Common use of Maintenance and Operation of Real Property and Project Facilities Clause in Contracts

Maintenance and Operation of Real Property and Project Facilities. (a) Subject to Sections 4.6 and 4.7 herein, the County covenants and represents it will, at its own cost or expense, operate the Real Property and the Project Facilities in a sound and economical manner, in compliance with all present and future laws and governmental regulations applicable thereto, further that it will maintain, preserve and keep the Real Property and the Project Facilities in good repair, working order and condition, and that it shall from time to time make or cause to be made all necessary and proper repairs and renewals so that at all times the operation of the Real Property and the Project Facilities may be properly and advantageously conducted. This covenant shall not prevent the County from discontinuing operation of the Real Property and the Project Facilities at any time. (b) Except as otherwise provided in this Section 5.1 or in the Lease Agreement, prior to payment of the Series 2020 Bonds in full, the County shall not sell, transfer, lease, sublease or otherwise dispose of all or any substantial portion of the Real Property or the Project Facilities, or its interests under this Facilities Agreement, except to another political subdivision, agency or instrumentality of the State which assumes in writing all obligations of the County under this Facilities Agreement. The County, at its discretion, may lease or sublease less than a substantial portion of the Real Property to third parties. If this Facilities Agreement terminates prior to the termination of such lease or sublease, the Corporation hereby agrees to assume the role of lessor in the place of the County until the termination of the Sub-Base Lease, at which point the County will again resume the role of lessor under such lease or sublease. (c) Notwithstanding any other provision hereof to the contrary, the County may provide for the exchange of any asset comprising Real Property and Project Facilities (the “Released Facility”) for another building and the real estate on which such facility (the “Exchange Facility”) is located if: (i) the County provides the Trustee an appraisal from an appraiser selected by the County showing that the proposed Exchange Facility has a value equal to or greater than the proposed Released Facility; (ii) the County certifies to the Trustee that the Exchange Facility is necessary to the operations of the County and that the remaining useful life of the Exchange Facility is not less than the remaining useful life of the Released Facility; (iii) the County certifies to the Trustee that the exchange is necessary to facilitate either the sale or other disposition of the Released Facility or the conversion of its use to another purpose; and

Maintenance and Operation of Real Property and Project Facilities. (a) Subject to Sections 4.6 and 4.7 herein, the County covenants and represents it will, at its own cost or expense, operate the Real Property and the Project Facilities in a sound and economical manner, in compliance with all present and future laws and governmental regulations applicable thereto, further that it will maintain, preserve and keep the Real Property and the Project Facilities in good repair, working order and condition, and that it shall from time to time make or cause to be made all necessary and proper repairs and renewals so that at all times the operation of the Real Property and the Project Facilities may be properly and advantageously conducted. This covenant shall not prevent the County from discontinuing operation of the Real Property and the Project Facilities at any time. (b) Except as otherwise provided in this Section 5.1 or in the Lease Agreement5.1, prior to payment of the Series 2020 Bonds Obligations in full, the County shall not sell, transfer, lease, sublease or otherwise dispose of all or any substantial portion of the Real Property or the Project Facilities, or its interests under this Facilities Agreement, except to another municipality or political subdivision, agency or instrumentality subdivision of the State which assumes in writing all obligations of the County under this Facilities Agreement. The County, at its discretion, may lease or sublease less than a substantial portion of the Real Property to third parties. If this Facilities Agreement terminates prior to the termination of such lease or sublease, the Corporation hereby agrees to assume the role of lessor in the place of the County until the termination of the Sub-Base Lease, at which point the County will again resume the role of lessor under such lease or sublease. (c) Notwithstanding any other provision hereof to the contrary, the County may provide for the exchange of any asset comprising Real Property and Project Facilities (the “Released Facility”) for another building and the real estate on which such facility (the “Exchange Facility”) is located if: (i) the County provides the Trustee an appraisal from an appraiser selected by the County showing that the proposed Exchange Facility has a value equal to or greater than the proposed Released Facility; (ii) the County certifies to the Trustee that the Exchange Facility is necessary to the operations of the County and that the remaining useful life of the Exchange Facility is not less than the remaining useful life of the Released Facility; (iii) the County certifies to the Trustee that the exchange is necessary to facilitate either the sale or other disposition of the Released Facility or the conversion of its use to another purpose; and