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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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installments on January 28 and July 28 of each year <br />as provided for in the lease payment schedule <br />attached hereto as Exhibit E. <br />In the case of the Tax - Exempt Project, the <br />Lessee will not take any action or fail to take any <br />action that would result in the loss of the <br />exclusion from gross income for federal tax purposes <br />of interest on the Bonds pursuant to Section 103(a) <br />of the Internal Revenue Code of 1986, as amended <br />(the "Code "), as in effect on the date of delivery <br />of the Bonds, nor will the Lessee act in any manner <br />which would adversely affect such exclusion. The <br />Lessee further covenants that it will not make any <br />investment or do any other act or thing during the <br />period that any Bond is outstanding hereunder which <br />would cause any Bond to be an "arbitrage bond" <br />within the meaning of Section 148 of the Code and <br />the regulations thereunder as in effect on the date <br />of delivery of the Bonds. All officers, members, <br />employees and agents of the Lessee are authorized <br />and directed to provide certifications of facts and <br />estimates that are material to the reasonable <br />expectations of the Lessee as of the date the Bonds <br />are issued and to enter into covenants on behalf of <br />the Lessee evidencing the Lessee's commitments made <br />herein. <br />3. The last paragraph of Section 14 of the Lease shall <br />be amended to read as follows: <br />If the Lessee has not exercised its option to <br />purchase the Projects at the expiration of the term <br />of the Lease and upon the full discharge and <br />performance by the Lessee of its obligations under <br />this Lease, the Authority shall execute a deed of <br />the Projects to the Lessee conveying all of its <br />interest thereto, subject only to Permitted <br />Encumbrances. <br />follows: 4. Exhibit A of the Lease shall be amended to read as <br />Permitted Encumbrances <br />All encumbrances identified in the Title <br />Ce Commitment originally issued by Chicago Title <br />Insurance Company on November 20, 1990, Commitment <br />No. 85239H -61, in favor of the South Bend <br />Redevelopment Authority, as amended and in effect <br />from time to time during the term of the Lease. <br />-4- <br />
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