AG 2002 09 16 (Regular) - Laserfiche WebLink

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to Purchase the Leased Property, the Board of Education hereby agrees to use the Leased Property for public school purposes in fulfillment of its obligation, shared by the County, to provide for elementary and secondary education in the County. In addition, in consideration of its rights under this Lease, the Board of Education undertakes the obligations imposed on it hereunder, including those imposed by Section 8.1. 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 financing of the Leased Property and 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 funding 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. T'ne 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 pro~(isions. 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 keel5 the Leased Property in good condition, repair, appearance and working order for the purposes intended, ordinary wear and tear excepted. 5