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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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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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10/18/2012 2:13:36 PM
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8/31/2011 11:42:09 AM
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The remainder of such purchase price, if any, shall be paid by the Lessee to the <br />Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under any <br />obligation to purchase the Project, or under any obligation in respect to any creditors or bondholders <br />of the Authority. <br />Lessee may assign its option to purchase to a sublessee, which may exercise the <br />option in accordance with the provisions of this Section 12. <br />If the Lessee, or sublessee, as applicable, has not exercised its option to purchase the <br />Project at the expiration of the term of the Lease and upon the full discharge and performance by the <br />Lessee of its obligations under this Lease, the Authority shall execute a deed of the Project to the <br />Lessee or its designee conveying good and merchantable title thereto, subject only to Permitted <br />Encumbrances. <br />3. The Lease is amended to include the following as Exhibit C: <br />Exhibit C <br />LEASE PAYMENT SCHEDULE <br />DOWNTOWN PROPERTY ACQUISITION PROJECT <br />Semi - Annual Total Annual <br />Payment Rental Rental <br />Date Payment Payment <br />7/25/99 <br />27,016.50 <br />27,01 6.50 <br />1/25/00 <br />52,290.00 <br />7/25/00 <br />52,290.00 <br />104,580.00 <br />1/25/01 <br />52,290.00 <br />7/25/01 <br />52,290.00 <br />104,580.00 <br />1/25/02 <br />521290.00 <br />7/25/02 <br />52,290.00 <br />104,580.00 <br />1/25/03 <br />152,290.00 <br />7/25/03 <br />152,290.00 <br />304,580.00 <br />1/25/04 <br />146,790.00 <br />ODMATCDOCS\SBDOCSI\38682 \1 - 4 - <br />
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