No. 1506 approving a proposed lease between the SBRA and the SBRC for certain land and public improvements, approving preliminary plans, speccifications and cost estimates, setting a public hearing (Palais Royale)

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obtain such insurance, and any action or non - action of the Authority or Trustee in this regard shall not relieve the Lessee of any consequences of a default in failing to obtain such insurance. Section 13. General Covenants. The Lessee shall not assign this Lease or sublet any part of the Project herein described without the prior written consent of the Authority; provided, however, that the Lessee shall in no event assign this Lease or sublet any part of the Project if such assignment or sublease will result in the loss of the exclusion from gross income for federal tax purposes of interest on any obligation issued by the Authority to finance the Project which is at the date of its issuance subject to such exclusion. The Lessee covenants that, except for Permitted Encumbrances, it will not encumber the Project, or permit any encumbrance to exist thereon, and that it shall use and maintain the Project in accordance with the laws and ordinances of the United States of America, the State of Indiana, and all other proper governmental authorities. The Authority agrees that it will, at the request of the Lessee, execute and deliver to or upon the order of the Lessee such instrument or instruments as may be reasonably required by the Lessee in order to subject the Project, or the Authority's interest therein, to such encumbrances as shall be specified in such request and as shall be permitted by the provisions of this Section 13 or otherwise by the definition of "Permitted Encumbrances ". Section 14. Option to Purchase. The Authority hereby grants Lessee the right and option, on any rental payment date, upon thirty days' written notice to the Authority, to purchase: (i) the Original/Combined Project at a price equal to the amount required to enable the Authority to provide for the redemption of all outstanding Original Bonds; (ii) the Additional/Combined Project at a price equal to the amount required to enable the Authority to provide for the redemption of all outstanding Additional Bonds; or (iii) the Project at a price equal to amount required to enable the Authority to provide for the redemption of all outstanding Bonds; all premiums payable on the redemption thereof, and accrued and unpaid interest, and to pay the cost of redeeming such Bonds (if all Bonds are to be redeemed) and liquidating the Authority if it is to be liquidated. Upon request of the Lessee, the Authority agrees to furnish an itemized statement setting forth the amounts required to be paid by the Lessee on the next rental payment date in order to effect said purchase in accordance with the preceding paragraph. If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee that portion of the purchase price which is required to provide for the payment of the Bonds to be redeemed as a result of the exercise of such option to purchase, including all premiums payable on the redemption thereof, accrued and unpaid interest thereon and the costs of redemption thereof. Such payment shall not be made until the Trustee gives to the Lessee a written statement 60 that such amount will be sufficient to retire the Bonds to be redeemed including all premiums payable on the redemption thereof and accrued and unpaid interest. The remainder of such purchase price, if any, shall be paid by the Lessee to the Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under any obligation to purchase the Project, or any portion thereof, or under any obligation in respect to any creditors or bondholders of the Authority. Sol