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• <br /> Substantial Completion Date. City also covenants to <br /> and agrees to pay all taxes and assessments levied upon <br /> the Leased Premises that are assessed and payable after <br /> the Substantial Completion Date, provided that if any <br /> such taxes or assessments may be paid in installments <br /> without penalty City shall have the right to pay any <br /> such taxes or assessments in installments and provided <br /> further that the City shall also be liable for any <br /> property taxes payable with respect to the Leased <br /> Premises after the Substantial Completion Date. GI-ty <br /> also covenants and agrccs to pay all charges assessed <br /> against thc Leased Premises under thc CCRs from and <br /> - - - - <br /> Section 2 . Amending Certain Payment Provisions of the <br /> Lease. Sections 4 . 1 (B) , 4 . 1 (C) and 4 . 1 (D) of the Original Lease <br /> are hereby amended as follows (deletions are stricken and <br /> additions are underscored) : <br /> B. Principal Component of Lease Payments . <br /> The principal component of each Lease Payment required <br /> hereunder shall be calculated based on a total <br /> principal amount equal to the Total Project Costs <br /> amortized over the term of the Lease as set forth on <br /> Exhibit B-1 hereto in equal monthly payments of <br /> principal and interest at an interest rate established <br /> under subparagraph C below; provided, however, that the <br /> total principal amount used for calculation of the <br /> Lease Payments shall not exceed either of the following <br /> limitations set out in RCW 39. 36. 030 and RCW 35. 42 .200 <br /> (herein "Capacity") : (a) an amount that causes the <br /> total principal indebtedness created by this Lease, <br /> together with all other nonvoted debt of the City to <br /> exceed one and one-half percent (1-1/2%) of the value <br /> of all taxable property within the City as of the <br /> Payment Obligation Commencement Date; or (b) an amount <br /> that causes the total amount of lease indebtedness of <br /> the City then outstanding to exceed three-quarters of <br /> one percent ( . 075%) of the value of taxable property <br /> within the City. The City warrants and represents that <br /> as of the date hereof it has sufficient Capacity to <br /> permit the principal component of the Lease Payments to <br /> equal the Base Bid Contract Amount, and covenants that <br /> it will not incur any indebtedness or lease obligations <br /> from and after the date hereof that would cause the <br /> City to not have sufficient Capacity to permit the <br /> principal component of the Lease Payments to equal at <br /> least the Base Bid Contract Amount. <br /> -3- DOT046.DOC 93/06/15 <br />