Common use of Sale or Encumbrance Clause in Contracts

Sale or Encumbrance. No part of the Leased Property and no part of Related Financed Property shall be sold, exchanged, leased, mortgaged, encumbered or otherwise disposed of except (i) with the written consent of VRA or (ii) as provided in any one of the following subsections: (a) The Local Government may grant easements, licenses or permits across, over or under parts of the Leased Property or the Related Financed Property, or both, for streets, roads and utilities as will not adversely affect the use of the Leased Property or the Related Financed Property, or both. (b) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, if it uses the proceeds of such disposition and any other necessary funds to replace such property with property serving the same or a similar function. (c) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, with a "book value" (as determined in accordance with generally accepted accounting principles) that, when combined with the aggregate "book value" of all of the other such property sold or otherwise disposed of under this subsection during the Fiscal Year in question, will not cause the aggregate "book value" of all of such property sold or otherwise disposed of under this subsection in such Fiscal Year to exceed $125,000. The proceeds to be received from any such sale or disposition shall be applied first to cure any default that may exist in the payment of the principal of or interest on this Agreement.

Sale or Encumbrance. No part of the Leased Property and no part of Related Financed Property shall be sold, exchanged, leased, mortgaged, encumbered or otherwise disposed of except (i) with the written consent of VRA or (ii) as provided in any one of the following subsections: (a) The Local Government may grant easements, licenses or permits across, over or under parts of the Leased Property or the Related Financed Property, or both, Property for streets, roads and utilities as will not adversely affect the use of the Leased Property or the Related Financed Property, or both. (b) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, Property if it uses the proceeds of such disposition and any other necessary funds to replace such property with property serving the same or a similar function. (c) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, Property with a "book value" (as determined in accordance with generally accepted accounting principles) that, when combined with the aggregate "book value" of all of the other such property sold or otherwise disposed of under this subsection during the Fiscal Year in question, will not cause the aggregate "book value" of all of such property sold or otherwise disposed of under this subsection in such Fiscal Year to exceed $125,000. The proceeds to be received from any such sale or disposition shall be applied first to cure any default that may exist in the payment of the principal of or interest on this Agreementthe Local Bond. (d) The Local Government may otherwise sell or dispose of property constituting part of the Related Financed Property if there is filed with VRA a certificate of the Consulting Engineer stating that such property is not necessary or useful to the operation of the Related Financed Property. The proceeds to be received from any such sale or disposition shall be applied first to cure any default that may exist in the payment of the principal of or interest on the Local Bond.

Sale or Encumbrance. No part of the Leased Property and no part of Related Financed Property System shall be sold, exchanged, leased, mortgaged, encumbered or otherwise disposed of except (i) with the written consent of VRA or (ii) as provided in any one of the following subsections: (a) The Local Government may grant easements, licenses or permits across, over or under parts of the Leased Property or the Related Financed Property, or both, System for streets, roads and utilities as will not adversely affect the use of the Leased Property or the Related Financed Property, or bothSystem. (b) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, System if it uses the proceeds of such disposition and any other necessary funds to replace such property with property serving the same or a similar function. (c) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, System with a "book value" (as determined in accordance with generally accepted accounting principles) that, when combined with the aggregate "book value" of all of the other such property sold or otherwise disposed of under this subsection during the Fiscal Year in question, will not cause the aggregate "book value" of all of such property sold or otherwise disposed of under this subsection in such Fiscal Year to exceed $125,000. The proceeds to be received from any such sale or disposition shall be applied first to cure any default that may exist in the payment of the principal of or interest on this Agreementthe Local Bond. (d) The Local Government may otherwise sell or dispose of property constituting part of the System if there is filed with VRA a certificate of the Consulting Engineer stating that such property is not necessary or useful to the operation of the System. The proceeds to be received from any such sale or disposition shall be applied first to cure any default that may exist in the payment of the principal of or interest on the Local Bond.

Sale or Encumbrance. No part of the Leased Property and no part of Related Financed Property shall be sold, exchanged, leased, mortgaged, encumbered or otherwise disposed of except (i) with the written consent of VRA or (ii) as provided in any one of the following subsections: (a) The Local Government may grant easements, licenses or permits across, over or under parts of the Leased Property or the Related Financed Property, or both, for streets, roads and utilities as will not adversely affect the use of the Leased Property or the Related Financed Property, or both. (b) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, if it uses the proceeds of such disposition and any other necessary funds to replace such property with property serving the same or a similar function. (c) The Local Government may sell or otherwise dispose of property constituting part of the Leased Property or the Related Financed Property, or both, with a "book value" (as determined in accordance with generally accepted accounting principles) that, when combined with the aggregate "book value" of all of the other such property sold or otherwise disposed of under this subsection during the Fiscal Year in question, will not cause the aggregate "book value" of all of such property sold or otherwise disposed of under this subsection in such Fiscal Year to exceed $125,000. The proceeds to be received from any such sale or disposition shall shall, subject to appropriation, be applied first to cure any default nonpayment that may exist in the payment under Article VI of the principal of or interest on this Agreement. (c) The Local Government may sublease, or grant easements with respect to, property constituting a part of the 2019 Taxable New Money Project for the purpose of allowing telephone, broadband, wireless internet and other similar services for the benefit of the residents of and visitors to Xxxxxxxxx County and surrounding areas, provided that such subleases or easements will not adversely affect the Local Government's desired use of such property.