Common use of Obligation to Repair and Replace the Leased Property Clause in Contracts

Obligation to Repair and Replace the Leased Property. The City and the Trustee, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the City, upon receipt of requisitions by the Trustee signed by the City Representative stating with respect to each payment to be made: (a) the requisition number; (b) the name and address of the person, firm or entity to whom payment is due; (c) the amount to be paid; and (d) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall have no duty to review or examine the accompanying xxxx, invoice or statement of account, but may conclusively rely on the properly executed disbursement request. The City and the Trustee shall agree to cooperate and use their best reasonable efforts subject to the terms of the Indenture to enforce claims which may arise in connection with material defects in the construction, manufacture or design of the Leased Property or otherwise. The City shall file a certificate with the Trustee certifying the completion of any such repair, restoration, modification, improvement or replacement and the Trustee may conclusively rely on any requisitions presented pursuant to this Section and shall have no obligation to make an independent investigation. If there is a balance of any Net Proceeds remaining after such repair, restoration, modification, improvement or replacement has been completed, this balance shall be used by the City, to: (a) add to, modify or alter the Leased Property or add new components thereto, or (b) prepay the Series 2020A Base Rentals and/or Series 2020B Base Rentals, in respective amounts in the sole discretion of the City, with a corresponding adjustment in the amount of Base Rentals payable under Exhibit C (Base Rentals Schedule) to this Lease or (c) accomplish a combination of (a) and (b). Any repair, restoration, modification, improvement or replacement of the Leased Property paid for in whole or in part out of Net Proceeds allocable to the Leased Property shall be the property of the City, subject to the Site Lease, this Lease and the Indenture and shall be included as part of the Leased Property under this Lease.

Obligation to Repair and Replace the Leased Property. The City and the TrusteeLender, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards awards, to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the City, upon receipt of requisitions and written approval for payment by the Trustee signed by the City Representative Lender, each such requisition stating with respect to each payment to be made: (a) the requisition number; (b) the name and address of the person, firm or entity to whom payment is due; (c) the amount to be paid; and (d) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx bill or a statement of account for such obligation. The Trustee shall have no duty to review or examine the accompanying xxxx, invoice or statement of account, but may conclusively rely on the properly executed disbursement request. The City and the Trustee Lender shall agree to cooperate and use their best reasonable efforts subject to the terms of the Indenture to enforce claims which may arise in connection with material defects in the construction, manufacture or design of the Leased Property or otherwise. The City shall file a certificate with the Trustee certifying the completion of Lender may rely conclusively upon any such repair, restoration, modification, improvement or replacement and the Trustee may conclusively rely on any requisitions presented pursuant to this Section requisition received and shall have no obligation to make an independent investigationinvestigation in connection therewith. If there is a balance of any Net Proceeds allocable to the Leased Property remaining after such repair, restoration, modification, improvement or replacement has been completed, this balance shall be used by the City, to: (a) add to, modify or alter the Leased Property or add new components thereto, or (b) prepay the Series 2020A Base Rentals and/or Series 2020B Base Rentals, in respective amounts in the sole discretion of the City, Rent with a corresponding adjustment in the amount of Base Rentals payable under Exhibit C (Base Rentals Schedule) Schedule I to this Lease or (c) accomplish a combination of (a) and (b). Any repair, restoration, modification, improvement or replacement of the Leased Property paid for in whole or in part out of Net Proceeds allocable to the Leased Property shall be the property of the City, subject to the Site Lease, Lease and this Lease and the Indenture and shall be included as part of the Leased Property under this Lease.

Obligation to Repair and Replace the Leased Property. The City Town and the Trustee, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the CityTown, upon receipt of requisitions by the Trustee signed by the City Town Representative stating with respect to each payment to be made: (a) the requisition number; (b) the name and address of the person, firm or entity to whom payment is due; (c) the amount to be paid; and (d) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall have no duty to review or examine the accompanying xxxx, invoice or statement of account, but may conclusively rely on the properly executed disbursement request. The City Town and the Trustee shall agree to cooperate and use their best reasonable efforts subject to the terms of the Indenture to enforce claims which may arise in connection with material defects in the construction, manufacture or design of the Leased Property or otherwise. The City shall file a certificate with the Trustee certifying the completion of any such repair, restoration, modification, improvement or replacement and the Trustee may conclusively rely on any requisitions presented pursuant to this Section and shall have no obligation to make an independent investigation. If there is a balance of any Net Proceeds allocable to the Leased Property remaining after such repair, restoration, modification, improvement or replacement has been completed, this balance shall be used by the CityTown, to: (a) add to, modify or alter the Leased Property or add new components thereto, or (b) prepay the Series 2020A Base Rentals and/or Series 2020B Base Rentals, in respective amounts in the sole discretion of the City, with a corresponding adjustment in the amount of Base Rentals payable under Exhibit C (Base Rentals Schedule) to this Lease or (c) accomplish a combination of (a) and (b). Any repair, restoration, modification, improvement or replacement of the Leased Property paid for in whole or in part out of Net Proceeds allocable to the Leased Property shall be the property of the CityTown, subject to the Site Lease, this Lease and the Indenture and shall be included as part of the Leased Property under this Lease.

Obligation to Repair and Replace the Leased Property. The City District and the Trustee, to the extent Net Proceeds are within their respective control, shall cause such Net Proceeds of any insurance policies, performance bonds or condemnation awards awards, to be deposited in a separate trust fund. All Net Proceeds so deposited shall be applied to the prompt repair, restoration, modification, improvement or replacement of the Leased Property by the CityDistrict, upon receipt of requisitions by the Trustee Trustee, signed by the City District Representative stating with respect to each payment to be made: (a) the requisition number; (b) the name and address of the person, firm or entity to whom payment is due; (c) the amount to be paid; and (d) that each obligation mentioned therein has been properly incurred, is a proper charge against the separate trust fund and has not been the basis of any previous withdrawal and specifying in reasonable detail the nature of the obligation, accompanied by a xxxx or a statement of account for such obligation. The Trustee shall have no duty to review or examine the accompanying xxxx, invoice or statement of account, but may conclusively rely on the properly executed disbursement request. The City District and the Trustee shall agree to cooperate and use their best reasonable efforts subject to the terms of the Indenture to enforce claims which may arise in connection with material defects in the construction, manufacture or design of the Leased Property or otherwise. The City shall file a certificate with the Trustee certifying the completion of any such repair, restoration, modification, improvement or replacement and the Trustee may conclusively rely on any requisitions presented pursuant to this Section and shall have no obligation to make an independent investigation. If there is a balance of any Net Proceeds allocable to the Leased Property remaining after such repair, restoration, modification, improvement or replacement has been completed, this balance shall be used by the CityDistrict, to: (a) add to, modify or alter the Leased Property or add new components thereto, or (b) prepay the Series 2020A Base Rentals and/or Series 2020B Base Rentals, in respective amounts in the sole discretion of the City, with a corresponding adjustment in the amount of Base Rentals payable under Exhibit C (Base Rentals Schedule) to this Lease or (c) accomplish a combination of (a) and (b). Any repair, restoration, modification, improvement or replacement of the Leased Property paid for in whole or in part out of Net Proceeds allocable to the Leased Property shall be the property of the CityDistrict, subject to the Site Lease, this Lease and the Indenture and shall be included as part of the Leased Property under this Lease.