Document:

Bond Purchase Agreement

 Exhibit 10.30 
 BOND PURCHASE AGREEMENT 
 DEVELOPMENT AUTHORITY OF FULTON COUNTY 
 Taxable Economic Development Revenue Bonds 
 (ADESA Atlanta, LLC Project) 
 Series 2002 
 THIS BOND PURCHASE AGREEMENT dated as of December 1, 2002, among the DEVELOPMENT AUTHORITY OF FULTON COUNTY, a public body corporate and politic organized under the laws of the State of Georgia (the
“Issuer”), ADESA ATLANTA, LLC, a New Jersey limited liability company, in its capacity as Purchaser hereunder (the “Purchaser”) and ADESA ATLANTA, LLC, a New Jersey limited liability company, in its capacity as lessee under the
hereinafter mentioned Lease (the “Lessee”). 
 1. Background 
 (a) The Issuer proposes to issue and sell not to exceed $40,000,000 in aggregate principal amount of its Taxable Economic Development
Revenue Bonds (ADESA Atlanta, LLC Project), Series 2002 (the “Bonds”), the proceeds of which shall be used to finance the acquisition, construction, development and equipping of a wholesale vehicle auction facility on approximately 280
acres of land, which facility consists of certain buildings, structures, machinery, equipment and all related real and personal property deemed necessary or desirable in connection therewith (the “Project”). The Project is located in
Fulton County, Georgia, and will be leased to the Lessee and used primarily as a wholesale automobile auction facility. The Project will be leased by the Issuer to the Lessee under the terms of a Lease, dated as of December 1, 2002 (the
“Lease”) between the Issuer and the Lessee requiring the Lessee to pay to the Issuer rental and other payments in such amounts and at such times as shall be required to pay the principal of and interest on the Bonds as and when the same
become due. The Bonds shall be issued under and secured by a Trust Indenture dated as of December 1, 2002 (the “Indenture”) between the Issuer and SunTrust Bank, Atlanta, Georgia, as Trustee (the “Trustee”), under the terms
of which the Issuer’s interest in the Lease and the rents, revenues and receipts to be derived by the Issuer under the Lease will be assigned and pledged to the Trustee as security for the payment of the Bonds. 
 (b) The Issuer proposes to sell the Bonds to the Purchaser and the Purchaser proposes to purchase the Bonds for its own investment
purposes and not with a view towards any resale or public distribution thereof. 
 (c) The proceeds of the Bonds are to be
applied to pay costs incurred in connection with the acquisition, construction and installation of the Project as contemplated by the Lease and the Indenture. 
 (d) The parties hereto contemplate that the interest paid on the Bonds will be includable in the gross income of the recipient or
recipients thereof for federal income tax purposes because of the application of certain provisions of the Internal Revenue Code of 1986, as amended, and that, as such, the Bonds may not be offered for sale to the public 

  

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without registration under the Securities Act of 1933, as amended, unless the Trustee has received an opinion of counsel satisfactory to the Trustee, the
Issuer and the Lessee to the effect that failure to register the Bonds will not violate the Securities Act of 1933. The Issuer will cooperate fully at the request of the Lessee, and at Lessee’s expense, in effecting such registration and in
taking such other steps as may be deemed necessary or appropriate with respect to the Bonds, the Lease, the Indenture or this Bond Purchase Agreement to effect such registration in the event of any future public sale or disposition of the Bonds.

 (e) The parties contemplate that the purchase price of the Bonds may be paid by the Purchaser in installments as provided
in Paragraph 2 hereof. 
 2. Purchase, Sale and Closing. 
 (a) Subject to the terms and conditions and in reliance on the representations, warranties and covenants herein set forth, the Purchaser
agrees to purchase from the Issuer all of the Bonds, and the Issuer hereby agrees to sell to the Purchaser all of the Bonds, at a price of 100% of the principal amount of the Bonds. The parties agree that the aggregate principal amount of Bonds to
be sold and purchased hereunder shall not exceed the principal amount specified in Paragraph 1(a) hereof. Such purchase price shall be deemed to be paid on and as of the date of the initial issuance of the Bonds (the “Closing Date”) by
(i) the payment of any amount under and pursuant to subparagraph (b) of this Paragraph as is paid on the Closing Date and (ii) the Purchaser’s obligation evidenced hereby to make payments in the future under and pursuant to
subparagraph (b) of this Paragraph 2. The Bonds shall bear interest at the fixed rate determined as provided in Section 202 of the Indenture. 
 (b) Pursuant to Section 4.3 of the Lease and Section 602 of the Indenture, the Lessee shall from time to time submit requisitions to the Trustee in an aggregate amount not to exceed $40,000,000. Unless such
requisition does not clearly indicate that a copy of it has been sent to the Purchaser, the Trustee shall, upon receipt and review of each requisition, promptly transmit to the Purchaser by telecopy to the telecopier number set forth in Paragraph 9
hereof a letter directing the Purchaser to make payment for the Bonds in the amount of such requisition, in immediately available funds. The Purchaser shall within three (3) days of its receipt of a copy of such requisition from the Lessee or
such letter of direction from the Trustee, whichever arrives earlier, pay to the Trustee the amount indicated thereon, and each such payment shall be deemed to be, and shall be, an installment payment of the Bonds. Such payments shall be made in
such manner, until the Purchaser’s payment obligations under this Agreement shall have been discharged in full as provided in subparagraph (d) below. The Trustee shall deposit all such payments received from the Purchaser in the Project
Fund created under the Indenture. 
 (c) The Issuer shall be obligated, upon the maturity or earlier redemption of the Bonds,
to pay to the Purchaser only up to the aggregate of all installments payments made hereunder as shall have been funded pursuant to the preceding subparagraph and accrued and unpaid interest, if any. 
  

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 (d) The Purchaser’s payment obligations under this Agreement shall be discharged in
full on the earlier of (i) the date when the sum of the aggregate payments made hereunder equals $40,000,000 or (ii) the date when any and all directions for payment made pursuant to subparagraph(b) hereinabove made on or prior to the
commencement of the Completion Date (as defined in the Lease) have been paid in full. 
 (e) All Bonds issued by the Issuer
are to be sold to the Purchaser under and pursuant to this Bond Purchase Agreement and shall not be sold to any other purchaser or pursuant to any other agreement without an agreement in writing signed by the Issuer, the Trustee and such purchaser.

 3. Private Sale. The Purchaser agrees that it is purchasing the Bonds for its own investment account and not with a view towards
any direct or indirect resale or public distribution thereof and agrees to execute and deliver to the Trustee on the Closing Date an investment letter in the form attached hereto as Exhibit “D”. 
 4. Issuer’s Representations and Warranties. The Issuer makes the following representations and warranties to the Purchaser: 
 (a) The Issuer is a public body corporate and politic created by and existing under the laws of the State of Georgia. 
 (b) The Issuer has full power and authority under the Constitution and laws of the State of Georgia (i) to acquire, construct and
install the Project, (ii) to finance the acquisition, construction and installation of the Project by issuing and selling the Bonds, (iii) to lease the Project to the Lessee as provided in the Lease, (iv) to pledge the rents, revenues
and receipts derived pursuant to the Lease to the Trustee as provided in the Indenture, (v) to execute, deliver and perform this Bond Purchase Agreement, the Lease and the Indenture in accordance with their respective terms, and (vi) to
carry out and consummate all other transactions contemplated by each of the aforesaid documents. 
 (c) The Issuer has duly
authorized all actions and complied with all provisions of law with respect to the execution, delivery and performance of this Bond Purchase Agreement, the Lease and the Indenture, and has taken all actions necessary or appropriate to insure that
such documents constitute valid and legally binding obligations of the Issuer in accordance with their respective terms. 
 (d) When delivered to and paid for by the Purchaser in accordance with the terms of this Bond Purchase Agreement, the Bonds will have been duly authorized, executed, authenticated and issued and will constitute legal, valid and binding
limited obligations of the Issuer enforceable in accordance with their terms and entitled to the benefits of the Indenture, except to the extent that their enforceability may be limited by bankruptcy, insolvency or other laws affecting
creditor’s rights, and subject to the application of principles of equity, if equitable remedies are sought. 
 (e)
Except for Additional Bonds (as defined in the Indenture), the Issuer has not and will not issue or sell any other bonds or obligations, the principal of and/or interest on which shall be payable from the rents, revenues and receipts derived from
the Project or pledged or assigned pursuant to the Indenture or which shall be secured by any lien upon any of the properties constituting the Project. 
  

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 (f) The execution and delivery of this Bond Purchase Agreement, the Bonds, the Lease and
the Indenture and the compliance with the provisions thereof, do not and will not conflict with or constitute on the part of the Issuer a violation of, breach of or default (with or without notice or lapse of time or both) under any constitutional
provision, statute, indenture, mortgage, deed of trust, resolution, note agreement or other agreement or instrument to which the Issuer is a party or by which the Issuer or any of its assets is presently bound, or, to the knowledge of the Issuer,
any existing order, rule or regulation of any court or governmental agency or body having jurisdiction over the Issuer or any of its activities and property; and all consents, approvals, authorizations and orders of governmental or regulatory
authorities, if any, which are required for the consummation of the transactions contemplated in this Bond Purchase Agreement have been obtained. 
 (g) There is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, known to be pending or threatened against or affecting the Issuer, nor to the best
of the knowledge of the Issuer is there any basis therefor, wherein an unfavorable decision, ruling or finding would materially adversely affect the transactions contemplated by this Bond Purchase Agreement, or which in any way would adversely
affect the validity or enforceability of the Bonds, the Lease, the Indenture, this Bond Purchase Agreement or any agreement or instrument to which the Issuer is a party and is used or contemplated for use in the consummation of the transactions
contemplated by this Bond Purchase Agreement. 
 (h) Neither the Issuer nor anyone acting on its behalf (including the Lessee)
has directly or indirectly offered for sale or sold any of the Bonds or any similar security of the Issuer to, or solicited any offer to buy any of the same from, anyone other than the Purchaser. Neither the Issuer nor anyone else acting on its
behalf will after the date hereof directly or indirectly offer any of the Bonds or any other securities under circumstances which would subject this issue and sale of the Bonds to the provisions of Section 5 of the Securities Act of 1933, as
amended. 
 (i) The Issuer has filed any and all reports with any governmental or public agency as may be required by law,
including, without limitation, all reports required to be filed with the Georgia Department of Community Affairs pursuant to O.C.G.A. § 36-82-10. 
 5. Lessee’s Representations and Warranties. The Lessee makes the following representations and warranties to the Issuer and the Purchaser: 
 (a) The Lessee is a limited liability company organized and existing and in good standing under the laws of the State of New Jersey and
authorized to transact business in the State of Georgia. The Lessee has full corporate power, authority and legal right to engage in the business and activities conducted or proposed to be conducted by it with respect to the Project, to execute,
deliver and perform the Lease and this Bond Purchase Agreement and to perform its obligations thereunder and hereunder, including the making of payments as provided in the Lease. 
  

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 (b) The Lessee has duly authorized all action for the execution, delivery and performance
of the Lease and this Bond Purchase Agreement and has taken all actions necessary or appropriate to insure that such documents, when executed and delivered by the Lessee, will constitute valid and legally binding obligations of the Lessee,
enforceable in accordance with their respective terms, except to the extent that their enforceability may be limited by bankruptcy, insolvency or other laws affecting creditors’ rights, and subject to the application of principles of equity, if
equitable remedies are sought. 
 (c) The execution and delivery of this Bond Purchase Agreement and the Lease and the
compliance with the provisions hereof and thereof by the Lessee, do not conflict with or constitute on the part of the Lessee a material violation of, breach of or default under (i) the Articles of Incorporation or By-Laws of the Lessee,
(ii) any indenture, mortgage, deed of trust, lease, note agreement or other agreement or instrument to which the Lessee is a party or by which the Lessee is presently bound, or (iii) any constitutional provision or statute or any order,
rule or regulation of any court or governmental or regulatory authorities, applicable to the Lessee. 
 (d) There is no
action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, pending, or, to the Lessee’s knowledge, threatened against the Lessee which could reasonably be expected to result in a
decision which would materially adversely affect the transactions contemplated by this Bond Purchase Agreement or the Lease or the validity or enforceability of the Bonds, the Lease, this Bond Purchase Agreement, or any agreement or instrument to
which the Lessee is a party, and used or contemplated for use in the consummation of the transactions contemplated by this Bond Purchase Agreement or the Lease. 
 6. Lessee’s Covenants. The Lessee covenants and agrees that it will: 
 (a)
Refrain from taking or omitting to take any action which action or omission would in any way cause the proceeds from the sale of the Bonds to be applied in a manner contrary to that provided for in the Lease or in the Indenture, as in effect from
time to time. 
 (b) Pay or cause to be paid, all reasonable expenses and costs incident to the authorization, issuance,
printing, sale and delivery, as the case may be, of the Bonds, the Lease, the Indenture and this Bond Purchase Agreement, including without limitation (i) all filing, registration and recording fees and expenses; (ii) Trustees’ fees
and expenses (including the reasonable fees and expenses of its counsel); and (iii) fees and expenses of Bond Counsel and Counsel to the Issuer. 
 7. Conditions of Purchaser’s Obligations. The Purchaser’s obligation to purchase and pay for the Bonds which is to be delivered as the initial installment hereunder is subject to the fulfillment of
the following conditions at or before such delivery, any one or more of which may be waived by the Purchaser: 
 (a) The
Lease, the Indenture and this Bond Purchase Agreement shall have been duly authorized, executed and delivered by the respective parties thereto, in substantially the forms heretofore approved by the Purchaser, with only such changes therein as the
Purchaser, the Issuer and the Lessee shall mutually agree upon; 
  

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 (b) The Bond to be initially delivered shall have been duly authorized, executed and
authenticated in accordance with the provisions of the Indenture; 
 (c) The Purchaser shall have received the following
documents: 
 (i) Executed counterparts of the Lease and the Indenture; 
 (ii) Opinions dated as of the date of delivery of the Bond to be initially delivered of (A) Counsel for the Issuer in substantially
the form of that which is attached hereto as Exhibit “A”; (B) Bond Counsel in substantially the form of that which is attached hereto as Exhibit “B”; and (C) Counsel for the Lessee in substantially the form of that
which is attached hereto as Exhibit “C”; 
 (iii) A certificate dated as of the date of delivery of the Bond to be
initially delivered, signed by the Chairman or Vice Chairman and the Secretary of the Issuer and in form and substance satisfactory to the Purchaser, to the effect that to the best of the information, knowledge and belief of such officers, each of
the representations and warranties set forth in Paragraph 4 hereof and in the Lease is true, accurate and complete in all material respects as of the date of delivery of the Bond to be initially delivered and that the Issuer has complied with each
of its covenants and agreements required in this Bond Purchase Agreement to be complied with at or prior to the date of delivery of the Bond to be initially delivered; and 
 (iv) Such additional opinions, certificates, instruments and other documents as the Purchaser or its counsel may reasonably request to
evidence compliance with applicable law, as of the date of delivery of the Bond to be initially delivered. 
 The Purchaser’s obligation
to purchase and pay for any of the Bonds at any time or from time to time after the delivery of the Bond to be initially delivered, as herein provided, is subject to the due execution, authentication and delivery to the Purchaser of such pertinent
Bond. 
 8. Home Office Payment. The Issuer agrees that all amounts payable to the Purchaser with respect to any Bond held by the
Purchaser or its nominee may be made to the Purchaser (without any presentment thereof, except upon payment of the final installment of principal, and with a notation of any principal payment being made thereon by the Purchaser) pursuant to and in
accordance with the terms of a Home Office Payment Agreement entered into in accordance with Section 202(c) of the Indenture. In the event the Purchaser enters into a Home Office Payment Agreement, the Purchaser agrees that (a) if any
Bonds are sold or transferred it will notify the Issuer, the Trustee and the Lessee of the name and address of the transferee, and include a copy of the notation referred to hereafter in this sentence and (b) prior to delivery of such Bonds, a
notation shall be made on such Bonds of the date to which interest 

  

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has been paid thereon and of the amount of any prepayments made on account of the principal thereof. The Purchaser agrees to indemnify the Trustee and hold
it harmless from any loss, claim, action, damage or expense arising out of the Purchaser’s failure to give the notice or, if it is holding such Bonds, to make the notation with respect to prepayment of the Bonds, as required in the immediately
preceding sentence. The rights and obligations of the Issuer, the Lessee and the Purchaser under this Paragraph 8 shall not be assignable upon any partial transfer of the Bonds. 
 9. Notices and Other Actions. Except as set forth elsewhere herein, all notices, demands and formal actions hereunder will he in writing and sent
by certified or registered mail to: 
  

			
	The Issuer—	  	Development Authority of Fulton County
		  	141 Pryor Street, S.W.
		  	Suite 5001
		  	Atlanta, Georgia 30303
		
	with copies to:	  	Lewis C. Horne, Jr., Esq.
		  	Nelson, Mullins, Riley & Scarborough
		  	999 Peachtree Street, N.E.
		  	Suite 1400
		  	Atlanta, Georgia 30309
		  	Telecopy No.: (404) 817-6050
		
	The Lessee—	  	ADESA Atlanta, LLC
		  	310 E. 96th Street, Suite 400
		  	Indianapolis, Indiana 46240
		  	 Attn: General Counsel
 Telecopy No.: (317)
815-3656

		
	with copies to	  	Glenn R. Thomson, Esq.
		  	Alston & Bird LLP
		  	One Atlantic Center
		  	1201 West Peachtree Street
		  	Atlanta, Georgia 30309-3424
		  	Telecopy No.: (404) 253-8266
		
	The Purchaser—	  	ADESA Atlanta, LLC
		  	310 E. 96th Street, Suite 400
		  	Indianapolis, Indiana 46240
		  	Attn: General Counsel
		  	Telecopy No.: (317) 815-3656

  

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	The Trustee—	  	SunTrust Bank
		  	25 Park Place, 24th Floor
		  	Atlanta, Georgia 30303
		  	Attn: Corporate Trust Department
		  	Telecopy No.: (404) 588-7335

 The Issuer, the Lessee, the Purchaser and the Trustee may, by notice given hereunder, designate
any further or different addresses or telecopier numbers to which subsequent notices, certifications or other communications shall be sent. 
 10. Survival of Representations and Agreements. All representations, warranties and agreements of the Issuer and the Lessee contained herein shall remain operative and in full force and shall survive (a) the execution and
delivery of this Bond Purchase Agreement, and (b) the purchase of any or all of the Bonds hereunder. 
 11. Counterparts. This
Bond Purchase Agreement may be executed in any number of counterparts with each executed counterpart constituting an original but all of which together shall constitute one and the same instrument. 
 12. Successors; Governing Law. This Bond Purchase Agreement will inure to the benefit of and be binding upon the parties hereto and their
successors and assigns. This Bond Purchase Agreement shall be governed by and construed in accordance with the laws of the State of Georgia. 
  

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 IN WITNESS WHEREOF, each of the parties hereto have executed and sealed this Agreement through its duly
authorized representative as of the date and year first above written. 
  

