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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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"The Lease will not take any action or fail to take any action <br />that would result in the loss of the exclusion from gross income for <br />federal tax purposes of interest on the Bonds pursuant to Section 103 <br />(a) of the Internal Revenue Code of 1986, as amended (the "Code "), as <br />in effect on the date of delivery of the Bonds, nor will the Lessee <br />act in any manner which would adversely affect such exclusion. The <br />Lessee further covenants that it will not make any investment or do <br />any other act or thing during the period that any Bond is outstanding <br />hereunder which would cause any Bond to be an "arbitrage bond" within <br />the meaning of Section 148 of the Code and the regulations thereunder <br />as in effect on the date of delivery of the Bonds. All officers, <br />members, employees and agents or the Lessee are authorized and <br />directed to provide certifications of facts and estimates that are <br />material to the reasonable expectations of the Lessee as of the date <br />the Bonds are issued and to enter into covenants on behalf of the <br />Lessee evidencing the Lessee's commitments made herein." <br />3. The last paragraph of Section 14 shall be amended to read as <br />follows: <br />"If the Lessee has not <br />exercised <br />its option to purchase <br />the <br />Project at the expiration of <br />the term of <br />the Lease and upon the <br />full <br />discharge and performance by <br />the Lessee <br />of its obligations under <br />this <br />Lease, the Authority shall <br />execute a <br />deed of the Project to <br />the <br />Lessee conveying all of its interest. thereto, subject only <br />to <br />Permitted Encumbrances." <br />4. Exhibit "A" of the Lease shall be amended to read as <br />follows: <br />"Permitted Encumbrances" <br />All encumbrances identified in the Title Commitment originally <br />issued by Lawyers Title Insurance Corporation on March 6, 1990, <br />Commitment No. 58972, in favor of the South Bend Redevelopment <br />Commission, as amended and in effect from time to time during the <br />term of the Lease." <br />5. Exhibit "D" of the Lease shall be amended to read as <br />follows: <br />-3- <br />
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