Ordinance 2015-1695 - Laserfiche WebLink

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ARTICLE VII TITLE TO THE LEASED PROPERTY; LIMITATIONS ON ENCUMBRANCES Section 7.01. Title to the Leased Property. Title to the Leased Property shall remain in Alpine Bank subject to the terms and termination of this Lease. Except as expressly set forth in this Lease, during the Lease Term, the City shall have no right or interest in the Leased Property or any additions and modifications thereto or replacements thereof, with the understanding that except upon an exercise of remedies hereunder, on and after the Conversion Date, the City shall be deemed the owner thereof for federal income tax purposes and the only party entitled to claim depreciation with respect thereto. Section 7.02. No Encumbrance, Mortgage or Pledge of Leased Property. Except as may be permitted by this Lease, the City shall not permit any mechanic's or other lien to remain against the Leased Property; provided that, if the City shall first notify Alpine Bank of the intention of the City to do so, the City may in good faith contest any mechanic's or other lien filed or established against the Leased Property, and in such event may permit the items so contested to remain undischarged and unsatisfied during the period of such contest and any appeal therefrom unless Alpine Bank shall notify the City that, in the Opinion of Counsel, by nonpayment of any such items Alpine Bank's title to or interest in the Leased Property will be materially endangered, or the Leased Property or any part thereof will be subject to loss or forfeiture, in which event the City shall promptly pay and cause to be satisfied and discharged all such unpaid items (provided, however, that such payment shall not constitute a waiver of the right to continue to contest such items). Alpine Bank will cooperate fully with the City in any such contest, upon the request and at the expense of the City. Except as may be permitted by this Lease, Alpine Bank shall not directly or indirectly create, incur, assume or suffer to exist any mortgage, pledge, lien, charge, encumbrance or claim on or with respect to the Leased Property, except Permitted Encumbrances. The City and Alpine Bank shall promptly, at their own respective expense, take such action as may be necessary to duly discharge any such mortgage, pledge, lien, charge, encumbrance or claim not excepted above which each shall respectively have created, incurred, or suffered to exist. ARTICLE VIII MAINTENANCE; TAXES; INSURANCE AND OTHER CHARGES Section 8.01. Maintenance of the Leased Property by the City. The parties acknowledge and agree that, pursuant to the Co- Location Agreement, maintenance of the Panels is to be provided by the Host Company and that, as payment for such services, the Host Company is entitled to the Recurring O &M Fee (which, in accordance the Co- Location Agreement, will reduce the amount of the Bill Credits and REC Payments to which the City is otherwise entitled). Neither Alpine Bank nor the City shall have any obligation to provide for the maintenance or repair of the Panels, except that both such parties shall be obligated to enforce the provisions of the Co- Location Agreement relating thereto. Neither Alpine Bank nor 15 4812- 2161 -1294 9