					
		 	ISSUER
		
		 	DEVELOPMENT AUTHORITY OF FULTON COUNTY
			
	(SEAL)	 		 	
			
		 	By:	 	 /s/ Robert J. Shaw

		 		 	Chairman

  

	
	
	Attest:
	
	 /s/ Lewis C. Horne

	Asst. Secretary

  

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		 	LESSEE
		
		 	ADESA ATLANTA, LLC
			
	(SEAL)	 		 	
			
		 	By:	 	 /s/ Paul J. Lips

		 	Name:	 	Paul J. Lips
		 	Title:	 	Treasurer

  

	
	Attest:
	
	 /s/ Karen C. Turner

	Karen C. Turner
	Secretary

  

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		 	PURCHASER
		
		 	ADESA ATLANTA, LLC
			
	(SEAL)	 		 	
			
		 	By:	 	 /s/ Paul J. Lips

		 	Name:	 	Paul J. Lips
		 	Title:	 	Treasurer

  

	
	Attest:
	
	 /s/ Karen C. Turner

	Karen C. Turner
	Secretary

  

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 ACKNOWLEDGMENT OF TRUSTEE 
 The undersigned Trustee acknowledges receipt of and agrees to perform those functions required of it pursuant to the provisions of Sections 2 and 8 of
this Bond Purchase Agreement: 
  

					
		 	SUNTRUST BANK, as Trustee
			
	SUNTRUST BANK CORPORATE SEAL	 		 	
			
		 	By:	 	 /s/ Jack Ellerin

		 		 	Jack Ellerin
		 		 	Assistant Vice President

  

			
	Attest:
		
		 	 /s/ Muriel Shaw

	Name:	 	Muriel Shaw
	Title:	 	Trust Officer

  

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 EXHIBIT “A” 
 (Letterhead of Counsel for the Issuer) 
 December 19, 2002 
 ADESA Atlanta, LLC 
 Atlanta, Georgia 
 Development Authority of Fulton County 
 Atlanta, Georgia 
 Alston & Bird LLP 
 Atlanta, Georgia 
 SunTrust Bank 
 Atlanta, Georgia 
 $40,000,000 
 Development Authority
of Fulton County 
 Taxable Economic Development Revenue Bonds 
 (ADESA Atlanta, LLC Project) 
 Series 2002 
 Ladies and Gentlemen: 
 As counsel for the Development
Authority of Fulton County (the “Issuer”), I have considered the validity of the above captioned bonds (the “Bonds”), and in this connection I have examined the following: 
 (i) Resolution of the Issuer adopted December 3, 2002 (the “Resolution”), 
 (ii) Trust Indenture, dated as of December 1, 2002 (the “Indenture”), between the Issuer and SunTrust Bank, as Trustee (the
“Trustee”), 
 (iii) Lease Agreement, dated as of December 1, 2002 (the “Lease”), between the Issuer
and ADESA Atlanta, LLC, a New Jersey limited liability company (the “Lessee”), and the Memorandum of Lease and Option to Purchase dated as of the date hereof (the “Memorandum of Lease”) executed by the Issuer and the Lessee,

 (iv) Documents Escrow Agreement, dated as of December 1, 2002, among the Issuer, the Lessee and the Trustee, as escrow
agent, 
 (v) Deed to Secure Debt and Security Agreement, dated as of December 1, 2002 (the “Security Deed”),
from the Issuer in favor of the Trustee, 
  

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 (vi) Bond Purchase Agreement, dated as of December 1, 2002 (the “Bond Purchase
Agreement”) among the Issuer, the Lessee, and ADESA Atlanta, LLC, in its capacity as purchaser of the Bonds (the “Purchaser”), 
 (vii) Act (as defined in the Indenture), 
 (viii) UCC-1 Financing Statement naming the
Issuer, as debtor, and the Trustee, as secured party (the “Financing Statement”), 
 (ix) UCC-1 Financing Statement
Fixture Filing naming the Issuer, as debtor, and the Trustee, as secured party (the “Fixture Filing”), and 
 (x)
such other documents and instruments as I have deemed relevant. 
 The documents and instruments referred to in paragraphs (ii), (iii), (iv),
(v), (vii) and (viii) above are herein collectively, referred to as the “Issuer Documents”. 
 From such examinations, I
am of the opinion that as of this date: 
 1. The Issuer is a public body corporate and politic duly organized and existing
under the Constitution and laws of the State of Georgia. 
 2. The Issuer has taken all action legally required to authorize
the issuance, sale and delivery of the Bonds, and when each Bond has been duly authenticated by the Trustee and delivered in the manner set forth in the Indenture such action will constitute all of the action necessary to duly authorize the
issuance, sale and delivery of each Bond by the Issuer and each of said Bonds will rank on a parity regardless of the fact that such Bonds will have actually been issued and delivered at different times or installment payments thereon may be made at
different times. The Issuer has duly adopted the Resolution and has duly authorized the execution, delivery and performance of the Issuer Documents and the Bonds and the Issuer Documents have been duly executed and delivered by the Issuer.

 3. Each Bond after due authentication by the Trustee and delivery in the manner set forth in the Indenture will constitute
a valid and legally binding obligation of the Issuer according to its import, will be enforceable in accordance with its terms (except as the enforceability thereof may be limited by bankruptcy, insolvency or other laws of general application
affecting the enforcement of creditors’ rights), and will be entitled to the security of the Lease and the Indenture. The Issuer Documents are each in full force and effect and each such agreement, assuming the due authorization, execution and
delivery thereof by the other parties thereto, constitutes the valid, binding and legally enforceable obligation of the Issuer according to its import and in accordance with their respective terms (except as the enforceability thereof may be limited
by bankruptcy, insolvency or other laws of general application affecting the enforcement of creditors’ rights) and the Issuer is entitled to the benefits of the same. 
 4. The execution and delivery of the Issuer Documents and the compliance by the Issuer with the terms thereof will not be a violation of,
conflict with, or result in 

  

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any breach of any of the provisions of, or constitute a default under the activating resolution or by-laws of the Issuer or any law applicable to it, or
result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon the property of the Issuer (other than as contemplated by the Issuer Documents), pursuant to any agreement or other
instrument to which the Issuer is a party or by which it may be bound, or any license, judgment, constitutional provision, decree, order, law, statute, ordinance or governmental rule or regulation applicable to the Issuer. 
 5. To the best of our knowledge, the Issuer is not in default in any material respect under any agreement or other instrument to which it is a party or
by which it may be bound, which will materially affect any of the Issuer Documents. 
 6. No additional or further approval, consent or
authorization of, or any filing with, any governmental or public agency or authority (including, without limitation, the filing of any report with the Georgia Department of Community Affairs pursuant to O.C.G.A. § 36-82-10) not already obtained
or filed is required by the Issuer in connection with (a) the issuance, sale and delivery of the Bonds, (b) the entering into and performing of its obligations under the Bonds or any of the Issuer Documents, or (c) the adoption of the
Resolution; provided, however, no opinion is given herein as to the securities or “blue sky” laws of any jurisdiction. 
 7. To the
best of my knowledge, there is no action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, pending or threatened against or affecting the Issuer, wherein an unfavorable decision, ruling
or finding would materially adversely affect the validity or enforceability of any of the Issuer Documents, and the execution and delivery by the Issuer of any of the Issuer Documents and the performance of the obligations of the Issuer thereunder
do not and will not violate or constitute a default under any provision of law or any agreement, indenture, note or other instrument binding upon the Issuer. 
 8. The Indenture and the Security Deed creates in favor of the Trustee, on behalf of the holders of the Bonds, as security for all obligations of the Issuer purported to be secured thereby, a security interest in such
of the personal property and fixtures described therein as collateral in which a security interest may be created under the Uniform Commercial Code (“UCC”) in effect in the State of Georgia (the “UCC Collateral”). 
  

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 9. All action taken by the Issuer in connection with the Resolution and the Issuer Documents is legal in
all respects, and none of the proceedings held or actions taken by the Issuer with respect to any of the foregoing has been repealed, rescinded or revoked. All instruments furnished to the Trustee in connection with the order of the Issuer to
authenticate and deliver the Bonds conform to the requirements of the Indenture and such instruments constitute sufficient authority under the Indenture for the Trustee to authenticate and deliver the Bonds as directed in such order. 
  

			
	 Very truly yours,

	
	 NELSON, MULLINS, RILEY & SCARBOROUGH

		
	 By:
	 	  

		 	 Lewis C. Home, Jr.

  

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 EXHIBIT “B” 
 (Letterhead of Bond Counsel) 
 December 19, 2002 
 ADESA Atlanta, LLC 
 Atlanta, Georgia 
 Development Authority of Fulton County 
 Atlanta, Georgia 
 SunTrust Bank 
 Atlanta, Georgia 
 $40,000,000 
 Development Authority
of Fulton County 
 Taxable Economic Development Revenue Bonds 
 (ADESA Atlanta, LLC Project) 
 Series 2002 
 Ladies and Gentlemen: 
 We have acted as Bond Counsel in
connection with the issuance by the Development Authority of Fulton County (the “Issuer”), a public body corporate and politic of the State of Georgia, created and existing pursuant to an implementing Act of the General Assembly of the
State of Georgia (O.C.G.A. Section 36-62-1 et seq., as amended) (the “Act”), of up to $40,000,000 in aggregate principal amount of its Taxable Economic Development Revenue Bonds (ADESA Atlanta, LLC Project), Series 2002 (the
“Bonds”). 
 As Bond Counsel, we have examined (i) the Constitution and laws of the State of Georgia, including specifically
the Act (as defined in the herein described Indenture); (ii) the resolution of the Development Authority of Fulton County (the “Issuer”) adopted December 3, 2002 (the “Resolution”); (iii) the Trust Indenture, dated
as of December 1, 2002 (the “Indenture”), between the Issuer and SunTrust Bank, as Trustee (the “Trustee”); (iv) the Lease, dated as of December 1, 2002 (the “Lease”), between the Issuer, as lessor, and
ADESA Atlanta, LLC, a New Jersey limited liability company, as lessee (the “Lessee”); (v) the Guaranty Agreement, dated as of December 1, 2002 (the “Guaranty”), issued by the Lessee for the benefit of the Trustee;
(vi) the Bond Purchase Agreement, dated as of December 1, 2002 (the “Bond Purchase Agreement”), among the Issuer, the Lessee and ADESA Atlanta, LLC, as purchaser of the Bonds (the “Purchaser”); (vii) certified
transcript of the bond validation proceedings conducted in the Superior Court of Fulton County; and (viii) other papers relating to the issuance of the bonds described in the caption (the “Bonds”). The Bonds shall be in fully
registered form, shall bear interest, mature and be subject to optional and mandatory sinking fund redemption as provided in the Indenture. 
  

 B-1 

 The Bonds are being issued for the purpose of financing the acquisition, construction, development and
equipping of a wholesale vehicle auction facility on approximately 280 acres of land located in Fulton County, Georgia, which facility consists of certain buildings, structures, machinery, equipment and all related real and personal property deemed
necessary or desirable in connection therewith (the “Project”). The Project will be leased to the Lessee under the Lease in furtherance of the public purpose for which the Issuer was created. The Lessee has agreed in the Lease to make
rental and other payments sufficient to pay the principal and interest on the Bonds as the same become due and payable. The Issuer’s right, title and interest in the Lease and all payments thereunder (other than certain Unassigned Rights, as
therein defined) have been pledged and assigned under the terms of the Indenture to the payment of the Bonds. 
 Pursuant to the terms of the
Indenture, the Issuer has reserved the right to issue Additional Bonds (as defined therein) from time to time in unlimited amounts under certain terms and conditions contained in the Indenture, and, if issued, such Additional Bonds shall rank on a
parity with the Bonds and be equally and ratably secured by the Indenture. 
 As to questions of fact material to our opinion, we have relied
upon certified proceedings and other certifications of public officials furnished to us and written representations, certifications and covenants of the Issuer and the Company, including those set forth in the Indenture, the Lease and the Bond
Purchase Agreement, without undertaking to verify the same by independent investigation. To the extent that the obligations of the Issuer may be dependent on such matters, we have assumed for purposes of this opinion letter that the other parties to
the Indenture, the Lease and the Bond Purchase Agreement are duly qualified to engage in transactions covered by this opinion letter, that each of such documents has been duly authorized, executed and delivered by such other parties and constitute
the legal, valid and binding obligations, enforceable in accordance with their terms, of such other parties; and that all such other parties have the requisite power and authority to execute and deliver such documents and to perform their respective
obligations thereunder. In giving the opinions set forth below, we have relied on the opinion letter of Nelson, Mullins, Riley & Scarborough, Atlanta, Georgia, counsel to the Issuer, dated as of the date hereof, with respect to the matters
covered therein. In rendering the opinion set forth in paragraph (5) below, we have relied upon, without independent verification, the accuracy of the representations and warranties contained in Sections 3 and 4 of the Bond Purchase Agreement
and the Investment Letter, dated this date and executed by the Purchaser. 
 We have examined the Bond numbered R-1 as executed by the Issuer
and based upon such examination and the examinations, opinions and premises above referred to, and subject to the qualifications, assumptions and limitations set forth herein, we are of the opinion that: 
 (1) The Issuer is a public corporation duly organized and existing under the Constitution and laws of the State of Georgia. 
 (2) Under the Constitution and laws of the State of Georgia, the Lease and the Indenture have been duly authorized, executed and delivered
and constitute valid and binding obligations of the Issuer and are legally enforceable in accordance with their terms. All the right, title and interest of the Issuer in and to the Lease (other than Unassigned Rights as defined in the Indenture)
have been duly assigned to the Trustee and pledged under the Indenture. 
  

 B-2 

 (3) The Bonds have been duly authorized, executed and delivered by the Issuer and when
duly authenticated by the Trustee and delivered in the manner set forth in the Indenture will constitute only limited obligations of the Issuer as therein and in the Indenture provided and will not constitute indebtedness by or on behalf of Fulton
County, the State of Georgia, or any political subdivision thereof, or a pledge of the faith and credit of Fulton County, the State of Georgia, or any political subdivision thereof. The Bonds will be payable from the special fund provided thereof in
the Indenture and will not directly, indirectly or contingently obligate Fulton County, the State of Georgia, or any political subdivision thereof to levy or to pledge any form of taxation whatever or to make any appropriation for the payment
thereof, and no owner of any of the Bonds will ever have the right to compel the exercise of the taxing power of Fulton County, the State of Georgia, or any political subdivision thereof to pay the same or the interest thereon. The Issuer has no
taxing power. 
 (4) Interest on the Bonds will be included in gross income of the owners thereof for federal income tax
purposes, but is exempt from present state income taxation within the State of Georgia. 
 (5) The Bonds being issued as of
the date hereof are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) as a transaction “by an issuer not involving a public offering” within the meaning of Section 4(2) of the
Securities Act and the Indenture is exempt from qualification under the Trust Indenture Act of 1939, as amended. 
 We express no opinion as
to the federal or state income, net worth, sales, ad valorem or other tax consequences of the acquisition, installation or equipping of the Project or its use, occupancy or operation by the Lessee or the payments made and/or received under the terms
of the Lease, the Indenture and the Bonds. 
 The rights of the owners of the Bonds and the enforceability of the Bonds, the Indenture, the
Lease and the Guaranty may be subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors’ rights generally and principles of equity applicable to the
availability of specific performance or other equitable relief. 
  

 B-3 

 This opinion is effective as of its date and may be relied upon only by the addressees of this letter.
This opinion may not otherwise be quoted or relied upon, and we have no obligation to update this opinion. 
  

			
	 Very truly yours,

	
	 ALSTON & BIRD LLP

		
	 By:
	 	  

		 	Glenn R. Thomson

  

 B-4 

 EXHIBIT “C” 
 (Letterhead of Counsel for Lessee) 
 December 19, 2002 
 Development Authority of Fulton County 
 Atlanta, Georgia 
 Alston & Bird LLP 
 Atlanta, Georgia 
 $40,000,000 
 Development Authority
of Fulton County 
 Taxable Economic Development Revenue Bonds 
 (ADESA Atlanta, LLC Project) 
 Series 2002 
 Ladies and Gentlemen: 
 I have acted as counsel to ADESA
Atlanta, LLC, a New Jersey limited liability company (the “Company”), a wholly-owned subsidiary of ADESA New Jersey, Inc., in connection with the issuance and sale of the captioned bonds (the “Bonds”). This letter is provided to
you at the request of the Company. Capitalized terms used in this opinion letter that are not otherwise defined herein will have the same meanings as set forth in the Trust Indenture described in paragraph (a) below. 
 This opinion letter is based upon my review of the following documents: 
 (a) The Trust Indenture dated as of December 1, 2002, by and between the Development Authority of Fulton County (the
“Issuer”) and SunTrust Bank, as trustee (the “Trustee”); 
 (b) The Lease Agreement dated as of
December 1, 2002, by and between the Issuer and the Company; 
 (c) The Bond Purchase Agreement dated as of
December 1, 2002, by and between the Issuer and the Company; 
 (d) The Guaranty Agreement dated as of December 1,
2002, issued by the Company for the benefit of the Trustee; 
 (e) The Memorandum of Lease and Option to Purchase, dated as of
December 19, 2002 between the Issuer and the Company; 
 (f) The Home Office Payment Agreement, dated as of
December 1, 2002, between the Company and the Trustee; 
  

 C-1 

 (g) The Investment Letter, dated as of December 19, 2002, executed by the Company;

 (h) Copies of the Certificate of Formation and Operating Agreement of the Company certified by the secretary of the
Company, as being complete and in full force and effect as of the date of this opinion letter; 
 (i) Certificate of Good
Standing issued by the Secretary of State of the State of New Jersey on December     , 2002, and by the Secretary of State of the State of Georgia on December     , 2002, with respect to the Company;

 (j) Resolutions of the Manager of the Company (the “Company Resolutions”) and other records certified by officers
of the Company as constituting all records of proceedings and actions of the Manager of the Company relating to the transactions contemplated by the Transaction Documents (as defined below) as of the date of this opinion letter; 
 (k) General Certificate of the Company, dated as of the date of this opinion letter; 
 (l) Limited Warranty Deed dated as of the date hereof from the Company in favor of the Issuer; 
 (m) Bill of Sale dated as of the date hereof from the Company in favor of the Issuer; and 
 (n) Documents Escrow Agreement dated as of December 1, 2002 among the Issuer, the Company and the Trustee, as escrow agent.

 The documents described in paragraphs (a), (b), (c), (d), (e), (f), (g), (1), (m) and (n) are collectively referred to as the
“Transaction Documents.” The documents described in paragraphs (b), (c), (d), (e), (f), (g), (1), (m) and (n) are collectively referred to as the “Company Documents.” All of the parties to any one or more of the
Transaction Documents other than the Company are collectively referred to as the “Counterparties.” 
 In delivering this opinion I
have examined, among other things, originals or copies certified or otherwise identified as being true copies of the Transaction Documents and such corporate records of the Company, certificates of public officials, certificates of officers of the
Company, and such other documents as I have deemed necessary under the circumstances. I have relied upon certifications of certain public officials, including those of the Issuer, and of officers of the Company with respect to matters stated or
represented in such certifications concerning the transactions contemplated by the Transaction Documents. 
 I am qualified to practice law
in the State of Indiana. Accordingly, this opinion is based solely upon the laws of the State of Indiana and the United States of America. To the extent that the Transaction Documents and any other instruments, documents, and agreements referred to
therein provide that the law of the State of Georgia will apply, I have assumed that the law of such state is identical to the law of the State of Indiana. In rendering opinions as to future events, I have assumed the facts and law existing on the
date hereof. 
  

 C-2 

 Assumptions 
 For purposes of rendering this opinion, I have assumed, but have not independently verified, the following matters upon which I express no opinion: 
 A. Counterparties. All of the Counterparties: (i) are duly organized and validly existing; and (ii) have qualified to do business in any
necessary jurisdiction and have all necessary authority, and all necessary governmental or other consents and authorizations, to enter into, execute, deliver and perform the Transaction Documents and to effect the transactions required of them by
the Transaction Documents. All of the Transaction Documents have been duly executed and delivered by all of the Counterparties by authorized agents or officials of such Counterparties acting within the scope of their respective authority, and in
accordance with applicable law. The Transaction Documents constitute the valid and binding obligations of the Counterparties and the representations and warranties made in the Transaction Documents by the Counterparties are true. 
 B. No Conflict. The execution, delivery, performance and enforcement of the Transaction Documents will not constitute a breach of or default under
any mortgage, deed of trust, lease, loan or credit agreement, or any other agreement, document or instrument by which any of the Counterparties or their respective assets may be bound. 
 C. Authenticity. All signatures (other than those of the Company officials) are genuine, and all Transaction Documents submitted to me as
originals are authentic. All copies of documents submitted to me as copies of documents actually executed or to be executed are the same as the originally executed and delivered documents.  
 Opinions 
 Based upon the foregoing
and my review of such questions of law as I have deemed necessary or appropriate for purposes of this opinion and subject to the assumptions and qualifications set forth herein, I am of the opinion that, as of this date: 
 1. The Company is a limited liability company (i) duly organized, validly existing and in good standing under the laws of the State
of New Jersey and (ii) duly qualified and in good standing under the laws of the State of Georgia. 
 2. The Company has
full power and authority to execute and deliver the Company Documents, and to perform its obligations under, and to carry out and consummate the transactions described in the Company Documents. 
 3. The Company Documents have been duly authorized, executed and delivered by the Company, and constitute legal, valid and binding
obligations of the Company, enforceable in accordance with their respective terms. 
  

 C-3 

 4. The execution and delivery by the Company of, and the performance of its obligations
under, and the consummation of the transactions contemplated by the Company Documents do not (i) conflict with or constitute a breach or violation of or default under the Certificate of Formation or Operating Agreement of the Company;
(ii) violate any applicable provisions of statutory law or regulation; (iii) breach or otherwise violate any decree, order, or judgment to which the Company is subject that is in force and effect on the date hereof; or (iv) breach or
result in default under any agreement, indenture, mortgage, lease, deed of trust, note, or other instrument to which the Company is or may be bound. 
 5. The Company is not in breach of or in default under any applicable law or regulation, or any applicable judgment or decree or any lease agreement, indenture, bond, note, resolution, agreement or other instrument to
which either is a party or is otherwise subject, which in any case the failure to comply with would have a material adverse effect upon the transactions contemplated in the Transaction Documents; and no event has occurred and is continuing which,
with the passage of time or the giving of notice, or both, would constitute an event of default under any of such agreements or documents. 
 6. There are no suits or proceedings threatened or pending against or affecting the Company, or any property owned by it, at law or in equity, before or by any court, arbitrator, administrative agency or other
governmental authority, which individually or in the aggregate might have a material adverse effect on the Company’s ability to carry out the transactions contemplated by the Transaction Documents. 
 7. No authorization, consent, approval or review of any court or public or governmental body or regulatory authority is required as of the
date of closing for the authorization, execution and delivery by the Company of the Company Documents or for any action taken by the Company in connection with the transactions contemplated by such documents which has not been obtained or effected,
except for such as may be required under state securities laws. 
 8. The Company Resolutions have been lawfully adopted and
are currently in full force and effect. 
 Qualifications 
 Each of the opinions expressed above is subject to and in all respects qualified by the following: 
 a. My opinion as to the enforceability of any Transaction Document is limited by: (i) applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, and other similar laws affecting the rights and remedies of creditors and lenders; (ii) general principles of equity, good faith and fair dealing (regardless of whether considered in a
proceeding in equity or at law); (iii) principles governing the availability of specific performance, injunctive relief, or any other equitable remedy, which generally provide that the award of such remedies is in the discretion of the court to
which application for such relief is made; and (iv) as to the indemnification provisions in any Transaction Document which are applicable to the Company, the limitations on enforcement required by applicable state and federal securities laws.

