AG 2008 08 18 - Laserfiche WebLink

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6.2 Payments. In partial consideration for its acquisition of rights to use the Leased Property during the Lease Term and its option to purchase the Leased Property, the Board of Education hereby agrees to pay to the County annual rent in the amount of One Dollar ($1.00) payable in advance on the Closing Date (receipt of which is hereby acknowledged) and on the first day of each Lease Year thereafter. The County and the Board of Education acknowledge their understanding that although the County's providing the Leased Property to the Board of Education for use is of substantial value to the Board of Education, any payment by the Board of Education of a market value rent would represent simply an accounting transaction, because the Board of Education's finding is primarily provided through the County. ARTICLE VII CONSTRUCTION AND OTHER ACCOMPLISHMENT OF SCHOOL FACILITY AND CERTAIN RELATED COVENANTS Section. 7.1 Construction and Other Accomplishment of the Facilities. The County has provided in the Agency Agreement for the construction and other accomplishment of the Facilities by the Board of Education as the County's agent. The Board of Education represents that, it has reviewed all provisions concerning the construction and other accomplishment of the Facilities in the Financial Contract and hereby approves such provisions. The Board of Education shall take possession of the Leased Property on the date of delivery of this Lease. Title to the Leased Property shall be held by the County, subject only to Permitted Encumbrances. Section 7.2 Maintenance, Repair. Taxes and Assessments. (a) Maintenance: Repair. The Board of Education shall use, or cause to be used, the Leased Property in a careful and proper manner, in compliance with all applicable laws and regulations and, at its sole expense, shall service, repair, maintain and insure, or cause to be serviced, repaired, maintained and insured, the Leased Property so as to keep the Leased Property in good condition, repair, appearance and working order for the purposes intended, ordinary wear and tear excepted. (b) Taxes and Assessments. The Board of Education shall also pay, or cause to be paid, all taxes and assessments, including, but not limited to, utility charges, of any type or nature levied, assessed or charged against any portion of the Leased Property, provided that with respect to special assessments or other governmental charges that may lawfully be paid in installments over a period of years, the Board of Education shall be obligated to pay only such installments as are required to be paid as and when the same become due. (c) Contests. The Board of Education may, at its sole expense and in its name, in good faith contest any such taxes, assessments, utility and other charges and, if any such contest occurs, may permit the taxes, assessments or other charges so contested to remain unpaid during the period of such contest and any appeal, therefrom, but before such non-payment, it shall furnish the County with the opinion of a counsel acceptable to the County, to the effect that, by ..... L _ ~! 4