Laserfiche WebLink
1 <br />1 <br /> <br /> <br /> <br /> <br /> <br /> <br />Education in executing any such Memorandum of Lease in a timely fashion. Any such <br />Memorandum of Lease shall be recorded subsequent to any deed of trust on the Leased Property <br />or the Board of Education agrees to subordinate such Memorandum of Lease to such deed of <br />trust if necessary. <br />ARTICLE VI <br />CONSIDERATION FOR LEASE <br />6.1 Use: Assumption of Obli ations. In partial consideration for its acquisition of <br />rights to use the Leased Property during the Lease Term and its option to Purchase the Leased <br />Property, the Board of Education hereby agrees to use the Leased Property for public school <br />purposes in fulfillment of its obligation, shared by the County, to provide for elementary and <br />secondary education in the County. In addition, in consideration of its rights under this Lease, the <br />Board of Education undertakes the obligations imposed on it hereunder, including those imposed <br />by Section 8.1. <br />' 6.2 Payments. In partial consideration for its acquisition of rights to use the Leased <br />Property during the Lease Term and its option to purchase the Leased Property, the Board of <br />Education hereby agrees to pay to the County annual rent in the amount of One Dollar ($1.00) <br />payable in advance on the Closing Date (receipt of which is hereby acknowledged) and on the <br />first day of each Lease Year therea8er. The County and the Board of Education acknowledge <br />their understanding that although the County's providing the Leased Property to the Board of <br />' Education for use is of substantial value to the Board of Education, any payment by the Board of <br />Education of a market value rent would represent simply an accounting transaction, because the <br />Board of Education's funding is primarily provided through the County. <br />' ARTICLE VII <br /> <br /> <br />1 <br /> <br /> <br /> <br />CONSTRUCTION AND OTHER ACCOMPLISHMENT <br />OF SCHOOL FACILITY AND CERTAIN RELATED COVENANTS <br />Section. 7.1 Construction and Other Accomplishment of the Facilities. <br />The County has provided in the Agency Agreement for the construction and other <br />accomplishment of the Facilities by the Board of Education as the County's agent. The Board of <br />Education represents that, it has reviewed all provisions concerning the construction and other <br />accomplishment of the Facilities in the Financial Contract and hereby approves such provisions. <br />The Board of Education shall take possession of the Leased Property on the date of delivery of <br />this Lease. Title to the Leased Property shall be held by the County, subject only to Permitted <br />Encumbrances. <br />Section 7.2 Maintenance, Repair, Taxes and Assessments. <br />Page 4 of 12 <br /> <br />F-7 <br />Attachment number 3 <br />Page 91 of 320 <br />