  

 C-4 

 b. The opinion expressed in paragraph 6 with respect to pending and threatened actions,
suits, proceedings, claims and investigations is based solely upon the Certificate and my personal knowledge, and I have not examined any records of any court, administrative tribunal or other similar entity in connection with the opinions expressed
in that paragraph. 
 c. No opinion is expressed as to the enforceability of provisions, if any, that purport to establish
evidentiary standards. 
 This opinion is rendered to you in connection with the transactions contemplated by the Transaction Documents and
is for your benefit and the benefit of any of your successors, assigns or participants. This opinion may not be relied upon by you for any other purpose or by any other person without my express written consent. 
  

	
	 Respectfully submitted,

	
	 Karen C. Turner

	 General Counsel

  

 C-5 

 EXHIBIT “D” 
 INVESTMENT LETTER 
 [Date of Bond Purchase] 
 $40,000,000 
 Development Authority of Fulton County 
 Taxable Economic Development Revenue Bonds 
 (ADESA Atlanta, LLC Project) 
 Series 2002 
 Ladies and Gentlemen: 
 In connection with the private placement of the captioned bonds (the
“Bonds”) pursuant to the Bond Purchase Agreement dated as of December 1, 2002 by and between the undersigned as purchaser (the “Purchaser”), the Development Authority of Fulton County (the “Issuer”) and ADESA
Atlanta, LLC (the “Lessee”), the undersigned hereby acknowledges and represents that: (i) the Purchaser has had the opportunity to ask questions and receive answers concerning the Issuer, the Lessee, the terms and conditions of the
offering and the Lease by and between the Issuer and the Lessee, and any information supplied to it with respect to any of the foregoing; and (ii) the Bonds were not offered to it by means of any publicly disseminated advertisements or sales
literature and it is not aware of any other offers of the Bonds to any other persons by such means. The Purchaser understands that the holders of the Bonds have no right to demand payment from the Issuer from any sources other than that described in
the Bonds. 
 The Purchaser acknowledges and understands that (i) the Bonds are payable solely from monies derived from amounts payable
under the Lease Agreement dated as of December 1, 2002 (the “Lease”) between the Issuer and the Lessee and certain trust funds on deposit with SunTrust Bank, as trustee (the “Trustee”), under that certain Trust Indenture
dated as of December 1, 2002 (the “Indenture”) between the Issuer and the Trustee, and (ii) the Bonds constitute special limited obligations of the Issuer payable solely from the revenues described in (i) above and shall not
constitute an indebtedness of Fulton County, State of Georgia or any other political subdivision thereof, and neither the faith and credit nor the taxing power of Fulton County, the State of Georgia or any other political subdivision thereof is
pledged to the payment of the principal of and interest on the Bonds, or any costs incident thereto. 
 The Purchaser further acknowledges
and agrees that none of the Issuer, the Trustee or Alston & Bird LLP, as bond counsel, has given or confirmed any information relating to the Project or the Lessee or its operations, financial condition or prospects and that such parties
will have no responsibility for the accuracy or completeness of any information obtained by the Purchaser from any source regarding the Project or the Lessee or the sufficiency of any security for the Bonds. 
 The Purchaser maintains its principal executive offices in the State of Indiana, and is authorized to transact business in the State of Georgia.

  

 D-1 

 The Purchaser understands that the Bonds have not been registered under the Securities Act of 1933, as
amended (the “1933 Act”), nor have they been registered under any state securities laws. 
 The Bonds are being purchased for the
Purchaser’s own account for investment only, for its own account only, and not with a view to any distribution, resale or other disposition thereof, and the Purchaser is not an underwriter thereof. The Purchaser has no present plans or
obligations to enter into or perform any contract, undertaking, agreement or arrangement for any such distribution, resale or other disposition. 
 The Purchaser understands and agrees that the following restrictions and limitations shall be applicable to the transfer or disposition of the Bonds or any interest therein: 
 (i) Neither the Purchaser’s Bonds nor any interest therein shall be sold, pledged, hypothecated, or otherwise transferred or disposed
of if such action would cause the initial private placement of these Bonds to become a public offering or a distribution thereof. 
 (ii) A legend will be placed on the Bonds in substantially the following form: 
 THIS BOND HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND IT MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED, WITHOUT AN OPINION OF COUNSEL ACCEPTABLE TO THE TRUSTEE,
THE ISSUER AND THE LESSEE OF THE PROJECT REFERRED TO IN THIS BOND TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE APPLICABLE SECURITIES LAWS. 
 The foregoing legend may be placed on any new instruments issued upon presentation by the Purchaser of instruments of transfer, and any subsequent purchaser will be required to deliver a similar investment agreement. 
 The Purchaser acknowledges that the Bonds will not be listed on any securities exchange. Further, no trading market now exists, and none may exist in the
future for the Bonds. Accordingly, the Purchaser understands that it may need to bear the risks of this investment for an indefinite time, since any sale prior to the maturity of the Bonds may not be possible or may be at a price below that which
the Purchaser is paying for the Bonds. The Purchaser represents that it has knowledge and experience in financial and business matters and investments necessary to evaluate the risks of an investment in the Bonds. 
  

 D-2 

 The Purchaser also represents that it is capable of bearing the economic risks of an investment in the
Bonds indefinitely and is capable of bearing the economic risk of losing its entire investment in the Bonds. 
  

			
	 Very truly yours,

	
	 ADESA ATLANTA, LLC

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 D-3Lease Agreement

 Exhibit 10.31 
 LEASE AGREEMENT 
 BETWEEN 
 DEVELOPMENT AUTHORITY OF FULTON COUNTY 
 AND 
 ADESA ATLANTA, LLC 
 DATED AS OF
DECEMBER 1, 2002 
 The interest of Development Authority of Fulton County (the “Issuer”) in this Lease Agreement has
been assigned to SunTrust Bank, as trustee (the “Trustee”) under the Trust Indenture dated as of December 1, 2002, between the Issuer and the Trustee as security for the payment of the principal of, premium, if any, and
interest on those certain Taxable Economic Development Revenue Bonds, (ADESA Atlanta, LLC Project) Series 2002, and any Additional Bonds issued under the Indenture. 
 This Instrument was prepared by: 
 Alston & Bird LLP 
 One Atlantic Center 
 1201 West Peachtree Street 
 Atlanta, Georgia 30309-3424 
  

 TABLE OF CONTENTS 
 ARTICLE I 
 DEFINITIONS 
  

					
	Section 1.1	  	Definitions	  	1
	Section 1.2	  	Certain Rules of Interpretation	  	6

 ARTICLE II 
 REPRESENTATIONS 
  

					
	Section 2.1	  	Representations by the Issuer	  	7
	Section 2.2	  	Representations by the Lessee	  	7

 ARTICLE III 
 DEMISING CLAUSES 
 AND WARRANTY OF TITLE 
  

					
	Section 3.1	  	Demise of the Project	  	8
	Section 3.2	  	Warranty of Title	  	8
	Section 3.3	  	Quiet Enjoyment	  	8

 ARTICLE IV 
 COMMENCEMENT AND COMPLETION OF THE PROJECT; 
 ISSUANCE OF THE BONDS; ADDITIONAL BONDS 
  

					
	Section 4.1	  	Agreement to Construct and Equip the Project; Appointment of Lessee and Construction Agent	  	8
	Section 4.2	  	Agreement to Issue the Bonds; Application of Bond Proceeds; Additional Bonds	  	10
	Section 4.3	  	Disbursements from the Construction Fund	  	11
	Section 4.4	  	Obligation of the Parties to Cooperate in Furnishing Documents to Trustee	  	11
	Section 4.5	  	Establishment of Completion Date and Date of Beneficial Occupancy	  	11
	Section 4.6	  	Lessee Required to Pay Construction and Equipment Costs in Event Construction Fund Insufficient	  	12
	Section 4.7	  	Issuer to Pursue Remedies Against Contractors and Subcontractors and Their Sureties	  	12
	Section 4.8	  	Investment of Construction Fund and Bond Fund Moneys Permitted	  	13

  

 i 

 ARTICLE V 
 EFFECTIVE DATE OF THIS LEASE; 
 DURATION OF LEASE TERM; RENTAL PROVISIONS 
  

					
	Section 5.1	  	Effective Date of This Lease, Duration of Lease Term	  	13
	Section 5.2	  	Delivery and Acceptance of Possession	  	13
	Section 5.3	  	Rents and Other Amounts Payable	  	13
	Section 5.4	  	Place of Payments	  	14
	Section 5.5	  	Obligations of Lessee Hereunder Unconditional	  	15

 ARTICLE VI 
 MAINTENANCE, MODIFICATIONS, 
 TAXES AND INSURANCE 
  

					
	Section 6.1	  	Maintenance and Modifications of Project by Lessee	  	15
	Section 6.2	  	Removal of Equipment	  	16
	Section 6.3	  	Taxes, Other Governmental Charges and Utility Charges	  	17
	Section 6.4	  	Insurance and Indemnity	  	18
	Section 6.5	  	Advances by Issuer or Trustee	  	19

 ARTICLE VII 
 DAMAGE DESTRUCTION AND CONDEMNATION 
  

					
	Section 7.1	  	Damage and Destruction	  	19
	Section 7.2	  	Condemnation	  	19
	Section 7.3	  	Condemnation of Excluded Property	  	20

 ARTICLE VIII 
 SPECIAL COVENANTS 
  

					
	Section 8.1	  	No Warranty of Design, Condition or Suitability by the Issuer	  	20
	Section 8.2	  	Inspection of the Project	  	21
	Section 8.3	  	Lessee to Maintain its Existence; Conditions Under Which Exceptions Permitted	  	21
	Section 8.4	  	Qualification in Georgia	  	21
	Section 8.5	  	Granting of Easements and Leasehold Mortgages	  	21
	Section 8.6	  	Waiver of Landlord’s Lien	  	25
	Section 8.7	  	Granting of Mortgages by Issuer	  	25
	Section 8.8	  	Estoppel Certificates	  	26
	Section 8.9	  	Authorized Issuer Representative	  	26
	Section 8.10	  	Authorized Lessee Representative	  	26

  

 ii 

 ARTICLE IX 
 ASSIGNMENT, SUBLEASING, PLEDGING 
 AND SELLING; REDEMPTION; 
 RENT PREPAYMENT AND ABATEMENT 
  

					
	Section 9.1	  	Assignment and Subleasing	  	26
	Section 9.2	  	Assignment and Pledge of Revenues by Issuer	  	27
	Section 9.3	  	Restrictions on Sale of Project by Issuer	  	27
	Section 9.4	  	Redemption of Bonds	  	27
	Section 9.5	  	Prepayment of Rents	  	27
	Section 9.6	  	Presentment of Bonds for Cancellation	  	28
	Section 9.7	  	Lessee Entitled to Certain Rent Abatements if Bonds Paid Prior to Maturity	  	28
	Section 9.8	  	Reference to Bonds Ineffective After Bonds Paid	  	28

 ARTICLE X 
 EVENTS OF DEFAULT AND REMEDIES 
  

					
	Section 10.1	  	Events of Default Defined	  	28
	Section 10.2	  	Remedies on Default	  	30
	Section 10.3	  	No Remedy Exclusive	  	31
	Section 10.4	  	Agreement to Pay Reasonable Attorneys’ Fees and Expenses	  	31
	Section 10.5	  	No Additional Waiver Implied by One Waiver	  	31
	Section 10.6	  	Rescission of Remedies	  	31

 ARTICLE XI 
 OPTIONS IN FAVOR OF LESSEE 
  

					
	Section 11.1	  	General Option to Purchase Project	  	32
	Section 11.2	  	Option to Purchase a Portion of the Project	  	32
	Section 11.3	  	Conveyance on Purchase	  	33
	Section 11.4	  	Relative Position of Options and Indenture	  	34
	Section 11.5	  	Lessee’s Option to Terminate	  	34
	Section 11.6	  	Conveyance of Project at End of Lease Term	  	35

 ARTICLE XII 
 MISCELLANEOUS 
  

					
	Section 12.1	  	Notices	  	35
	Section 12.2	  	Binding Effect	  	36
	Section 12.3	  	Severability	  	36
	Section 12.4	  	Amounts Remaining in Funds	  	36
	Section 12.5	  	Amendments, Changes and Modifications	  	36

  

 iii 

					
	Section 12.6	  	Execution Counterparts	  	37
	Section 12.7	  	Captions	  	37
	Section 12.8	  	Recording of Lease	  	37
	Section 12.9	  	Law Governing Construction of Lease	  	37
	Section 12.10	  	Net Lease	  	37
	Section 12.11	  	Survival of Purchase Options	  	37

 EXHIBIT A—LAND 
 EXHIBIT B—THE PROJECT 
  

 iv 

 STATE OF GEORGIA 
 COUNTY OF FULTON 
 THIS LEASE AGREEMENT made and entered into as of December 1, 2002 (this “Lease”) by
and between DEVELOPMENT AUTHORITY OF FULTON COUNTY (herein called the “Issuer”), a public body corporate and politic duly organized and existing under the laws of the State of Georgia, as Lessor, and ADESA ATLANTA, LLC (herein
called the “Lessee”), a limited liability corporation duly organized and existing under the laws of the State of New Jersey, as Lessee. 
 W I T N E S S E T H: 
 WHEREAS, the
Issuer was created for the purpose of expanding and developing trade, commerce, industry and employment opportunities in Fulton County, Georgia (the “County”), and in furtherance of such purposes, the Issuer has the power to issue
its revenue bonds to provide funds to be used by the Issuer to finance construction, installation, modification, renovation or rehabilitation of land, buildings, structures, facilities and other improvements and fixtures, machinery, equipment,
furniture and other property of any nature whatsoever used in connection therewith, as determined by a majority of the members of the Issuer for lease or sale to prospective tenants or purchasers; and 
 WHEREAS, the Issuer proposes to acquire, construct and equip the Project (as hereinafter defined) within the Issuer’s area of authority and to lease
the same to the Lessee in a manner consistent with its stated purpose of expanding and developing trade, commerce, industry and employment opportunities in the County. 
 NOW, THEREFORE, in consideration of the respective representations and agreements herein contained and such other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows (provided, that any obligation of the Issuer to pay money created by or arising out of this Lease shall be payable solely out of the proceeds derived from this Lease, the sale of the Bonds referred to in
Section 2.1 hereof, the insurance and condemnation awards as herein provided and any other revenues arising out of or in connection with its ownership, leasing or sale of the Project as hereinafter defined): 
 ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. In addition to the words and terms elsewhere defined herein, the following words and terms as
used herein shall have the following meanings unless the context or use clearly indicates another or different meaning or intent, and any other words and terms defined in the Indenture shall have the same meanings when used herein as assigned them
in the Indenture unless the context or use clearly indicates another or different meaning or intent: 
 “Act”
means the Development Authorities Law (O.C.G.A. 36-62-1 et seq.), as now or hereafter amended. 
  

 1 

 “Additional Bonds” means additional parity Bonds authorized to be issued
by the Issuer pursuant to Section 208 of the Indenture. 
 “Additions” shall have the meaning given in
Section 6.1 hereof. 
 “Affiliate” means, with respect to any Person, any other Person (i) directly
or indirectly controlling or controlled by or under direct or indirect common control with such Person, or (ii) directly or indirectly owning or holding five percent (5%) or more of the equity interest in such Person. For purposes of this
definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreement
Term” means the period beginning on the date hereof and continuing until the expiration of the Lease Term. 
 “Authorized Issuer Representative” means the person or persons at the time designated to act on behalf of the Issuer by written certificate furnished to the Lessee and the Trustee containing the specimen signature of such
person or persons and signed on behalf of the Issuer by its Chairman or Vice Chairman. Any such person shall be subject to the approval of the Lessee and shall be replaced by the Issuer upon the written request of the Lessee. 
 “Authorized Lessee Representative” means the person or persons at the time designated to act on behalf of the Lessee by
written certificate furnished to the Issuer and the Trustee containing the specimen signature of such person or persons and signed on behalf of the Lessee by the Chairman of the Board, the President or any Vice President of the Lessee. 

“Bonds” means the 2002 Bonds and any Additional Bonds issued by the Issuer pursuant to the Indenture. 
 “Bond Fund” means the fund created by Section 502 of the Indenture. 
 “Closing Date” means the date of the original issuance and sale of the Bonds. 
 “Completion Date” shall have the meaning given such term in Section 4.5 hereof. 
 “Construction Fund” means the fund created by Section 602 of the Indenture. 
 “Construction Period” means the period between the beginning of construction of the Project or the date on which the
Bonds are first delivered to the original purchaser thereof (whichever is earlier) and the Date of Beneficial Occupancy. 
  

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 “County” means Fulton County, Georgia, a political subdivision of the
State of Georgia, and any public entity, body or authority to which is hereafter transferred or delegated by law the duties, powers, authorities, obligations or liabilities of the present political subdivision. 
 “Date of Beneficial Occupancy” shall have the meaning given such term in Section 4.5 hereof. 
 “Equipment” means those items of machinery, equipment and other tangible personal property acquired with the proceeds
from the sale of the Bonds or the proceeds from any payment by the Lessee pursuant to Section 4.6 hereof and installed as part of the Project and any item of machinery, equipment and other tangible personal property acquired and installed in
substitution thereof and renewals and replacements thereof pursuant to the provisions of Sections 4.1, 6.2(a), 7.1 and 7.2 hereof, less such machinery, equipment and other tangible personal property as may be released from this Lease pursuant to
Section 6.2(b) hereof or damaged or destroyed and not restored as provided in Section 7.l or taken by the exercise of the power of eminent domain as provided in Section 7.2 hereof, but not including any Excluded Property or any
machinery, equipment and other tangible personal property installed under the provisions of Section 6.1(b) hereof. 
 “Excluded Property” means all personal property (other than such property as is included in the definition of Equipment) and all real property (other than such property as is included in the definition of Land and
Improvements) which is not purchased or acquired, directly or indirectly, with the proceeds of the Bonds or expressly transferred to the Issuer by a bill of sale or similar instrument, and all renewals and replacements therefor, in each case whether
now owned or hereafter acquired by the Lessee or any other Person, and whether or not installed or located on the Land as described in Section 6.1(b) hereof. 
 “Force Majeure Event” means, without limitation, the following: acts of God; strikes, lockouts or other industrial
disturbances; acts of public enemies; orders of any kind of the government of the United States or of the State of Georgia or any of their departments, agencies, or officials, or any civil or military authority; insurrections; riots; epidemics;
landslides; lightning; earthquakes; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbance; explosions; breakage or accident to machinery, transmission pipes or canals; partial or entire
failure of utilities; or any other cause or event not reasonably within the control of the Lessee. The settlement of strikes, lockouts and other industrial disturbances shall be entirely within the discretion of the Lessee, and the Lessee shall not
be required to make settlement of strikes, lockouts and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is in the judgment of the Lessee unfavorable to the Lessee. 
 “Government Obligations” means (a) direct obligations of the United States of America for the payment of which the
full faith and credit of the United States of America is pledged, or (b) obligations issued by a person controlled or supervised by and 

  

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acting as an instrumentality of the United States of America, the payment of the principal of, premium, if any, and interest on which is fully and
unconditionally guaranteed as a full faith and credit obligation by the United States of America. 
 “Governmental
Authority” means any federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory body. 
 “Improvements” means those certain buildings, facilities and other improvements to real property provided for in the Plans and Specifications which are located on the Land and which do not constitute
a part of the Equipment, including, without limitation, all facilities, roads, parking areas, utilities, fences, lighting and other site improvements, as such may from time to time exist. 
 “Issuer” means Development Authority of Fulton County, a public body corporate and politic duly organized and existing
under the laws of the State of Georgia, and its lawful successors and assigns. 
 “Land” means the real
estate and interests in real estate described in Exhibit “A” attached hereto and by this reference made a part of this Lease, plus such real estate and interests in real estate as may be added to the provisions of this Lease pursuant to
Section 12.5 hereof, less such real estate and interests in real estate as may be released from this Lease pursuant to Sections 8.5 and 11.3 hereof or taken by the exercise of the power of eminent domain as provided in Section 7.2 hereof.

