Resolution 3399 - Laserfiche WebLink

DRS462 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 and encumbrances, 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. Provided the City is not in default under the 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) . 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, which 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. Such date shall be set forth by the City in Exhibit B-i. The notice of partial prepayment shall be in the form set forth on Exhibit D attached hereto. On the date set for such prepayment, the City shall pay to Lessor in cash or same-day available funds, an amount equal to the principal portion of Lease Payments to be prepaid, together with interest thereon to the date of prepayment. Upon such prepayment, the term of this Lease shall be deemed modified such that this Lease terminates on the Lease Payment Date for the last outstanding Lease Payment not prepaid. ARTICLE XII : EMINENT DOMAIN 12 . 1 Eminent Domain Proceedings Prior to Payment Obligation Commencement Date. Prior to the Payment Obligation Commencement Date, the following provisions shall apply with respect to eminent domain proceedings: (a) Total Taking. If all of the Leased Premises are taken by eminent domain, this Ground Lease shall terminate as of the date Lessor and/or City, as applicable, is required to vacate the Leased Premises. B-12