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School House Contract

School House Contract

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Published by: OpenLMN on Apr 29, 2010
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l' ?he Il;rrbcrth Boro*crrr scrrool ir:rtlioricf i!,.arrs to se I I and tlte iiol'ottgll of t{a l-!-rc't}r rccs t o prrrcrr.rsc ,rc prcnriscs clesu-ribecl 'ls the Ilorcruglr of r.larber:ilr !rlcmc.cary schcror, ,. 'end whir':h are nolv rcar;cd Lo the Lor.rer r"irrr i o1. sr-.hoor. Dis Lricc. 2. rt is unc'crstooc! ;rnci ccjrerld Lo by the parl!g5 lrereto t.lrat t,'o Elrn Tcrrdco a'.t.gsso.; Ave,:.luc Iolq. anci tslsi.cidrr_ tiar properEics are not incruc,ec! i^ ano sarc. of the prerni.:cs -r,.,ouo knlrvn as tlre rt.rrberbh tiltlmcntarl, scrroor site i:rcniscs shall rcmain tlre Irrtlpcrtic's ^"0 of the Lor'.'er ticrion scrrocr Dis tric t vrhich sholl hclve tlte' solc nowLrr ancl discrctio^ in ilre crisi:csit ion of, same
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I'he co'\'cyance to thc Rorougrr shcr r r bc f or gencraL public purpiises. rr
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4. The part j.e s understcn,l rnd ogrce tlr.rt ;r1>prov.rl must be obtai^cd frc,m trre Trustr--e of thc out,standing lJarLrerth tsorouglr School Auilrority Rcvr:nue goncls, .garics of Lge4, crr.lcl in_ de;rcndenL boncl couns;cl (DaviC jr. [,rarr]:Iin, Esnrrire), as rl conrtj_ t'ion prccccrent :o trrt? crrrsurrun;t ion of t!r,: ser.c. of thc prc.rnisr:,s c;:scrilled hcruin ulclcr Jr^r.r cor,eiicior-rs s,r.t fc>ri!r !ir:rein. '',.'tcr*s ,fhc
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L]. .[rr f,J],nlut)t for t!re [,u:.r-.!r;rc of r_l:c su!.r;cc,: prelnises tlic Borough slrr I J givc Lrre AuLlrol-i ' Ey i,:s rju)11c.rcr ! ligar'i'' bo^crs in a Loc.l pr j ipaI o*ou,r. ;;..r"1o, .,.,o 'r.,^c p'rr anlout'lt of thc llarbcrtlr pr:.nc!_ llorotrgh scrrool ,iuplrori ri. Iur:1cs prcsent'ry outstatrd inrr c'ltld rvitlt itt i'tcrest rate equJr to rate on tha'ut,:-rtu^clirrg bo'ds.f i'teres t 're ic Au,rorit5,. c' l'ht-'Aur'lror:it,',wirr trJnsfcr Llresc bo'ds of the Borough to thc 1'rtrstcc ;r$ :jL-curit5, for j,uthoritr,,s ing bonrJs' rnct the T'usrac'..rir ou:sr:,rnJl cJcf*auo-ln.",liltr;; Trusr rncrs,n_ turc dated as of Jattuary I , 1.9164, and r+ir r surrcncrc.r the r.ease of thc scho<il proPcrLy now lru.lrl by it as s(-,curit' for said boncs. D' 'I'f)e'L<)rt'r-'r rrrcriort 5u-rr'o1 0istrict rvilr r(rgsjylr .1 note of thu tlororrglr of ll,rr.l.rr,r.rlr cqu.rll ilrrr Lh;rt porLi.on of the anloLlne a ttributc'cl Lo tltt: |l'r r[rcrtlr rircnrcnt.rr], sctroo.l f ron t]rc r96 9 9etlcral obrig;rliu:t issue of thc Lor,,er i,orio,r, !"iooI Distric t , 'ottcl with tht-. sallc rJec of jrrtercst as s.rid bond issue. It is unCcr_ stood by tlrc 1;'rrcics ltcreLo tlr.rE t'is noLu r.rirl bc amortizec! wilr tertninate contcrlpc)r3'lncou.sl)' ancl rvielr ilre e.vpiration of standi^g the ouc"Narbu-rth llorougrr sc'oclr Aut,lrorit' Ilo'cs. saicr provide tha t' itt ttrc Lavo,l noLc v.,irr t r.lJl tlc f ;rul c or, any c.f ' the tcrms trrcrco f b!'the Borough cf NarberLlr, Lor','er'rterio'sc!rool District t,he right to r,r-cntcr .r^cr sh,:r.r h;r..,c ruJc(Juirc thc
'rcinises. E' t'he l.oricr lrterion schoor Discrict ii!rr bc,ri'rfn an opEiort b1' tlrc Borouglt ^uri*o:'';'t" c,f !'!.rrbcrLh to recspture, rir public school only, L'lc sr.rbjt:ct prcnrises at the cncr of Een, fiftucn, twu'nty, trvent.i,-fir,,c.1lrrr thirtS, ),cars, r.,i.riclr option shetr br: cxercjsable,by tlre Sclrool District ul-rc,n .^.rittcn lrot!ce. to th,l sccretary of tl:r-' gororlgrl LwL-' t,r-ilrs prior to rhc ;rnn i.\,ta.f Silry di ta.s of any of s'rid tcrnts atrrl tlre. p.ryrirurt to errc !orough of Iiarbert, ot"

