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00 Gw' <br />REGULAR MEETING SEPTEMBER 16, 1985 <br />The First Amendment indicates that the Lease Agreement has been <br />modified to correct the amount of the loan from $241,112.00 to <br />$231,112.00 as well as reducing the first rental payment to be <br />consistent with the amount of the loan repayment by the owner to <br />Southold. For the first four (4) years, the City agrees to pay a <br />rental cost of $111,247.21 payable in advance in one installment <br />of $7,425.21 as the initial rental installment on the date the <br />lease term begins and thereafter in equal monthly installments <br />of $9, 438.36. <br />The Grant Agreement grants funds to Southold for the purpose of <br />entering into a loan with the owner to enable the performance of <br />rehabilitation activities. <br />The Escrow Agreement between the National Bank and Trust Company <br />of South Bend, South Bend Heritage Foundation, Inc., d/b/a South <br />Bend Heritage Foundation, Inc., the City of South -Bend and Trust <br />No. 30560 is needed to record loan proceeds and allow draws on it <br />until construction is completed as well as to facilitate the <br />disbursement of the grant funds. The Agreement further states <br />that Trust No. 30560 is providing $185,250.00 for the Project and <br />its funds shall also be used to pay draw requests for the <br />Project. <br />The Consent to and Acknowledgement of Assignment and Agreement to <br />Subordinate Lease to Mortgage form provides for the conditional <br />assignment of all rents and income payable by the City under the <br />Lease Agreement and consents to and approves of such assignment. <br />The City agrees that the Lease Agreement and the rights of the <br />City thereunder, shall be subject and subordinate to the lien of <br />the mortgage granted by the Trust to Southold Heritage and to all <br />rights therein granted to Southold Heritage with respect to any <br />and all loans made by Southold Heritage to the Trust. Further <br />the first rental amount in the lease is reduced to correspond <br />with the first loan repayment. The loan repayment will come back <br />to the City to reduce the rental amount. <br />Mr. Hill took this opportunity to thank the Southold Heritage <br />Foundation for their cooperation and part in this project. <br />Upon a motion made by Ms. Barnard, seconded by Mr. Leszczynski <br />and carried, the above referred to documents were approved and - <br />executed. <br />APPROVE DEFERRED COMPENSATION PROGRAM CONTRACT DOCUMENTS: <br />1. CITY ADMINISTRATIVE AGREEMENT <br />2. PLAN DOCUMENT <br />3. MASTER APPLICATION FOR GROUP FLEXIBLE FUND RETIREMENT <br />CONTRACT TO NATIONWIDE LIFE INSURANCE COMPANY <br />Mr. Leszczynski advised that the above referred to documents have <br />been submitted to the Board for approval. The documents relate <br />to the City of South Bend's participation in the United States <br />Conference of Mayors Deferred Compensation Plan. The approval of <br />the documents today begins the City's participation in the plan <br />and allows for the payroll deduction of funds which will be tax <br />deferred for City employees desiring to enroll in the program. <br />Upon a motion made by Ms. Barnard, seconded by Mr. Leszczynski <br />and carried, the above referred to documents were approved and <br />executed. <br />APPROVE ST. JOSEPH COUNTY JOB TRAINING PROGRAM AGREEMENT FOR <br />LEGAL SERVICES OF A DEPUTY CITY ATTORNEY <br />Mr. Leszczynski advised that the St. Joseph County Job Training <br />Program has submitted a Fixed Cost Agreement to be entered into <br />with the City of South Bend. The Agreement, which provides for <br />the retention of the services of a Deputy City Attorney for <br />advice and assistance on legal matters relating to the conduct of <br />1 <br />