 “Lease” means this Lease Agreement as it now exists and as it may hereafter be amended pursuant to the
terms hereof and Article XII of the Indenture. 
 “Lease Term” means the duration of the Lessee’s
beneficial occupancy of the Project as provided in Section 5.1 hereof, including any applicable Extended Lease Term (as therein defined). 
 “Leasehold Mortgage” shall having the meaning given in Section 8.5(b) hereof. 
 “Lessee” means ADESA Atlanta, LLC, a New Jersey limited liability company, and its successors and assigns including any surviving, resulting or transferee corporation as provided in Section 8.3 hereof. 
 “Mortgage” shall have the meaning given in Section 8.7 hereof. 
 “Net Proceeds” when used with respect to any insurance or condemnation award, means the gross proceeds from the insurance
or condemnation award with respect to which that term is used remaining after payment of all expenses incurred in the collection of such gross proceeds. 
 “Permitted Encumbrances” means, as of any particular time, (a) liens for ad valorem taxes and special assessments not then delinquent or permitted to exist as provided in Section 6.3 hereof,
(b) the Lease Documents, (c) utility, access and other easements, licenses, rights-of-way, restrictions, reservations and exceptions which, 

  

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according to the certificate of an Authorized Lessee Representative, will not materially interfere with or impair the operations being conducted at the
Project (or, if no operations are being conducted therein, the operations for which the Project was designed or last modified), (d) unfiled and inchoate mechanics’, materialmen’s or other similar liens for construction work in
progress, (e) mechanics’, laborers’, materialmen’s, suppliers’ and vendors’ liens or other similar liens in connection with the Project Construction or the acquisition, construction and installation of any Additions (as
defined in Section 6.1 hereof), (f) such defects, irregularities, encumbrances, easements, rights-of-way and clouds on title as do not, in the aggregate, and in the opinion of the Lessee, materially impair the property affected thereby for
the purpose for which it was acquired or is held by the Issuer, (g) the rights of sublessees and other tenants having an interest in all or any portion of the Project, and (h) any Lessee Liens and Issuer Liens (as such terms are defined in
Section 8.5(b) hereof). 
 “Person” means any individual, partnership, joint venture, firm, corporation,
limited liability company, association, trust or other enterprise (whether or not incorporated) or any Governmental Authority. 
 “Plans and Specifications” means the plans and specifications prepared by or on behalf of the Lessee for the Project, as the same may be amended, modified or supplemented from time to time by the Lessee in accordance with
Section 4.1 hereof. 
 “Project” means the facilities, including the Land, the Improvements and the
Equipment, acquired or to be acquired, constructed and installed pursuant to Plans and Specifications, which facilities, as presently contemplated, are generally described in Exhibit “B” hereto, and all Additions described in
Section 6.1(b) to the extent the Issuer has received the notice and/or bill of sale or other transfer documents as required by said Section; provided, however, that the term “Project” and the lesser included terms
“Improvements” and “Equipment” shall not be deemed to include any part of the Excluded Property except where those terms are used in the definitions of “Date of Beneficial Occupancy,” “Construction Period,”
“Plans and Specifications,” and “Project Costs,” in Sections 2.1(a) and 2.1(d) and Article IV hereof and in any other provision of this Lease dealing specifically with the acquisition, construction, installation or equipping of
property. 
 “Project Construction” means the design, development, acquisition, construction, installation,
equipping and placing into service of the Project, including, without limitation, the design and construction of all Improvements and the acquisition, installation and testing of all Equipment. 
 “Project Costs” shall include the following: 
 (a) all costs of construction, purchase, or other forms of acquisition; 
 (b) all costs of real or personal property required for the purpose of the Project and all facilities related thereto, including land and
any rights or undivided interests therein, casements, franchises, water rights, fees, permits, approvals, licenses, and certificates and the securing of such franchises, permits, approvals, licenses and certificates and the preparation of
applications therefor; 
  

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 (c) all machinery, equipment, initial fuel, and other supplies required for the Project;

 (d) financing charges and interest prior to the Date of Beneficial Occupancy; 
 (e) costs of engineering, architectural and legal services; 
 (f) fees paid to fiscal agents for financial and other advice or supervision; 
 (g) costs of Plans and Specifications and all expenses necessary or incidental to the construction, purchase or acquisition of the Project
or to determining the feasibility or practicability of the Project; 
 (h) any fund or funds for the creation of a debt
service reserve, a renewal or replacement reserve and such other reserves as may be reasonably required by the Issuer with respect to the financing and operation of the Project and as may be authorized by the Indenture; and 
 (i) administrative expenses and such other expenses as may be necessary or incidental to the financing of the Project as authorized in the
Act. 
 The foregoing costs and expenses include costs and expenses incurred by the Issuer or the Lessee pursuant to the Inducement Agreement
dated as of October 22, 2002, between the Issuer and the Lessee (the “Inducement Agreement”) and include repayment of any loans made by the Lessee for the advance payment of any part of such costs, including interest thereon.

 “2002 Bonds” means the Taxable Economic Development Revenue Bonds (ADESA Atlanta, LLC Project) Series
2002, issued by the Issuer pursuant to the Indenture. 
 Section 1.2 Certain Rules of Interpretation. The definitions set forth
in Section 1.1 shall be equally applicable to both the singular and plural forms of the terms therein defined and shall cover all genders. 
 “Herein,” “hereby,” “hereunder,” “hereof,” “hereinbefore,” hereinafter” and other equivalent words refer to this Lease and not solely to the particular Article, Section or subdivision
hereof in which such word is used. 
 Reference herein to an Article number (e.g., Article IV) or a Section number (e.g., Section 6.8)
shall be construed to be a reference to the designated Article number or section number hereof unless the context or use clearly indicates another or different meaning or intent. 
  

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 The table of contents, titles and headings of the articles and sections of this Lease Agreement have been
inserted for convenience and reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof and shall never be considered or given any effect in construing this Lease or
any provision hereof or in ascertaining intent, if any question of intent should arise. 
 This Lease and all the terms and provisions hereof
shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of this Lease. 
 ARTICLE II

 REPRESENTATIONS 
 Section 2.1 Representations by the Issuer. The Issuer makes the following representations as the basis for the undertakings on its part herein contained: 
 (a) The Issuer is a public body corporate and politic duly organized and existing under the provisions of the Act. Under the provisions of the Act, the
Issuer has the power to enter into the transactions contemplated by this Lease and to carry out its obligations hereunder. The Issuer has determined by majority vote of its members that the Project constitutes a “project” within the
meaning of the Act. By proper corporate action, the Issuer has duly authorized the execution and delivery of this Lease. 
 (b) The Issuer
proposes to acquire, construct and equip the Project in accordance with the Plans and Specifications, and proposes to lease the Project to the Lessee, all for the purpose of promoting trade, commerce, industry and employment opportunities in the
County and the State of Georgia. 
 (c) The Bonds are to be issued under the Indenture, pursuant to which the Issuer’s interest in this
Lease and the rents and other revenues derived by the Issuer from its ownership and leasing of the Project will be assigned and pledged to the Trustee, all as security for the payment of the principal of, premium, if any, and interest on the Bonds.

 Section 2.2 Representations by the Lessee. The Lessee makes the following representations as the basis for the undertakings on
its part herein contained: 
 (a) The Lessee, a limited liability company duly incorporated, existing and in good standing under the laws of
the State of New Jersey, and qualified to do business under the laws of the State of Georgia, has the power to enter into this Lease and to perform its obligations contained herein, and has been duly authorized to execute and deliver this Lease.

 (b) The Lessee is not subject to any provision under its Certificate of Formation, as amended or its Operating Agreement, as amended, or
any contractual limitation or provision of any nature whatsoever which in any way limits, restricts or prevents the Lessee from entering into this Lease or performing any of its obligations hereunder. 
 (c) All of the Project will be located in the County. 
  

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 ARTICLE III 
 DEMISING CLAUSES 
 AND WARRANTY OF TITLE 
 Section 3.1 Demise of the Project. Commencing on the Closing Date and during the Lease Term, the Issuer agrees to demise and lease to the
Lessee, and the Lessee hereby agrees to lease from the Issuer, the Project at the rental set forth in Section 5.3 hereof and in accordance with the provisions of this Lease, subject to Permitted Encumbrances. 
 Section 3.2 Warranty of Title. The Issuer acknowledges that it has received from the Lessee a Limited Warranty Deed with respect to the Land
and warrants for itself and its successors and assigns to the Lessee, its successors and assigns, that the Issuer has not and shall not take any actions which would result in the imposition of any liens or encumbrances on the Land except
(i) Permitted Encumbrances or (ii) those liens or encumbrances created by or with the written consent of the Lessee. 
 Section 3.3 Quiet Enjoyment. The Issuer covenants and agrees that it will warrant and defend the Lessee in the quiet enjoyment and peaceable possession of the Project free from all claims of all Persons claiming by or through
the Issuer, throughout the Lease Term, so long as the Lessee shall perform the covenants, conditions and agreements to be performed by it hereunder, or so long as the period for remedying any default in such performance shall not have expired.

 ARTICLE IV 
 COMMENCEMENT AND COMPLETION OF THE PROJECT; 
 ISSUANCE OF THE BONDS; ADDITIONAL BONDS 
 Section 4.1 Agreement to Construct and Equip the Project; Appointment of Lessee and Construction Agent. 
 (a) The Issuer, to the maximum extent permitted by law, hereby makes, constitutes and appoints the Lessee as its true, lawful and exclusive agent for the
Project Construction, and the Lessee hereby accepts such agency to act and do all things on behalf of the Issuer, to exercise all rights, remedies and powers of the Issuer in connection therewith, including, without limitation, the following:

 (i) negotiate, enter into, perform and enforce all contracts, purchase or supply orders and other arrangements with respect
to the Project Construction (collectively, the “Construction Contracts”) on such terms and conditions as are customary and reasonable under the circumstances and as are reasonably consistent with local and national standards and
practices with respect to similar facilities; 
  

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 (ii) apply for and obtain in its own name or the name of the Issuer all necessary
permits, licenses, consents, approvals, entitlements and other authorizations which may be required for the Project Construction and the use and occupancy of the Project or any part thereof; 
 (iii) supervise or negotiate, enter into, perform and enforce contracts for the supervision of the Project Construction; 
 (iv) prepare, execute and file with the Trustee all requisitions and other requests required under the terms hereof and of the Indenture
and to obtain and use monies in the Construction Fund for the payment or reimbursement of Project Costs; and 
 (v) maintain
the Plans and Specifications and adequate books and records with respect to the Project Construction. 
 The Issuer hereby ratifies and
confirms all actions of the Lessee with respect to the Project prior to the date hereof. This appointment of the Lessee to act as agent and all authority hereby conferred or granted is conferred and granted irrevocably, until all activities in
connection with the Project Construction shall have been completed, and shall not be terminated prior thereto unless by the mutual agreement of the Issuer and the Lessee. 
 (b) The Issuer agrees that it will enter into, or accept the assignment of, such Construction Contracts as the Lessee may request in order to effectuate the purposes of this Section; provided that, unless waived by
the Issuer, each such Construction Contract shall be expressly non-recourse to the Issuer. 
 (c) The Lessee agrees to use its best efforts
to cause the Plans and Specifications to be prepared and completed as soon as practicable and in accordance with the requirements of all applicable Governmental Authorities. In addition, to the extent not covered by said Plans and Specifications,
the Lessee agrees to prepare the list of Equipment for installation in the Project which Equipment shall be necessary or desirable in the discretion of the Lessee in connection with the use, occupancy and operation of the Project. The Issuer agrees
that the Lessee may at any time and from time to time, in its sole discretion, change the Plans and Specifications; provided, however, no such change or changes shall singly or in the aggregate result in the Project not constituting a
“project” as defined in the Act or shall, without prior written notice to the Issuer, substantially change the character of the Project or the type of business operations to be conducted at the Project. The Improvements and the Equipment
shall be titled in the name of the Issuer and subject to the terms of this Lease. 
 (d) The Lessee agrees to use its best efforts to
(i) cause the Project Construction to be commenced as promptly as practicable after the Closing Date, (ii) to continue said Project Construction with all reasonable dispatch thereafter, and (iii) to cause said Project Construction to
be completed as soon as practicable. Notwithstanding anything else herein contained, the Lessee shall not be deemed in default of its duties and obligations under this Section 4.1 during any period that the Lessee is unable, in whole or part,
to carry out such duties and obligations by reason of a Force Majeure Event. If said Project Construction is not 

  

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completed within the time herein contemplated there shall be no resulting liability on the part of the Issuer or the Lessee and there shall be no diminution
or postponement in the payment of the rents required in Section 5.3 hereof by the Lessee. 
 (e) Upon the request of the Lessee, the
Issuer will assign to the Lessee all warranties and guaranties of all contractors, subcontractors, suppliers, architects and engineers for the furnishing of labor, materials or equipment or supervision or design in connection with the Project and
any rights or causes of action arising from or against any of the foregoing under the Construction Contracts or otherwise. 
 Section 4.2 Agreement to Issue the Bonds; Application of Bond Proceeds; Additional Bonds. 
 (a) In order to provide
funds for payment of the Project Costs, the Issuer agrees that it will sell, issue and cause to be delivered, pursuant to the Indenture, the 2002 Bonds, bearing interest, maturing and having the other terms and provisions set forth in the Indenture.
Upon receipt of the proceeds derived from the sale of 2002 Bonds, the Issuer will cause said proceeds to be deposited in the Construction Fund. 
 (b) The Issuer agrees to authorize the issuance of Additional Bonds upon the terms and conditions provided herein and in the Indenture. Additional Bonds may be authorized for the purpose of financing Project Costs to the extent such costs
exceed the amount in the Construction Fund, such excess to be evidenced by a certificate signed by the Authorized Lessee Representative, subject to the limitations contained in Section 208 of the Indenture. If the Lessee is not in default
hereunder, the Issuer agrees, on request of the Lessee, from time to time, to use its best efforts to issue Additional Bonds in such amounts, maturing on such dates, bearing such rate or rates of interest and redeemable at such times and prices as
may be specified by the Lessee and as shall be permitted within the limits and under the conditions specified above and in the Indenture; provided, that (i) the Lessee and the Issuer shall have entered into an amendment to this Lease or a
separate lease containing substantially the same terms as this Lease to provide for the lease of any additional properties not constituting Excluded Property to the Lessee and to include a description of such additional properties, to provide for
rental payments to be paid by the Lessee to the Issuer as shall be sufficient to pay the principal of and premium, if any, and interest on the Additional Bonds as provided to be paid in the supplemental bond resolution with respect to such
Additional Bonds, and to extend the Lease Term or in the case of a separate lease, provide for a lease term of at least ten years if the maturity of any Additional Bonds would occur after the expiration of the Lease Term, and (ii) the Issuer
shall have otherwise complied with the provisions of the Indenture with respect to the issuance of such Additional Bonds. Any amendment to this Lease entered into pursuant to clause (i) above will provide that any such additional properties
shall be included under this Lease upon terms equivalent to those pertaining to the Project. The Issuer will deposit the proceeds from the sale of Additional Bonds in the same manner as provided in paragraph (a) above. 
 (c) Upon request of the Lessee, the Issuer agrees to authorize and use its best efforts to issue, and if issued to deposit the proceeds from the sale of,
any refunding bonds for the purpose of refunding all or a portion of the outstanding Bonds. 
  

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 Section 4.3 Disbursements from the Construction Fund. In the Indenture, the Issuer has
authorized and directed the Trustee that moneys in the Construction Fund shall be used to pay the Project Costs, or to reimburse the Issuer or the Lessee for any Project Costs paid or incurred by the Issuer or the Lessee either before or after
execution of this Lease and delivery of the 2002 Bonds. Such payments shall be made by the Trustee upon receipt of a requisition, signed by the Authorized Lessee Representative, stating with respect to each payment to be made: 
 (1) the requisition number; 
 (2) if other than the Lessee, the name and address of the person to whom payment is due; 
 (3) the amount to be paid; and 
 (4) that each obligation mentioned therein constitutes a Project Cost and has not
been the basis of any previous requisition. 
 In the Indenture, the Issuer has authorized and directed that all moneys remaining in the
Construction Fund (including moneys earned pursuant to the provisions of Section 4.8 hereof) upon receipt by the Trustee of the Construction Completion Certificate described in Section 4.5(b) hereof, shall at the written direction of the
Lessee, be (i) used by the Issuer for the purchase of Bonds for the purpose of cancellation; or (ii) paid into the Bond Fund; or (iii) a combination of (i) and (ii) as is provided in such direction, provided that amounts
approved by the Authorized Lessee Representative shall be retained in the Construction Fund (whether or not then on deposit or to be deposited pursuant to a subsequent requisition) for payment of Project Costs not then due and payable. Any balance
remaining of such retained funds after full payment of all such Project Costs shall be used by the Trustee as directed by the Lessee in the manner specified in clauses (i), (ii) and (iii) of this paragraph. 
 In making any such payment from the Construction Fund, the Trustee may rely on any such requisitions and certificates delivered to it pursuant to this
Section and the Trustee shall be relieved of all liability with respect to making such payments in accordance with such requisitions and certificates without inspection of the Project or any other investigation. 
 Section 4.4 Obligation of the Parties to Cooperate in Furnishing Documents to Trustee. The Issuer and the Lessee agree to cooperate with each
other in furnishing to the Trustee the documents referred to in Section 4.3 hereof that are required to effect payments out of the Construction Fund, and to cause such requisitions to be directed to the Trustee as may be necessary to effect
payments out of the Construction Fund in accordance with Section 4.3 hereof. 
 Section 4.5 Establishment of Completion Date and
Date of Beneficial Occupancy. The Completion Date shall be evidenced to the Trustee by a certificate executed by the Authorized Lessee Representative (the “Construction Completion Certificate”) stating that as of a date certain
(the “Completion Date”) the Project Construction was completed and that the Issuer and/or the Lessee received all consents, approvals or other licenses for applicable Governmental Authorities required for the use, occupancy and
operation of the Project. The Construction Completion Certificate shall be delivered within ten (10) days of the Completion Date as determined by the Lessee. 
  

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 The Date of Beneficial Occupancy shall be evidenced to the Trustee by a certificate signed by the
Authorized Lessee Representative (the “Beneficial Occupancy Certificate”) stating that the Date of Beneficial Occupancy has occurred and specifying said date. The “Date of Beneficial Occupancy” shall mean the
earliest to occur of (i) the Completion Date or (ii) the day on which commercial operations at the Project have begun. The Beneficial Occupancy Certificate shall be delivered within ten (10) days of the date of the occurrence of the
Date of Beneficial Occupancy. 
 Notwithstanding the foregoing, the Construction Completion Certificate and the Beneficial Occupancy
Certificate shall state that they are given without prejudice to any rights of the Issuer or the Lessee against third parties which exist on the date of such certificate or which may subsequently come into being. The Issuer and the Lessee agree to
cooperate in causing such certificates to be furnished to the Trustee. 
 Section 4.6 Lessee Required to Pay Construction and
Equipment Costs in Event Construction Fund Insufficient. In the event the moneys in the Construction Fund available for payment of the Project Costs should not be sufficient to pay such costs in full and the Lessee has not requested that the
Issuer issue Additional Bonds for such purpose, the Lessee agrees to complete the Project Construction and to pay all that portion of the Project Costs as may be in excess of the moneys available therefor or in the Construction Fund by making
payments directly to the construction contractor or contractors or the suppliers of materials and equipment as the same shall become due or by paying into the Construction Fund the moneys necessary to complete the Project in which case the Issuer
will proceed to complete the Project Construction and the cost thereof will be paid from the Construction Fund. The Issuer does not make any warranty, either express or implied, that the moneys which will be paid into the Construction Fund and
which, under the provisions of this Lease, will be available for payment of the Project Costs will be sufficient to pay all such Project Costs. The Lessee agrees that if, after exhaustion of the moneys in the Construction Fund, the Lessee should pay
any portion of the Project Costs pursuant to the provisions of this Section, it shall not be entitled to any reimbursement therefor from the Issuer or from the Trustee or from the holders of any of the Bonds (except to the extent that Additional
Bonds may be issued to pay such excess Project Costs) nor shall it be entitled to any diminution of the rents payable under Section 5.3 hereof. All Land, Improvements and Equipment acquired with funds provided by the Lessee as provided herein
shall be titled in the name of the Issuer and subject to the terms of this Lease. 
 Section 4.7 Issuer to Pursue Remedies Against
Contractors and Subcontractors and Their Sureties. In the event of any default of any supplier, contractor or subcontractor under any Construction Contract entered into in connection with the Project Construction or in the event of breach of
warranty with respect to any material, workmanship or performance guaranty, the Issuer, at the request and sole cost of the Lessee, will promptly proceed either separately or in conjunction with others, to exhaust the remedies of the Issuer against
any defaulting supplier, contractor or subcontractor and against any surety thereof or for the performance of any contract made in connection with the Project. Unless the Lessee shall request the Issuer to proceed in another manner, the Issuer shall
proceed, in connection with any such default, only through the Lessee as agent for the Issuer; and the Lessee, as such agent and in the name of the Issuer, shall prosecute, defend or settle any action or proceeding or take any other action involving
any such supplier, contractor, subcontractor or surety which the Lessee deems 

  

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reasonably necessary. Any amounts recovered by way of damages, refunds, adjustments or otherwise in connection with the foregoing prior to the Completion
Date shall be paid into the Construction Fund and after the Completion Date shall be applied in the manner specified in Section 4.3 hereof. 
 Section 4.8 Investment of Construction Fund and Bond Fund Moneys Permitted. Any moneys held as a part of the Construction Fund or the Bond Fund shall be invested or reinvested by the Trustee upon the written request and
direction of the Lessee in only those investments permitted under the Indenture. Notwithstanding the foregoing, the Issuer acknowledges and agrees that pursuant to the Bond Purchase Agreement, payment of the Bonds may be made in installments
commencing on the Closing Date. 
 ARTICLE V 
 EFFECTIVE DATE OF THIS LEASE; 
 DURATION OF LEASE TERM; RENTAL PROVISIONS 
 Section 5.1 Effective Date of This Lease, Duration of Lease Term. The agreements contained in this Lease shall become effective and the
Agreement Term shall begin as of the dated date hereof. The Lease Term shall not commence until the Date of Beneficial Occupancy. Unless sooner terminated or extended in accordance with the provisions of this Lease, this Lease and the Lease Term
shall expire at midnight on the tenth anniversary of the thirty-first day of December of the year immediately following the year in which the Date of Beneficial Occupancy occurs; provided, however, if for any reason the entire Project has not been
transferred to the Lessee pursuant to Article XI hereof, then the Lease Term shall continue until such Project has been so transferred (such period after the Stated Termination Date shall herein be called the “Extended Lease Term”).

