Laserfiche WebLink
ARTICLE IX <br />TITLE TO LEASED PROPERTY <br />LIMITATIONS ON ENCUMBRANCES <br />9.1 Title to Leased Property. Except for personal property purchased by the Board of <br />Education at its own expense, title to the Leased Property and any and all additions and modifications to <br />or replacements of any portion of the Leased Property shall be held in the County's name, subject only to <br />Permitted Encumbrances, including, but not limited to, the lien of the deed of trust recorded incident to <br />issuance of Limited Obligation Refunding Bonds Series 2024B, until foreclosed upon or conveyed as <br />provided in the Lease, notwithstanding (a) the occurrence of any event of damage, destruction, <br />condemnation or construction or title defect, or (b) the violation by the County of any provision of this <br />Lease. <br />The Board of Education shall have no right, title or interest in the Leased Property or any <br />additions and modifications to or replacements of any portion of the Leased Property except as expressly <br />set forth in this Lease. <br />ARTICLE X <br />ASSIGMENT, SUBLEASING, AND INDEMNIFICATION <br />10.1 Board of Education's Assignment and Subleasin . The Board of Education may not <br />sublease the Leased Property, in whole or in part, without the consent of the County. <br />10.2 Indemnification. To the extent permitted by law, the Board of Education shall and hereby <br />agrees to indemnify and save the County harmless against and from all claims, by or on behalf of any <br />person, firm, corporation or other legal entity arising from the operation or management of the Leased <br />Property by the Board of Education during the Lease Term, including any arising from: (a) any condition <br />of the Leased Property; (b) any act of negligence of the Board of Education or of any of its agents, <br />contractors or employees or any violation of law by the Board of Education or breach of any covenant or <br />warranty by the Board of Education hereunder; or (c) the incurrence of any cost or expense in connection <br />with the acquisition and construction of the Facilities in excess of the monies available therefor. <br />ARTICLE XI <br />EVENTS OF DEFAULT <br />11.1 Events of Default. The following shall be "Events of Default" under this Lease, and the <br />term "Default" shall mean, whenever it is used in this Lease, any one or more of the following events: <br />(a) The Board of Education's failure to make any payments hereunder when due <br />after a 60-day opportunity to cure; <br />(b) The Board of Education's failure to observe and perform any covenant, condition <br />or agreement on its part to be observed or performed for a period of thirty (30) days after written <br />notice specifying such failure and requesting that it be remedied shall have been given to the <br />Board of Education by the County, unless the County shall agree in writing to an extension of such <br />time prior to its expiration; provided, however, if the failure stated in the notice cannot be <br />corrected within the applicable period, the County shall not unreasonably withhold its consent to <br />an extension of such time if corrective action is instituted by the Board of Education within the <br />63112517.5-(Marilyn McKinley) <br />Page 322 <br />