Laserfiche WebLink
1 <br />1 <br />' (a) Purchase of the Leased Property by the Board; or <br />' (b) An Event of Default and termination by the County pursuant to Article XII. <br />Termination of the Lease Term shall terminate all the County's obligations under this <br />' Lease, and shall, terminate the Board of Education's rights of possession under this Lease, but all <br />other provisions of this Lease, including the receipt and disbursement of finds, shall be <br />continuing until the Financial Contract is discharged as provided therein. <br />' ARTICLE V <br />' QUIET ENJOYMENT; PURCHASE OPTION <br />5.1 Quiet Enjoyment. The County hereby covenants that the Board of Education <br />shall, during the Lease Term, peaceably and quietly have and hold and enjoy the Leased Property <br />' without suit, trouble or hindrance from the County, except as expressly required or permitted by <br />this Lease. The County shall not interfere with the quiet use and enjoyment of the Leased <br />Property during the Lease Term. The County shall, at the Board of Education's request and the <br />' County's cost, join and cooperate fully in any legal action in which the Board of Education <br />assets its right to such possession and enjoyment, or which involves the imposition of any taxes <br />or other governmental charges on or in connection with the Leased Property. In addition, the <br />Board of Education may at its own expense join in any legal action affecting its possession and <br />enjoyment of the Leased Property, and shall be joined (to the extent legally possible, and at the <br />Board of Education's expense) in any action affecting its liabilities hereunder. <br />5.2 Purchase Option. <br />' (a) The Board of Education shall have the option to purchase the Leased Property, <br />in whole but not in part, at the end of the Lease Term upon payment to the County of a purchase <br />option price of One Dollar ($1.00). The Board of Education shall notify the County of its <br />' exercising of this option within fifteen (15) days after the end of the Lease Term, and within <br />forty-five (45) days thereafter, the County shall execute and deliver all necessary documents <br />conveying to the Board of Education good and marketable title to the Leased Property, subject <br />' only to (a) encumbrances, other than the Deed of Trust, referenced in the title insurance binder <br />(the "Permitted Encumbrances") and (b) any encumbrance or imperfection caused by or <br />attributable to the Board of Education. <br />(b) Notwithstanding the foregoing, the County shall not be entitled to sell or in any way <br />convey the Leased Property, or any portion thereof, during the Lease Term without the prior <br />written consent of the Board of Education, except that the County shall be permitted to encumber <br />' the Leased Property with a deed of trust, or other such appropriate lien instrument, in connection <br />with obtainin funding relative to the project envisioned herein, <br />. The Board of Education shall have the right to file a Memorandum of Lease <br />' in the Cabarrus County Public Registry and such Memorandum of Lease shall provide notice of, <br />among other items, the purchase option set forth above and the foregoing restriction on <br />conveyance of the Leased Property. The County agrees that it shall cooperate with the Board of <br /> <br /> <br />F-9 <br />Attachment number 3 <br />Page 216 of 286 <br />