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twenty -two (22) years, beginning on the date the Project is complete <br />and ready for use, and ending on the day prior to such date <br />twenty -two (22) years thereafter. However, the term of this Lease <br />shall terminate at the earlier of (a) the exercise of the option to <br />purchase by Lessee and payment of the option price, or (b) the <br />payment or defeasance of all obligations of Lessor incurred (i) to <br />finance the cost of the leased property, (ii) to refund such <br />obligations, (iii) to refund such refunding obligations, or (iv) to <br />improve the leased property. The date the Project is complete and <br />ready for use shall be endorsed on this Lease at the end hereof by <br />the parties hereto as soon as the same can be done after such <br />completion and such endorsement shall be recorded as an addendum to <br />this Lease. The Authority hereby represents that it is possessed of, <br />or will acquire, a good and indefeasible estate in fee simple subject <br />only to Permitted Encumbrances, to the above - described real estate, <br />and the Authority warrants and will defend the same against all <br />claims whatsoever not suffered or caused by the acts or omissions of <br />the 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 forth <br />in Section 4 hereof. Such rental shall be paid from the South Bend <br />Central Development Area Public Improvement Project Principal and <br />Interest Account 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 Agreement. All payments so <br />made shall be considered as payments to the Authority of the rentals <br />payable hereunder. The Lessee shall receive credit for any Bond <br />maturing within seven (7) days of the date of the lease rental <br />payment, at the face value thereof, which the Lessee acquires and <br />delivers to the Trustee as a part of its lease rental payment; (b) as <br />additional rental the Lessee agrees to pay all fees, charges and <br />reimbursement of expenses of the Trustee under the Trust Agreement <br />and all prudent charges and expenses of the Authority incurred in the <br />performance of its obligations hereunder. <br />Section 4. Rental Payment Dates and Amounts. The first <br />semiannual rental installment in the amount of Two Hundred <br />Ninety -Five Thousand Five Hundred Dollars ($295,500) shall be due on <br />the day that the Project is completed and ready for use, or July 31, <br />1991, whichever is later. Thereafter such rentals shall be payable <br />in advance in semiannual installments on January 31, and July 31 of <br />each year as provided for in the attached lease payment schedule at <br />Exhibit B. <br />After the sale of the bonds issued by the Authority to pay the cost <br />of the Project, including the acquisition of the site therefor and <br />other expenses incidental thereto, the sum of the first and second <br />semiannual rental installments and the sum of the third and fourth <br />semiannual rental installments, and so on, shall be reduced to an <br />-3- <br />