AG 1999 07 12 - Laserfiche WebLink

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ARTICLE Vl CONSIDERATION FOR LEASE 6.1 Use as School; Assumption of Obligations. In partial consideration for its acquisition of fights to use the Leased Property during the Lease Term and its option 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 Payment§. 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 OF FACILITIES The County has provided for completion of the construction, acquisition and equipping of the Facilities by the Board of Education as the County's agent. The Board of Education represents that it has reviewed all provisions governing construction, acquisition and equipping of the Facilities in the Financial Contract and hereby approves such provisions. The Board of Education shall take possession of the Facilities upon completion thereof. Title to the Facilities and the remainder of the Leased Property shall be held by the County, subject only to Pernfitted Encumbrances.