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200905358
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7/1/2009 4:39:34 PM
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7/1/2009 4:34:50 PM
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DEEDS
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200905358
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200905358 <br />ARTICLE IV <br />TERM OF LEASE <br />Section 4.1. Lease Term. This Lease shall be in effect for a Term commencing <br />upon its date of execution and ending as provided in Section 4.4. <br />Section 4.2. A reement Concernin Rental Pa meats. Lessee covenants that the <br />Rental Payments do not exceed any limitation imposed by law. Until all Rental Payments have <br />been made in full, Lessee cavenants and agrees to make and continue to make for sa long as <br />permitted by law an annual levy on the taxable property within its geographical area pursuant to <br />Section 16-702, R.R.S. Neb. 2007, which will be sufficient, along with any other funds available <br />for the purpose, specifically including amounts collected from sales taxes imposed under the <br />Laval Option Revenue Act (Sections 77-27,142 to 77-27,148, R.R.S. Neb. 2003, as amended) <br />and any occupation taxes designated for such purpose, to enable Lessee to make all of the Rental <br />Payments and to perform all other obligations of Lessee under this Lease and to take all action <br />required to provide funds to make the Rental Payments and perform such obligations as herein <br />required. Lessee cavenants and agrees that throughout the term of this Lease it will observe all <br />budget, tax and spending limitations now or hereafter imposed by law in such a manner that a <br />sufficient portion of its tax levy or other monies shall be lawfully available to make all the Rental <br />Payments and perform all other obligations of Lessee hereunder. Lessee agrees that commencing <br />with its budget for the next-ensuing fiscal year it will include amounts sufficient to make the Rental <br />Payments as the same fall due in its annual budget and appropriations. Lessee covenants and agrees <br />that it shall neither take any action nor omit to take such action which such action or omission <br />would have the affect of causing the interest portion of the Rental Payments due under the terms of <br />this Lease and identified as such herein to be na longer excludable from gross income under the <br />Code. <br />Section 4.3. Intent to Continue Lease„Term; A~,aropriations. As authorized under <br />the terms of Section 19-2421, R.R.S. Neb. 2007, Lessee hereby obligates itself to continue this <br />Lease for its entire Term and to pay all Rental Payments specified in Exhibit B, as the <br />installment payments related to the purchase of the Improvements. The officer of Lessee <br />responsible far budget preparation will include in the budget request for each Fiscal Year the <br />Rental Payments to became due in such Fiscal Year, and will use all reasonable and lawful <br />means available to secure the appropriation of money for such Fiscal Year sufficient to pay the <br />Rental Payments coming due therein. <br />Section 4.4. Termination of Lease Term. The Term of this Lease will terminate <br />upon the occurrence of the first of the following events; <br />(a) the exercise by Lessee of its option to purchase Lessor's interest in the <br />Project pursuant to Article X; <br />(b) a default by Lessee and Lessor's election to terminate this Lease <br />pursuant to Article XII; or <br />9 <br />
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