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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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Section 13. General Covenants. The Lessee shall not assign <br />this Lease or sublet any part of the Project herein described without <br />the prior written consent of the Authority; provided, however, that <br />the Lessee shall in no event assign this Lease or sublet any part of <br />the Project if such assignment or sublease will result in the loss of <br />the exclusion from gross income for federal tax purposes of interest <br />on any obligation issued by the Authority to finance the Project. <br />The Lessee covenants that, except for Permitted Encumbrances, it will <br />not encumber the Project, or permit any encumbrance to exist thereon, <br />and that it shall use and maintain the Project in accordance with the <br />laws and ordinances of the United States of America, the State of <br />Indiana, and all other proper governmental authorities. The <br />Authority agrees that it will, at the request of the Lessee, execute <br />and deliver to or upon the order of the Lessee such instrument or <br />instruments as may be reasonably required by the Lessee in order to <br />subject the Project, or the Authority's interest therein, to such <br />encumbrances as shall be specified in such request and as shall be <br />permitted by the provisions of this Section 13 or otherwise by the <br />definition of "Permitted Encumbrances ". <br />Section 14. Option to Purchase. Authority hereby grants <br />Lessee the right and option, on any rental payment date, upon thirty <br />days' written notice to the Authority, to purchase the Project at a <br />price equal to the amount required to enable the Authority to provide <br />for the redemption of all outstanding Bonds, all premiums payable on <br />the redemption thereof, and accrued and unpaid interest, and to pay <br />the cost of redeeming the Bonds and liquidating the Authority if it <br />is to be liquidated. <br />Upon request of the Lessee, the Authority agrees to furnish an <br />itemized statement setting forth the amounts required to be paid by <br />the Lessee on the next rental payment date in order to purchase the <br />Project 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 is <br />required to provide for the payment of all the Bonds, including all <br />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 accrued <br />and unpaid interest. <br />The remainder of such purchase price, if any, shall be paid by <br />the Lessee to the Authority. Nothing herein contained shall be <br />construed to provide that the Lessee shall be under any obligation to <br />purchase the Project, or under any obligation in respect to any <br />creditors or bondholders of the Authority. <br />-7- <br />
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