 Section 5.2 Delivery and Acceptance of Possession. The Issuer agrees to deliver to the Lessee sole and exclusive possession of
the Project (subject to the right of the Issuer or the Trustee to enter thereon for inspection purposes and to the other provisions of Section 8.2 hereof) on the Date of Beneficial Occupancy and the Lessee agrees to accept possession of the
Project upon such delivery; provided, however, that the Lessee shall be permitted to enter the Project prior to the Date of Beneficial Occupancy for the purpose of fulfilling its duties and obligations as agent for the Issuer in connection with the
Project Construction as provided in Article TV hereof and to install and maintain its own equipment. 
 Section 5.3 Rents and Other
Amounts Payable. 
 (a) The Lessee shall make payments to the Trustee during the Agreement Term for the account of the Issuer in such
amounts and at such times as are sufficient to pay (i) the principal of and premium, if any, on the Bonds (whether due and payable at maturity or upon the redemption (in whole or in part) or acceleration of the Bonds) and (ii) accrued
interest on the Bonds. In any event each rental payment under this Section shall be sufficient to pay the total amount of the principal of, premium, if any, and interest payable on the Bonds and if at any time 

  

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the balance in the Bond Fund is insufficient to make required payments of the principal of, premium, if any, and interest due on the Bonds on such date, the
Lessee shall forthwith pay any such deficiency. 
 Anything herein to the contrary notwithstanding, any amount at any time deposited in the
Bond Fund shall be credited against the next succeeding payment and shall reduce the payment to be made by the Lessee to the extent such amount is in excess of the amount required for payment of the principal of and premium, if any, on Bonds
theretofore called for redemption and past due interest in all cases where such Bonds have not been presented for payment; and further, if the amount held by the Trustee in the Bond Fund should be sufficient to pay at the times required the
principal of, premium, if any, and interest on the Bonds then remaining unpaid, the Lessee shall not be obligated to make any further payments under the provisions of this Section. 
 The payments due and payable during the Extended Lease Term (as defined in Section 5.1 hereof) shall be $1.00 per year. 
 (b) The Lessee agrees to pay to the Trustee (to the extent not paid from the Construction Fund) until the principal of, premium, if any, and interest on
the Bonds shall have been fully paid, its reasonable and necessary fees, charges and expenses (including reasonable fees and expenses of counsel) as provided in the Indenture, as and when the same become due. In addition, the Lessee agrees to pay
the reasonable and necessary fees, charges and expenses of the Trustee appointed with the consent of the Lessee in accordance with the Indenture. The Lessee may, without creating a default hereunder, withhold any payment required to be made under
this subsection (b) in order to contest in good faith the validity, necessity or reasonableness of any such fees, charges or expenses. 
 (c) The Lessee agrees to pay the reasonable and necessary expenses (including attorneys’ fees and expenses) not otherwise provided for in this Lease, which may be incurred by the Issuer, or for which the Issuer may in any way become
liable, as a result of issuing any of the Bonds, the Project Construction and the leasing of the Project to the Lessee, or being a party to this Lease or the Indenture, or issuing the Bonds. 
 (d) In the event the Lessee should fail to make any of the payments required in this Section, the item or installment so in default shall continue as an
obligation of the Lessee until the amount in default shall have been fully paid, and the Lessee agrees to pay the same with interest thereon at the rate of interest borne by the Bonds until paid. The provisions of this Section shall be subject to
the provisions of Section 9.7 hereof. 
 Section 5.4 Place of Payments. The payments provided for in Section 5.3(a)
hereof shall either be paid directly to the Trustee for the account of the Issuer and deposited in the Bond Fund or be paid directly to the holder or holders of Bonds in accordance with a home office payment agreement entered into pursuant to
Section 202(c) of the Indenture. The payments provided for in Section 5.3(b) and (c) hereof shall be paid directly to the parties to whom such payments are due. 
  

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 Section 5.5 Obligations of Lessee Hereunder Unconditional. Subject to the provisions of
Section 9.7 hereof, the obligations of the Lessee to make the payments required in Section 5.3(a) hereof shall be absolute and unconditional and shall not be subject to diminution by set-off, counterclaim, abatement or otherwise. Until
such time as the principal of, premium, if any, and interest on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with the Indenture, the Lessee (i) will not suspend or discontinue any
payments provided for in Section 5.3(a) hereof except to the extent the same have been prepaid, and (ii) except as provided in Sections 11.1 and 11.5 hereof, will not terminate the Agreement Term for any cause, including, without limiting
the generality of the foregoing, failure of the Issuer to complete the Project Construction, failure of the Issuer’s title to the Project or any part thereof, any acts or circumstances that may constitute failure of consideration, eviction or
constructive eviction, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State of Georgia or any political subdivision of either thereof or any
failure of the Issuer to perform and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Lease. Nothing contained in this Section shall be construed to release the Issuer from
the performance of any of the agreements on its part herein contained; and in the event the Issuer should fail to perform any such agreement on its part, the Lessee may institute such action against the Issuer as the Lessee may deem necessary to
compel performance or recover its damages for nonperformance so long as such action shall not do violence to the agreements on the part of the Lessee contained in the preceding sentence. The Lessee may, however, at its own cost and expenses and in
its own name or in the name of the Issuer, prosecute or defend any action or proceeding or take any other action involving third persons which the Lessee deems reasonably necessary in order to insure the acquisition, construction and equipping of
the Project or to secure or protect its right of possession, occupancy and use hereunder, and in such event the Issuer hereby agrees to cooperate fully with the Lessee and to take all action necessary to effect the substitution of the Lessee for the
Issuer in any such action or proceeding if the Lessee shall so request. 
 ARTICLE VI 
 MAINTENANCE, MODIFICATIONS, 
 TAXES
AND INSURANCE 
 Section 6.1 Maintenance and Modifications of Project by Lessee. 
 (a) The Lessee agrees that during the Lease Term it will at its own expense (i) keep the Project in as reasonably safe condition as its operations
shall permit and (ii) keep the Improvements and the Equipment and all other facilities and improvements forming a part of the Project in reasonably good repair and in good operating condition. 
 (b) The Lessee may from time to time, in its sole discretion and at its own expense, make any additions, modifications or improvements to the Project,
including (i) the acquisition of additional real property or any interests therein, (ii) the acquisition, construction and equipping of additional buildings, utilities, parking facilities and other improvements on or 

  

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under the Land, and (iii) the installation of additional machinery, equipment and other tangible personal property in the Project, on the Land or in any
additional buildings and improvements (collectively, the “Additions”); provided, however, no such Additions shall materially impair the effective use of the Project or result in any part of the Project not being a
“project” within the meaning of the Act. The Lessee shall furnish to the Issuer the plans for any such Additions. The Issuer shall not be obligated to pay any costs or expenses in connection with the design, acquisition, construction or
installation of any such Additions. 
 At any time and from time to time, the Lessee may elect by giving notice thereof to the Issuer to
include any such Additions or portions thereof as a part of the Project (collectively, herein called “Project Improvements”); provided that to the extent any such Project Improvements include personal property, such notice shall be
accompanied by a bill of sale, assignment or other instrument transferring title thereof to the Issuer. No transfer instrument shall be required in the case of the Project Improvements which constitute real property and upon the giving of such
notice to the Issuer such Project Improvements shall be deemed a part of the Project and titled in the name of the Issuer. If no such notice is given by the Lessee to the Issuer, such Additions shall be deemed Excluded Property. 
 Any such Additions constituting Excluded Property, may be removed by the Lessee at any time and from time to time; provided that any damage to the
Project occasioned by such removal shall be repaired by the Lessee at its own expense. All Excluded Property, whether or not installed in the Project or located on or adjacent to the Land, shall remain the sole property of the owner thereof in which
the Issuer shall not have any interest, and shall not be subject to the provisions of this Lease or the Indenture. The Issuer agrees to execute and deliver at the request of the Lessee or any other Person having an interest in the Project or any
part thereof any landlord’s waivers and other releases in connection with the acquisition, construction and installation of such Excluded Property. 
 Nothing contained in the preceding provisions of this Section 6.1(b) shall prevent the Lessee from granting any deeds to secure debt, mortgages, security agreements or other similar liens or encumbrances or
entering into any sale/leaseback transactions with respect to any Additions (whether in the form of a conditional sale, financing lease or otherwise) and the Issuer agrees to execute and deliver at the request of the Lessee any instruments, waivers,
releases, financing statements or other documents necessary or appropriate to confirm any such grant. These provisions shall be in addition to the rights of the Lessee set forth in Sections 8.5 and 8.7 hereof. 
 (c) Subject to the Lessee’s usual safety and security requirements of persons located on the Land, the Issuer, the Trustee and their respective duly
authorized agents shall have the right, upon giving the Lessee at least 48 hours prior written notice, to enter upon any part of the Land during normal daylight business hours, and examine and inspect the same as may be reasonably necessary for the
purpose of determining whether the Lessee is in compliance with its obligations under this Section 6.1; provided that no such inspection shall interfere with the business operations at the Project. 
 Section 6.2 Removal of Equipment. The Issuer shall not be under any obligation to renew, repair or replace any inadequate, obsolete, worn
out, unsuitable, undesirable 
  

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or unnecessary Equipment. In any instance where the Lessee in its sole discretion determines that any items of Equipment have become inadequate, obsolete,
worn out, unsuitable, undesirable or unnecessary, the Lessee may remove such items of Equipment and (on behalf of the Issuer), sell, trade-in, exchange or otherwise dispose of them (as a whole or in part) and retain all proceeds or consideration
received in connection therewith without any responsibility or accountability to the Issuer therefor, provided that in the event that any such removal shall result in the Project not being deemed to constitute a “project” under the Act,
the Lessee shall substitute (either by direct payment of the costs thereof or by advancing to the Issuer the funds necessary therefor) and install other machinery or equipment or otherwise take such additional actions which would cause the Project
to constitute a “project” under the Act. 
 The removal from the Project of any portion of the Equipment pursuant to the provisions
of this Section shall not entitle the Lessee to any abatement or diminution in amount of the rents payable under Section 5.3 hereof. 
 The Lessee will not remove or permit the removal of any of the Equipment except in accordance with the provisions of this Section. At the request of the Lessee, the Issuer shall execute such bills of sale, releases or other documents
reasonably required by the Lessee in order to accomplish any sale, trade-in, exchange or other disposition of Equipment pursuant to this Section. 
 Section 6.3 Taxes, Other Governmental Charges and Utility Charges. 
 (a) The Issuer and the Lessee acknowledge that
under present law no part of the Project owned by the Issuer will be subject to ad valorem taxation by the State of Georgia or by any political or taxing subdivision thereof, and that under present law the income and profits (if any) of the Issuer
from the Project are not subject to either Federal or Georgia taxation. The Issuer further acknowledges that it has entered into this Lease to enable the Lessee to enjoy a reduction in ad valorem taxation afforded by the reduced value of
Lessee’s interest in the Project, as set forth in that certain Memorandum of Agreement Regarding Lease Structure and Valuation of Leasehold Interest among the Issuer, the Lessee and the Fulton County Board of Tax Assessors (the
“Property Tax Memorandum”). Pursuant to the Property Tax Memorandum, the Issuer agrees that the Lessee will not be required to make any payments in lieu of taxes or other similar payments, provided that the Lessee will pay, as the
same respectively become lawfully due and payable, (i) all ad valorem taxes assessed with respect to the Lessee’s leasehold interest in the Project during the Lease Term; (ii) all taxes and governmental charges of any kind whatsoever
upon or with respect to the Project or any machinery, equipment or other property installed or brought by the Lessee therein or thereon (including, without limiting the generality of the foregoing, any taxes levied upon or with respect to the income
or profits of the Issuer from the Project which, if not paid, will become a lien on the Project or a charge on the revenues and receipts therefrom prior to or on a parity with the lien or charge of the Indenture; (iii) all utility and other
charges incurred in the operation, maintenance, use, occupancy and upkeep of the Project; and (iv) all assessments and charges lawfully made by any governmental body for public improvements that may be secured by lien on the Project; provided,
that with respect to special assessments or other governmental charges that may lawfully be paid in installments over a period of years, the Lessee shall be obligated to pay only such installments as are required to be paid during the Lease Term.

  

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 (b) It is the understanding and intent of the parties that the Issuer’s acquisition of title to the
Project, including but not limited to the Equipment, shall be solely for the purpose of leasing the same to the Lessee pursuant to the terms hereof. It is further the understanding and intent of the parties that, for purposes of the sales and use
taxes imposed by Article 8 of Title 48 of the Official Code of Georgia Annotated, the conveyance to the Issuer of title to the Project or any portion thereof by the Lessee as contemplated herein shall not be a taxable transaction for sales and use
tax purposes in accordance with the holding of Footpress Corporation v. Strickland, 242 Ga. 686, 251 S.E.2d 278 (1978). 
 (c) The Lessee
may, at its own expense and in its own name and behalf or in the name and behalf of the Issuer, in good faith contest any such taxes, assessments and other charges and, in the event of any such contest, may permit the taxes, assessments or other
charges so contested to remain unpaid during the period of such contest and any appeal therefrom. The Issuer will cooperate fully with the Lessee in any such contest. 
 Section 6.4 Insurance and Indemnity. 
 (a) During the Project Construction and throughout the
Agreement Term, the Lessee shall, in its own name or in the name of the Issuer, keep the Project continuously insured against such risks and in such amounts as are customarily insured against by the Lessee and in such amounts as is consistent with
the Lessee’s customary practices, paying as the same become due all premiums in respect thereto; provided that the Lessee may satisfy the requirements of this Section through self-insurance in accordance with its customary practices at other
locations. Any policies of insurance so obtained by the Lessee shall include the Issuer as a named insured, as its interest may appear, if such endorsement is obtainable and customary. The Lessee may, in its own name or in the name of the Issuer,
prosecute or defend any action or proceeding, or take any other action involving claims against the carrier of the insurance required hereby, including the settlement of such claims, which the Lessee deems necessary or desirable under the
circumstances. 
 (b) The Lessee shall also indemnify and defend the Issuer and the Trustee, and their respective officers, directors,
employees and agents (collectively the “Indemnified Parties” or individually an “Indemnified Party”), and hold the same harmless against all liabilities, loses, suits, actions, damages, penalties, costs and expenses
(collectively, “Indemnified Losses”) incurred in connection with or with respect to (i) the issuance or sale of the Bonds, (ii) the Project Construction, or (iii) the operation of the Project by the Lessee; provided,
however, that the indemnification required by this Section 6.4 shall not include indemnification for Indemnified Losses resulting directly or indirectly from the gross negligence, bad faith or willful misconduct of any Indemnified Party; and
provided, further, that the indemnity provided in this Section shall be effective only to the extent of any Indemnified Loss in excess of the Net Proceeds of any insurance carried with respect to the loss sustained. Unless the Lessee shall request
an Indemnified Party to proceed in another manner, an Indemnified Party shall proceed in connection with any claim against which indemnification is provided hereunder, only through the Lessee as agent for such Indemnified Party unless there is a
conflict; and the Lessee, as such agent and in the name of such Indemnified Party, shall defend or settle any such claim, action or proceeding or take any other action with respect thereto as the Lessee shall deem reasonably necessary and
appropriate. 
  

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 (c) The provisions of this Section 6.4 shall survive the termination of this Agreement and the
Indenture and the resignation or removal of the Trustee. 
 Section 6.5 Advances by Issuer or Trustee. In the event the Lessee
shall (i) fail to maintain the insurance coverage required by Section 6.4 hereof or (ii) fail to correct or repair any hazardous condition at the Project which poses an immediate threat of injury to or death of any Person, and such
failure shall continue for thirty (30) days after receipt of written notice from the Issuer or the Trustee demanding that such failure be remedied and indicating the intent of such party to cure such failure at the expense of the Lessee, the
Issuer or the Trustee may (but unless satisfactorily indemnified shall be under no obligation to) take out the required policies of insurance and pay the premiums on the same or take appropriate actions to correct such hazardous condition; and all
amounts so advanced therefor, by the Issuer or the Trustee shall become an additional obligation of the Lessee to said party, which amounts, together with interest thereon at the rate of interest borne by the Bonds from the date thereof, the Lessee
agrees to pay. 
 ARTICLE VII 
 DAMAGE DESTRUCTION AND CONDEMNATION 
 Section 7.1 Damage and Destruction. Unless the Lessee shall elect to
exercise its option to purchase the Project pursuant to the provisions of Section 11.1 hereof, if prior to full payment of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture) the
Project is destroyed (in whole or in part) or is damaged by fire or other casualty all Net Proceeds of insurance received by the Issuer, the Lessee or the Trustee resulting from claims for such losses shall be paid to the Lessee and applied in one
or more of the following ways at the sole discretion of the Lessee: 
 (a) The restoration by the Lessee, as agent for and on behalf of the
Issuer, of the property damaged or destroyed to substantially the same condition as it existed prior to the event causing such damage or destruction, with such changes, alterations, and modifications (including the substitution and addition of other
property) as may be desired by the Lessee and will not impair the utility of the Project; or 
 (b) Payment into the Bond Fund to be applied
by the Trustee toward the redemption of the principal of any of the Bonds, in whole or in part, together with accrued interest thereon to the date of redemption; or 
 (c) Payment to the Lessee for any other purpose. 
 The Lessee shall not be obligated to report the use of
such proceeds to the Issuer or the Trustee or to make any accounting with respect to the use of any such Net Proceeds. The Issuer hereby makes, constitutes and appoints the Lessee as its agent with power of substitution, and the Lessee hereby
accepts such agency, to repair, rebuild or restore the property damaged as provided above. 
 Section 7.2 Condemnation. Unless
the Lessee shall elect to exercise its option to purchase the Project pursuant to the provisions of Section 11.1 hereof, if prior to full 

  

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payment of the Bonds (or provision for payment having been made in accordance with the provisions of the Indenture) title to, or the temporary use of, the
Project or any part thereof shall be taken under the exercise of the power of eminent domain by any governmental body or by any person, firm or corporation acting under governmental authority, the Net Proceeds received by the Issuer, the Lessee, the
Trustee or any of them, from any award made in such eminent domain proceedings, shall be paid to the Lessee and applied in one or more of the following ways at the sole discretion of the Lessee: 
 (a) The restoration of the improvements of the Project to substantially the same condition as they existed prior to the exercise of the said power of
eminent domain, with such changes, alterations, and modifications (including the substitution and addition of other property) as may be desired by the Lessee and will not impair the utility of the Project; 
 (b) The acquisition, by the Issuer at the request of the Lessee of other machinery, equipment or other tangible personal property suitable for the
Lessee’s operation of the Project (which property shall be deemed a part of the Project and available for use and occupancy by the Lessee without the payment of any rent other than herein provided to the same extent as if such other property
were specifically described herein and demised hereby); provided, that such property shall be acquired by the Issuer subject to no liens or encumbrances other than those approved by the Lessee. 
 (c) Payment into the Bond Fund to be applied by the Trustee toward the redemption of the principal of the Bonds, in whole or in part, together with
accrued interest thereon to the date of redemption; or 
 (d) Payment to the Lessee for any other purpose. 
 The Lessee shall not be obligated to report to the Issuer or the Trustee or to make any accounting therefor. 
 The Issuer shall cooperate fully with the Lessee in the handling and conduct of any prospective or pending condemnation proceeding with respect to the
Project or any part thereof and will, to the extent it may lawfully do so, permit the Lessee to litigate in any such proceeding in the name and behalf of the Issuer. In no event will the Issuer voluntarily settle, or consent to the settlement of,
any prospective or pending condemnation proceeding with respect to the Project or any part thereof without the written consent of the Lessee. 
 Section 7.3 Condemnation of Excluded Property. The Lessee shall also be entitled to the Net Proceeds of any condemnation award or portion thereof made for damages to or takings of its own property or for damages on account of
the taking of or interference with the Lessee’s rights to possession, use or occupancy of the Project. 
 ARTICLE VIII 

SPECIAL COVENANTS 
 Section 8.1 No Warranty of Design, Condition or Suitability by the Issuer. THE ISSUER MAKES NO WARRANTY, EITHER EXPRESS OR IMPLIED, AS TO THE DESIGN OR CONDITION OF THE PROJECT OR THAT IT WILL BE SUITABLE FOR THE LESSEE’S
PURPOSES OR NEEDS. 
  

