No. 0848 approving modifications to and execution of a lease between the SBRA and the SBRC for the Stanley Coveleski Regional Stadium and regarding other related matters

Home Browse Search

in the opinion of counsel satisfactory to Trustee, materially impair the Authority's title or Lessee's use of the Facility. "Redevelopment District Bond Fund" means the Redevelopment District Bond Fund of Lessee. "Stadium Principal and Interest Account" means the account by that name created in the Redevelopment District Bond Fund by the Lease Resolution. "Trust Agreement" means the Trust Agreement dated as of June 1, 1988 between the Authority and the Trustee, securing the Bonds. "Trustee" means First Interstate Bank of Northern Indiana, N.A., South Bend, Indiana, as Trustee pursuant to the Trust Agreement, and any successor trustee. Any term not defined herein, which is defined in the Lease Resolution or in the Trust Agreement, shall have the meaning as defined in such resolution or agreement. Section 2. Lease of Facility. In consideration of the rentals and other terms and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the Facility: TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging unto the Lessee for a term of nine and one -half (9 -1/2) years beginning on September 1, 1988, being the date of the acquisition of the Facility by the Authority, and ending on March 1, 1998 However, the term of this Lease shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate in fee simple subject only to Permitted Encumbrances, to the above - described real estate, and the Authority warrants and will defend the same against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. Section 3. