Common use of Sale and Conveyance of Facility to Authority Clause in Contracts

Sale and Conveyance of Facility to Authority. The Educational Institution has executed and delivered to the Authority a warranty deed, which shall be subject only to the encumbrances and reservations acceptable to the Authority which do not materially impair the use of the Facility for the purpose intended or materially detract from the value thereof, conveying and vesting in the Authority the Educational Institution's interest in the title to the Site, and the Educational Institution has executed and delivered to the Authority a xxxx of sale conveying and vesting in the Authority the Facility as acquired, constructed and installed by the Educational Institution. Prior to or contemporaneously with the execution of this Lease, the Educational Institution shall deliver with the warranty deed a commitment for issuance of a title insurance policy acceptable to the Authority and as soon as practicable thereafter a title insurance policy issued by a generally recognized title insurance company in the principal amount of not less than the Authority's Facility Cost, each of which shall be subject only to the encumbrances and reservations which are acceptable to the Authority and which do not materially impair the use of the Facility for the purpose intended or materially detract from the value thereof. Contemporaneously with the delivery of this Lease, the Authority shall, pursuant to the Resolution, assign its rights in, and pledge any moneys receivable under this Lease other than indemnity and certain of the insurance payments to be paid to the Authority under Sections 4.2, 4.3 and 4.5 of this Lease, if any, to the Trustee [(and secondarily to the Agent and the Bank)] as security for the payment of certain obligations of the Authority. The State and the Educational Institution hereby consent to such assignment. The Authority shall reserve the right to enforce in its own name and for its own benefit, certain of the obligations of the State and the Educational Institution to the Authority under Sections 4.2, 4.3 and 4.5 of this Lease.

Sale and Conveyance of Facility to Authority. The Educational Institution has executed and delivered to the Authority a warranty deed, which shall be subject only to the encumbrances and reservations acceptable to the Authority which do not materially impair the use of the Facility for the purpose intended or materially detract from the value thereof, conveying and vesting in the Authority the Educational Institution's interest in the title to the Site, and the Educational Institution has executed and delivered to the Authority a xxxx bill of sale conveying and vesting in the Authority the Facility as acquired, constructed and installed by the Educational Institution. Prior to or contemporaneously with the execution of this Lease, the Educational Institution shall deliver with the warranty deed a commitment for issuance of a title insurance policy acceptable to the Authority and as soon as practicable thereafter a title insurance policy issued by a generally recognized title insurance company in the principal amount of not less than the Authority's Facility Cost, each of which shall be subject only to the encumbrances and reservations which are acceptable to the Authority and which do not materially impair the use of the Facility for the purpose intended or materially detract from the value thereof. Contemporaneously with the delivery of this Lease, the Authority shall, pursuant to the Resolution, assign its rights in, and pledge any moneys receivable under this Lease other than indemnity and certain of the insurance payments to be paid to the Authority under Sections 4.2, 4.3 and 4.5 of this Lease, if any, to the Trustee [(and secondarily to the Agent and the Bank)] as security for the payment of certain obligations of the Authority. The State and the Educational Institution hereby consent to such assignment. The Authority shall reserve the right to enforce in its own name and for its own benefit, certain of the obligations of the State and the Educational Institution to the Authority under Sections 4.2, 4.3 and 4.5 of this Lease.