AG 1999 07 12 - Laserfiche WebLink

Home Browse Search

ARTICLE V QUIET ENJOYMENT; PURCHASE OPTION 5.1 Quiet Enioyment. The County hereby covenants that the Board of Education shall, during the Lease Term, peaceably and quietly have and hold and enjoy the Leased Property without suit, trouble or hindrance from the County, except as expressly required or permitted by this Lease. The County shall not interfere with the quiet use and enjoyment of the Leased Property during the Lease Term. The County shall, at the Board of Education's request and the County's cost, join and cooperate fully in any legal action in which the Board of Education assets its fight to such possession and enjoyment, or which involves the imposition of any taxes or other governmental charges on or in connection with the Leased Property. In addition, the Board of Education may at its own expense join in any legal action affecting its possession and enjoyment of the Leased Property, and shall be joined (to the extent legally possible, and at the Board of Education's expense) in any action affecting its liabilities hereunder. The provisions of this Article shall be subject to rights to inspect the Leased Property granted to parties under the Financial Contract, the Installment Agreement, or the Indenture of Trust and to the right hereby reserved to the County to inspect the demised premises properties at any reasonable time. 5.2 Purchase Optio...n. The Board of Education shall have the option to purchase the Leased Property, in whole but not in part, at the end of the Lease Term upon payment to the County of a purchase option price of One Dollar ($1.00). The Board of Education shall notify the County of its exercising of this option within fifteen (15) days after the end of the Lease Term, and within forty-five (45) days thereafter, the County shall execute and deliver all necessmy documents conveying to the Board of Education good and marketable title to the Leased Property, subject only to (a) encumbrances, other than the Deed of Trust, referenced in the title insurance binder (the "Permitted Encumbrances") and (b) any encumbrance or imperfection caused by or attributable to the Board of Education. In the event the Board receives grant funds from any public or private source (other than the County) for use in acquisition of school facilities, then the purchase price will be the sum of One Dollar ($1.00), plus such grant funds as are available up to the depreciated fair market value of the demised properties.