Future Buyout of Facilities Lease. The District may choose to buyout the Lease Payments in a lump sum during the term of the Facilities Lease. The Parties agree that any buyout will be memorialized in writing and serve to terminate the Site Lease and the Facilities Lease and will reduce the interest owed based on the time of the buyout. Under no circumstances can this buyout occur until at least sixty (60) days after Project Completion or the Execution of the Memorandum of Commencement Date, whichever is later. In no event shall any buyout increase the total amount of Lease Payment amounts, plus interest in excess of the amounts included in the Project’s Guaranteed Project Cost.
Future Buyout of Facilities Lease. The District may choose to buyout the Lease Payments in a lump sum during the term of the Facilities Lease. The Parties agree that any buyout will be memorialized in writing and serve to terminate the Site Lease and the Facilities Lease and will reduce the interest owed based on the time of the buyout. Under no circumstances can this buyout occur until at least sixty (60) days after Project Completion or the Execution of the Memorandum of Commencement Date, whichever is later. In no event shall any buyout increase the total amount of Lease Payment amounts, plus interest in excess of the amounts included in the Project’s Guaranteed Project Cost. 1. CONTRACT TERMS AND DEFINITIONS 42 1.1. Definitions 42 1.2. Laws Concerning The Contract 45 1.3. No Oral Agreements 45 1.4. No Assignment 45 1.5. Notice And Service Thereof 46 1.6. No Waiver 46 1.7. Substitutions for Specified Items 46 1.8. Materials and Work 46 2. [RESERVED] 47
Future Buyout of Facilities Lease. If agreed to in writing by the Parties, the Parties may agree that the District can choose to buyout the Lease Payments in a lump sum during the term of the Facilities Lease. The Parties agree that any buyout will be memorialized in writing and serve to terminate the Site Lease and the Facilities Lease and will reduce the interest owed based on the time of the buyout. Under no circumstances can this buyout occur until at least sixty (60) days after Project Completion or the Execution of the Memorandum of Commencement Date, whichever is later. In no event shall any buyout increase the total amount of Lease Amounts in excess of the Guaranteed Project Cost. 1. CONTRACT TERMS AND DEFINITIONS 4 1.1. Definitions 4 1.2. Laws Concerning The Contract 7 1.3. No Oral Agreement 7 1.4. No Assignment 7 1.5. Notice And Service Thereof 8
Future Buyout of Facilities Lease. The District may choose to buyout the Lease Payments in a lump sum during the term of the Facilities Lease. The Parties agree that any buyout will be memorialized in writing and serve to terminate the Site Lease and the Facilities Lease and will reduce the interest owed based on the time of the
