Ordinance 1858-92 - Laserfiche WebLink

discharge or remove any such mortgage, pledge, lien, charge, encumbrance or claim. ARTICLE XI: OPTIONS TO PREPAY LEASE AND PURCHASE IMPROVEMENTS 11. 1 Option to Purchase. Provided City is not in default under this Lease, the City shall have the option to purchase the Improvements and thereby terminate this Lease on any Lease Payment Date on or after such date as the City, in its sole discretion, shall determine at or prior to the Payment Obligation Commencement Date— which Such date is shall be set forth by the City in Exhibit B-1. The purchase price of the Improvements shall be an amount equal to the total principal amount of Lease Payments set forth on Exhibit B-1, plus interest accrued thereon to the date of prepayment at the applicable rate(s) set forth on Exhibit B-1 less a credit of all Lease Payments paid by the City prior to the date of prepayment, plus an option fee of one hundred dollars ($100) . 11. 2 Exercise of Option. The City shall give Lessor not less than sixty (60) days/ prior written notice of its election to exercise its option to purchase under Section 11. 1 hereof in the form set forth in Exhibit C attached hereto. The purchase price shall be paid in cash or same-day available funds on the closing date specified in such notice (or such other date as the City and Lessor may mutually agree) . 11. 3 Conveyance of Improvements. On the closing date specified in the notice of election to exercise purchase option, or such other date as the City and Lessor may mutually agree, Lessor shall convey the Improvements to the City by statutory warranty deed, free and clear of all liens, encumbrances, conditions, covenants and restrictions, except those approved by City in its sole and absolute discretion in writing, and this Lease shall terminate. Lessor shall not be required to make any representations regarding the conditions of the Improvements and City agrees to accept the Improvements in an "as is" condition. Nothing herein shall be construed to require City to exercise the purchase option herein granted. 11.4 Option to Partially Prepay Lease. The - - . - _ - - - - - , - - City shall have the option to partially prepay the principal component of the Lease Payments, in $5, 000 increments, in inverse order of maturities' (as represented by the principal portion of the lease payments due each year as set forth in Exhibit B-1 and B-2) . Notice of such intent to prepay shall be given to the Trustee in writing not less than 60 days in advance of the intended prepayment date. Such prepayment may be on any Lease Payment Date on or after such date as the City, in its sole discretion, shall determine at or prior to the Payment Obligation Commencement Date. Said first prepayment B-17 KR170 92/01/27