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No. 1087 approving a modification to and reducing the annual rentals on lease for the Palais Royale project and approving the execution of an addendum to the lease
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No. 1087 approving a modification to and reducing the annual rentals on lease for the Palais Royale project and approving the execution of an addendum to the lease
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Section 4. Rental Payment Dates and <br />Amounts. The first semiannual rental installment <br />in the amount of Ninety -Eight Thousand Five Hundred <br />Dollars ($98,500) shall be due on the day that the <br />Project is completed and ready for use, or <br />January 28, 1993, whichever is later. If <br />completion is later than January 28, 1993, the <br />a first installment shall be in an amount which <br />provides for rental at the rate of $98,500 for the <br />semiannual period in which the Project is completed <br />and ready for use, prorated from the date of <br />completion until the first July 28 or January 28 <br />following such date of completion. Thereafter such <br />rentals shall be payable in advance in semiannual <br />installments of $98,500 on July 28 and January 28 <br />of each year. The last semiannual rental payment <br />due before the expiration of this Lease shall be <br />adjusted to provide for rental at the amount <br />specified above for the applicable semiannual <br />period prorated from the date such installment is <br />due to the date of the expiration of this Lease <br />(without taking into account any subsequent early <br />termination of this Lease pursuant to Section 2 <br />hereof). <br />7. The parties hereto acknowledge that all remaining <br />terms, covenants and conditions as set forth in the Lease between <br />the parties hereto and executed as of the first day of March, 1992 <br />shall remain in full force and effect. <br />IN WITNESS WHEREOF, the parties hereto have caused this <br />Addendum to Lease to be executed for and on their behalf on the <br />day and year first hereinabove written. <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />By: bi <br />Vsepll W. Wroblewski, President <br />ATTE <br />Donald K. Fewell, <br />Secretary- Treasurer <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />Y <br />Paula N. Auburn, President <br />TESTi <br />-2- <br />
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