AG 2002 09 16 (Regular) - Laserfiche WebLink

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of such party 'to execute or deliver this Lease or to comply with its obligations, under this Lease. Neither the execution and delivery of this Lease by such party, nor compliance by such party with its obligations under this Lease, requires the approval of any regulatory body or any other entity, the approval of which has not been obtained. ARTICLE III DEMISING CLAUSE The County hereby leases the Facilities and the Site (the "Leased Property") to the Board of Education, and the Board of Education hereby leases the Leased Property from the' County, in accordance with the provisions of this Lease, to have and to hold for the Lease Term. Notwithstanding anything in this Lease to the contrary, the Board of Education's rights to possession of the Leased Property, its rights to purchase the Leased Property pursuant to Section 5.2 hereof, all its other rights under this Lease are subordinate to the rights of SouthTrust Bank as Trustee for the beneficiary under the Deed of Trust and Security Agreement and to the rights of the Corporation. Any judicial sale of, or foreclosure on, the Leased Property pursuant to the Deed of Trust shall terminate all the Board of Education's hghts hereunder. ARTICLE IV 4. i Commencement. Date," September 17, 2002. 4.2 Termination. the following events: (b) Article Jill. LEASE TERM The Lease Term shall commence on the "Closing The Lease Term shall terminate upon the earlier of either of T&e-t er-mination-o-f-the_F__inanciaLCon, tmct;_o~: An Event of Default and termination by the County pursuant to 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 funds, shall be continuing until the Financial Contract is discharged as provided therein. 3