RES 94046 - Laserfiche WebLink

with such requirements and the Corporation has entered into Escrow Instructions, dated as of May 1, 1994 with the Initial Trusme relating to the 1987 Certificates; and WHEREAS, in order to finance certain improvements (collectively, the "1988 Project"), the City has previously execu~d a Grant Deed, dated as of December 6, 1988 (the "1988 Deed"), granting to the Corporation an interest in the real property described as 5ire 2 of Exhibit A heath ("Site 2"); and WI--IEREAS, in connection with the financing of such 1988 Project, the Corporation leased Site 2, end certain improvements thereon, to the City pursuant to a facility lease, dated as of December 1, 1988 (the "1988 Facility Lease"); and WHEREAS, pursuant to that certmn Assignment Agreement, dared as of December 1, 1988 (the "1988 Assignment Agreement"), between the Corporation and the Initial Trustee, the Corporation has assigned to the Initial Trusu~e, for the benefit of the owners of the Corporation's 1988 Certi~cales of Perticipation (Capital Improvement Projects) (the "1988 Certificates"), tenran of its rights under the 1988 Facility Lease, including its right to receive Base Rental and Additional Rental payments (as defined therein) and its rights to enforce payment of such payments and otherwise to enforce its interests and fights under the 1988 Facility Leaee in the event of default by the City; and WEREAS, pursuant to that certain trust agreemere, dated as of December 1, 1988 (the "1988 Trust Agreement"), between the Corporation, the City and the Initial Trustee, the Initial Trustee executed and delivered the 1988 Certificates; and WHEREAS, the 1988 Facility Lease provides that City may purchase the 1988 Project prior to the scheduled termination date of the 1988 Facility Lease, and the City has complied with such requiremems and the Corporation has entered into Escrow Instructions, dated as of May 1, 1'994 with the initial Trustee relating to the 1988 Certificates, NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties herato hereby agree as follows: Section 1. Termination of 1987 Facility Lease. T~e 1987 Facility Lease, recorded as Document No. in the official records of the Alameda County Recorder, is terminated and is of no further force or effect. Section 2. Termination of 1987 Assignment Agreement. The 1987 Assignment Agreement, recorded as Document No. in the official records of the Alameda County Recorder, is terminated and is of no further force or effect.