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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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end hereof by the parties hereto as soon as the same can be done <br />after such completion dates and such endorsement shall be recorded <br />as an addendum to this Lease. 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 />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 />Airport Economic Development Area Public Improvement Project <br />Principal and Interest Account (in the case of the Tax - Exempt <br />Project) and the Airport Economic Development Area Taxable Public <br />Improvement Project Principal and Interest Account (in the case of <br />the Taxable Project) of the Redevelopment District Bond Fund. All <br />rentals payable under the terms of this Lease shall be paid to the <br />Trustee or to such other bank or trust company as may from time to <br />time succeed the Trustee under the Trust Agreements. All payments <br />so made shall be considered as payments to the Authority of the <br />rentals payable hereunder. In the event rentals payable under the <br />terms of this Lease shall discontinue for any reason in relation <br />to either the Tax - Exempt Project or the Taxable Project, such <br />discontinuation of rental payments shall not affect the obligation <br />of the Lessee to continue to pay rentals on the individual Project <br />not affected by such discontinuation. The Lessee shall receive <br />credit for any Bonds maturing within seven (7) days of the date of <br />the lease rental payment, at the face value thereof, which the <br />Lessee acquires and delivers to the Trustee as a part of its lease <br />rental payment; (b) as additional rental the Lessee agrees to pay <br />all fees, charges and reimbursement of expenses of the Trustee <br />under the Trust Agreements and all prudent charges and expenses of <br />the Authority incurred in the performance of its obligations <br />hereunder. <br />Section 4. Rental Payment Dates and Amounts. (a) Tax - <br />Exempt Project. The first semiannual rental installment in the <br />amount of Ninety -Five Thousand Five Hundred Dollars ($95,500) shall <br />be due on the day that the Tax - Exempt Project is completed and <br />ready for use, or January 28, 1994, whichever is later. If <br />completion is later than January 28, 1994, the first installment <br />shall be in an amount which provides for rental at the rate <br />specified in Exhibit D for the semiannual period in which the Tax - <br />Exempt Project is completed and ready for use, prorated from the <br />date of completion until the first July 28 or January 28 following <br />such date of completion. Thereafter such rentals shall be payable <br />in advance in semiannual installments on July 28 and January 28 of <br />each year as provided for in the lease payment schedule attached <br />hereto as Exhibit D. <br />-4- <br />\rlhill \sthbnd \airport\ general \lease.amd;tmg;12 -21- 90;9:00a.m. <br />
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