Common use of Nature of Lease Clause in Contracts

Nature of Lease. The City and the Trustee acknowledge and agree that the Series 2020A Base Rentals, Series 2020B Base Rentals and Additional Rentals hereunder shall constitute currently budgeted and appropriated expenditures of the City and may be paid from any legally available funds. The City’s obligations under this Lease shall be subject to the City’s annual right to terminate this Lease (as further provided herein), and shall not constitute a mandatory charge or requirement in any ensuing Fiscal Year beyond the then current Fiscal Year. No provision of this Lease shall be construed or interpreted as creating a general obligation, multiple fiscal year financial obligation, or other indebtedness of the City within the meaning of any constitutional or statutory debt limitation. 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 City within the meaning of Article XI, Sections 1 or 2 of the Colorado Constitution. Neither this Lease nor the execution and delivery of the Certificates shall directly or indirectly obligate the City to make any payments beyond those duly budgeted and appropriated for the City’s then current Fiscal Year. The City shall be under no obligation whatsoever to exercise its option to purchase the Trustee’s leasehold interest in the Leased Property. No provision of this Lease shall be construed to pledge or to create a lien on any class or source of City moneys, nor shall any provision of this Lease restrict the future issuance of any City bonds or obligations payable from any class or source of City moneys (provided, however, certain restrictions in the Indenture shall apply to the issuance of Additional Series 2020A Certificates and Additional Series 2020B Certificates). In the event that this Lease is not renewed by the City, the sole security available to the Trustee, as lessor hereunder, shall be the Leased Property.

Nature of Lease. The City Town and the Trustee acknowledge and agree that the Series 2020A Base Rentals, Series 2020B Base Rentals and Additional Rentals hereunder shall constitute currently budgeted and appropriated expenditures of the City Town and may be paid from any legally available funds. The CityTown’s obligations under this Lease shall be subject to the CityTown’s annual right to terminate this Lease (as further provided herein), and shall not constitute a mandatory charge or requirement in any ensuing Fiscal Year beyond the then current Fiscal Year. No provision of this Lease shall be construed or interpreted as creating a general obligation, multiple fiscal year financial obligation, or other indebtedness of the City Town within the meaning of any constitutional constitutional, Charter or statutory debt limitation. 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 City Town within the meaning of Article XI, Sections 1 or 2 of the Colorado Constitutionconstitution. Neither this Lease nor the execution and delivery of the Certificates shall directly or indirectly obligate the City Town to make any payments beyond those duly budgeted and appropriated for the CityTown’s then current Fiscal Year. The City Town shall be under no obligation whatsoever to exercise its option to purchase the Trustee’s leasehold interest in the Leased Property. No provision of this Lease shall be construed to pledge or to create a lien on any class or source of City Town moneys, nor shall any provision of this Lease restrict the future issuance of any City Town bonds or obligations payable from any class or source of City Town moneys (provided, however, certain restrictions in the Indenture shall apply to the issuance of Additional Series 2020A Certificates and Additional Series 2020B Certificates). In the event that this Lease is not renewed by the CityTown, the sole security available to the Trustee, as lessor hereunder, shall be the Leased Property.

Nature of Lease. The City District and the Trustee acknowledge and agree that the Series 2020A Base Rentals, Series 2020B Base Rentals and Additional Rentals hereunder shall constitute currently budgeted and appropriated expenditures of the City District and may be paid from any legally available funds. The CityDistrict’s obligations under this Lease shall be subject to the CityDistrict’s annual right to terminate this Lease (as further provided herein), and shall not constitute a mandatory charge or requirement in any ensuing Fiscal Year beyond the then current Fiscal Year. No provision of this Lease shall be construed or interpreted as creating a general obligation, multiple fiscal year financial obligation, or other indebtedness of the City District within the meaning of any constitutional or statutory debt limitation. 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 City District within the meaning of Article XI, Sections 1 or 2 of the Colorado Constitutionconstitution. Neither this Lease nor the execution and delivery of the Certificates shall directly or indirectly obligate the City District to make any payments beyond those duly budgeted and appropriated for the CityDistrict’s then current Fiscal Year. The City District shall be under no obligation whatsoever to exercise its option to purchase the Trustee’s leasehold interest in the Leased Property. No provision of this Lease shall be construed to pledge or to create a lien on any class or source of City District moneys, nor shall any provision of this Lease restrict the future issuance of any City District bonds or obligations payable from any class or source of City District moneys (provided, however, certain restrictions in the Indenture shall apply to the issuance of Additional Series 2020A Certificates and Additional Series 2020B Certificates). In the event that this Lease is not renewed by the CityDistrict, the sole security available to the Trustee, as lessor hereunder, shall be the Leased Property.