Easements and Leases. The RECIPIENT may incorporate required language from the Deed of Right or Assignment of Rights directly into the easement or lease document, thereby eliminating the requirement for a separate document. Language will depend on the situation; therefore, the RECIPIENT must obtain ECOLOGY approval on the draft language prior to executing the easement or lease.
Easements and Leases. The Sponsor may incorporate required language from the Deed of Right or Assignment of Rights directly into the easement or lease document, thereby eliminating the requirement for a separate document. Language will depend on the situation; Sponsor must obtain RCO approval on the draft language prior to executing the easement or lease.
Easements and Leases. At the Closing, the City and Buyer agree to enter into easement agreements for access to property located at 000 Xxxxxxxxx Xxxx, 1364 North Avenue, 0000 Xxxxx Xxxxxx and 000 Xxxxx Xxxxxx, owned by the City and described in the MOUs, which contains the fiber cables and other Telecom System equipment (the “Easements”) and lease agreements for the buildings where necessary, including a portion of the Xxxx School located at 00 Xxxxx Xxxxxxxx Xxxxxx, for the benefit of Buyer (the “School Leases” and together with the Easements, the “School Agreements”), which shall be in forms reasonably acceptable to the parties. In addition, the City and Buyer will enter into a lease agreement at the Closing, which shall include the terms listed on the attached Exhibit B (the “000 Xxxxxx Xxxxxx Lease Provisions”) for the premises currently occupied by the Telecom System located at 000 Xxxxxx Xxxxxx, which (a) shall be for a term of five years with three (3) five (5) year options to renew at market rates plus proportionate share of operating expenses, (b) shall contain a right of first refusal at market value in favor of Buyer should the City elect to sell the building, and (c) shall contain an option to purchase such building at fair market value (as determined by an independent valuation unless otherwise agreed by Buyer and the City) in favor of Buyer, exercisable by Buyer at any time during the third five (5) year option period following the Closing Date. In addition, the City and Buyer covenant to enter into a lease at the Closing for the storage, access and operation of the equipment at the Memorial Auditorium location, which shall include the terms listed on Exhibit C attached hereto (the “Memorial Provisions”). The leases to be entered into in connection with the Memorial Provisions and the 000 Xxxxxx Xxxxxx Provisions, together with the School Leases, are collectively referred to as the “Leases”.