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 Section 8.2 Inspection of the Project. During the Lease Term, the Lessee agrees that upon
receipt by the Lessee of at least two days’ prior written notice from the Issuer, the Issuer and its duly authorized agents who are reasonably acceptable to the Lessee shall have the right at all reasonable times during business hours, subject
to the Lessee’s usual safety and security requirements, to enter upon the Land and to examine and inspect the Project without interference or prejudice to the Lessee’s operations. 
 Section 8.3 Lessee to Maintain its Existence; Conditions Under Which Exceptions Permitted. The Lessee agrees that during the Agreement Term
it will maintain its existence, will not dissolve or otherwise dispose of all or substantially all of its assets and will not consolidate with or merge into another Person or permit one or more other Persons to consolidate with or merge into it;
provided, that the Lessee may, without violating the agreement contained in this Section, consolidate with or merge into another Person or permit one or more other Persons to consolidate with or merge into it, or transfer all or substantially all of
its assets to another Person, but only on condition that the Person resulting from or surviving such merger (if other than the Lessee) or consolidation or the Person to which such transfer is made (i) shall expressly assume and agree in writing
to perform all of the Lessee’s obligations under this Lease, and (ii) if an entity, shall be organized and existing under the laws of one of the states of the United States of America or the District of Columbia or, if not, shall appoint
and maintain a local agent for service of process in the State of Georgia. 
 Section 8.4 Qualification in Georgia. The Lessee
covenants that it is and throughout the Agreement Term it will continue to be either organized or qualified to do business under the laws of the State of Georgia. 
 Section 8.5 Granting of Easements and Leasehold Mortgages. 
 (a) The Lessee may at any time or
times cause to be granted easements, licenses, rights-of-way (temporary or perpetual and including the dedication of public highways) and other rights or privileges in the nature of casements with respect to any property included in the Project, or
the Lessee may cause to be released existing casements, licenses, rights-of-way and other rights or privileges in the nature of easements, held with respect to any property included in the Project with or without consideration and the Issuer agrees
that at the request of the Lessee it shall execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easements, license, right-of-way or other right or privilege. 
 (b) The Lessee shall at all times and from time to time have the right to encumber all of the Lessee’s right, title and interest under this Lease by
mortgage, deed to secure debt, security agreement, assignment or other security instrument, including, without limitation, assignment of the rents, issues and profits from the Project, as security for any debt of the Lessee, (such mortgage, deed to
secure debt or other instrument(s) being hereinafter referred to as a “Leasehold Mortgage”, and the holder(s) from time to time of such Leasehold Mortgage being hereinafter referred to as a “Leasehold Mortgagee”).

  

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 In the event that a Leasehold Mortgagee shall provide the Issuer and the Trustee with written notice of
its name and address (a “Notice of Leasehold Mortgage”), then, following receipt by the Issuer of such Notice of Leasehold Mortgage and for so long as such Leasehold Mortgage shall remain unsatisfied of record or until written
notice of satisfaction of such Leasehold Mortgage is given by the Leasehold Mortgagee to the Issuer, the provisions of this Section 8.5 shall apply to each such Leasehold Mortgagee. Upon written request of such Leasehold Mortgagee, the Issuer
shall acknowledge receipt of a Notice of Leasehold Mortgage by an instrument in recordable form provided to the Issuer and the Trustee by the Leasehold Mortgagee. In the event of any assignment of a Leasehold Mortgage or in the event of a change of
address of a Leasehold Mortgagee or of an assignee of such Leasehold Mortgagee written notice of such new name and/or address shall be promptly provided to the Issuer. 
 No cancellation, rejection, surrender, amendment or modification (other than by expiration of the Lease Term) of this Lease or release of the Lessee hereunder shall be effective as to any Leasehold Mortgagee (provided
that such Leasehold Mortgagee has given a Notice of Leasehold Mortgage) unless consented to in writing by such Leasehold Mortgagee. Without limiting the generality of the foregoing, no rejection of this Lease by Lessee or by a trustee in bankruptcy
for the Lessee shall be effective as to any Leasehold Mortgagee (provided that such Leasehold Mortgagee has given a Notice of Leasehold Mortgage) unless consented to in writing by such Leasehold Mortgagee. 
 The Issuer and the Trustee shall, on serving the Lessee with any notice of any default under this Lease, simultaneously serve a copy of such notice upon
each Leasehold Mortgagee (provided that such Leasehold Mortgagee has given a Notice of Leasehold Mortgage). No such notice by the Issuer to the Lessee shall be deemed to have been duly given unless and until a copy thereof has been so provided to
every Leasehold Mortgagee in the manner specified herein (provided that such Leasehold Mortgagee has given a Notice of Leasehold Mortgage). From and after the date such notice has been given to a Leasehold Mortgagee, each such Leasehold Mortgagee
shall have the same period, after its receipt of such notice, for remedying any default specified in such notice or causing the same to be remedied as is given to the Lessee after the giving of such notice to the Lessee to remedy, commence remedying
or cause to be remedied the defaults specified in any such notice, but Leasehold Mortgagee shall in no manner be obligated to do so. The Issuer and the Trustee shall accept such cure by or at the instigation of the Leasehold Mortgagee as if the same
had been performed by the Lessee. The Lessee hereby authorizes each Leasehold Mortgagee to take any such action that such Leasehold Mortgagee deems necessary to cure any such default and does hereby authorize entry upon the Project by each such
Leasehold Mortgagee for the purpose of curing such defaults. 
 (c) In the event that the Issuer or the Trustee shall elect to terminate this
Lease by reason of any default of the Lessee under Article X, such Leasehold Mortgagee shall have the right, which right shall be exercised, if at all, within fifteen (15) days after such Leasehold Mortgagee is notified of the Issuer’s
election to terminate the Lease, to postpone and extend the specified date for the termination of this Lease as fixed by the Issuer in its notice of termination for a period of not more than six (6) months, provided that such Leasehold
Mortgagee shall, during such six (6) month period, (A) pay or cause to be paid any Annual Rental and other payments and charges as the same become due and continue its good faith efforts to perform all of the Lessee’s other
obligations under this Lease, excepting (i) obligations of the Lessee to 

  

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satisfy or otherwise discharge any lien, charge or encumbrance against Lessee’s interest in this Lease or the Project provided that such lien, charge or
encumbrance is junior in priority to the lien of the mortgage held by such Leasehold Mortgagee and does not effect the Issuer’s fee simple interest in the Project, and (ii) past non-monetary obligations then in default and not reasonably
susceptible of being cured by such Leasehold Mortgagee, and (B) if not enjoined or stayed, take steps to acquire or sell the Lessee’s interest in this Lease by foreclosure of the Leasehold Mortgage or other appropriate means and prosecute
the same to completion with due diligence. 
 If at the end of such six (6) month period such Leasehold Mortgagee is complying with the
immediately preceding paragraph and such Leasehold Mortgagee is prohibited by any process or injunction issued by any court of competent jurisdiction or by reason of any action in any court of competent jurisdiction from commencing or prosecuting
foreclosure or other appropriate proceedings in the nature thereof, this Lease shall not then terminate, and the time for completion by such Leasehold Mortgagee of its proceedings shall continue so long as such Leasehold Mortgagee is enjoined or
stayed and thereafter for so long as such Leasehold Mortgagee proceeds in good faith and with due diligence to complete steps to acquire or sell the Lessee’s interest in this Lease by foreclosure of the Leasehold Mortgage or by other
appropriate means. Nothing in this paragraph, however, shall be construed to extend this Lease beyond the original Lease Term, nor to require a Leasehold Mortgagee to continue foreclosure proceedings after a default has been cured. In the event that
such default shall be cured and the Leasehold Mortgagee shall discontinue such foreclosure proceedings, this Lease shall continue in full force and effect as if the Lessee had not defaulted under this Lease. 
 In the event that a Leasehold Mortgagee complies with this subsection 8.5(c) and Leasehold Mortgagee acquires the Lessee’s right title and interest
herein by foreclosure or otherwise, then, upon the acquisition of the Lessee’s right, title and interest herein by such Leasehold Mortgagee or its designee, or any other purchaser or assignee at a foreclosure sale or otherwise, this Lease shall
continue in full force and effect as if the Lessee had not defaulted under this Lease. 
 The granting of a Leasehold Mortgage shall not be
deemed to constitute an assignment or transfer of this Lease or of the leasehold estate hereby created, and any conveyance of the leasehold estate created hereby from Lessee to a Leasehold Mortgagee by foreclosure or otherwise, or from Leasehold
Mortgagee as attorney-in-fact of the Lessee to a purchaser at a foreclosure sale, shall not be deemed to constitute an assignment or transfer of this Lease or of the leasehold estate hereby created requiring the assumption of the obligations of the
Lessee hereunder, but such purchaser or assignee of this Lease and of the leasehold estate hereby created shall be deemed to have agreed to perform all of the terms, covenants and conditions on the part of the Lessee to be performed hereunder from
and after the date of such purchase and assignment. Upon such conveyance, the Issuer and the Trustee shall recognize such Leasehold Mortgagee, or any other purchaser or assignee, as the Lessee hereunder. From and after the date of such sale or
assignment, the holder of any Leasehold Mortgage then existing or thereafter placed on the leasehold estate hereby created shall be considered a Leasehold Mortgagee as contemplated by this Lease, and the Leasehold Mortgagee thereunder shall be
entitled to receive the benefit of any and all provisions of this Lease intended for the benefit of a Leasehold Mortgagee, subject to the obligations and duties of the Leasehold Mortgagee under this Lease. 
  

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 (d) In the event that this Lease is terminated as a result of any default by the Lessee hereunder or any
other cause (including, without limitation, a rejection of this Lease by the Lessee’s trustee in bankruptcy pursuant to 1 1 U.S.C. §365 or any equivalent provision of law), the Issuer shall provide each Leasehold Mortgagee (provided that
such Leasehold Mortgagee has given a Notice of Leasehold Mortgage) with written notice that the Lease has been terminated, together with a statement of all sums which would at that time be due under this Lease but for such termination, and of all
other defaults, if any, then known to the Issuer. The Issuer shall enter into a new lease (hereinafter referred to as the “New Lease”) of the Project with any Leasehold Mortgagee or its designee for the remainder of the term of this
Lease with the same covenants, conditions and agreements (including, without limitation, any and all options to extend or renew the term of this Lease, but excluding any requirements which have been satisfied by the Lessee prior to termination) as
are contained herein, subject only to (i) the conditions of title as the Project are subject to on the date of the execution of the original Lease, (ii) the right, if any, of any parties then in possession of any part of the Project by,
through or under Lessee, and (iii) the lien and encumbrance of any security instrument encumbering the Issuer’s fee simple interest in the Project upon receipt by the Issuer of a written request from such Leasehold Mortgagee on or before
sixty (60) days after the date of the Issuer’s notice of termination given pursuant to this subsection 8.5(d) and thereafter, the lessee under the New Lease shall have the same right, title and interest in and to the Project as the Lessee
had under this Lease. The obligations of the Issuer to enter into a New Lease shall be subject to the following conditions: 
 (i) Such Leasehold Mortgagee or its designee shall pay or cause to be paid to the Issuer at the time of the execution and delivery of such New Lease any and all sums which would at the time of execution and delivery thereof be due pursuant
to this Lease but for such termination and, in addition thereto, all reasonable expenses, including reasonable attorney’s fees, which the Issuer shall have incurred by reason of the Lessee’s default of which Leasehold Mortgagee has been
notified and provided an opportunity to cure as required by this Lease, and such termination and the execution and delivery of the New Lease and which have not otherwise been received by the Issuer from the Lessee or any other party in interest
under the Lessee. Upon the execution of such New Lease, the Issuer shall allow the Lessee named therein as an offset against the sums otherwise due under this subsection 8.5(d), an amount equal to the net income derived by the Issuer from the
Project during the period from the date of termination of this Lease to the date of beginning of the term of such New Lease; and 
 (ii) Such Leasehold Mortgagee or its designees shall agree to cure any defaults of the Lessee under the terminated Lease of which the Issuer shall have notified Leasehold Mortgagee other than a default existing under subsections 10.01(c),
(d) or (e) hereof. 
 The new lessee under such New Lease shall, upon entering into such New Lease, acquire all of the right, title
and interest of the Lessee in and to any and all subleases of all or any part of the Project. 
  

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 (e) So long as any Leasehold Mortgage is in existence, unless all Leasehold Mortgagees shall otherwise
expressly consent in writing, the fee title to the Project and the leasehold estate of the Lessee herein created shall not merge but shall remain separate and distinct, notwithstanding the acquisition of said fee title and said leasehold estate by
the Issuer or by the Lessee, or by a third party, by purchase or otherwise. 
 (f) Notices from the Issuer to the Leasehold Mortgagee shall
be mailed to the address furnished the Issuer pursuant to Notice of Leasehold Mortgage, and those from the Leasehold Mortgagee to the Issuer shall be mailed to the address designated pursuant to the provisions of Section 12.1 of this Lease.
Such notices, demands and requests shall be given in the manner described in Section 12.1 of this Lease and shall in all respects be governed by the provisions of that section. 
 (g) The Issuer shall, on request in connection with the financing or refinancing of the Lessee’s leasehold interest in the Project, execute,
acknowledge and deliver to a Leasehold Mortgagee an agreement, prepared at the sole cost and expense of the Lessee, in form satisfactory to the Leasehold Mortgagee and the Issuer among the Issuer, the Lessee and the Leasehold Mortgagee, agreeing to
all the provisions of this Article XI. In addition, the Lessee shall reimburse the Issuer for any reasonable attorneys’ fees and expenses actually incurred in reviewing such agreement. 
 Section 8.6 Waiver of Landlord’s Lien. 
 (a) The Issuer hereby waives any right to distrain Excluded Property or any other personal property of the Lessee or any other Person which does not constitute a part of the Project, and any landlord’s lien or
similar lien upon Lessee and any landlord’s lien or similar lien upon Excluded Property, any other personal property of Lessee or any other Person and any alterations belonging to any Person, regardless of whether such lien is created by
statute or otherwise. The Issuer agrees, at the request of the Lessee, to execute a waiver of any landlord’s or similar lien for the benefit of any present or future holder of a security interest in, or lessor of, any of the Excluded Property,
any other personal property of any Person or any alterations belonging to any Person. 
 (b) The Issuer acknowledges, and agrees in the
future to acknowledge (in a written form reasonably satisfactory to the Lessee), to such Persons, at such times and for such purposes as the Lessee may reasonably request, that any property included in Excluded Property is not subject to this Lease
and do not constitute fixtures or improvements (regardless of whether or to what extent such Excluded Property is affixed to the Project), and that the Issuer has no right, title or interest in or to any Excluded Property. 
 Section 8.7 Granting of Mortgages by Issuer. Upon the written request of the Lessee and with the consent of the holders of not less than a
majority in the aggregate principal amount of the Bonds then outstanding, the Issuer agrees to execute and deliver to any Person specified by the Lessee (a “Mortgagee”) with or without receipt of consideration and at all times and
from time to time, any mortgage, deed to secure debt, security agreement, assignment or other security instrument (herein called a “Mortgage”) encumbering the Issuer’s fee simple interest in the Project as security for any debt
of Lessee or any other Person. 
  

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 In addition, upon the written request of the Lessee and with the consent of the holders of not less than
a majority in aggregate principal amount of the Bonds then outstanding, the Issuer and the Trustee shall execute and deliver such subordination agreements, consents or other documents or instruments in recordable form having the effect of
subordinating all or any part of their respective interests in the Project, this Lease and the Trust Estate to the interests of the holder or holders of any Mortgage. 
 Section 8.8 Estoppel Certificates. The Issuer and the Trustee shall, without charge, at any time and from time to time hereafter, within five (5) days after written request of the Lessee to do so,
certify by written instrument duly executed and acknowledged to any Leasehold Mortgagee, Mortgagee or purchaser, or proposed Leasehold Mortgagee, Mortgagee or proposed purchaser, or any other Person, firm or corporation specified in such request:
(i) as to whether this Lease has been supplemented or amended, and if so, the substance and manner of such supplement or amendment; (ii) as to the existence of any default hereunder known to the Issuer or the Trustee; (iii) as to the
existence of any offsets, counterclaims or defenses hereto on the part of the Lessee known to the Issuer or the Trustee; (iv) as to the commencement and expiration dates of the term of this Lease; and (v) as to any other matters as may be
reasonably so requested. Any such certificate may be relied upon by the Lessee and any other person, firm or corporation to whom the same may be addressed, and the contents of such certificate shall be binding on the Issuer and the Trustee as to the
Lessee and the addressee(s) of such certificate. 
 Section 8.9 Authorized Issuer Representative. Unless otherwise specified
herein, whenever under the provisions hereof the approval of the Issuer is required or the Issuer is required to take some action at the request of the Lessee, such approval may be made or such action may be taken by the Authorized Issuer
Representative; and the Lessee or the Trustee shall be authorized to act on any such approval or action and the Issuer shall have no complaint against the Lessee or the Trustee as a result of any such action taken. 
 Section 8.10 Authorized Lessee Representative. Unless otherwise specified herein, whenever under the provisions hereof the approval of the
Lessee is required or the Lessee is required to take some action at the request of the Issuer, such approval may be made or such action may be taken by the Authorized Lessee Representative; and the Issuer or the Trustee shall be authorized to act on
any such approval or action and the Lessee shall have no complaint against the Issuer or the Trustee as a result of any such action taken. 
 ARTICLE IX 
 ASSIGNMENT, SUBLEASING, PLEDGING 
 AND SELLING; REDEMPTION; 
 RENT PREPAYMENT AND ABATEMENT 
 Section 9.1 Assignment and Subleasing. This Lease may be assigned in whole or in part, and the Project may be subleased as a whole or in
part, by the Lessee without 

  

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the necessity of obtaining the consent of the Issuer, the Trustee or any other Person; provided, however, except as provided below no assignment (other than
pursuant to Section 8.3 hereof) or sublease shall relieve the Lessee from primary liability for any of its obligations hereunder. The Lessee agrees to cause any sublessee of the Project or any portion thereof to operate the Project as a
“project” as defined in the Act. Notwithstanding the foregoing, the Lessee shall be relieved of liability hereunder in the event of an assignment of its interest in this Agreement if (i) the assignee expressly assumes and agrees in
writing to perform all of the Lessee’s obligations under this Lease and (ii) if the assignee is a foreign Person (i.e. a natural Person residing outside the United States of America or an entity not organized and existing under the laws of
one of the states of the United States of America or the District of Columbia), such Person shall appoint and maintain an agent for service of process in the State of Georgia. 
 Section 9.2 Assignment and Pledge of Revenues by Issuer. Pursuant to the Indenture, the Issuer has assigned and pledged its interest in any
moneys receivable under this Lease, excluding payments pursuant to Sections 5.3(b), 5.3(c) and 6.4 hereof, as security for the payment of the principal of, premium, if any, and interest on the Bonds, but such assignment and pledge shall be subject
and subordinate to this Lease. 
 Section 9.3 Restrictions on Sale of Project by Issuer. The Issuer agrees that, except as
otherwise expressly permitted under the terms of this Lease or the Indenture, it will not sell, assign, transfer or convey the Project during the Agreement Term and that it will not take any other action which may reasonably be construed as tending
to cause or induce the levy or assessment of additional ad valorem taxes on the Project. If the laws of Georgia at the time shall permit such action to be taken, nothing contained in this Section shall prevent the consolidation of the Issuer with,
or merger of the Issuer into, or transfer of the Project as an entirety to, any public corporation whose property and income are not subject to taxation and which has corporate authority to carry on the business of owning and leasing the Project;
provided, (i) that no such action shall be taken without the prior written consent of the Lessee, unless such action shall be required by law, and (ii) that upon any such consolidation, merger or transfer, the due and punctual payment of
the principal of, premium, if any, and interest on the Bonds according to their tenor, and the due and punctual performance and observance of all the agreements and conditions of this Lease to be kept and performed by the Issuer, shall be expressly
assumed in writing by the corporation resulting from such consolidation or surviving such merger or to which the Project shall be transferred as an entirety. 
 Section 9.4 Redemption of Bonds. The Issuer, at the request at any time of the Lessee and if the same are then redeemable, shall forthwith take all steps that may be necessary under the applicable
redemption provisions of the Indenture to effect redemption of all or part of the then outstanding Bonds, as may be specified by the Lessee, on the earliest redemption date on which such redemption may be made under such provisions or upon the date
set for the redemption by the Lessee pursuant to Sections 7.1, 7.2 or 11.1 hereof or Article III of the Indenture. 
 Section 9.5
Prepayment of Rents. There is expressly reserved to the Lessee the right, and the Lessee is authorized and permitted at any time it may choose, to prepay all or any part of the rents payable under Section 5.3(a) hereof, and the Issuer
agrees to accept such prepayment of rents when the same are tendered by the Lessee. All rents so prepaid shall be 

