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No. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement project
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No. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement project
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sublet any part of the Projects if such assignment or sublease will <br />result in the loss of the exclusion from gross income for federal <br />tax purposes of interest on any obligation issued by the Authority <br />to finance the Projects which is at the date of its issuance <br />subject to such exclusion. The Lessee covenants that, except for <br />Permitted Encumbrances, it will not encumber the Projects, or <br />permit any encumbrance to exist thereon, and that it shall use and <br />maintain the Projects in accordance with the laws and ordinances <br />of the United States of America, the State of Indiana, and all <br />other proper governmental authorities. The Authority agrees that <br />it will, at the request of the Lessee, execute and deliver to or <br />upon the order of the Lessee such instrument or instruments as may <br />be reasonably required by the Lessee in order to subject the <br />Projects, or the Authority's interest therein, to such encumbrances <br />as shall be specified in such request and as shall be permitted by <br />the provisions of this Section 13 or otherwise by the definition <br />of "Permitted Encumbrances ". <br />Section 14. Option to Purchase. The Authority hereby <br />grants Lessee the right and option, on any rental payment date, <br />upon thirty days' written notice to the Authority, to purchase <br />either or both of the Projects at a price equal to the amount <br />required to enable the Authority to provide for the redemption of <br />all outstanding Tax - Exempt Bonds, in the case of the Tax - Exempt <br />Project, and of the Taxable Bonds, in the case of the Taxable <br />Project, all premiums payable on the redemption thereof, and <br />accrued and unpaid interest, and to pay the cost of redeeming the <br />Bonds and liquidating the Authority if it is to be liquidated. <br />Upon request of the Lessee, the Authority agrees to furnish <br />an itemized statement setting forth the amounts required to be paid <br />by the Lessee on the next rental payment date in order to purchase <br />the Projects in accordance with the preceding paragraph. <br />If the Lessee exercises its option to purchase, the Lessee <br />shall pay to the Trustee that portion of the purchase price which <br />is required to provide for the payment of all the Bonds, including <br />all premiums payable on the redemption thereof, accrued and unpaid <br />interest thereon and the costs of redemption thereof. Such payment <br />shall not be made until the Trustee gives to the Lessee a written <br />statement that such amount will be sufficient to retire all Bonds <br />including all premiums payable on the redemption thereof and <br />accrued and unpaid interest. <br />The remainder of such purchase price, if any, shall be paid <br />by the Lessee to the Authority. Nothing herein contained shall be <br />construed to provide that the Lessee shall be under any obligation <br />to purchase the Projects, or under any obligation in respect to any <br />creditors or bondholders of the Authority. <br />-9- <br />\rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. <br />
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