2004-047 Ordinance - Laserfiche WebLink

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-- 1 - said policies shall be promptly applied to the repair, reconstruction or replacement of the New Buildin, and its contents, and the Trustees shall add to such insurance moneys such amount as may be necessarv to complete such repair, reconstruction or replacement. The City and Trustees acknowledge that each has obtained title insurance for ics respective interest in the Leased Property, and each hereby agrees with the other that in the event any defect in that interest is asserted or determined to exist and, as a consequence thereof, the Ciry or the Trustees receives proceeds of that insurance, it will, to the extent of any such proceeds remaining after (i) payment or reimbursement of any reasonable costs and expenses incurred by that party to obtain those proceeds and (ii) consultation with the other party, apply those remaining proceeds, toQether with any additional moneys that may be provided by the Trustees or the City in their discretion, and take action to the extent those moneys are sufficient, to resolve any such actual or asserted defect and otherwise will apply the remaining proceeds and any such moneys, to the extent sufficient, in such manner as may be required to continue co provide a library facility of the nature and to serve the purposes of the New Facility as contemplated by this Lease Agreement, including without limitation, the acquisition of properry and interests therein and ir,iprovements thereto, or otherwise to pay the cost of improvements. Neither the City nor the Trustees shall have any obligation to provide moneys from any source other than that described in the preceding sentence for such purpose or purposes. The proceeds of any condemnation award, or payment in lieu of condemnation, for anv part of or interest in the Leased Property shall be applied to pay the cost of Improvements. SECTION 14. COMPLIANCE WITH LAWS. The Trustees, during the term of this Lease Agreement and any renewal or continuation thereof, shall comply with all applicable govemmental ordinances, regulations and requiremencs relating to maintenance, operation, use and occupancy of the Leased Property and orders issued pursuant thereto; and will pay the cost and expense incidental to such compliance. SECTION 15. ASSESSMENTS. The City aQrees to cooperate with the Trustees in applying for any property tax eremptions that may be available for the Leased Property and executing, in its capacity as owner of the Leased Property, such applications and documents as may reasonably be required for that purpose. During the term of this Lease Agreement and any renewal or continuation thereof, the Trustees, as between the Ciry and the Trustees, shall pay all regular and special assessments and charges levied a?ainst the interests in the Leased Properry that are leased by the City to the Trustees hereunder, to the extent that any portion or installment thereof shall become due and payable subsequent to the delivery of that interest in the Leased Properly to the Trustees and thereafter during the term of this Lease and any renewal or continuation thereof; provided that in the event of a contest, the Trustees may permit any lien or account, or the amount thereof, so contested to remain unpaid during the period of the contest and any appeal therefrom, if the Trustees deliver to the City an opinion of legal counsel reasonably satisfactory to the City, to the effect that nonpayment of any such item will not affect materially the interests of the City or the Trustees in the Leased Property and will not subject the Leased Property, or any part thereof, to imminent loss or forfeiture. During the period when any lien or account so contested remains unpaid, the Trustees shall set aside on its books adequate reserves with respect thereto. The City shall assume and pay, as between the City and the -7-