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No. 0924 reducing the annual rental on the lease for the SBCDA public improvement project and approving the execution of an addendum to the lease
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No. 0924 reducing the annual rental on the lease for the SBCDA public improvement project and approving the execution of an addendum to the lease
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10/18/2012 3:12:59 PM
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LEASE <br />This Lease entered into as of the 1st day of November, 1989 <br />between SOUTH BEND REDEVELOPMENT AUTHORITY, a body corporate and <br />politic organized and existing under Indiana Code 36 -7 -14.5 (the <br />"Authority) and SOUTH BEND REDEVELOPMENT COMMISSION, the governing <br />body of the South Bend Department of Redevelopment and the <br />Redevelopment District of South Bend, Indiana (the "Lessee "), acting <br />for and on behalf of the City of South Bend, Indiana. <br />WITNESSETH: <br />Section 1. Definitions. The terms defined in this Section <br />1 shall for all purposes of this Lease have the meanings herein <br />specified unless the context otherwise requires. <br />"Act" means Indiana Code 36 -7 -14.5, as the same from time to <br />time may be amended or supplemented. <br />"Authority" means the South Bend Redevelopment Authority, a <br />body corporate and politic organized and existing under the Act, or <br />if said Authority shall be abolished, the authority, board, body, <br />instrumentality or agency succeeding to the principal functions <br />thereof. <br />"Bonds" means South Bend Redevelopment Authority Lease Rental <br />Revenue Bonds (South Bend Central Development Area Public Improvement <br />Project) . <br />"Lease" means this Lease as the same may be amended, modified <br />or supplemented by any amendments or modifications hereof or <br />supplements hereto entered into in accordance with the provisions <br />hereof. <br />"Lessee" means the South Bend Redevelopment Commission, the <br />governing body of the South Bend Department of Redevelopment and the <br />Redevelopment District of South Bend, Indiana, or if said Commission <br />shall be abolished, the commission, board, body or agency succeeding <br />to the principal functions thereof. <br />"Lease Resolution" means the resolution of the Commission <br />passed on February 16, 1990, establishing funds for the payment of <br />lease rentals. <br />"Permitted Encumbrances" means those items listed in Exhibit A <br />hereto and any future (a) liens for taxes not then delinquent, (b) <br />this Lease and the Trust Agreement, leases, subleases and other <br />agreements permitted pursuant to Section 13 hereof, (c) utility, <br />-1- <br />
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