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No. 0976 reducing the annual rentals on the lease for the AEDA Public Improvement Project, and approving the execution of an addendum to the lease
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No. 0976 reducing the annual rentals on the lease for the AEDA Public Improvement Project, and approving the execution of an addendum to the lease
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all as described in Exhibit C hereto. The above <br />mentioned plans and specifications may be changed <br />and additional construction work may be performed <br />and improvements may be purchased by the Authority, <br />but only with the approval of the Lessee (which <br />approval shall not be withheld by the Lessee in the <br />event of the inability of the Authority to acquire <br />timely and at a reasonable price all of those real <br />property interests constituting part of the Tax - <br />Exempt Project which must be obtained by eminent <br />domain, if any), and only if such changes or <br />modifications or additional construction work or <br />improvements do not alter the character of the <br />Project or reduce the value thereof. Any such <br />additional construction work or additional <br />improvements shall be part of the property covered <br />by this Lease. The above - mentioned plans and <br />specifications have been filed with and approved by <br />the Lessee. <br />2. Section 4 of the Lease is amended to read as <br />follows: <br />Section 4. Rental Payment Dates and <br />Amounts. (a) Tax- Exempt Project. The first <br />semiannual rental installment in the amount of <br />Ce Eighty -Two Thousand Dollars ($82,000) shall be due <br />on the day that the Tax - Exempt Project is completed <br />and ready for use, or January 28, 1994, whichever <br />is later. If completion is later than January 28, <br />1994, the first installment shall be in an amount <br />which provides for rental at the rate specified in <br />Exhibit D for the semiannual period in which the <br />Tax - Exempt Project is completed and ready for use, <br />prorated from the date of completion until the first <br />July 28 or January 28 following such date of <br />completion. Thereafter such rentals shall be <br />payable in advance in semiannual installments on <br />July 28 and January 28 of each year as provided for <br />in the lease payment schedule attached hereto as <br />Exhibit D. <br />(b) Taxable Project. The first semiannual <br />rental installment in the amount of One Hundred <br />Ninety -Nine Thousand Dollars ($199,000) shall be due <br />on the day that the Taxable Project is completed and <br />ready for use, or July 28, 1993, whichever is later. <br />CW If completion is later than July 28, 1993, the first <br />installment shall be in an amount which provides for <br />rental at the rate specified in Exhibit E for the <br />semiannual period in which the Taxable Project is <br />completed and ready for use, prorated from the date <br />of completion until the first January 28 or July 28 <br />following such date of completion. Thereafter such <br />rentals shall be payable in advance in semiannual <br />-3- <br />
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