Agenda - 05-15-2012 - 5j - Laserfiche WebLink

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Lessor in the Property tiler said Property Schedule shag terminate Lessee shall cause such investment to oompty wth the requremenls of federal tax law 30 Ina, exclusion From gross tr xxm of the interest component of Rental Payments On said Property Schedle is not adversely allotted me MM -9-A 7011 7106 to the props M UPot acceptance Of the Property by Lessee and unites otherwise required by the laws of the State, bda to the Property shall vest in Lessee subject to Lessors interests under the applicable Properly Schedule and INS Agreement 702 W=JIh ProoaRY The Property d and will remain personal Property And will not be deemed to be affixed to or a Pan of the rent aslate on which it may be situated. notwithstanding That the Property or any pan thereof may be or hereafter become in any rnannrx physlcatly affued or attatt ed to uwf estate a any 1hnxTdnp thereon t requested by Lessor. Lessee will at Lessee's expense lumrsh a waiver of any inuiresi n fie property from any party tieing an &chc interest in any such real estate or buthere 7 02 Secnrnly IntVMJ 'fo secure the performance of an of Lessee's obligations tinder this Agreement induch g without krittation all Property Schedules now existing are twibaker executed Lessee gratis to Lessor for to benait of Leseet and ins successors and assgns a security xKaest ConsbNbrhq a first ten on Lessees,nuerest m all of the Property whether now owned or hereafter acquired Ag addrsoru allathrnenls, alterations end ace a SOCLs to the Property VI s a first 16on and nlamcs interest t i null Ptoperly, and on any proceeds o► any of the foragang. Including nsuranoo proceeds Lessee shall exectno any addfional documents linciudng gnanranq statements atdavits. notices and similar instruments to form and substance Satisfactory to Lessor which Lessor deems necessary Of approPnate to establish mavdun and p9dmi a secunly imeresl in the Property in favor of Lessor and As successors and assigns Lessee hereby authorizes Lessor to Ole al financing statements witch Lessor deems necessary Of aplxopnste to estathssh, maintam and perfect suet security interest 704 Shejsbtubon Lessee may substitute tot alt or any potion Of the Property under a Propeny Schedule personal property of approxltrhstO y equal or greater market valve and with an equal or greater useful life In One event of any such subsldu0on Lessee shag deliver to Lessor a eerlfrcabon that the personal propery proposed to be substituted has approximately equal or greater market value and An equal or greater useful life as the portion of are Property being surbsbtuted for, togatw with an opinion d counsel acceptable to Lessor to Fire effect that the proposed Substitution will not adversely affect me exompeon of OM imenesl composers ct Rentat PaymNnla under the Properly Schedule from federal income taxation Lessee shall be responsible for an costs Arid expenses of Lessor, nCludng reasonable reasonable counsel fees for any such Substitution Losses shall cause all rtnaricng statements, fixture filings cemrncales of tied afrrdsvds notices and smwlu estnxnenla, to be made or filed in a timely owner to secure and perfect the security interest of Lessor in Cho substituted property ARTICLE VnI 801 7Ylatntanance of Property bg Losses Lessee shag keep and maintain the Property in good condition and working order and in compliance with the minulacturles specdx;ations, shag use operate and maintain the Property in confor" wrath ON lam and regulations concerning to PMPenys ownership possession use and mairtenance and sham keep this Property free and dear of all bend and claims Other than those created by the Agreement Lessee shag have sole responsibility to rmitmWrn and repair the Property Should Lessee lad to maintain preserve and keep the Properly in good repair and wonting order and in accordance with mandadurers specifications, and of requested by Lessor, Lessee will enter into maintenance, contacts for the Property in fomt atiorovedby Les ca and with aporev*d providers 862 Lions. Taxaa Other Oovemmerlsd CharosA srd tfgh Che'Up Laude shag loop the Property fret of ell loges Irene and encumbrances except for the interest d Lessor under gat Agreement The parkas b tits Agreement mMermpfale that the Properly well be used for a goveinmenlal er Propnelary, pu•pose of Lessee and theM1016. that the Properly wig be exempt from all Properly faxes The Retrial Payments payable by Losses under Oita Agreement and the Progeny Schedules hereunder have been estabkshed to raged the savage resulbng from Oks exemption from taxation Lesaee will take such accord necessary under applicable law to obtain said examplten Nevertheless lr the use Posseuan or asgtasnl0n of the Property is determined to be subject to taxalhon or tiler beco nes subject to such taxes, Lasses shall pay when due ag taxes and governmental charges lawfully assessed or levied agaves or vri h respacl to IN Property 14Stae shag pay mill gas water. steam electriury, heat power. teleplwno utility arid other charges incurred to the operation. maintenance, use