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No. 1053 authorizing the execution of a lease for certain land and public improvements on behalf of the COSB and regarding other related matters
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No. 1053 authorizing the execution of a lease for certain land and 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 purchase of the real estate ( including all <br />right -of -way easements contained therein) in South Bend, Indiana, <br />described in Exhibit B hereto and the building thereon more <br />commonly known as the Palais Royale. <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 thirteen (13) years, beginning on the date <br />of acquisition of the Project by the Authority, and ending on the <br />day prior to such date at most thirteen (13) years thereafter. <br />However, the term of this Lease shall terminate at the earlier of <br />(a) the exercise of the option to purchase by Lessee and payment <br />of the option price, or (b) the payment or defeasance of all <br />obligations of Lessor incurred (i) to finance the cost of the <br />leased property, (ii) to refund such obligations, (iii) to refund <br />such refunding obligations. The Authority hereby represents that <br />it is possessed of, or will acquire, a good and indefeasible estate <br />in fee simple or an insurable right -of -way easement subject only <br />to Permitted Encumbrances, to the above - described real estate, and <br />the Authority warrants and will defend the same against all claims <br />whatsoever not suffered or caused by the acts or omissions of the <br />Lessee. <br />-2- <br />
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