79005189 - Laserfiche WebLink

Browse

~- 9~.8~ ARTICLE ZII COVENAYiTS O£ LESSEE Section 3.1 Lessee covenants that it is a not-for- grofic. corporation duly existing under the i7ebraska rot-for- profit corporation law, with lawful power and authority to enter into this Lease Agreement. Section 3.2 Lessee agrees to maintair. and grecerve its corporate existence as a not-for-profit corporation of sucr. nature as will permit it and its property to be exempt, to the extent permitted by law, from all federal, state and local income, property, €ranchise and other taxes and as will continue the exemption from federal income taxation of the interest on the Bands. Lessee further agrees to maintain its authority to do business in the State of_Nebraska and shall engage in no activity having an adverse effect upon such tax exempt status. Lessee will not dissolve or liquidate without securing the prior written consent thereto of the Authority and. the Trustee and making provision for the payment in full of the principal of and interest and premium, if any, on the Bonds. Lessee will not consolidate with, merge into, or permit any other corporation to consolidate with or merge into it. Section 3.3 Lessee agrees that, as specified in its - .rticles of incorporation, its only activities shah consist in the ownership and providing of real and personal property to Region III and that all property owned or leased by it stall he subleased to Region III on a complete net basis such that Lessee shall not incur during the term of this Lease P.greement any pecuniary obligation for utility charges, adequate insurance, taxes, repair and maintenance of its properties except to the extent that such obligations are fully provided for and assumed by Region III in such lease or other written agreement between Lessee and Region IZI. Lessee further agrees that without the prior written consent of the Authority, the Trustee and Region III, it shall nat incur any indebtedness except for such costs, fees, and expenses as may be necessary and incidental to the preservation of its corporate existence. m?_