Orange County NC Website
ARTICLE IV <br />LEASE TERM <br />4.1. Commencement. The Lease Tern1 commences on the date of the <br />initial execution and delivery of this Lease, on or about April , 2Ut)6. <br />4.2. Termination. The Lease Term terminates upon the earliest of the <br />following: <br />(a) Judicial sale of or foreclosure on the Leased Property under the <br />Financing Contract, as described in Section 3.2; <br />(b) The occurrence of an Event of Default under this Lease and subsequent <br />termination by the County pursuant to Section 11.2; <br />(c) The date the School Board's purchase option under Section 5.2 expires; <br />or <br />(d) The termination of the Financing Contract, if the Financing Contract is <br />terminated following an event of default by the County under the Financing <br />Contract. <br />Termination of the Lease Term terminates all the County's obligations under this <br />Lease, and terminates the School Board's rights of possession under this Lease; but <br />all other provisions of this Lease, including the receipt and disbursement of funds, <br />continue until the Financing Contract is discharged as provided therein. <br />ARTICLE V <br />QUIET ENJOYMENT; PURCHASE OPTION <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 <br />Property without suit, trouble or hindrance from the County, except as expressly <br />required or permitted by this Lease. The County will not interfere with the School <br />Board's quiet use and enjo~rment of the Leased Property during the Lease Term. The <br />County ujill, at the School Board's request and the County's cost, join and cooperate <br />