Site Leased Property definition
Examples of Site Leased Property in a sentence
The City hereby leases to the Trustee and the Trustee hereby leases from the City, on the terms and conditions hereinafter set forth, the Site Leased Property, which consists of the real property and the improvements thereon described in Exhibit A attached hereto and made a part hereof, subject to Permitted Encumbrances (as defined in the Lease).
The provisions of the Lease shall govern with respect to any damage, destruction or condemnation of the Site Leased Property during the Lease Term of the Lease.
The City covenants that it is the owner in fee of the Site Leased Property, subject only to Permitted Encumbrances (as defined in the Lease).
Except as provided in this Site Lease, the City and the Trustee agree that, except as may otherwise be provided in the Lease, neither the City nor the Trustee will sell, mortgage or encumber the Site Leased Property or any portion thereof during the term of this Site Lease.
The Trustee agrees, upon the termination of this Site Lease, to quit and surrender the Site Leased Property to the City, and agrees that any fixtures, permanent improvements and structures existing as a part of the Site Leased Property at the time of the termination of this Site Lease shall remain thereon and all legal interests of the Trustee thereto shall vest in the City.
The City reserves the right, so long as no Event of Nonappropriation or Event of Default shall have occurred under the Lease, for any of its duly authorized representatives to enter upon the Site Leased Property at any reasonable time to inspect the same or to make any repairs, improvements or changes necessary for the preservation thereof.
Concurrently with the execution of the Site Lease, the Trustee shall be provided with a commitment for an ALTA Loan Title Insurance Policy to be issued to the Trustee in an amount equal to no less than the par amount of the Series 2019 Certificates executed and delivered under the Indenture, insuring the Trustee’s leasehold interest in the Site Leased Property, subject only to Permitted Encumbrances.
The Scheduled Lease Term and the final maturity of the Series 2017 Certificates do not exceed the weighted average useful life of the Improvements or any other real property improvements currently located on the Site Leased Property.
The School District covenants and agrees that, provided the Corporation is not in default and keeps, observes, and performs the covenants and agreements of Corporation contained in this Site Lease, the Corporation shall have quiet and peaceable possession of the Site and the School District hereby acknowledges that the Corporation shall have a leasehold interest in the Site Leased Property.
The Trustee shall use the Site Leased Property for the purpose of subletting the same to the City pursuant to the Lease; provided that upon the occurrence of an Event of Nonappropriation or an Event of Default under the Lease or Event of Default under the Indenture, the City shall vacate the Site Leased Property as provided in the Lease, the Trustee may exercise the remedies provided in the Lease and the Indenture and the Trustee may use or sublet the Site Leased Property for any lawful purposes.