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51-96 Lakewood Hosp Lease
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51-96 Lakewood Hosp Lease
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Last modified
5/14/2013 2:59:52 PM
Creation date
7/21/2003 10:36:26 AM
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Office Of Council
Document Type
Ordinances
Date
7/21/2003
Date Adopted
12/16/1996
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any equipment removed pursuant to the preceding sentence if, in the reasonable opinion of <br />management of the Lessee, such substitution is not necessary to preserve the operating viability <br />of the Leased Premises. <br /> <br /> · (c) The Lessee shall have the right to have any land, improvement or other interest <br />in real property constituting a portion of the Leased Premises which is not essential to the <br />operation of the Leased Premises released from the definition of Leased Premises and the <br />provisions of this Lease and the Indenture. The Executive and Fiscal Officer on behalf of the <br />City and the Trustees shall join in any such release upon the written request of the Lessee <br />therefor. <br /> <br /> Section 6.3. Taxes, Other Governmental Charges and Utility Char~es. The Lessee <br />covenants and agrees to fulfill the obligation of the City under Section 5.16 of the Senior <br />Indenture. <br /> <br /> Section 6.4. Insurance. The Lessee covenants and agrees to fulfill the obligations <br />of the City Under Sections 5.06 and 5.07 of the Senior Indenture and to perform pursuant to <br />those Sections as if the word "Issuer" used therein referred to the Lessee. On expiration or <br />termination of the Senior Indenture, the Lessee agrees to maintain the insurance coverage <br />required by said Sections 5.06 and 5.07 and to perform pursuant to such sections as if such <br />sections continued in existence except that the word "Trustee" used in such sections shall read <br />as "City" <br /> <br /> Section 6.5. Payment by City or Trustee. If the Lessee, or the Member on behalf <br /> of the Lessee, fails to perform any obligation of the City under the Senior Indenture or the <br /> Subordinated Indenture, then in addition to any other right or remedy of the City or either <br /> Trustee, the City or the applicable Trustee may advance funds to pay any required charges, <br /> although the City and the applicable Trustee shall not be obligated to do so. Any funds so <br /> advanced, together with interest thereon at the Interest Rate for Advances from the date of <br /> advancement, shall constitute Additional Payments and shall be paid by the Lessee, or the <br /> Member on behalf of the Lessee, on demand. In any action brought to collect those Additional <br /> Payments, the City and the applicable Trustee, as the case may be, shall be entitled to the <br /> recovery of the Additional Payments, except as limited by law or judicial order or decision. <br /> <br />(End of Article VI) <br /> <br />- 24 - <br /> <br /> <br />
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