Surrender of Possession Upon Termination; Partition of Undivided Interests. Upon the occurrence of an Event of Default or an Event of Nonappropriation which results in termination hereof, the respective interests of the County and the Corporation in the Project Facilities and the Real Property shall be partitioned, so that the parties’ respective undivided interests in the Project Facilities and the Real Property will be divided, to the extent feasible, into separate interests comprising the Facilities Components in accordance with the following provisions. The date upon which the Trustee gives notice of the occurrence of any such event under the provisions of Section 4.7(b) hereof or Section 7.2 of the Trust Agreement shall be the “Division Date.”
Appears in 4 contracts
Samples: Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement, Public Facilities Purchase and Occupancy Agreement
Surrender of Possession Upon Termination; Partition of Undivided Interests. Upon the occurrence of an Event of Default or an Event of Nonappropriation which results in termination hereof, the respective interests of the County and the Corporation in the Project Facilities and the Project Facilities Real Property shall be partitioned, so that the parties’ respective undivided interests in the Project Facilities and the Project Facilities Real Property will be divided, to the extent feasible, into separate interests comprising the Facilities Components in accordance with the following provisions. The date upon which the Trustee gives notice of the occurrence of any such event under the provisions of Section 4.7(b) hereof or Section 7.2 of the Trust Agreement shall be the “Division Date.”
Appears in 1 contract