acupanly and upkeep of to Property Lessee shag pay such taxes Or charges as the same may become due provided that with respect to any such laze$ Of charges Out may tawduly be paid in uwalkneras over a period of years, Lessee shag be obligated to pay cosy such mstagmenu as accrue during the then current 11" year of the Lease Unit for such Property 803 Insurance AT its Own expense Lessee shall mungm (e) casualty insurance Insuring the Property against toss or damage by fire and om other asks Covered by the slandard extended coverage endorsameni ter, an use to the Slate and any other risks reasonably required by Lessor n an arnourd *goat to at Feast Ins osstandrng principal component of Rental PaymeriS, and Ibb liability insurance tat protects Lesser from lubdlly in as events in an SMOU a reasonably KC*Ptable to Lessor, and e wotkOet compensabon Inurence covering all amoloyees waking on, m near a about the PCOPOW provided that Lessee may seY•exure agetnst sit such risks Ali w au re proceeds from casually bases smali be payable as hereuaher provided in this Agfeem ni An such insurance shall be wM nsurers that are authorized to netx hunts entrance in the State All such W Wtrty insurance shat name Lessor as an additional insured All such casually insurance shag contain a provision making any losses s such to Lessor and Lessee as their respective interests may appear All such Insurance shag contain a provision to the *tied that Such insurance shag cal be canceted or rrgddtee wthout first giving written notice :oared o Le3Sar and Lessee A least thirty (JO) days in advance of such cancellation or mWicaton Such changes shelf not become affaclre without Lessor$ prior written consent Lessee shag famish to Lessor. on or before the Commencement Date for each Property Schedule and thereafter at Lessees request certificates evidencing such coverage or d Lasses $0.4nsures, s wnten description of its self-insurance program together wilt, a oerllkghon from lessee,$ nsk manager or Insurance agent or consultant to the effect duet Lessee's sedvusuranoe program provides adequate coverage against the risks listed above 804 Advances In the a„erd Lessee sham fad to either maintain the insurance required by Ihs AgreemaM Of keep the Property in good repair and waking order. Lessor may, Out shall be under no ooltgaaon to purchase the required insurance and pay the 0031 of the Premiums Ifuemof or maintain and repair the Property and pay the cost thereof AN amounts so 86-fancied by Lessor shah constitute additional rent for ft Lease Term for the Property Schedule forv+lvch the Property is under and shall be due and Payable on The neat Rental Payment Date and Lessee covenants and agrees to pay such amounts so advanced by Lessor with ute•est thereon from to date such amount$ are advanced until pad at the rate of 81-16 per annum or the maromun amount Pnnwtted by law whichever is less ARTICLE IX 901 Ramsoe or nistnucbon If (a) the Property under a Property Schedule or any portion thereof d destroyed to whole or in part or is damaged by fine or other Casualty Or (0) lisle to of the temporary use of the Property under a Property Schedule or any pan thereof shat be taken under the exercise of weal of NO power d CrtwneM domain by any g0veof any l body or by any DersOr1 firm a corporation acing Pwsusnt fo governmental auuenty Lessor and Lessee well cause Che Net Proceeds (as ferdnah0r defined) of any tntn •arwce darns condemnation award or safe under three, of condeni etion to be applied to the Prompt replacement repair restoration modu6cettro or improvement of the Property units$ Lessee shag have exercised as n9hl to defease the Progeny Schedule as Provided herein or unless Lessee shag have exercised its option to purchase Lessor's interest in rte Property if ma Property SChedule so provides Any balance of the Net Proceeds remaining after such work has been completed shall be paid to Lessee For purposes of Section 8 09 and this Article V. the term 'Nei Proceeds' shag mean the er,punt remaining from the gross proceeds of arty insurance claim Condemnation award on sale under threat of condemnation agar deducting ON expenses Including reasonable attorneys' fees incurred in the gollecbon we'eof 902 Insufficiency of Net Procoods It TM Net Proceeds ate insufficient to pay in fat the cost of any repair, restoration modification or mprovem*m referred to in Section 9 CI Lessee shall fa) complete such rophacoment repair restoration modnftcation or Improvement and pay any costs thereof in excess of the amount of the Net Proceeds arid, if Lessee shag make any payrneris ptasuant to this SeClton Lessee stall not be enttled 10 any renmOuPtoment therefor from Lessor nor shag Lessee be en•tled to any dimmvhon of the amounts payable under Section 6 02 or tb) defease the Property Schedule Pwsuant to Section 6 07, Or (C) exercise its option to purchase Lessors interest ,n he property pursuant 10 the Monet purchase Provisions et the Properly Schedule d any The amount of she Net Proceeds d any, remaining alter completing such repair res•orsucin rnodngalron W irronaement or after such defoasantce or purchase may be retained by Lessee