Termination by the Council. The Council shall have the right to terminate this Lease, in whole but not in part, at the end of any Fiscal Year of the Council, in the manner and subject to the terms specified in this Section and Section 4.7, if the governing body does not appropriate or budget moneys sufficient to pay the Rental Payments coming due in the next Fiscal Year, as determined by the Council’s budget for the Fiscal Year in question. The Council may effect such termination by giving the Trustee a written notice of termination, as evidenced by a resolution of the governing body specifically determining not to provide moneys to pay Rental Payments for the succeeding Fiscal Year, and stating the governing body’s determination to terminate this Lease, and by paying to the Trustee any Rental Payments which are due and have not been paid at or before the end of its then current Fiscal Year. The Council shall give notice not later than September 1 of its intent to terminate this Lease at the end of the Fiscal Year and shall notify the Trustee of any anticipated termination. If notice of termination is not given to the Trustee by September 1, this Lease shall be deemed to be renewed, and the Council shall appropriate money for its payment, for the succeeding Fiscal Year. In the event of termination of this Lease as provided in this Section, the Council shall surrender possession of the Land and Facilities to the Trustee in accordance with Section 4.4 and convey to the Trustee or release its interest in the Land and Facilities within 10 days after the expiration of the then-current term of this Lease.
Appears in 2 contracts