No. 1694 approving a modification to and reducing the annual rentals on lease for downtown property acquisition project and approving the execution of an addendum to the lease

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is complete and ready for use, or July 25, 1999, whichever is later. Thereafter such rental for the Studebaker Lot Portion shall be payable in advance in equal installments on January 25 and July 25 of each year until such rental is increased as provided hereinbelow. On the date the Main and Jefferson Portion is complete and ready for use or July 25, 2003, whichever is later, the rental for the Project shall increase to a rate payable at such time and in such amount as set out at Exhibit C, or such lesser amount as may be permitted pursuant to the terms of the Escrow Agreement as a result of funds remaining on deposit in said account. If completion of the Main and Jefferson Portion is later than July 25, 2003, the first increased rental installment following such completion of the Main and Jefferson Portion shall be in an amount which provides for rental at the actual annual rate prorated from the date of completion of the Main and Jefferson Portion until the first January 25 or July 25 following such date of completion. Thereafter, such rental for the Project shall be payable in advance in equal semi - annual installments on January 25 and July 25 of each year. The last semiannual rental installment due before the expiration of this Lease shall be adjusted to provide for rental at the rate for the Project set forth at Exhibit C for the applicable semiannual period, prorated from the date such installment is due to the date of the expiration of this Lease. Such rental shall be paid by the Commission pursuant to the Pledge Resolution. All rentals payable under the terms of this Lease shall be paid to Chase Manhattan Bank as fiscal agent for the Secretary of Housing and Urban Development, or any successor fiscal agent, or, during the period the Escrow Agreement remains effective, to the Escrow Agent. All payments so made shall be considered as payments to the Authority of the rentals payable hereunder. During the period the Escrow Agreement is effective, the Lessee shall receive a credit for interest earned on rental payments made on each January 25 during the term of this Lease, which ODMA\PCDOCS\SBDOCS 1 \3 8682\ 1 - 2 -