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OTHER-2024-034-Lease Modification
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OTHER-2024-034-Lease Modification
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Last modified
10/24/2024 10:57:46 AM
Creation date
10/24/2024 10:42:55 AM
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BOCC
Date
5/21/2024
Meeting Type
Business
Document Type
Others
Agenda Item
6-B
Document Relationships
Agenda 05-21-24; 6-b - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various Capital Investment Plan Projects
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 05-21-2024 Business Meeting
Agenda for May 21, 2024 BOCC Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 05-21-2024 Business Meeting
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1 . Definitions . <br /> (a) The term " Modified Lease " means the Original Lease as modified by this <br /> Modification . <br /> ( b ) The term " Deed of Trust" means the 2024 Deed of Trust, together with the <br /> Deed of Trust and Security Agreement granted by the County dated as of June <br /> 1 , 2021 , and recorded at RB 6730 , Page 209 , Orange County Registry, as <br /> supplemented by the instrument recorded at RB 6818 , Page 817 , Orange <br /> County Registry. <br /> All other capitalized terms used in this Modification and not otherwise defined <br /> have the meanings ascribed in the Original Lease , <br /> 2 . Change to Lease Term . Section 3 . 2 ( c) of the Original Lease is hereby <br /> amended to read as follows , in order to extend the expected Lease Term , <br /> 3 . 2 . Termination . <br /> [subparagraphs ( a) and (b ) intentionally omitted] <br /> ( c) The date that is 30 days after October 1 , 2044, which is the <br /> scheduled date for the County ' s final payment under the " 2024 Trust <br /> Agreement," as defined below, except that the Lease Term ends immediately <br /> upon the termination of the 2024 Trust Agreement if the 2024 Trust <br /> Agreement is terminated following an event of default by the County under the <br /> 2024 Trust Agreement . <br /> The " 2024 Trust Agreement" means the Second Supplemental TrustAgreement <br /> dated as of June 1 , 2024 , between the County and a corporate trustee . <br /> Termination of the Lease Term terminates all the County ' s obligations under <br /> the Modified Lease , and terminates the School Board ' s rights of possession <br /> under the Modified Lease ; but all other provisions of the Modified Lease, <br /> including the receipt and disbursement of funds , shall continue until the 2024 <br /> Trust Agreement is discharged as provided therein . <br /> 3 <br />
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