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if the school District shalr s-rercise jts riqfrt of recepLure i1r_ the end of any of thc aforcnrcntioned pariotls, clre School Districc will rePiy to tlie Borotrglr the unarnortize<J portions of t!rc, cost,:: of aiterations a'cr rcrnodelli'g 1:.rid for by Robert J. .5igeJ., by any succcssor tcnant, rnc., or 'saicl unaniorti;.--cl pbrtio's to the complcre anrorrizari'on br.r r>.rr;ccr on of cosrs rvi'ri' rhr: iniri.rr term of trre rease with sai"d "t;-;;"; liobcri J' 'siger, rncr' oE;lny t tonant, but not to excaed iiucccssor $300r000 fr-ry recal)ture at thc c.'cl of. Ecr^ )'ears; s100,000 for recal)turc at ,,re cn,J of f i. f te,rn ycars, slralr be no repa)'ment for rny a'c ,rcru, costs outrayt_,d by Robcrt J. Siger, rnc., or any succcssor tcnJnt f,or recapturc at Lrrc en-cr of tl.,cnLy )'cars or thercaftc'r' Furchcrincrc, if the Boroug, or iiart:errrir tnal:e cx'r-rpditurcs for s!r,rrl c;r'itaI imli6gvL'lncfrt,s, rcy:ai-rs or rcplilccrnc,lcs to ,re scrroor buirainss cl.cr cn'irons 0,,;;;; ;;;;t irr., yon: pcriocr (in adclition to alrerations oncl repairs by Robert J. Siqlel, or a successor tettartt), tlrc'n in the. evc.nt of the exorcise Inc. schoor District of its rigrrt by the to recJrrture ab ani,of the tio^cd piriocls t'lrc sclrool j afo:..crren_ tj s Lrict srr;rl r r.rrinburse ' thc Eori:uglr f or the rL)asonable fair ln;rrkc't v.'!lu,l of the rcrneining ri fe of said re-pairs or rei:lac'emenrs as or rhc c;rre or ::::;:jrj:o'"uc!nents'
;;;-;,;:;.":: r;rrLrrcc v/ll f ttrtltr:r obrigatiorr for rcasa rentJl g:r.ryrn€:nCS Co sc r-nnr..., ..:,the T 6'rr 1C rs undc'st,uod l:r, tl:c p;rtic5 hr:recc
'i rlrc cxis ring t.t:rr.l:urrh Bororlg l: _..:t::.'
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Ii 7' 'l'ltc 1l'r'ti*s uttdurut..rrrd ;rrid ;rgri.e Llr.r'; fcr. rlru afol.,.,:said thirty-),ear period, no structural r_-tranges, nclCi.tiorrs to t!re existing structurc or al)y'lcrt, structure sh;rlr be made Lo or school facility wit,hout prior on thc approvlrr in writin,J of rlie Merion school District' structurer charrges.are defincd Lo.,.,er hcrein as cepital inll:roverne,lts, alterations ancl aCditions, but sliaLl not in_ as the insr.ruarion of drop ceirinss, :*:;J':: t ,,8,. attaclred hereto] 8' rt is uttclcrstood an,J oox'ggr4 by tlrc parEics hercLo tliat the school truilclings as presently const.rucLccr witl remain i' esserltially the sanld extcrior 1:h1'sicar configuration as at prcscnt tio that, Lf circuffistrtllr-.s:5 trarrant, t'csc prcniscs nlay_a,J;rin be utilized as a 3:ub1ic school facility,. g. rc-is uncrersLoocr by the parties hci",to there are grrascrrLly outstanding ;lppro:{in:ltcl1, 'rat $177,000 ip principal arnount of the tarbcrth !30rougrr schoor .huttroriti, Doncls, s,-.ries -;;-inJ'o"no 196'l and t'here p'csentry of c:<ists a surpl", ' redcmorio' itccounL" l'hc p'rrtics o!rcc: Eltat tlrc frrrds rcrniirri.g i' Lhe bonrl redcnlption fu::d 'rt thc termitr,rtion an.i ciefo.rs.incu. oL, the e.*:isLi'g bon'j iss;ue r"'j'11 r.rc usc.d -to 1:;ry ilre costs an.r r.:)ipc.ll5€5 in conncL-_ t'ion vri tlr tlrc rJef easance, a'd that alry balarrce et f u'cjs shar] 'v*1"'Lr- of the propcrcl, of tlre School Dis be ' .,..
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I0. Contingent upon the a!-rprovill of tlte ufrorr*-Cuscribccl transaction by tlre 1'rus.ee, the porough of frarberth sha1l rrc re_ sponsibla ror all utility atrcl maintenr'cc charges anrr. thc aliquo: rcrse runrarg :::,::::: beginning as of February, in ccfrrr,":ceion vrir,rr'gre scnoor ll, ?--isri's Prcnllses ], Ig.lg, tnC Lhe Lorvcr llerjon Scho.rr Districc srrarl be rcsS,srllSible for alr sucrr crrarges and rcntals up to Ful:ruary I, lg.-g.

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rn Lhe event thaE tlrc Lorier l4erion Sclroot Distric t slralr e'*:ercisc its opt io' Lo. recnpture grc sur:ject !)rernises as set forth herein, but at a latcr tinre sharl decice to resell anci dispose of tlte satne, tl:e Parties dgru:€ tlrat gre Boroug!i of l{.rrbcrLh slial l have thc rj.grrt to repurclrase ,rc by the schoor District, uJ:on rccapeure prernises fcrr thc pricq. pa ier of ilnY improvenlcnts mado l:y ttrc schoolplus thc unamorLized portj_on DiscricE aftcr recar)rure

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