Common use of Commencement of Lease Term Clause in Contracts

Commencement of Lease Term. The Original Term of this Lease shall commence on the Commencement Date as indicated in Exhibit A hereto and shall terminate at 12:00 midnight of the last day of Lessee’s current Fiscal Year. The Lease Term may be continued solely at the option of Lessee for such additional Renewal Terms, each of one (1) year duration, as would be required to make all Rental Payments set forth in Exhibit A hereto. Lessee shall advise Lessor by written notice, sent Certified Mail postage prepaid, not less than thirty (30) days prior to the end of the Renewal Term then in effect, if funds are not appropriated for the next succeeding Fiscal Year. The Lease shall continue in the event no such notice is given and the Lessee has included the obligation to make the payment set forth in Exhibit A hereto in its budget for the applicable Fiscal Year. The option to continue this Lease shall not be construed to create a multiple Fiscal Year direct or indirect debt. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Original Term, except that the Rental Payments shall be as provided in Exhibit A of this Lease. Nothing herein shall be construed as creating or constituting a general obligation or other indebtedness or multiple fiscal year financial obligation of the Lessee within the meaning of any constitutional, home rule charter, or statutory provision, nor a mandatory charge or requirement against the Lessee in any ensuing fiscal year beyond the then current fiscal year. The Lessee shall have no obligation to make any payment with respect to this Lease except in connection with the payment of the Rental Payments and certain other payments under this Lease, which payments may be terminated by the Lessee in accordance with the provisions of this Lease. This Lease does not constitute a mandatory charge or requirement of the Lessee in any ensuing fiscal year beyond the then current fiscal year or constitute or give rise to a general obligation or other indebtedness or multiple fiscal year financial obligation of the Lessee within the meaning of any constitutional or statutory debt limitation and shall not constitute a multiple fiscal year direct or indirect debt or other financial obligation whatsoever. No provision of this Lease shall be construed or interpreted as creating an unlawful delegation of governmental powers nor as a donation by or a lending of the credit of the Lessee within the meaning of Sections 1 or 2 of Article XI of the Colorado Constitution. This Lease shall not directly or indirectly obligate the Lessee to make any payments beyond those budgeted and appropriated for the Lessee’s then current fiscal year.

Commencement of Lease Term. The Original Lease Term of this Lease shall commence on as of the Commencement Date as indicated in Exhibit A hereto date of delivery of the Series 2021 Bonds and shall terminate at 12:00 midnight of the last day of Lessee’s current Fiscal Yearon . The Lease Term may be continued continued, solely at the option of Lessee the Board, beyond the expiration of the Original Term for such an additional one year, (the first “Renewal Term”) and for additional Renewal Terms, Terms thereafter each of one year in duration (1) year durationexcept that the final Renewal Term shall commence and end on ), as would be required to make all Rental Payments set forth upon the Board having adopted a final budget in Exhibit A hereto. Lessee shall advise Lessor by written notice, sent Certified Mail postage prepaid, not less than thirty (30) days accordance with applicable law prior to the end of the then-current Original Term or Renewal Term, as the case may be, that appropriates specifically with respect to this Master Lease sufficient Board Funds for the payment of Base Rentals and reasonably estimated Additional Rentals to become due during the next following Renewal Term, it being understood that by budgeting and appropriating such amounts, the Board shall have elected to continue the Lease Term then in effect, if funds are not appropriated for the next succeeding Fiscal Year. The Lease following Renewal Term and shall continue in have given adequate notice thereof as contemplated by Section 17D-2-402(1)(b) of the event no such notice is given and the Lessee has included the obligation to make the payment set forth in Exhibit A hereto in its budget for the applicable Fiscal Year. The option to continue this Lease shall not be construed to create a multiple Fiscal Year direct or indirect debtBuilding Authority Act. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Original Term, except that the Rental Payments Base Rentals shall be as otherwise specified in Exhibit C attached hereto, for each such Renewal Term, as such Schedule may be revised as provided in Exhibit A Section 6.2 hereof. The first appropriation by the Board is expected to be made for the Fiscal Year commencing July 1, 2020 and no appropriation is required to extend the term of the lease prior to such date. Within five (5) days after the adoption of such final budget, the Board shall deliver written notice to the Trustee stating that the Board has extended the term of this Lease. Nothing herein shall be construed as creating or constituting a general obligation or other indebtedness or multiple fiscal year financial obligation Master Lease for the succeeding Renewal Term, describing in reasonable detail the actions taken by the governing body of the Lessee within Board (if such actions are then required to pay any Rentals hereunder or, if no such actions are then required, explaining the meaning reasons therefor) to appropriate funds sufficient for the purpose of any constitutionalpaying the Base Rentals and reasonably estimated Additional Rentals (as provided in Sections 6.2 and 6.3 hereof) to become due during such succeeding Renewal Term. Unless the Trustee shall have previously received the foregoing notice applicable to the next succeeding Renewal Term, home rule charterthe Trustee shall, at least 20 days prior to the last day of each Fiscal Year, make written inquiry of the Board as to whether the Board has extended the term of this Master Lease and whether the governing body of the Board shall have made the appropriation necessary to pay the Base Rentals and reasonably estimated Additional Rentals to become due during such succeeding Renewal Term. The Board shall deliver written notice to the Trustee as soon as practicable, but in no event later than the expiration of the Original Term or statutory provision, nor a mandatory charge or requirement against the Lessee in any ensuing fiscal year beyond the then current fiscal year. The Lessee shall have no obligation Renewal Term, stating (as the case may be) that: (i) the governing body of the Board has failed or refused to make any payment appropriate, specifically with respect to this Lease except Master Lease, moneys sufficient to pay such Base Rentals and reasonably estimated Additional Rentals for the next succeeding Renewal Term and stating what actions the Board and its officials propose to take with respect to this Master Lease, the Projects and any budgetary procedures for any Base Rentals and Additional Rentals that may thereafter accrue; or (ii) that the Board is precluded from adopting its final budget for the fiscal year in question due to the procedural requirements of State law described below. In the event the governing body of the Board is precluded, solely as a result of notice, hearing or other procedural requirements imposed by State law in connection with the payment adoption of a final budget, from adopting a final budget on or prior to the last day of any Fiscal Year, no Event of Nonappropriation shall be deemed to have occurred as a result of the Rental Payments failure to so adopt a final budget, provided that: (i) prior to the last day of such Fiscal Year, the governing body of the Board shall have adopted a tentative budget which includes a tentative appropriation of Board Funds sufficient to pay the Base Rentals and certain other payments under reasonably estimated Additional Rentals to become due during the succeeding Renewal Term; (ii) prior to the last day of such Fiscal Year, the Board shall have delivered to the Trustee and any Security Instrument Issuer, a copy of the tentative budget adopted by its governing body and a notice stating that it is the intention of the governing body to renew the Lease Term upon the adoption of the final budget; (iii) any Base Rentals or Additional Rentals described in the preceding paragraph, and provided further that any Rentals which become due and payable pursuant to the terms of this Lease, which payments may Master Lease prior to the adoption of such final budget shall be terminated paid by the Lessee Board in accordance with the provisions of this Lease. This Lease does not constitute a mandatory charge or requirement tentative budget adopted by the governing body of the Lessee in any ensuing fiscal year beyond Board; and (iv) the then current fiscal year or constitute or give rise to a general obligation or other indebtedness or multiple fiscal year financial obligation governing body of the Lessee within Board shall adopt a final budget on or before the meaning last date allowable under applicable law that includes the appropriation of any constitutional or statutory debt limitation and Board Funds required under this Section 4.1 to renew the Lease Term. The Board shall not constitute promptly file a multiple fiscal year direct or indirect debt or other financial obligation whatsoever. No provision of this Lease shall be construed or interpreted as creating an unlawful delegation of governmental powers nor as a donation by or a lending copy of the credit of final budget so adopted by its governing body with the Lessee within the meaning of Sections 1 or 2 of Article XI of the Colorado Constitution. This Lease shall not directly or indirectly obligate the Lessee to make any payments beyond those budgeted and appropriated for the Lessee’s then current fiscal yearTrustee.

