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AG 2003 07 21
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AG 2003 07 21
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Last modified
3/3/2006 9:37:57 AM
Creation date
11/27/2017 11:41:27 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2003
Board
Board of Commissioners
Meeting Type
Regular
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of such party to execute or deliver this Lease or to comply with its obligations, under this <br />Lease. Neither the execution and delivery of this Lease by such party, nor compliance by <br />such party with its obligations under this Lease, requires the approval of any regulatory <br />body or any other entity, the approval of which has not been obtained. <br /> <br />ARTICLE III <br /> <br />DEMISING CLAUSE <br /> <br /> The County hereby leases the Facilities and the Site (the "Leased Property") to the <br />Board of Education, and the Board of Education hereby leases the Leased Property from <br />the County, in accordance with the provisions of this Lease, to have and to hold for the <br />Lease Term. <br /> <br /> Notwithstanding anything in this Lease to the contrary, the Board of Education's <br />fights to possession of the Leased Property, its fights to purchase the Leased Property <br />pursuant to Section 5.2 hereof, all its other fights under this Lease are subordinate to the <br />fights of SouthTrust Bank as Trustee for the beneficiary under the Deed of Trust and <br />Security Agreement and to the fights of the Corporation. Any judicial sale of, or <br />foreclosure on, the Leased Property pursuant to the Deed of Trust shall terminate all the <br />Board of Education's fights hereunder. <br /> <br />ARTICLE IV <br /> <br />LEASE TERM <br /> <br /> 4.1 Commencement. <br />Date," August 6, 2003. <br /> <br />The Lease Term shall commence on the "Closing <br /> <br /> 4.2 Termination. <br />the following events: <br /> <br />The Lease Term shall terminate upon the earlier of either of <br /> <br />(a) The termination of the Financial Contract; or <br /> <br /> (b) <br />Article XII. <br /> <br />An Event of Default and termination by the County pursuant to <br /> <br /> Termination of the Lease Term shall terminate all the County's obligations under <br />this Lease, and shall terminate the Board of Education's fights of possession under this <br />Lease, but all other provisions of this Lease, including the receipt and disbursement of <br />funds, shall be continuing until the Financial Contract is discharged as provided therein. <br /> <br /> <br />
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