  

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credited on the rental payments specified in Section 5.3(a) hereof, in the order of their due dates and at the election of the Lessee shall be used for
the redemption of outstanding Bonds in the manner and to the extent provided in the Indenture. 
 Section 9.6 Presentment of Bonds
for Cancellation. The Lessee expressly reserves the right and is authorized to present any principal amount of Bonds to the Issuer or the Trustee for cancellation. If all of the outstanding Bonds are presented to the Issuer or the Trustee for
cancellation, then, upon payment to the Issuer or the Trustee of any amounts payable to the Issuer due hereunder (other than the payments pursuant to Section 5.3(a) hereof), this Lease may be terminated upon notice given pursuant to
Section 11.5(b) hereof. If a portion of the Outstanding Bonds are presented to the Issuer or the Trustee for cancellation, the resulting reduction in the amount of Bonds outstanding shall entitle the Lessee to an appropriate reduction in the
payments required by Section 5.3(a) hereof on all succeeding rental payment dates. All Bonds so presented and canceled shall thereafter no longer be considered outstanding for any purpose of the Indenture or this Lease, including the
calculation of payments under Section 5.3(a) hereof. The Lessee may present Bonds for partial cancellation and reissuance of new Bonds for the portions not canceled, or for partial cancellation and notation thereof on such Bonds, such notation
to be made on the Table of Partial Redemptions on such Bonds in the same manner as provided for partial redemptions in Section 306 of the Indenture. 
 Section 9.7 Lessee Entitled to Certain Rent Abatements if Bonds Paid Prior to Maturity. If at any time the aggregate moneys in the Bond Fund shall be sufficient to retire in accordance with the provisions
of the Indenture all of the Bonds at the time outstanding, and to pay all fees and charges of the Trustee due or to become due through the date on which the last of the Bonds is retired under circumstances not resulting in termination of the Lease
Term, and if the Lessee is not at the time otherwise in default under Article VI hereof, the Lessee shall be entitled to use and occupy the Project from the date on which such aggregate moneys are in the hands of the Trustee to and including
midnight on the last day of the Lease Term, without the payment of the amounts required by Section 5.3(a) during that interval (but otherwise on the terms and conditions hereof). 
 Section 9.8 Reference to Bonds Ineffective After Bonds Paid. Upon payment in full of the Bonds (or provision for payment thereof having been
made in accordance with the provisions of the Indenture) and all fees and charges of the Trustee, all references in this Lease to the Bonds shall be ineffective and the holders of any of the Bonds shall not thereafter have any rights hereunder,
saving and excepting those that shall have theretofore vested. For purposes of this Lease, the Bonds shall be deemed fully paid when so paid according to the provisions of Article IX of the Indenture. 
 ARTICLE X 
 EVENTS OF DEFAULT AND
REMEDIES 
 Section 10.1 Events of Default Defined. The following shall be “events of default” under this Lease and
the terms “event of default” or “default” shall mean, whenever they are used in this Lease, any one or more of the following events: 
 (a) Failure by the Lessee to pay when due the portion of the payments required to be paid under Section 5.3(a) hereof representing payment of the principal of, and premium, if any, on the Bonds and the
continuance thereof for a period of ten (l0) calendar days after receipt by the Lessee of written notice of such failure; 
  

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 (b) Failure by the Lessee to pay when due the portion of the payments required to be paid under
Section 5.3(a) hereof representing payments of interest on the Bonds, and the continuance thereof for a period of ten (10) calendar days after receipt by the Lessee of written notice of such failure; 
 (c) Failure by the Lessee to observe and perform any covenant, condition or agreement on its part to be observed or performed, other than as referred to
in subsections (a) and (b) of this Section, for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied, given to the Lessee by the Issuer, unless the Issuer shall agree in writing
to an extension of such time prior to its expiration; provided, however, if the failure stated in such notice cannot practically be corrected within the applicable period, it shall not be an event of default if the Lessee initiates appropriate
corrective measures during such period and such measures are thereafter diligently pursued by the Lessee; 
 (d) A proceeding or case shall
be commenced, without the application or consent of the Lessee in any court of competent jurisdiction seeking (i) liquidation, reorganization, dissolution, winding-up or composition or adjustment of debts of Lessee, (ii) the appointment of
a trustee, receiver, custodian, liquidator or the like of the Lessee or of all or any substantial part of its assets, or (iii) similar relief under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or
adjustment of debts, and such proceeding or cause shall continue undismissed, or an order, judgment, or decree approving or ordering any of the foregoing shall be entered and shall continue in effect for a period of ninety (90) days; or an
order for relief against the Lessee shall be entered against the Lessee in an involuntary case under the United States Bankruptcy Code (as now or hereafter in effect) or other applicable law and shall continue in effect for a period of ninety
(90) days; or 
 (e) The Lessee shall admit in writing its inability to pay its debts generally as they become due or shall file a
petition in voluntary bankruptcy or shall make any general assignment for the benefit of its creditors, or shall consent to the appointment of a receiver or trustee of all or substantially all of its property, or shall commence a voluntary case
under the United States Bankruptcy Code (as now or hereafter in effect), or shall file in any court of competent jurisdiction a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up or
composition or adjustment of debts, or shall fail to controvert in a timely or appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under such United States Bankruptcy Code or other applicable law.

 The term “liquidation, reorganization or dissolution of the Lessee” as used in this subsection, shall not be construed to
include the cessation of the existence of the Lessee resulting from a merger or consolidation of the Lessee into or with another Person or a dissolution or liquidation of the Lessee following a transfer of all or substantially all of its assets as
an entirety, under the conditions permitting such actions contained in Section 8.3 hereof. 
  

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 The foregoing provisions of this Section are subject to the following limitations: if by reason of a
Force Majeure Event the Lessee is unable in whole or in part to carry out the agreements on its part herein contained, other than the obligations on the part of the Lessee contained in Article V and Sections 6.3, 6.4 and 8.6 hereof, the Lessee shall
not be deemed in default during the continuance of such inability. 
 Section 10.2 Remedies on Default. Whenever any event of
default referred to in Section 10.1 hereof shall have happened and be subsisting and subject to the provisions of this Section 10.2, the Issuer may take any one or more of the following remedial steps: 
 (a) The Issuer may, at its option, declare all amounts payable under Section 5.3(a) hereof for the remainder of the Agreement Term to be immediately
due and payable, whereupon the same shall become immediately due and payable. If the Issuer elects to exercise the remedy afforded in this Section 10.2(a) and accelerates all amounts payable under Section 5.3(a) hereof for the remainder of
the Agreement Term, the amount then due and payable by the Lessee as accelerated rents shall be the sum of (1) the aggregate principal amount of the outstanding Bonds, and (2) all interest and redemption premium, if any, on the Bonds
accruing to the date of such acceleration. Such sums as may then become payable shall be paid into the Bond Fund and after the Bonds and accrued interest thereon have been fully paid and any costs occasioned by such default have been satisfied, any
excess moneys in the Bond Fund shall be returned to the Lessee as an overpayment of rents; provided, however, upon the occurrence of an event of default described in subsections (d) or (e) of Section 10.1 hereof, all amounts payable
under Section 5.3(a) hereof for the remainder of the Agreement Term shall be deemed automatically accelerated without the necessity of any declaration or the taking of any other action whatsoever. 
 (b) The Issuer or the Trustee may re-enter and take possession of the Project without terminating this Lease, and sublease the Project for the account of
the Lessee, holding the Lessee liable for the difference in the rent and other amounts payable by such sublessee in such subleasing and the rents and other amounts payable by the Lessee hereunder. 
 (c) The Issuer may terminate the Lease Term, exclude the Lessee from possession of the Project and use its best efforts to lease the Project to another
for the account of the Issuer, holding the Lessee liable for all rent and other payments due up to the effective date of such leasing. 
 (d)
In the event any of the Bonds shall at the time be outstanding and unpaid, the Issuer or the Trustee may have access to and inspect, examine and make copies of all books and records of the Lessee to the Project. 
 (e) The Issuer may take whatever action at law or in equity may appear necessary or desirable to collect the rent then due and thereafter to become due,
or to enforce performance and observance of any obligation, agreement or covenant of the Lessee under this Lease. 
 Any amounts collected
pursuant to action taken under this Section shall be paid into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the Bonds have been fully paid (or provision for payment thereof has been made in accordance with the
provisions of the Indenture), to the Lessee. 
  

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 Notwithstanding anything else herein contained, the Issuer and the Trustee shall be prohibited from
accelerating rental payments hereunder and exercise any other rights or remedies provided herein, at law or otherwise, unless and until the Issuer or the Trustee shall have given the Lessee not less than thirty (30) days’ prior written
notice of its intent to declare an event of default, accelerate rental payments and/or exercise any such rights or remedies and the Lessee shall have failed to cure said event of default prior to the expiration of said 30-day period. Any such notice
shall be a separate notice from any notice given pursuant to Section 10.1 hereof and shall specify with particularity the event or events of default that have occurred and are continuing and which actions are proposed to be taken by the Issuer
and/or the Trustee as a result of any such event of default. 
 Section 10.3 No Remedy Exclusive. No remedy herein conferred upon
or reserved to the Issuer is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Lease or now or hereafter existing at
law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time
to time and as often as may be deemed expedient. In order to entitle the Issuer to exercise any remedy reserved to it in this Article, it shall not be necessary to give any notice, other than such notice as may be herein expressly required. Such
rights and remedies as are given to the Issuer hereunder shall also extend to the holders of the Bonds who shall be deemed third party beneficiaries of all covenants and agreements herein contained. 
 Section 10.4 Agreement to Pay Reasonable Attorneys’ Fees and Expenses. In the event the Lessee should default under any of the
provisions of this Lease and the Issuer or the Trustee should employ attorneys or incur other expenses for the collection of rent or the enforcement of performance or observance of any obligation or agreement on the part of the Lessee herein
contained, the Lessee agrees that it will on demand therefor pay to the Issuer the reasonable fees of such attorneys and such other reasonable expenses so incurred by the Issuer or the Trustee. 
 Section 10.5 No Additional Waiver Implied by One Waiver. In the event any agreement contained in this Lease should be breached by either
party and thereafter waived by the other party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder. 
 Section 10.6 Rescission of Remedies. Notwithstanding anything else herein contained, the Lessee may at any time after an event of default
under Section 10.1 hereof, cure said default by the payment of all amounts due and payable (other than amounts payable as a result of any acceleration) or the performance of any duty or obligation then in default and upon said cure the Issuer
and the Trustee shall (i) rescind and annul any acceleration of rent payable hereunder and (ii) cease the exercise of any rights or remedies initiated as a result of such event of default, and take such steps as may be necessary to place
the Lessee in the same position as it rights of the Lessee hereunder shall be fully restored and reinstated as if such event of default never occurred. 
  

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 ARTICLE XI 
 OPTIONS IN FAVOR OF LESSEE 
 Section 11.1 General Option to Purchase Project. The Lessee
shall have, and is hereby granted, the option to purchase the entire Project (less those portions which have already been purchased by Lessee, if any, as provided herein) at any time during the Agreement Term and whether or not an Event of Default
has occurred and is continuing. 
 To exercise such option, the Lessee shall give written notice to the Issuer and to the Trustee, if any of
the Bonds shall then be unpaid, and shall specify therein the date of closing such purchase, which date shall be not less than fifteen days from the date such notice is mailed. The purchase price which shall be paid to the Issuer by the Lessee in
the event of its exercise of the option granted in this Section shall be the sum of the following: 
 (1) an amount of money
which will be sufficient (or Government Obligations the principal of and the interest on which when due will provide moneys which, together with the moneys, if any, deposited with the Trustee will be sufficient), when added to any amount already on
deposit in the Construction Fund and the Bond Fund, to pay the interest on the then outstanding Bonds until the earliest permissible redemption date following the closing of such purchase and to pay the principal of and interest on all of the Bonds
on such redemption date; 
 (2) an amount of money equal to the fees and expenses of the Trustee under the Indenture accrued
and to accrue (including counsel fees and expenses) until such final payment and redemption of the Bonds; plus 
 (3) the sum
of $10.00 which shall be paid by the Lessee to the Issuer. In the event of the exercise of the option granted in this Section, any Net Proceeds of insurance or condemnation shall be paid directly to the Lessee. 
 Section 11.2 Option to Purchase a Portion of the Project. The Lessee shall have and is hereby granted an option to purchase any portion of
the Project at any time and from time to time and whether or not an Event of Default has occurred and is continuing, provided that it furnishes the Issuer with the following: 
 (a) A notice in writing containing (i) a description of that portion of the Project with respect to which such option is to be exercised and
(ii) a statement that the Lessee intends to exercise its option to purchase such portion of the Project on a date stated, which shall not be less than ten (10) nor more than ninety (90) days from the date of such notice. 

(b) A certificate of the Authorized Lessee Representative, dated not more than ninety days prior to the date of the purchase and stating that, in the
opinion of the person signing such certificate, (i) the portion of the Project with respect to which the option is exercised are not 

  

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needed for the operation of the remaining portion of the Project or that sufficient right and title is reserved to the Issuer to fulfill said needs,
(ii) the purchase will not impair the usefulness of the remaining portion of the Project and will not destroy the means of ingress thereto and egress therefrom. 
 (c) A statement setting forth the original Project Costs attributable to such portion of the Project, as depreciated using rates calculated in accordance with generally accepted accounting principles. 
 The Issuer agrees that upon receipt of the notice and certificate required in this Section to be furnished to it by the Lessee and the amount specified in subsection
(c) of this Section, the portion of the Project with respect to which the Lessee shall have exercised the option granted in this Section shall automatically cease to be a portion of the Project leased hereunder on the date stated in such
certificate and on such date shall automatically be released from the provisions of this Lease and the Indenture without the necessity of any further action by the Issuer or the Lessee. In the event the Lessee shall exercise the option granted to it
under this Section the Lessee shall not be entitled to any abatement or diminution of the rents payable under Section 5.3 hereof. 
 If
the Lessee purchases any unimproved part of the Project pursuant to the provisions of the preceding paragraph, the Lessee and the Issuer agree that all walls presently standing or hereafter erected on or contiguous to the boundary line of the Land
so purchased by the Lessee shall be party walls and each party grants the other a 10-foot easement adjacent to any such party wall for the purpose of inspection, maintenance, repair and replacement thereof and the tying-in of new construction. If
the Lessee utilizes any party wall for the purpose of tying-in new construction that will be utilized under common control with the Project, the Lessee may also tie-in to the utility facilities on the Land for the purpose of serving the new
construction and may remove any non-loadbearing wall panels in the party wall; provided, however, that if the property so purchased ceases to be operated under common control with the Project, the Lessee covenants that it will install
non-loadbearing wall panels similar in quality to those that have been removed and will provide separate utility services for the new construction. No wall may be so utilized by the Lessee unless prior thereto the Issuer has been furnished with a
certificate of the Authorized Lessee Representative stating that the proposed utilization will not impair the usefulness of the Project for the purposes for which it was designed to be used. 
 The purchase price payable by the Lessee in connection with the purchase of a portion of the Project in accordance with this Section shall be deposited
in the Bond Fund and used to pay the principal of the Bonds. 
 If and to the extent under any particular circumstances there is deemed any
inconsistency between the provisions of this Section and provisions of Section 6.2, the provisions of Section 6.2 shall be held as controlling and shall supersede the provisions of this Section. 
 Section 11.3 Conveyance on Purchase. At the closing of the purchase pursuant to the exercise of any option to purchase granted in this
Article, the Issuer will, upon receipt of the applicable purchase price (if any), deliver to the Lessee the following: 
 (a) If the
Indenture shall not at the time have been satisfied in full, a release by the Issuer from the provisions of the Indenture of the property with respect to which such option was exercised. 
  

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 (b) Documents (including, without limitation, a limited warranty deed and a bill of sale) customarily
used in commercial real estate transactions involving improved property conveying to the Lessee good and marketable title to the Project with respect to which such option was exercised as such Project then exists, subject to the following:
(i) those liens and encumbrances (if any) to which title to said property was subject when conveyed to the Issuer; (ii) those liens and encumbrances created by the Lessee or to the creation or suffering of which the Lessee consented in
writing; (iii) those liens and encumbrances resulting from the failure of the Lessee to perform or observe any of the agreements on its part contained in this Lease; and (iv) if the option is exercised while any condemnation proceeding is
pending the rights and title of the condemning authority. 
 Notwithstanding the foregoing, in order to facilitate the transfer of the
Project to the Lessee upon the Lessee’s exercise of an option to purchase provided in this Article XI, the Issuer agrees to execute and deliver to the Trustee, as escrow agent, on the date of execution and delivery of this Lease the documents
referred to in subsection (b) above to be held pursuant to a Documents Escrow Agreement dated as of December 1, 2002 among the Issuer, the Lessee and the Trustee. The Issuer hereby appoints the Lessee as its attorney-in-fact for the
purpose of dating, completing and filing such documents upon satisfaction by the Lessee of any and all conditions to the exercise of such purchase option as provided herein, and acknowledges and agrees that such appointment is irrevocable and
coupled with an interest. 
 Section 11.4 Relative Position of Options and Indenture. The options respectively granted to the
Lessee in this Article shall be and remain prior and superior to the Indenture and may be exercised whether or not the Lessee is in default hereunder, provided that such default will not result in the nonfulfillment of any condition to the exercise
of any such option. 
 Section 11.5 Lessee’s Option to Terminate. The Lessee shall have the following options to terminate
this Agreement whether or not the Lessee is in default hereunder or there exists an Event of Default hereunder: 
 (a) At any time prior to
payment in full of the Bonds within the meaning of the Indenture, and particularly Article IX thereof, the Lessee may terminate the Agreement Term by irrevocably depositing in the Bond Fund moneys which will be sufficient, or Government Obligations
the principal of and interest on which when due will provide moneys which, together with any moneys on deposit in the Bond Fund, will be sufficient, according to the provisions of Article IX of the Indenture, to pay in full all of the Bonds then
outstanding, and fees and expenses due or to become due to the Trustee and by making adequate provision for the publication of any redemption notice that may be required by the Indenture. 
 (b) At any time after payment in full of the Bonds within the meaning of the Indenture, and particularly Article IX thereof, the Lessee may terminate the
Agreement Term by giving the Issuer notice in writing, and such termination shall become effective forthwith. 
  

