51-96 Lakewood Hosp Lease - Laserfiche WebLink

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Section 3.7. Rates and Charges. So long as any Bonds are outstanding; the Lessee covenants and agrees to comply with the provisions of Sections' 5.02 of the Senior Indenture and of the Subordinated Indenture as if the word "Issuer" used therein referred to the Lessee. 'Section 3.8. Prepayment of Basic Rent and Additional Payments; Moneys for Purchase or Optional Redemption. There is reserved expressly to the Lessee the right, and the Lessee is authorized and permitted, at any time it may choose, to prepay all or any part of the Basic Rent relating to the Senior Bonds, Additional Payments and other amounts payable under the Lease, or to deliver to the Senior Trustee moneys sufficient to cause the Senior Bonds to be deemed paid and discharged pursuant to Article IX of the Senior Indenture following which the Lessee shall have the right to prepay in whole or in part the Basic Rent relating to the Subordinated Bonds. Section 3.9. Past Due Basic Rent, Additional Payments and Other Amounts. In the event that the Lessee should fail to make any payment of Basic Rent, Additional Payments or other amounts payable under the Lease, (i) the payment in default shall continue as an obligation of the Lessee until the amount in default shall have been paid fully, (ii) during the default period, the amount in default shall bear interest at the Interest Rate for Advances, and (iii) that interest shall be payable on demand and shall constitute Additional Payments hereunder. In any action brought to collect those Additional Payments, the City shall be entitled to the recovery of the Additional Payments., except as limited by law or judicial order or decision. Section 3.10. Redemption of Bonds. On delivery to the Senior Trustee, or if the Senior Indenture has been deemed paid and discharged, to the Subordinated Trustee, of sufficient moneys for redemption of all or part of the Senior Bonds, or if the Senior Bonds are deemed paid and discharged, of all or part of the Subordinated Bonds, then at the written request of the Lessee, the City will take forthwith all steps required of the City under the applicable redemption provisions of the Senior Indenture, and after defeasance thereof the Subordinated Indenture, to effect redemption of all or part of the then Senior Bonds or Subordinated Bonds, as the case may be, on the redemption date on which that redemption is to be made. (End of Article III) - 19-