Agenda - 03-02-2006-8bLC - Laserfiche WebLink

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REPRESENTATIONS, COVENANTS AND WARRANTIES The County and the School Board each represents, covenants and warrants for the other's benefit as follows: (a) Neither the execution and delivery of this Lease, nor the fulfillment of or compliance with its terms and conditions, nor the consummation of the transactions contemplated by tlus Lease, results in a breach of the terms, conditions and provisions of any agreement or instrument to which either is nou~• a part~F or by ~vluch either is bound, or constitutes a default under any of the foregoing. (b) To the knowledge of each party, there is no litigation or other court or administrative proceeding pending or threatened against such party (or against any other person) affecting such party's rights to execute or deliver this Lease or to comply with its obligations under this Lease. Neither such party's execution and delivery of this Lease, nor its compliance ujith its obligations under this Lease, requires the approval of any regulatory body or any other entity the approval of ~vluch has not been obtained. ARTICLE III DEMISE; PRIORITY OF FINANCING CONTRACT 3.1. Demise. The County hereby leases the Leased Property to the School Board, and the School Board hereby leases the Leased Property from the County, in accordance with the pro~Tisions of this Lease, to ha~Te and to hold for the Lease Term, subject to the provisions of Sections 3.2. 3.2. Priority of Deed of Trust. NatFVithstanding anything in this Lease to the contrary, the School Board's rights to possession of the Leased PrapertyT, its rights to purchase the Leased Property under Section 5.2 and all its other rights under this Lease are subordinate to the rights of the Company (and its assigns) as beneficiary under the Deed of Trust. Any judicial sale of, or foreclosure an, the Leased Property pursuant to the Deed of Trust terminates all the School Board's rights under this Lease. ~3s6s~