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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(1) continued... <br />Policy to Waive Lease Term for Vacating <br />Tenants. <br />Under the following conditions the <br />Redevelopment Commission will consider an <br />early termination of a lease upon a tenant's <br />request. <br />1) The tenant has occupied the space for at <br />least one year. <br />2) The tenant is current on all payments due <br />the Redevelopment Commission, including <br />but not limited to rent and CAM. <br />3) Rent paid shall be at least sufficient to <br />cover any cost of tenant improvements and <br />leasing commissions paid by the <br />Redevelopment Commission. <br />4) Condition of the space at move out must <br />conform to the requirements of the lease. <br />5) The business does not relocate to another <br />space for a period of not less than one year. <br />If the above conditions are met and the <br />Commission provides for an early <br />termination of the lease, it will be <br />conditioned on item five above. Should the <br />business relocate within a year the <br />Commission's early termination will be null <br />and void, and the former tenant will be held <br />to the original term of the lease. <br />11 <br />