Lease to Local Government Sample Clauses

Lease to Local Government. In order to effectuate the purposes of this Agreement, the Local Government shall make, execute, acknowledge and deliver, or cause to be made, executed, acknowledged and delivered, all contracts, deeds and other agreements in the name of the Local Government and, in general, to do or cause to be done all such other things as may be requisite or proper for the undertaking and completion of the Project, the lease of the Leased Property to VRA pursuant to the Prime Lease and the fulfillment of the obligations of the Local Government under this Agreement. As of and on the Closing Date, VRA shall lease to the Local Government and the Local Government shall rent from VRA, the Leased Property and the Local Government agrees to pay the Rental Payments set forth in Section 6.1, all on the terms and conditions set forth in this Agreement. From and after the Closing Date, the Local Government shall be entitled to possession of the Leased Property, and the Local Government shall retain possession of the Leased Property as long as there shall not have occurred an Event of Default or an Event of Non- Appropriation. During the term of this Agreement, title to the Leased Property shall be deemed to be in the Local Government, subject to the rights of VRA under this Agreement. To secure all obligations of the Local Government hereunder, the Local Government hereby grants to VRA a security interest in and to all of the Local Government's right, title and interest in and to all personal property and fixtures constituting a portion of the Leased Property including substitutions and replacements therefor, and all proceeds (cash and otherwise), including the proceeds of insurance. The Local Government agrees that with respect to such property VRA shall have all the rights and remedies of a secured party under the Virginia Uniform Commercial Code. The Local Government acknowledges that on the Closing Date VRA will grant to the Trustee a leasehold interest in the Leased Property pursuant the Deed of Trust.
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