Ordinance 1818-91 - Laserfiche WebLink

hereunder shall not commence unless and until the requirements of this Article III are met. This Lease shall be for a term of approximately sixteen twcnty years from its effective date or such other term as may be determined by the City prior to the Payment Obligation Commencement Date and set forth on Exhibit B-1. On the Substantial }ant ve Completion Date, the City's obligation to make Lease Payments shall commence; provided, however, that the interest component of Lease Payments shall not begin to accrue until the Payment Obligation Commencement Date, which date shall be not later than 60 days following the date on which all the following have been accomplished: (1) Lessor delivers to City an architect's certificate that the Improvements have been finally completed in strict compliance with the final plans and specifications referred to above, (2) a final certificate of occupancy is issued by the proper governmental agency, and (3) the Improvements have been finally accepted by the City pursuant to the provisions of the Construction Contract. The City shall determine the Payment Obligation Commencement Date promptly following en—the Substantial Completion Date. Both the Payment Obligation Commencement Date and the scheduled expiration date shall be set forth in Exhibit B hereto. The Lease shall terminate at the end of the Lease term so specified or, in the event the City fails to pay when due lease rental hereunder, such later date when all Lease Payments have been paid, whichcvcr is latcr, unless the lease terminated prior thereto in accordance with the provisions of Article XI or XII of this Lease; provided, however, that in no event shall the term of this Lease exceed fifty (50) years. ARTICLE IV: LEASE PAYMENTS 4 . 1 Lease Payments. A. Lease Payment Obligation to Arise Only Upon Substantial Completion Date. The Lease Payments do not become an obligation of the City until the Substantial Completion Date by the City in accordance with Article III of this Lease. B. Principal Component of Lease Payments. At the time of execution of this the Original Lease in December, 1990 , the City and Lessor arc were able to identify only the estimated principal component of the Lease Payments, based upon the Base Bid Contract Amount plus estimated sales tax, plus $100. This amount is reflected in Exhibit B-1 as an estimated total Principal Amount of Lease Payments. Following the Substantial Completion Date and prior to the Payment Obligation Commencement Date, the total principal component of Lease Payments in Exhibit B has been will be revised to reflect any Additional Costs and any Capitalized Financing Costs. The City has ahall also at such time established, in its sole discretion, -5- D0T439 91/09/24