RES 87418 - Laserfiche WebLink

resulting therefrom; but in that event the rent payable hereunder shall be abated proportionately, in the proportion which the acquisition cost of the part or parts of Capital Project II not yet delivered to the City bears to the acquisition and construction cost of the entire Capital Projects I and II, with respect to the period between September 1, 1989 and the time when the Corporation delivers possession, except to the extent of amounts held by the Trustee in the Lease Fund or in the Certificate Reserve Fund or otherwise available to the Trustee for payments in respect of the Certificates. It is contemplated that the City will take possession of Capital Project II on or before the date of commencement of this Lease. [To be revised] Section 3. Rental. The City agrees to pay to the Corporation, its successors or assigns, without deduction or offset of any kind, as rental for the use and occupancy of the Demised Premises and Capital Project I, the following amounts at the times and in the manner set forth herein (but subject to the provisions of Sections 2, 12, 20 and 24 hereof): (a) Base Rental. The City shall pay to the Corporation as a base rental (herein called the "Base Rental") annual rental payments with principal and interest components, the interest components being payable semi-annually, in accordance with the Rental Payment Schedule attached hereto as Exhibit B and made a part hereof. Base Rental shall be calculated on an annual basis, for the twelve-month periods commencing on March 1 and ending on the last day of February (except for the first rental payment period, which shall run from the date of recordation of this Lease to February 28, 1989), and each annual Base Rental shall be divided into two interest components, payable on March 15 and September 15 of each rental payment period, and one principal component, payable on September 15 of each rental payment period. Each Base Rental payment installment shall be payable on the fifteenth (15th) day of the month immediately preceding its due date and any interest or other income with respect thereto accruing prior to such due date shall belong to the City and shall be returned by the Corporation to the City on April 1 and October 1 of each year. The interest components of the Base Rental payments shall be paid by the City as and constitute interest paid on the principal components of the Base Rental payments to be paid by the City hereunder, computed on the basis of a 360-day year F-5 1456S