accordance with Section 5.4 hereof and convey to the Authority or release its interest in the Site and Facilities within ten (10) days after the expiration of the then current term. Section 5.7. Intent to Continue Term; Appropriations. The City presently intends to continue this Lease for the entire Term of Lease and to pay all Lease Payments specified in EXHIBIT B and Additional Lease Payments. The City reasonably believes that moneys in an amount sufficient to make all such Lease Payments and Additional Lease Payments can and will lawfully be appropriated or budgeted and made available. Section 5.8. Effect of Termination. Upon termination of this Lease as provided in Section 5.6 hereof, the City shall not be responsible for the payment of any Lease Payments or Additional Lease Payments coming due with respect to succeeding Fiscal Years, but if the City has not delivered possession of the Site and Facilities to the Authority in accordance with Section 5.4 hereof and conveyed to the Authority or released its interest in the Site and Facilities within ten (10) days after the termination date, the termination shall nevertheless be effective, but the City shall be responsible for the payment of damages in an amount equal to the amount of the Lease Payments thereafter coming due under EXHIBIT B and Additional Lease Payments which are attributable to the number of days during which the City fails to take such actions and for any other loss suffered by the Authority as a result of the City's failure to take such actions as required. The City shall be required to pay over to the Authority any moneys which it has appropriated or budgeted for the purpose of paying obligations under this Lease for any Fiscal Years preceding the Fiscal Year for which non -renewal under Section 5.6 hereof is effective. 460515v2 JAE LN140-112 (The remainder of this page is intentionally left blank ) 14