Ordinance 2015-1695 - Laserfiche WebLink

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Section 10.08. Audited Financial Statements. The City shall provide its audited financial statements to Alpine Bank, annually, within 20 days of their acceptance by the Council. The City shall use its best efforts to provide such audited financial statements to be delivered to Alpine Bank no later than seven months after the close of the City's Fiscal Year. The City shall also provide budgets, interim statements, and other relevant information regarding the City's financial condition to Alpine Bank upon Alpine Bank's reasonable request. ARTICLE XI PURCHASE AND CONVEYANCE OF THE LEASED PROPERTY Section 11.01. Purchase Option. The City shall have the option to purchase the interest of Alpine Bank in the Leased Property and terminate this Lease, but only (a) after the Conversion Date and (b) if it is not then in default under this Lease. The City may exercise its option on any Base Rental Payment Date by complying with one of the conditions set forth in Section 11.02. The City shall give Alpine Bank notice of its intention to exercise its option not less than 15 days in advance of the date of exercise. If the City shall have given notice to Alpine Bank of its intention to purchase the Leased Property, but shall not have deposited the amounts with Alpine Bank on the date specified in such notice, the City shall continue to pay Base Rentals as if no such notice had been given. Section 11.02. Conveyance of the Leased Property. Alpine Bank shall transfer and convey its interest in the Leased Property to the City upon the City's execution of its purchase option, provided, however, that prior to such transfer and conveyance, either: (a) the City shall have paid the then applicable Purchase Option Price; or (b) no Event of Default shall have occurred and be continuing, and the City shall have paid all Base Rentals set forth in Exhibit B hereto and all then current Additional Rentals required to be paid hereunder, in which case Alpine Bank shall transfer and convey the Leased Property to the City. The City is hereby granted the option to terminate this Lease and to purchase the interest of Alpine Bank in the Leased Property upon payment by the City of the then applicable Purchase Option Price. It is the intent of this Section to provide for and allow the release of the Leased Property shown on Exhibit A subject to this Lease if the City has fulfilled all payment obligations with respect hereto and is not then in default hereunder. Section 11.01. Transfer of Leased Property At City's Option at End of Scheduled Lease Term. If all Base Rentals scheduled to be paid through the end of the Scheduled Lease Term and all Additional Rentals payable through the date of transfer of the Leased Property to the City pursuant to this Section shall have been paid, and if the City at such time in writing requests transfer of the Leased Property to it, then at such time and upon such City request, the Leased Property shall be assigned and transferred to the City at the end of the Scheduled Lease Term in the manner described in Section 11.02(b) hereof without any additional payment by the City. 21 4812 - 2161 -1294 9