Ordinance 1818-91 - Laserfiche WebLink

4.4 Defeasance. In the event that money and/or "Government Obligations," as such obligations are now or may hereafter be defined in Ch. 39.53 RCW, maturing at such time or times and bearing interest to be earned thereon in amounts sufficient to pay or prepay all Lease Payments and Additional Rent due under this Lease in accordance with the terms of this Lease, are irrevocably set aside and pledged in a special account to effect such payment or prepayment, then no further payments need be made of any Lease Payments under this Lease, and the Lessor shall not be entitled to any lien, benefit or security in the Leased Premises, except the right to receive the funds so set aside and pledged, and Lessor shall have no further obligation to the City hereunder, except under Article XI hereof and under the Trust Agreement. ARTICLE V: USE 5. 1 Use of Premises. From and after the Substantial Completion Date, City may use the Leased Premises for the occupancy, use, maintenance and operation of a fire station and all uses incidental thereto, including but not limited to, any other use permitted by law or by the certificate of occupancy issued for the Improvements. 5. 2 Compliance with Laws. City shall comply with all municipal, county, state and federal laws, rules, regulations and ordinances applicable to the Leased Premises and the use or occupancy thereof. ARTICLE VI : TRIPLE NET LEASE 6. 1 Triple Net Lease. This Lease is a "triple net lease" and except as otherwise expressly provided in this Lease, City's obligations to make Lease Payments as provided in Section 4 . 1 of this Lease, and to pay Additional Rent as provided in Section 4 . 2 of this Lease, and to perform and observe all other covenants and agreements of the City contained herein shall be absolute and unconditional and the failure by the City to make such Lease Payments at the time and in the amounts set forth in Exhibit B-2 &-shall constitute an Event of Default under this Lease. All Lease Payments shall be made without notice or demand and without setoff (except as otherwise expressly provided in this Lease) , counterclaim, abatement, deduction or defense whatsoever. Following final acceptance of the Improvements by the City, the City assumes the sole responsibility for the condition, use, operation, maintenance, repair and management of the Leased Premises, and City will, at its cost and expense, keep and maintain the Leased Premises in good repair and condition and in compliance with all applicable laws, rules, regulations, statutes, and ordinances, and will make all structural and non-structural, and -8- D0T439 91/09/24