8D Consent 2007 0416 - Laserfiche WebLink

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at 300 Estudillo Avenue in the downtown area of the City. The building was built in 1960 and remodeled and expanded in 2001 from proceeds from the 1999 Certificates. The City also completed seismic retrofit work on the Library as part of the remodeling in 2001. The City, based on comparable properties, insurance appraisal and other records it maintains, estimates the current fair rental value of the Leased Premises to be not less than the amount of the Lease Payments. Substitution of Leased Premises. In the Lease Agreement, the City is granted the option at any time and from time to time, to substitute other land, facilities, improvements, equipment or other property (the "Substitute Leased Premises") for the Leased Premises or any portion thereof (the "Former Leased Premises"), provided that the City shall satisfy all of the following requirements which are hereby declared to be conditions precedent to such substitution: (a) No Event of Default shall have occurred and be continuing; (b) The City shall file with the Authority and the Trustee, and (in the case of Substitute Leased Premises consisting of real property) cause to be recorded in the Office of the Alameda County Recorder sufficient memorialization of, an amended Exhibit A to the Site Lease and to the Lease which adds thereto a description of such Substitute Leased Premises and deletes therefrom the description of such Former Leased Premises; (c) In the case of Substitute Leased Premises consisting of real property, the City shall obtain a CL TA policy of title insurance insuring the City's leasehold estate hereunder in such Substitute Leased Premises, in an amount at least equal to the aggregate principal amount of the Outstanding Certificates; (d) The City shall certify in writing to the Authority and the Trustee that such Substitute Leased Premises serves the municipal purposes of the City and constitutes property which the City is permitted to lease under the laws of the State; (e) The City delivers to the Trustee and the Authority evidence in the form of a written appraisal that such Substitute Leased Premises is of a value at least equal to the principal amount of the Outstanding Certificates and has a useful life at least equal to the remaining term of any Outstanding Certificates; (f) The Substitute Leased Premises shall not cause the City to violate any of its covenants, representations and warranties made in the Lease Agreement; (g) The City shall obtain the. written consent of the Insurer; (h) The City shall obtain an opinion of Bond Counsel that the Substitute Leased Premises shall not adversely affect the exclusion from gross income for purposes of federal income taxation of the interest component of the Lease Payments; and (i) Written notice of such substitution shall be given by the City to any Rating Agency then rating the Certificates. Release of the Site. The City has the option at any time and from time to time, with the written consent of the Insurer, to release any portion of the Leased Premises, provided that the -4-