1978-07-19 Regular Meeting - Laserfiche WebLink

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• 6 • which shall be absolute and unconditional, irrespective of any rights of setoff, recoupment or counterclaim it might otherwise have against the lessee, issuer, or other. The ultimate lessee will not suspend or discontinue any such payment or fail to perform and observe any of its other agreements and covenants or terminate any agreement for any cause, including, without limiting the generality of the foregoing, any acts or circumstances that may constitute an eviction or constructive eviction, failure of consideration or commercial frustration of purpose, or any damage to or destruction of its plant or any part thereof, or any change in the tax or other laws of the United States of America, the State of Texas, or any political subdivision of either thereof, loss of all or part of its plant by eminent domain (unless the issuer institutes such proceedings), or any failure of the lessee or issuer to perform and observe any agreement or convenant, whether expressed or implied, or any duty, liability or obligation arising out, of or connected with the lease agreement. However, the ultimate lessee may, at its own cost and expense and in its own name prosecute or defend any action which it feels is reasonably necessary in order to secure or protect its rights. (3) Warranty of the issuer that it will construct acquire, equip, etc., the project. (4) The instruments required to show compliance with Sections 6, 7, 11, and 13 of the Act. • (5) A completed certified copy of the lease agreement with the lessee and ultimate lessee and any other instruments in connection with the financing. SECTION 2.04: The lease agreement with the ultimate lessee shall contain, as a minimum, provisions satisfying the following requirements: (1) The ultimate lessee shall be unconditionally obligated to pay rent which is adequate to pay the principal of and interest on the bonds of the issuer as the same become due, and adequate provision shall be made to pay any fees due a paying agent bank, trustee and any other fees or charges which constitute a lien upon the properties leased or upon the rental income. (2) No option to purchase all or part of a project may be exercised unless: (a) All bonds (and interest thereon) delivered by an issuer to provide such facilites have been paid or provision made for their final payment, and (b) During the time the bonds and interest thereon remain unpaid there was no failure by a lessee or ultimate lessee to pay lease rentals at the time and in the manner required by the agreement, provided such rental payments shall be considered as made at the time required if •