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No. 1071 authorizing the execution of a lease for certain public improvements on behalf of the COSB and regarding other related matters
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No. 1071 authorizing the execution of a lease for certain public improvements on behalf of the COSB and regarding other related matters
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exceptions that Lessee certifies will not interfere with or impair <br />the Project, (d) any mechanics', laborers', materialmen's, <br />suppliers' or vendors' lien or right in respect thereof if payment <br />is not yet due and payable and (e) such minor defects, <br />irregularities, encumbrances, easements, rights -of -way and clouds <br />on title as do not, in the opinion of the Trustee, materially <br />impair the Authority's title or Lessee's use of the Project. <br />"Project" means the real estate (including all right -of -way <br />easements contained therein) in St. Joseph County, Indiana, and <br />improvements to be constructed thereon by the Authority or its <br />agent according to the plans and specifications prepared by Hurdzan <br />Golf Design, Inc., Cole Associates and Eckenhoff Saunders <br />Architects, project architects and engineers, all as described in <br />Exhibit B hereto. The above mentioned plans and specifications may <br />be changed and additional construction work may be performed and <br />improvements may be purchased by the Authority, but only with the <br />approval of the Lessee, and only if such changes or modifications <br />or additional construction work or improvements do not alter the <br />character of the Project or reduce the value thereof. Any such <br />additional construction work or additional improvements shall be <br />part of the property covered by this Lease. The above - mentioned <br />plans and specifications have been filed with and approved by the <br />Lessee. <br />"Redevelopment District Bond Fund" means the Redevelopment <br />District Bond Fund of Lessee authorized by Indiana Code 36- 7 -14 -27 <br />and the Lease Resolution. <br />"Trust Agreement" means the Trust Agreement dated as of <br />, 1992, between the Authority and the Trustee, securing <br />the Bonds. <br />"Trustee" means the financial institution selected to serve <br />as trustee pursuant to the Trust Agreement, and any successor <br />trustee. <br />Any term not defined herein, which is defined in the Lease <br />Resolution or in the Trust Agreement, shall have the meaning as <br />defined in such resolution or agreement. <br />Section 2. Lease of Project. In consideration of the <br />rentals and other terms and conditions herein specified the <br />Authority does hereby lease, demise and let to the Lessee the <br />Project: TO HAVE AND TO HOLD the same with all rights, privileges, <br />easements and appurtenances thereunto belonging, unto the Lessee <br />for a term not to exceed twenty (20) years, beginning on the date <br />the Project is complete and ready for use, and ending on the day <br />prior to such date at most twenty (20) years thereafter. However, <br />the term of this Lease shall terminate at the earlier of (a) the <br />exercise of the option to purchase by Lessee and payment of the <br />option price, or (b) the payment or defeasance of all obligations <br />-2- <br />
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