Agenda - 11-16-2010 - 4k - Laserfiche WebLink

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The County may also, from time to time in its sole discretion and at its own • expense, install machinery, equipment and other tangible property in or on the Facilities. All such property will remain the County's sole property in which neither the Company nor any assignee of the Company will have any interest; provided, however, that any such property which becomes permanently affixed to the Facilities will be subject to this Contract and the lien and security interest arising under the Deed of Trust if the Company will reasonably determine that the Facilities would be damaged or impaired by the removal of such machinery, equipment or other tangible property. 3.8. Taxes and Other Governmental Charges. If the Mortgaged Property or any portion thereof is, for any reason, deemed subject to taxation, assessments or charges lawfully made by any governmental body, the County shall, during the Contract term, pay the amount of all such taxes, assessments and governmental charges as Additional Payments. With respect to special assessments or other governmental charges which may be lawfully paid in installments over a period of years, the County is obligated to provide for Additional Payments only for such installments as are required to be paid during the Contract term. The County must not allow any -liens for taxes, assessments or governmental charges with respect to the Mortgaged Property or any portion thereof to become delinquent (including, without limitation, any taxes levied upon the Mortgaged Property or any portion thereof which, if not paid, will become a charge on any interest in the Mortgaged Property, including the Company's interest, or the rentals and revenues • derived therefrom or hereunder). The County may, at its own expense and in its own name, in good faith contest any such taxes, assessments and utility and other charges and, in the event of any such contest, may permit such charges so contested to remain unpaid during the period of such contest and any appeal therefrom unless the Company notifies the County that, in the opinion of Independent Counsel, by nonpayment of any such items the security afforded pursuant to this Contract- or the Deed of Trust will be materially endangered or the Mortgaged Property or any portion thereof will be subject to loss or forfeiture, in which event such charges will be paid forthwith (but such payment will not in itself constitute a waiver of the right to continue to contest such charges). 3.9. Property Damage Insurance. (a) The County shall, at its own expense, acquire, carry and maintain broad-form extended coverage property damage insurance with respect to the Facilities in an amount equal to its estimated replacement cost, or shall provide for the School Board to acquire, carry and maintain such insurance. Such property damage insurance must include standard mortgagee coverage in favor of the Trustee. (b) (i) All insurance required by this Section will be maintained with generally • recognized responsible insurers and may carry reasonable deductible or risk-retention amounts. The County will provide copies of all such policies to the Trustee upon request. 6