AG 2009 01 20 - Laserfiche WebLink

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(b) An Event of Default and termination by the County pursuant to Article XII. Termination of the Lease Term shall terminate all the County's obligations under this Lease, and shall, terminate the Board of Education's rights of possession under this Lease, but all other provisions of this Lease, including the receipt and disbursement of finds, shall be continuing until the Financial Contract is discharged as provided therein. ARTICLE V QUIET ENJOYMENT; PURCHASE OPTION 5.1 Ouiet Enjo ent. The County hereby covenants that the Board of Education shall, during the Lease Term, peaceably and quietly have and hold and enjoy the Leased Property without suit, trouble or hindrance from the County, except as expressly required or permitted by this Lease. The County shall not interfere with the quiet use and enjoyment of the Leased Property during the Lease Term. The County shall, at the Board of Education's request and the County's cost, join and cooperate fully in any legal action in which the Board of Education assets its right to such possession and enjoyment, or which involves the imposition of any taxes or other governmental charges on or in connection with the Leased Property. In addition, the Board of Education may at its own expense join in any legal action affecting its possession and enjoyment of the Leased Property, and shall be joined (to the extent legally possible, and at the Board of Education's expense) in any action affecting its liabilities hereunder. 5.2 Purchase O tp ion. ~_a_~The Board of Education shall have the option to purchase the Leased Property, in whole but not in part, at the end of the Lease Term upon payment to the County of a purchase option price of One Dollar ($1.00). The Board of Education shall notify the County of its exercising of this option within fifteen (15) days after the end of the Lease Term, and within forty-five (45) days thereafter, the County shall execute and deliver all necessary documents conveying to the Board of Education good and marketable title to the Leased Property, subject only to (a) encumbrances, other than the Deed of Trust, referenced in the title insurance binder (the "Permitted Encumbrances") and (b) any encumbrance or imperfection caused by or attributable to the Board of Education. (hl Notwithstanding the foregoing. the County shall not he entitled to sell or in any way convey the Leased Property during the Lease Term without the prior written consent of the B and of Education. The Board of Education hall have the right to file a Memorandum of Lease in the Cabarrus County Public Registry and such Memorand ~m of Lease hall provide notice of among other items. the purchase option set forth above and the foregoing restriction on conveyance of the Leased Property. The County agrees that it chap rnnnPrate w;th rhP Rnarrl of Education in executing any such Memorandum of Lease in a timely fashinn_ Item# 7 Attachment number 2 F - 5 Page 121 of 253