Approving a lease between the Board of Public Works and Michiagn-Marion Street Joint Venture

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LEASE AGREEMENT THIS AGREEMENT, made and entered into this 17th day of December, 1979, by and between the Board of Public Works of the City of South Bend, Indiana, hereinafter designated as "LESSOR ", and Michigan- Marion Street Joint Venture, a joint venture having its principal offices in South Bend, Indiana, herein- after designated as "LESSEE ". W I T H E S S E T H: In consideration of the mutual covenants hereinafter exchanged, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 1. Lessor does hereby demise and lease to the Lessee that certain real estate located at the Southwest corner of Michigan and Marion Streets in South Bend, Indiana, the legal description of which is as follows: A tract of land located within Lots 157 and 158 as shown on the Original Plat of South Bend, St. Joseph County, Indiana, more particularly described as follows: All of the north one -half of Lot 158 except a triangular tract beginning at the northeast corner of said Lot 158; thence south along the east line of said Lot 158 a distance of 33 feet to the south- east corner of the north one -half of said Lot 158; thence northwesterly to the north line of said Lot 158 and 28 feet west of the northeast corner of said Lot 158, a distance of 43 feet more or less; thence east along the north line a dis- tance of 28 feet to the point of beginning; also a contiguous parcel described as follows: Beginning at the southwest corner of said Lot 157; thence, northeasterly to a point 40.5 feet east and 30.0 feet north of said southwest corner of Lot 157; a distance of 50 feet more or less; thence east and parallel to the south line of Lot 157, a distance of 50.0 feet; thence southeasterly to a point on the south line of said Lot 157 and 28 feet west of the southeast corner of said Lot 157; thence west along the south line of said Lot 157 a distance of 137 feet to the southwest corner of said Lot 157 and the point of beginning, containing 7788 square feet. Said real estate is hereby leased for a term of five (5) years beginning on the 1st day of January, 1980, and ending on the 30th day of December, 1984. Thereafter, the Lessee shall have the option to renew this Lease on a year to year basis upon-giving written notice to the Lessor of the Lessee's exercise of such option to renew not later than thirty (30) days prior to the expiration of the original term of this Lease, and for each annual renewal thereafter, upon giving written notice to the Lessor of the Lessee's exercise of -such option to renew not later than thirty (30) days prior to the expiration of the renewed term. 2. During the original term of this Lease, the Lessee shall pay the Lessor as rent for the Demised Premises on the first day of each year of this Lease Eight Hundred ($800.00) Dollars per year. If the Lessee exercises option to renew this Lease on a year to year basis as provided in Paragraph No. 1 hereof, the Lessee shall pay the - Lessor as rent a sum equal to the total annual property taxes which would be paid on the real estate herein designated if such real estate were held under owner- ship of a private tax paying entity, but in no case shall said payment be less than Eight Hundred ($800.00) Dollars per year. For each year that this Lease is renewed by the Lessee, the Lessee shall pay the amount due the Lessor on the first day of the renewal year. 3. The Lessor warrants that the Demised Premises are free from all encumbrances, liens or charges which would prohibit Lessee from retaining possession of the Demised Premises or otherwise prevent Lessee from enjoying exclusive, peaceful and quiet possession and use thereof. 4. The Lessee shall have the right to improve the Demised Premises by constructing a parking lot thereon for its use and landscaping the same, all at its own expense, and the Lessee shall keep and maintain the Demised Premises and all improvements and landscaping thereon in good and substantial order and repair and shall keep the Demised Premises reasonably clean and free from rubbish, dirt, snow and ice at all times, all at the Lessee's expense, in a manner reasonably satisfactory to the Lessor.