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Board of Education of Granite School District, Utah, Lessor and Seller, and City of South Salt Lake, Utah, Lessee and Buyer. This amendment is effective as of 31 July 2012 even if approved and signed after that date. The Lease-Purchase Agreement is amended, as follows. The first sentence of the first paragraph of Section 3.01, Article III, is deleted and replaced by the following: The initial term of this Lease shall commence on the Closing Date and shall expire at midnight on June 30, 2011 (the "Initial Term"), subject to the Lessee's option to extend the term of this Lease for (a) one one-year renewal term commencing July 1, 2011 and ending June 30, 2012, and (b) a final renewal term commencing July 1, 2012 and ending November 30, 2012 (herein referred to individually as the "Renewal Term" and collectively as the "Renewal Terms"), and subject to Section 3.02 hereof. The first sentence of paragraph (a) of Section 4.01 of Article IV is deleted and replaced by the following: The Lessee agrees, subject to the availability of appropriations of funds to it thereof and other moneys legally available for the purpose and subject to the limitations of Section 4.04 hereof, to pay to the Lessor as provided in Section 4.06 hereof (i) base rental for the Initial Term, representing an interest component, of $69,123.60 payable on July 30, 2011; (ii) base rental for the first Renewal Term, representing an interest component, of $28,801.66 per month, payable in arrears beginning on July 30, 2011 and ending on June 30, 2012; and (iii) base rental for the second Renewal Term in the amount of $8,740,500.00 payable on November 30, 2012, plus an interest component of $28,801.66 per month, payable in arrears beginning August 31, 2012 and ending on November 30, 2012. The last sentence of section 4.02 of Article IV is deleted and replaced by the following: Base Rentals due on or before November 30, 2012 will be in consideration of the right to use, occupancy and operation of the Leased Property by the Lessee from July 30, 2011 to November 30, 2012. Notwithstanding anything in the Lease-Purchase Agreement to the contrary, the interest component base rental payment of $28,801.66 per month for the months of July, August, September, October and November 2012 are unconditional obligations of the Lessee unless the Lease-Purchase Agreement is terminated prior to the date for which such base rental would be
incurred. The unconditional obligations herein continue to be subject to the offset provisions of section 6.02. Notwithstanding anything in the Lease-Purchase Agreement to the contrary, if Lessee fails to make all base rental payments including all interest and principal components by November 30, 2012 the Lease-Purchase Agreement shall immediately terminate without any further notice or right to cure. In such event the Lessor shall be entitled to immediate possession of the Property and the Lessee shall have no rights to occupy, possess, rent or purchase the Property. In witness whereof, the Lessor and the Lessee have caused their respective names to be signed hereto by their respective officers hereunto duly authorized, all as of the day and year first above written. LESSOR: Board of Education of Granite Sc_400l District, Utah
LESSEE: CITY OF SOUTH SALT LAKE, UTAH
COUNTERSIGN AND ATTEST:
Pe.pui—A City Recorder
ATTORNEY APPROVAL Ta Form and Legality
4816-5542-2736, v. 1