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No. 1270 approving modifications to the lease for the College Football Hall of Fame/Century Center project and approving the execution of an addendum to the lease
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No. 1270 approving modifications to the lease for the College Football Hall of Fame/Century Center project and approving the execution of an addendum to the lease
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"Credit Facility Issuer" means The Fuji Bank, <br />Limited, New York Branch, and its successors or <br />assigns. <br />"Hall of Fame Bonds" means those bonds issued to <br />finance the Hall of Fame Portion. <br />"Trust Indenture" means that indenture between the <br />Authority and the Trustee, dated as of June 1, 1994. <br />2. Section 2 of the Lease is amended to read as <br />follows: <br />Section 2. Lease of Project. In <br />consideration of the rentals and other terms and <br />conditions herein specified the Authority does hereby <br />lease, demise and let to the Lessee the Project: TO <br />HAVE AND TO HOLD the same with all rights, privileges, <br />easements and appurtenances thereunto belonging, unto <br />the Lessee. The term of this Lease shall not exceed <br />twenty -four (24) years, beginning with respect to the <br />Century Center Portion on the date the Century Center <br />Portion is complete and ready for use, and ending on <br />the day prior to such date twenty -four (24) years <br />thereafter, and beginning with respect to the Hall of <br />Fame Portion on the date that the Hall of Fame Portion <br />is complete and ready for use, and ending on the day <br />prior to such date twenty -four (24) years thereafter. <br />However, the term of this Lease shall terminate as to <br />either or both of the Hall of Fame Portion or the <br />Century Center Portion of the Project at the earlier of <br />(a) the exercise of the option to purchase by Lessee <br />and payment of the option price provided for in Section <br />14, or (b) the payment or defeasance of all obligations <br />of Lessor incurred (i) to finance the cost of the <br />leased property and the Project, (ii) to refund such <br />obligations, (iii) to refund such refunding <br />obligations, including without limitation all amounts <br />owed in connection with the Hall of Fame Bonds and all <br />amounts owed to the Credit Facility Issuer following <br />termination of the Credit Facility. The dates that <br />each of the Century Center Portion and the Hall of Fame <br />Portion are complete and ready for use shall be <br />endorsed on this Lease at the end hereof by the parties <br />hereto as soon as the same can be done after such <br />completion dates and such endorsements shall be <br />recorded as addenda to this Lease. The Authority <br />hereby represents that it is possessed of, or will <br />acquire, a good and indefeasible estate in fee simple <br />or an insurable right -of -way easement subject only to <br />Permitted Encumbrances, to the above - described real <br />estate, and the Authority warrants and will defend the <br />2 <br />
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