Orange County NC Website
Browse       Search
51 <br /> contemplated by this Lease, results in a breach of the terms, conditions and provisions of <br /> any agreement or instrument to which either is now a party or by which either is bound, or <br /> constitutes a default under any of the foregoing. <br /> (b) To the knowledge of each party, there is no litigation or other court or <br /> administrative proceeding pending or threatened against such party (or against any other <br /> person) affecting such party's rights to execute or deliver this Lease or to comply with its <br /> obligations under this Lease. Neither such party's execution and delivery of this Lease, nor <br /> its compliance with its obligations under this Lease, requires the approval of any regulatory <br /> body or any other entity the approval of which has not been obtained. <br /> ARTICLE III <br /> DEMISE; PRIORITY OF FINANCING CONTRACT <br /> 3.1. Demise. The County hereby leases the Leased Property to the School Board, <br /> and the School Board hereby leases the Leased Property from the County, in accordance <br /> with the provisions of this Lease, to have and to hold for the Lease Term, subject to the <br /> provisions of Sections 3.2. <br /> 3.2. Priority of Deed of Trust. Notwithstanding anything in this Lease to the <br /> contrary, the School Board's rights to possession of the Leased Property and all its <br /> other rights under this Lease are subordinate to the rights of the beneficiary under <br /> the Deed of Trust. Any judicial sale of, or foreclosure on, the Leased Property <br /> pursuant to the Deed of Trust terminates all the School Board's rights under this <br /> Lease. <br /> ARTICLE IV <br /> LEASE TERM <br /> 4.1. Commencement. The Lease Term commences on the date of the initial <br /> execution and delivery of this Lease. <br /> 4.2. Termination. The Lease Term terminates upon the earliest of the following: <br /> (a) Judicial sale of or foreclosure on the Leased Property under the Deed of <br /> Trust; <br /> (b) The occurrence of an Event of Default under this Lease and subsequent <br /> termination by the County pursuant to Section 11.2; or <br /> 3 <br />