HomeMy WebLinkAbout430 S COLLEGE AVE - CORRESPONDENCE - 1/28/2005 (8)creation of indebtedness. Neither CSU, nor the
City on its behalf, has pledged the full faith and
credit of the State, or any agency or department
thereof, to the payment of the charges hereunder,
and this Lease shall not directly or contingently
obligate the State or any agency or department
thereof to apply money from, or levy or pledge any
form of taxation to, the payment of the annual
rental charges.
(c) With such limitations in mind, CSU contracts to
lease the Property herein before described and has
reason to believe that sufficient funds will be
available for the full term of this Lease. Where,
for reasons beyond CSU's control, CSU's funding
entity does not allocate funds for any fiscal
period beyond the one in which this Lease is
entered into, or does not allocate funds to
continue this lease from the then -current fiscal
period, CSU, having at that time exhausted all
efforts to obtain funds for future fiscal period,
such failure to obtain funds not resulting from any
act or failure to act on the part of the CSU, will
not then be obligated to make the payments
remaining beyond CSU's then -current fiscal period.
In such event, CSU shall notify City of such non -
allocation of funds by sending written notice
thereof to the City forty-five (45) days prior to
the effective date of termination.
(d) The parties hereto further understand and agree
that the only funds that have or may be so
appropriated and available for payment under this
Lease in any one particular fiscal year are for the
purpose and in an amount sufficient only to pay the
rental charges provided for in paragraph 5 above.
Therefore, notwithstanding anything herein to the
contrary, the payment by CSU of any other charges,
liabilities, costs, guarantees, waivers and any
awards thereon of any kind pursuant to this Lease
against CSU are contingent upon funds for such
purpose(s) being appropriated, budgeted and
otherwise made available through the said State of
Colorado legislature process.
(e) Any financial obligations of the City payable after
the current fiscal year are contingent upon funds
for that purpose being appropriated, budgeted and
otherwise made available by the City Council.
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