 34 

 Notwithstanding anything else herein contained, the purchase of the Project by the Lessee pursuant to any
option provided in this Lease shall automatically terminate the Lease Term, if not previously terminated. 
 Section 11.6 Conveyance
of Project at End of Lease Term. Notwithstanding anything else herein contained, the Issuer shall have the right and option on or after the Stated Termination Date to convey the Project to the Lessee, with or without receipt of any consideration
therefor, by executing any recording documents conveying to the Lessee good and marketable title to the Project subject to such liens and encumbrances as are described in Section 11.3(b)(i) through (iv). 
 ARTICLE XII 
 MISCELLANEOUS 

 Section 12.1 Notices. All notices, certificates or other communications hereunder shall be sufficiently given and shall be
deemed given when mailed by registered or certified mail return receipt requested, postage prepaid, addressed as follows: 
  

							
		 	if to the Issuer:	  	Development Authority of Fulton County
		 		  	141 Pryor Street, S.W.	  	
		 		  	Suite 5001	  	
		 		  	Atlanta, Georgia 30303	  	
			
		 	with a copy to:	  	Nelson, Mullins, Riley & Scarborough
		 		  	999 Peachtree Street, N.E.	  	
		 		  	Suite 1400	  	
		 		  	Atlanta, Georgia 30309	  	
		 		  	Attn: Lewis C. Horne, Jr., Esq.	  	
				
		 	if to the Lessee:	  	ADESA Atlanta, LLC	  	
		 		  	310 E. 96th Street, Suite 400	  	
		 		  	Indianapolis, Indiana 46240	  	
		 		  	Attn: General Counsel	  	
				
		 	with a copy to:	  	Alston & Bird LLP	  	
		 		  	1201 West Peachtree Street	  	
		 		  	Atlanta, Georgia 30309	  	
		 		  	Attn: Glenn R. Thomson, Esq.	  	
				
		 	if to the Trustee:	  	SunTrust Bank	  	
		 		  	25 Park Place, 24th Floor	  	
		 		  	Atlanta, Georgia 30303	  	

  

 35 

 A duplicate copy of each notice, certificate or other communication given hereunder by either the Issuer
or the Lessee to the other shall also be given to the Trustee. The Issuer, the Lessee and the Trustee may, by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications
shall be sent. 
 Section 12.2 Binding Effect. Lease shall inure to the benefit of and shall be binding upon the Issuer, the
Lessee and their respective successors and assigns, subject, however, to the limitations contained in Section 8.3, 9.1, 9.2 and 9.3 hereof. 
 Section 12.3 Severability. In the event any provision of this Lease shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision
hereof. 
 Section 12.4 Amounts Remaining in Funds. It is agreed by the parties hereto that any amounts remaining in the Bond
Fund and the Project Fund upon expiration or sooner termination of the Lease Term as provided in this Lease, after payment in full of the Bonds (or provision for payment thereof having been made in accordance with the provisions of the Indenture)
and the fees, charges and expenses of the Trustee in accordance with the Indenture shall belong to and be paid to the Lessee by the Issuer as overpayment of rents. 
 Section 12.5 Amendments, Changes and Modifications. Except as otherwise provided in this Lease or in the Indenture, subsequent to the initial issuance of Bonds and prior to their payment in full (or
provision for the payment thereof having been made in accordance with the provisions of the Indenture), this Lease may not be effectively amended, changed, modified, altered or terminated without the concurring written consent of the Trustee, which
consent shall not be unreasonably withheld. 
 Notwithstanding anything to the contrary contained herein, this Lease may be amended without
the consent of the Trustee or of the holders of any of the Bonds for the purpose of subjecting additional real or personal property to the provisions hereof. Any such addition shall become effective upon the delivery by the Lessee and the acceptance
by the Issuer of the following: 
 (a) a certificate of the Authorized Lessee Representative setting out a description of the real or
personal property to be added to this Lease and stating that the Lessee owns such real or personal property free and clear of any and all liens, mortgages, encumbrances and clouds on title except such as would constitute Permitted Encumbrances; and

 (b) documents conveying to the Issuer good and marketable title to the real or personal property described in the certificate referred to
above and identifying said real or personal property as being subject to the provisions of this Lease. 
 Upon the delivery and acceptance of
the foregoing documents, the real or personal property so added shall become part of the Project and this Lease shall ipso facto be amended to include such property, without the necessity of any further amendatory instrument, subject to all of the
provisions of this Lease, and the Lessee shall be entitled to the use and occupancy of such additional property without increase in the amounts payable under Section 5.3 

  

 36 

 
hereof so long as such additional property is acquired without expense to the Issuer. The Issuer will, however, execute such instruments amendatory hereto as
shall be requested by the Lessee to confirm the addition of any such property to the provisions hereof. 
 Section 12.6 Execution
Counterparts. This Lease may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 Section 12.7 Captions. The captions or headings in this Lease are for convenience only and in no way define, limit or describe the scope or
intent of any provisions of this Lease. 
 Section 12.8 Recording of Lease. This Lease or at the option of the Lessee, a
memorandum hereof in form and substance satisfactory to the Lessee, and every assignment hereof shall be recorded in the office of the Clerk of Superior Court of Fulton County, Georgia, or in such other office as may be at the time provided by law
as the proper place for such recordation. 
 Section 12.9 Law Governing Construction of Lease. This Lease shall be governed by,
and construed in accordance with, the laws of the State of Georgia. 
 Section 12.10 Net Lease. This Lease shall be deemed a
“net lease,” and the Lessee shall pay absolutely net during the Lease Term the rent and all other payments required hereunder, without abatement, deduction or set-off other than those herein expressly provided. 
 Section 12.11 Survival of Purchase Options. Notwithstanding anything else herein contained, the purchase options granted to the Lessee
hereunder and the provisions of Sections 5.3(b) and 6.4 hereof shall survive the expiration or earlier termination of the Agreement Term. 
  

 37 

 IN WITNESS WHEREOF, the Issuer and the Lessee have caused this Lease to be executed in their respective
corporate names and their respective corporate seals to be hereunto affixed and attested by their duly authorized officers, all as of the date first above written. 
 Signed, sealed and delivered in the presence of: 
  

			
	By:	 	 /s/ Carmen Vaughn

	Name:	 	Carmen Vaughn
	Title:	 	Unofficial Witness
	
	DEVELOPMENT AUTHORITY OF FULTON COUNTY
		
	By:	 	 /s/ Robert J. Shaw

	Name:	 	Robert J. Shaw
	Title:	 	Chairman
	
	(SEAL)
		
	By:	 	 /s/ Ruanne E. Clay

	Name:	 	Ruanne E. Clay
	Title:	 	Notary
	
	Attest: My commission expires March 20, 2003
		
	By:	 	 /s/ Lewis C. Horne, Jr.

	Name:	 	Lewis C. Horne, Jr.
	Title:	 	Asst. Secretary
	
	(NOTARIAL SEAL)

 Signed, sealed and delivered in the presence of: 
  

			
	By:	 	 /s/ Scott Anderson

	Name:	 	Scott Anderson
	Title:	 	Unofficial Witness

			
	ADESA ATLANTA, LLC
		
	By:	 	 /s/ Paul J. Lips

	Name:	 	Paul J. Lips
	Title:	 	Treasurer

 (SEAL) 
  

			
	By:	 	 /s/ Cheryl A. Shrader

	Name:	 	Cheryl A. Shrader
	Title:	 	Notary Public
	
	Attest: My commission expires 9/24/08
	 CHERYL SHRADER, Notary Public
 President of
Tipton County, Indiana
 My Commission Expires 9-24-2008

		
	By:	 	 /s/ Karen C. Turner

	Name:	 	Karen C. Turner
	Title:	 	Secretary
	
	(NOTARIAL SEAL)

 EXHIBIT A—LAND 
 LEGAL DESCRIPTION 
 Parcel “I” 
 All that tract or parcel of land situated and lying in Land Lots 24, 25, 34 and 35, 9th Land District, Fulton County, Georgia and being more particularly
described as follows: 
 Beginning at a  1/2 inch rebar at the intersection of the south line of Oakley Industrial Boulevard (variable R/W) with the west line of the CSX Railroad (100’ R/W);
thence, along the west line of the CSX Railroad and with a curve to the right having a radius of 5309.24 feet, a chord bearing and distance of South 24 degrees 15 minutes 38 seconds East, 693.18 feet and an arc distance of 693.68 feet to a  1/2%, inch rebar; thence, South 20 degrees 31 minutes 03 seconds East, continuing along the west line of the CSX
Railroad, a distance of 553.23 feet to a point; thence, South 76 degrees 17 minutes 13 seconds West, leaving the CSX Railroad and along the north line of a tract of land conveyed to Ruby O. Thompson, as recorded in Deed Book 13140, page 238, Deed
Records of Fulton County, Georgia, passing a 1 inch axle at a distance of 0.20 feet and continuing for a total distance of 646.19 feet to a  3/8 inch rebar in concrete; thence, South 13 degrees 46 minutes 17 seconds East, along the west line of said Thompson tract, a distance of 290.79 feet to a  3/8 inch rebar in concrete; thence, North 76 degrees 17 minutes 13 seconds East, along the south line of said Thompson tract, a distance of 680.59 feet to a
 1/2 inch rebar on the west line of said CSX Railroad; thence, South 20 degrees 31 minutes 03 seconds East, along
the west line of the CSX Railroad, a distance of 442.92 feet to a 2 inch pipe; thence, South 76 degrees 49 minutes 39 seconds West, leaving the CSX Railroad and along the north line of a tract of land conveyed to Gerald M. Cochran, a distance of
146.69 feet to a 1 inch pipe; thence, along the north line of a tract of land conveyed to Oakley Estates, Inc., the following calls: first, South 76 degrees 46 minutes 08 seconds West, a distance of 543.87 feet to a 1 inch pipe; thence, North 66
degrees 20 minutes 13 seconds West, a distance of 370.17 feet to a 1 inch pipe; thence, South 76 degrees 58 minutes 28 seconds West, a distance of 291.19 feet to a 1 inch pipe; thence North 69 degrees 29 minutes 59 seconds West, a distance of 573.17
feet to a l inch pipe; thence South 01 degrees 11 minutes 44 seconds East, along the west line of said Oakley Estates, Inc. tract, a distance of 980.19 feet to a 1 inch pipe; thence, South 88 degrees 23 minutes 36 seconds East, along the south line
of said Oakley Estates, Inc. tract and the apparent south line of Land Lot 35, a distance of 737.84 feet to a point; thence, South 68 degrees 39 minutes 43 seconds West, a distance of 2250.48 feet to a point; thence, North 16 degrees 24 minutes 31
seconds West, a distance of 378.99 feet to a point; thence, North 33 degrees 57 minutes 04 seconds West, a distance of 544.71 feet to a point; thence, North 08 degrees 58 minutes 32 seconds West, a distance of 624.34 feet to a point; thence, North
09 degrees 42 minutes 26 seconds East, a distance of 536.07 feet to a point on the south line of said Oakley Industrial Boulevard; thence, along the south line of Oakley Industrial Boulevard the following calls: first, along a curve to the left
having a radius of 2925.17 feet, a chord bearing and distance of North 51 degrees 55 minutes 24 seconds East, 436.00 feet and an arc distance of 436.40 feet to a concrete right-of-way monument; thence, North 47 degrees 38 minutes 42 seconds East, a
distance of 479.45 feet to a concrete right-of-way monument; thence, North 47 degrees 38 minutes 42 seconds East, a distance of 249.45 feet to a concrete right-of-way monument; thence, 

  

 A-1 

 
along a curve to the right, having a radius of 2232.10 feet, a chord bearing and distance of North 58 degrees 28 minutes 53 seconds East, 849.46 feet and an
arc distance of 854.69 feet to a concrete right-of-way monument; thence, North 69 degrees 26 minutes 09 East, a distance of 1527.41 feet to the Point of Beginning and containing 152.29 acres of land, more or less. 
 LEGAL DESCRIPTION 
 Parcel
“N” 
 All that tract or parcel of land situated and lying in Land Lots 23, 24, and 25, 9th Land District, Fulton County,
Georgia, and being more particularly described as follows: 
 Beginning at a  1/2 inch rebar at the intersection of the southerly line of Wood Road (variable R/W) with the west line of Lee’s
Mill Road (apparent 50’ R/W); thence, South 02 degrees 21 minutes 28 seconds West, along the west line of Lee’s Mill Road, a distance of 75.17 feet to a  1/2 inch rebar; thence North 88 degrees 15 minutes 01 seconds West, leaving Lee’s Mill Road and along the north line of a tract of land conveyed to Sloan J. Dailey, as recorded
in Deed Book 26514, page 269, Deed Records of Fulton County, Georgia, a distance of 414.86 feet to a  1/2 inch
rebar; thence, South 02 degrees 23 minutes 11 seconds West, along the west line of said Dailey tract, a distance of 209.99 feet to a  1/2 inch rebar; thence, South 88 degrees 14 minutes, 56 seconds East, along the south line of said Dailey tract, a distance of 414.89 feet to a  1/2
 inch rebar on the west line of Lee’s Mill Road; thence, South 02 degrees 21 minutes 16 seconds West, along the west line of Lee’s Mill Road, a distance of 172.00 feet to a 1
inch flat iron; thence, leaving Lee’s Mill Road and along the south line of a tract of land conveyed to M.D. Hodges, Inc., as recorded in Deed Book 10585, page 90, the following calls: first, North 88 degrees 15 minutes 00 seconds West, a
distance of 849.03 feet to a 1 inch axle; thence, North 88 degrees 21 minutes 50 seconds West, a distance of 235.01 feet to a  1/2 inch rebar; thence, North 88 degrees 20 minutes 19 seconds West, a distance of 326.85 feet to a 1 inch pipe; thence, North 88 degrees 32 minutes 43 seconds West, a distance of 176.26 feet to a cross cut on a rock; thence, North 88
degrees 18 minutes 12 seconds West, a distance of 1157.73 feet to a  1/2 inch rebar; thence, North 88 degrees 24
minutes 55 seconds West, a distance of 237.39 feet to a  3/8 inch rebar at the southwest corner of said M.D.
Hodges, Inc. tract; thence, North 04 degrees 21 minutes 53 seconds East, along the west line of said M.D. Hodges, Inc. tract, a distance of 706.83 feet to a 1 inch pipe; thence, North 86 degrees 49 minutes 02 seconds West, along the south line of a
tract of land conveyed to M.D. Hodges Enterprises, Inc., as recorded in Deed Book 9574, pages 472, Deed Records of Fulton County, Georgia, a distance of 192.12 feet to a  5/8
 inch rebar; thence, North 86 degrees 47 minutes 41 seconds West, continuing along said south line, a distance of 133.55 feet to a  5/
8 inch rebar at the southeast corner of a tract of land conveyed to PYA Monarch, Inc., as recorded in Deed Book 29373, page 582, Deed Records, Fulton County, Georgia;
thence, along the east line of said PYA Monarch, Inc. tract the following calls: First, North 42 degrees 15 minutes 01 seconds East, a distance of 365.10 feet to a  5/8 inch rebar, thence, North 12 degrees 14 minutes 26 seconds East, a distance of 131.32 feet to a sanitary sewer manhole; thence, North 40 degrees 59 minutes 35 seconds West, a
distance of 1.90 feet to point; thence, North 68 degrees 39 minutes 43 seconds East, leaving said PYA Monarch, Inc. tract, a distance of 2688.52 feet to a point on the south line of a tract of land conveyed to Oakley Estates, Inc., said point also
being on the apparent north line of Land Lot 24; thence, South 88 degrees 23 minutes 36 seconds East, along the south line of said Oakley Estates, Inc. tract and 

  

 A-2 

 
said north line of Land Lot 24, a distance of 468.82 feet to a 1 inch pipe at the apparent northeast corner of Land Lot 24 and the northeast corner of said
M.D. Hodges Enterprises, Inc. tract; thence, South 05 degrees 09 minutes 25 seconds West, along the east line of said M.D. Hodges Enterprises, Inc. tract and the apparent east line of Land Lot 24, a distance of 563.70 feet to a  1/2 inch rebar on the north line of the terminus of Wood Road as defined by said M.D. Hodges Enterprises, Inc. tract;
thence, South 88 degrees 59 minutes 19 seconds West, along said north line of Wood Road, a distance of 29.93 feet to a  1/2 inch rebar; thence, South 05 degrees 14 minutes 05 seconds West, along the west line of Wood Road as defined by said M.D. Hodges Enterprises, Inc. tract, a distance of 169.12 feet to a 2 inch pipe at the northeast corner of a tract
of land conveyed to Fife Baptist Church; thence, South 88 degrees 52 minutes 42 seconds West, leaving Wood Road and along the north line of the Fife Baptist Church tract, a distance of 253.70 feet to a 11/2% in angle iron; thence, South 88 degrees
15 minutes 50 seconds West, continuing along the north line of the Fife Baptist Church tract, a distance of 242.10 feet to a  1/2 inch rebar; thence, South 05 degrees 47 minutes 51 seconds West, along the west line of the Fife Baptist Church tract, a distance of 340.70 feet to a  1/2
 inch rebar; thence, South 81 degrees 27 minutes 16 seconds East, along the south line of the Fife Baptist Church tract, a distance of 250.78 feet to a 11/2 inch angle iron; thence, South
81 degrees 07 minutes 37 seconds East, continuing along the south line of the Fife Baptist Church tract, a distance of 246.02 feet to a  1/2 inch pipe on the west line of Wood Road; thence, South 05 degrees 07 minutes 07 seconds West, along the west line of Wood Road, a distance of 77.59 feet to a  1/2 inch rebar at the northeast corner of a tract of land conveyed to Robert A. Wood; thence, North 88 degrees 23
minutes 30 seconds West, leaving Wood Road and along the north line of the Wood tract, a distance of 415.03 feet to a  1/2 inch rebar; thence, South 05 degrees 02 minutes 14 seconds West, along the west line of the Wood tract, a distance of 227.89 feet to a  1/2 inch rebar; thence South 88 degrees 17 minutes 49 seconds East, along the south line of the Wood tract, a distance of 154.41 feet to a  1/2 inch rebar; thence, South 64 degrees 38 minutes 18 seconds East, continuing along the south line of the Wood tract, a distance of 53.89 feet to a 2 inch
pipe; thence, South 64 degrees 32 minutes 53 seconds East, continuing along the south line of the Wood tract, a distance of 222.67 feet to a 1 inch rebar on the west line of said Wood Road; thence, along the south line of Wood Road and with a curve
to the left having a radius of 124.94 feet, a chord bearing and distance of South 40 degrees 54 minutes 48 seconds East, 82.79 feet and an arc distance of 84.39 feet to a  1/2 inch rebar; thence, South 60 degrees 05 minutes 17 seconds East, continuing along the south line of Wood Road, a distance of 167.04 feet to the Point of Beginning and containing
106.48 acres of land, more or less. 
 LEGAL DESCRIPTION

 Tracts 1 and 2 
 All that tract or parcel of land lying and being in Land Lot 35 and 36 of Ninth District of originally Fayette then Campbell now Fulton County, Georgia more fully described as follows: Commencing in the center of Fairburn and Fayetteville
Highway at a point 2501/2 feet southernly measured along said Highway from the North line of land lots Nos. 35 and 36 run south 74 degrees, West 118 feet to center of Atlantic Coast Line Railroad, Thence continue Westerly on same course 698 feet to
a corner, thence run South 16 degrees East 2908/10 feet to a corner, thence run North 74 degrees East 731 feet to center of A.C.L. R.R. Thence continue Easterly in same course 1581/2 feet to the center of Fairburn and Fayetteville Highway, Thence

  

 A-3 

 
North 30 degrees and 45 minutes West along said highway 300 feet to point of beginning, and containing 5 acres of land not including right of way of 100 feet
wide belonging to Atlantic Coast Line Rail Road. This 5 acre tract of land is a part of the Tom Garden place and was deeded by Grady Carden and Mrs. Emmie Carden Findlay to John Low Smith, and from John Low Smith to Lois Oakley. 
 MORE RECENTLY DESCRIBED IN A SURVEY BY INTEGRATED SCIENCE AND 
 ENGINEERING DATED JUNE 11, 2002, AS FOLLOWS: 
 TRACT 1 
 All that tract or parcel of land lying and being in Land Lot 36 of the 9th District, Fulton County, Georgia, and being more particularly described as
follows: 
 To reach the true point of beginning, commence at a 1” open top pipe at the common land lot corner of land lots 35, 36, 23,
and 24; 
 THENCE North 00 degrees 08 minutes 19 seconds West along the western land lot line of land lot 36 for a distance of 1192.30 feet
to a point where the South property line of tract 2 intersects the common land lot of land lots 35 and 36; 
 THENCE North 76 degrees 17 minutes 31 seconds East along the South property line of tract 2 for a distance of 486.69 feet to a  1/2” rebar at the west right of way of a CSX railroad (100’) R/W); 
 THENCE across the right of way of the CSX railroad North 75 degrees 32 minutes 19 seconds East for a distance of 100.35 feet to a 60-penny nail on the east right of way of the 100’ wide CSX railroad and true
point of beginning; 
 THENCE North 20 degrees 30 minutes 14 seconds West along the
right of way of the CSX Railroad (100’ R/W) for a distance of 291.99 feet to a  1/2” rebar found;

 THENCE North 76 degrees 07 minutes 03 seconds East for a distance of 38.28 feet to the right of way of Fayetteville Road (100’
R/W) and a 1” open top pipe; 
 THENCE South 22 degrees 16 minutes 14 seconds East along the right of way of Fayetteville Road for a
distance of 293.27 feet to a 1” open top pipe; 
 THENCE South 76 degrees 13 minutes 18 seconds West for a distance of 47.39 feet to a
60-penny nail and true point of beginning; 
 Said property contains 0.29 acres more or less. 
  

 A-4 

 TRACT 2 
 All that tract or parcel of land lying and being in Land Lots 35 and 36 of the 9th District, Fulton County, Georgia, and being more particularly described as follows: 
 To reach the true point of beginning, commence at a 1” open top pipe at the common land lot corner of land lots 35, 36, 23, and 24; 
 THENCE North 00 degrees 08 minutes 19 seconds West along the western land lot line of land lot 36 for a distance of 1192.30 feet to a point where the
South property line of tract 2 intersects the common land lot line of land lots 35 and 36; 
 THENCE North 76 degrees 17 minutes 31 seconds East along the South property line of tract 2 for a distance of 466.69 feet to a  1/2” rebar found at the west right of way of a CSX railroad (100’ R/W) and true point of beginning; 
 THENCE South 76 degrees 17 minutes 31 seconds West for a distance of 681.04 feet to a  3/8” rebar found; 
 THENCE North 13 degrees 46 minutes 35 seconds West for a distance of 290.84 feet to a  3/8” rebar found; 
 THENCE North 76 degrees 17 minutes 13 seconds East for a distance of 646.02 feet to the western right of way of a 100’ CSX Railroad right of way and a axle found; 
 THENCE South 20 degrees 38 minutes 22 seconds East along the western right of way of a 100 foot
CSX right of way for a distance of 293.04 feet to a  1/2” rebar found and a true point of beginning; 

 Said property contains 4.43 acres more or less. 
 Total area tract 1 and tract 2 = 4.72 acres more or less. 
  

 A-5 

 EXHIBIT B—THE PROJECT 
 The Project consists of the acquisition, construction, development and equipping of a wholesale automobile auction facility on approximately 280 acres of
land, which facility consists of certain buildings, structures, machinery, equipment and all related real and personal property deemed necessary or desirable in connection therewith. The Project shall also include the Improvements and all buildings,
structures, foundations, excavations and other civil works necessary or useful in connection with the construction, installation or operation of the Equipment and the Improvements or otherwise necessary or useful to the carrying out of the purpose
of the Project. 
  

 B-1

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