Orange County NC Website
Browse       Search
8 <br /> ARTICLE III <br /> LANDLORD'S COVENANTS <br /> Subject to Tenant's performance of its obligations hereunder, Landlord makes <br /> the following assurances to Tenant: <br /> 3.1 Leases, Easements, Roadway Dedications and Rights of Way. Landlord has <br /> the absolute right to negotiate and execute any lease,easement contract or dedication, <br /> or right of way contract or dedication upon a portion of the Leased Premises that it <br /> deems in its best interest to provide access for public infrastructure or other purposes <br /> over the Leased Premises. No grant terminates this Master Lease, but instead the <br /> Master Lease continues subject to the conveyance or dedication. Should Landlord <br /> require Tenant's execution of any document for Master Leases, easements or other <br /> partial interests, Landlord, as agent for Tenant, has the authority to execute in <br /> Tenant's name any Master Leases, easements, rights of way, and roadway dedications <br /> it deems necessary. <br /> 3.2 Use of Site. During the Lease Term, Landlord retains exclusive rights to <br /> possess, use, occupy, improve and insure all the Leased Premises for public school <br /> purposes, including without limitation (a) the right to conduct surveys, soil borings <br /> and other necessary testing upon any property prior to construction,and (b) the right <br /> to use, operate, maintain, and repair that property for such public school purposes as <br /> Landlord determines in its discretion, subject only to Tenant's limited grant of access <br /> to and use of the Leased Premises as described in Section 4.1. In addition, Landlord <br /> has full discretion and the sole right to authorize the use by third parties for non- <br /> school use, pursuant to Landlord's policies, of any of the Leased Premises. Tenant's <br /> limited rights of access to and use of the Leased Premises is subordinate to any such <br /> third-party use, unless otherwise indicated in writing by Landlord. <br /> Notwithstanding the foregoing, Landlord acknowledges that Tenant will issue <br /> and incur certain financing obligations (the "Bonds") to finance project costs. Tenant <br /> will not take any action with respect to the sale or disposition of any portion of the <br /> Leased Premises, or with respect to the use of any portion of the Leased Premises by <br /> private entities or the federal government, that Tenant advises Landlord would cause <br /> interest on the Bonds to be includable in gross income for federal income tax purposes. <br /> 5 <br />