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�J <br />LEASE <br />This LEASE ( "Lease "), entered into to be effective as of the date upon which Lessor <br />acquires title to the Property (the "Effective Date "), by and between the SOUTH BEND <br />PUBLIC TRANSPORTATION CORPORATION, a municipal corporation existing under the <br />laws of the State of Indiana (the "Lessor "), whose address is 901 East North Side Boulevard, <br />South Bend, Indiana and the CITY OF SOUTH BEND, INDIANA, by its REDEVELOPMENT <br />COMMISSION, the governing body of the City of South Bend Department of Redevelopment, <br />(the "Lessee "), whose address is 1300 County -City Building, 227 West Jefferson Boulevard, <br />South Bend, Indiana. <br />WITNESSETH: <br />In consideration of the mutual covenants herein contained, the parties hereto hereby <br />agree as follows. <br />THE TERM. <br />A. The Lessor does hereby lease, demise, and let to the Lessee certain real <br />estate in St. Joseph County, Indiana, described in Exhibit A attached hereto and made a part <br />hereof (the "Property "), to have and to hold the same, with all rights, privileges, easements and <br />appurtenances thereto belonging, for a term of 240 months (the "Term "), beginning on the <br />Effective Date and ending at the expiration of the Term. <br />B. Notwithstanding the foregoing, the term of this Lease will terminate upon <br />the transfer of the Property by the Lessor to Lessee following the exercise by the Lessee of the <br />option to purchase the Property and the payment of the option price all as more particularly <br />described in Section XII hereof. <br />2. RENT PAYMENTS. <br />The Lessee agrees to pay without notice, demand or set off rent ( "Rent ") for the Property <br />during the Term the sum of Two Hundred Thousand Dollars ($200,000) per year (the "Annual <br />Rent "). The first installment of Rent (the "First Installment ") shall be due upon the Effective <br />Date of this Lease. The amount of the First Installment shall be that pro -rata proportion of the <br />Annual Rent calculated from the Effective Date to the closer of the following March 15 or <br />September 15. Thereafter, Rent shall be payable in advance in semi - annual installments on <br />March 15th and September 15th of each year. <br />It is further the intention of the parties that Lessee pay in addition to Rent, all amounts <br />which are required to be paid, as hereinafter set forth or as otherwise requested by Lessor, in <br />connection with the ownership, use and occupancy of the Property so that the Rent payable to <br />Lessor is absolutely net of all expenses and costs associated with the Property. <br />0 3. ADDITIONAL RENTAL PAYMENTS. <br />in <br />