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200510853
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Last modified
11/2/2005 12:01:36 PM
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11/2/2005 12:01:35 PM
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DEEDS
Inst Number
200510853
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<br />200510853 <br /> <br />Section 2.03. All of the Payments and additional rent shall be made by Lessee on <br />or before the date the same shall become due, without notice or demand, and without abatement or <br />setoff, irrespective of whether the Lessee shall have taken possession of any part of the Project, the <br />taking by eminent domain of title to all or part of the Project, or the right of temporary use of all or <br />part thereof, or any loss or damage to the Project, from any cause whatsoever, none of which shall <br />relieve Lessee of the liability for payment of the Payments and additional rent as herein provided, <br />except as insurance or condemnation proceeds may be applied on the Payments as herein <br />specifically permitted. <br /> <br />Section 2.04. Lessee hereby acknowledges receipt of notice that this Agreement <br />and the Payments due hereunder have been or are to be assigned to the Trustee pursuant to the <br />Indenture. The Payments shall be made to Lessor by Lessee remitting the same directly to the <br />Trustee, for the account of the Lessor, and Lessor shall cause the Trustee to deposit all such <br />payments in the trust account provided for in the Indenture and designated as the "Bond Fund," to <br />be used and applied by the Trustee as provided in the Indenture. Payments of additional rent <br />specified in Section 2.02 hereof shall be made to Lessor by Lessee remitting the same directly to the <br />respective payees for the account of the Lessor. <br /> <br />Section 2.05. Lessee may at any time prepay all or any part of the Payments <br />provided for hereunder. Lessee shall receive such credits against the Payments as are provided for <br />in the Indenture. In connection with any such prepayment, Lessee shall have the right to direct the <br />redemption of bonds outstanding under the Indenture. <br /> <br />ARTICLE III <br />ISSUANCE AND SALE OF BONDS <br /> <br />Section 3.01.Lessor shall issue and sell, as and when determined by mutual <br />agreement of Lessor and Lessee, after the execution and delivery of this Agreement, its Building <br />Bonds in the aggregate principal amount of not to exceed Seven Million Dollars ($7,000,000) which <br />shall be issued under the terms of the Indenture and sold to the purchaser thereof for the price <br />determined in the Bond Purchase Agreement plus accrued interest, if any, to date of delivery and <br />payment. Such issuance terms and sale terms shall be approved by the terms of the Addendum. <br /> <br />Section 3.02. Upon receipt of the proceeds of the sale of the Bonds, Lessor shall <br />promptly pay such proceeds, including the full amount of any accrued interest, if any, received upon <br />such sale, to the Trustee to be held and applied as provided in the Indenture, including the payment <br />of costs of the Project and issuance expenses as provided in Article IV hereof. <br /> <br />Section 3.03. Lessor shall cause the Trustee to invest and reinvest the money from <br />time to time in the Bond Fund, the Construction Fund and the Costs of Issuance Fund in the manner <br />and to the extent and with such application of the income therefrom as provided in the Indenture. <br /> <br />Section 3.04. Additional bonds may not be issued by Lessor with respect to this <br />Agreement or the Project as set forth in the Indenture. <br /> <br />5 <br />
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