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No. 0853 reducing the annual rental on the lease for the St. Joseph/Wayne Parking facility and approving the execution of an addendum to the lease
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No. 0853 reducing the annual rental on the lease for the St. Joseph/Wayne Parking facility and approving the execution of an addendum to the lease
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ADDENDUM TO LEASE <br />SOUTH BEND REDEVELOPMENT AUTHORITY <br />TO <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />f (Parking Garage Facility) <br />THIS ADDENDUM, made and entered into as of this 29th <br />day of July <br />, 1988, by and between the South Bend <br />Redevelopment Authority, a body corporate and politic organized <br />and existing under Indiana Code 36 -7 -14.5 (hereinafter with its <br />successors and assigns referred to as "Authority "), and the South <br />Bend Redevelopment Commission (hereinafter called "Lessee "), <br />WITNESSETH: <br />In consideration of the mutual covenants herein <br />contained, it is agreed that the Lease (Parking Garage Facility) <br />previously entered into between said parties as of the 1st day of <br />June, 1988, shall be amended as follows: <br />1. Rental Payments. The Lessee agrees to pay rental <br />for said premises at the rate of Four Hundred Sixty -three <br />Thousand Dollars ($463,000) per year during the term of the <br />Lease. Rental installments shall be payable under the terms and <br />conditions as provided in said Lease in semiannual installments <br />of Two Hundred Thirty -one Thousand Five Hundred Dollars <br />($231,500) on June 28 and December 28 of each year. <br />2. Validity. The parties hereto acknowledge that all <br />remaining terms, covenants and conditions as set forth in the <br />lease between the parties hereto and executed as of the 1st day <br />of June, 1988 shall remain in full force and effect. <br />EXHIBIT "A" <br />
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