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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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Section 3. Rental Payments. (a) During the term of this <br />Lease, the Lessee agrees to pay rental for said premises as set <br />forth in Section 4 hereof. Such rental shall be paid from the <br />Palais Royale Principal and Interest Account of the Redevelopment <br />District Bond Fund. All rentals payable under the terms of this <br />Lease shall be paid to the Trustee or to such other bank or trust <br />company as may from time to time succeed the Trustee under the <br />Trust Agreement. All payments so made shall be considered as <br />payments to the Authority of the rentals payable hereunder. The <br />Lessee shall receive credit for any Bond maturing within seven (7) <br />days of the date of the lease rental payment, at the face value <br />thereof, which the Lessee acquires and delivers to the Trustee as <br />a part of its lease rental payment; (b) as additional rental the <br />Lessee agrees to pay all fees, charges and reimbursement of <br />expenses of the Trustee under the Trust Agreement and all prudent <br />charges and expenses of the Authority incurred in the performance <br />of its obligations hereunder. <br />Section 4. Rental Payment Dates and Amounts. The first <br />semiannual rental installment in the amount of One Hundred Ten <br />Thousand Dollars ($110,000) shall be due on the day that the <br />Project is completed and ready for use or January 28, 1993, <br />whichever is later. If completion is later than January 28, 1993, <br />the first installment shall be in an amount which provides for <br />rental at the rate of $110,000 for the semiannual period in which <br />the Project is completed and ready for use, prorated from the date <br />of completion until the first January 28 or July 28 following such <br />date of completion. Thereafter such rentals shall be payable in <br />advance in semiannual installments of $110,000 on January 28 and <br />July 28 of each year. The last semiannual rental payment due <br />before the expiration of this Lease shall be adjusted to provide <br />for rental at the amount specified above for the applicable <br />semiannual period prorated from the date such installment is due <br />to the date of the expiration of this Lease (without taking into <br />account any subsequent early termination of this Lease pursuant to <br />Section 2 hereof). <br />After the sale of the Bonds issued by the Authority to <br />pay the cost of the acquisition of the property therefor and other <br />expenses incidental thereto, the sum of the first and second <br />semiannual rental installments and the sum of the third and fourth <br />semiannual rental installments, and so on, shall be reduced to an <br />amount equal to the multiple of One Thousand Dollars ($1,000) next <br />highest to the highest sum of principal and interest due in any <br />year ending on a Bond maturity date on such Bonds plus Two Thousand <br />Dollars ($2,000), payable in equal semiannual installments. Such <br />amount of reduced annual rental shall be endorsed on this Lease at <br />the end hereof by the parties hereto as soon as the same can be <br />done after the sale of said Bonds, and such endorsement shall be <br />recorded as an addendum to this Lease. <br />-3- <br />
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