Orange County NC Website
52 <br /> (c) The date that is 30 days after [May 1, 2036], which is the scheduled date for <br /> final payment on the Financing Contract, except that the Lease Term ends immediately <br /> upon the termination of the Financing Contract if the Financing Contract is terminated <br /> following an event of default by the County under the Financing Contract. <br /> Termination of the Lease Term terminates all the County's obligations under this Lease, <br /> and terminates the School Board's rights of possession under this Lease; but all other <br /> provisions of this Lease, including the receipt and disbursement of funds, continue until the <br /> Financing Contract is discharged as provided therein. <br /> ARTICLE V <br /> QUIET ENJOYMENT; RECONVEYANCE <br /> 5.1. Quiet Enjoyment. The County covenants that the School Board will <br /> during the Lease Term peaceably and quietly have and hold and enjoy the Leased Property <br /> without suit, trouble or hindrance from the County, except as expressly required or <br /> permitted by this Lease. The County will not interfere with the School Board's quiet use <br /> and enjoyment of the Leased Property during the Lease Term. The County will, at the <br /> School Board's request and the County's cost,join and cooperate fully in any legal action in <br /> which the School Board asserts its right to such possession and enjoyment, or which <br /> involves the imposition of any taxes or other governmental charges on or in connection <br /> with the Leased Property. In addition, the School Board may at its own expense join in any <br /> legal action affecting its possession and enjoyment of the Leased Property and will be <br /> joined (to the extent legally possible, and at the School Board's expense) in any action <br /> affecting its liabilities under this Lease. <br /> The provisions of this Article are subject to rights to inspect the Leased Property <br /> granted to parties under the Financing Contract. <br /> 5.2. Reconveyance. The County covenants that it will convey the Leased <br /> Property to the School Board within 30 days after the date of the County's final payment <br /> on the Financing Contract, subject to the priority of the Deed of Trust as described in <br /> Section 3.2. The County will make this conveyance pursuant to a deed in form and <br /> substance reasonably acceptable to each party, and free and clear of all encumbrances other <br /> than (a) any encumbrances existing at the time of the original conveyance of the Leased <br /> Property from the School Board to the County, (b) any encumbrances that arise by <br /> operation of law without regard to action or inaction by the School Board or the County <br /> (such as regulatory encumbrances or encumbrances related to condemnation by another <br /> governmental entity), (c) encumbrances created by the School Board's action, or (d) <br /> encumbrances to which the School Board consents or to which it has previously consented. <br /> 4 <br />