Commencement of Lease Term. The Original Lease Term of this Lease shall commence on as of the Commencement Date as indicated in Exhibit A hereto date of delivery of the Series 2024 Bonds and shall terminate at 12:00 midnight of the last day of Lessee’s current Fiscal Yearon December 31, 2024. The Lease Term may be continued continued, solely at the option of Lessee the County, beyond the termination of the Original Term for such an additional year, the first “Renewal Term”, and for 32 consecutive additional Renewal Terms, Terms thereafter each of one year in duration (except that the final Renewal Term shall commence January 1) year duration, as would be required to make all Rental Payments set forth in Exhibit A hereto. Lessee shall advise Lessor by written notice2055, sent Certified Mail postage prepaidand end on October 1, not less than thirty (30) days 2055), upon the County having budgeted and appropriated, prior to the end of the then current Original or Renewal Term, sufficient County Funds for the payment of Base Rentals and reasonably estimated Additional Rentals to become due during the next following Renewal Term, it being understood that by budgeting and appropriating such amounts, the County shall have elected to continue the Lease Term then in effect, if funds are not appropriated for the next succeeding Fiscal Year. The following Renewal Term and shall have given adequate notice thereof as contemplated by the Utah Local Building Authority Act, and it being further understood that if no payment is due and owing during a Renewal Term, the County shall be deemed to have continued the Lease shall continue in the event no such notice is given and the Lessee has included the obligation to make the payment set forth in Exhibit A hereto in its budget Term for the applicable Fiscal Year. The option to continue this Lease shall not be construed to create a multiple Fiscal Year direct or indirect debtsaid Renewal Term. The terms and conditions during any Renewal Term shall be the same as the terms and conditions during the Original Term, except that the Rental Payments Base Rentals and Purchase Option Price shall be as otherwise provided in Exhibit A of this Leaseherein. Nothing Notwithstanding anything contained elsewhere herein shall to the contrary, the Lease Term will be construed as creating or constituting a general obligation or other indebtedness or multiple fiscal year financial obligation automatically renewed prior to the Completion Date of the Lessee within Project, since the meaning County will not be required to budget and appropriate funds for the payment of any constitutional, home rule charter, or statutory provision, nor a mandatory charge or requirement against Base Rentals until such date and should the Lessee in any ensuing fiscal year beyond County budget and appropriate funds for the then current fiscal year. The Lessee shall have no obligation payment of Base Rentals and reasonably estimated Additional Rentals to make any payment become due during the following Renewal Term with respect to this the Lease, the County shall automatically be deemed to have continued the Lease except in connection with Term for such Renewal Term. Should the County fail to budget and appropriate funds for the payment of Base Rentals and reasonably estimated Additional Rentals to become due during the Rental Payments and certain other payments following Renewal Term under this the Lease, which payments may be terminated by the Lessee County may, nevertheless elect to continue the Lease Term in accordance with the provisions of this Lease. This Lease does not constitute a mandatory charge or requirement of the Lessee in any ensuing fiscal year beyond the then current fiscal year or constitute or give rise to a general obligation or other indebtedness or multiple fiscal year financial obligation of the Lessee within the meaning of any constitutional or statutory debt limitation and shall not constitute a multiple fiscal year direct or indirect debt or other financial obligation whatsoever. No provision of this Lease shall be construed or interpreted as creating an unlawful delegation of governmental powers nor as a donation by or a lending of the credit of the Lessee within the meaning of Sections 1 or 2 of Article XI of the Colorado Constitution. This Lease shall not directly or indirectly obligate the Lessee to make any payments beyond those budgeted and appropriated for the Lessee’s then current fiscal yearhereof.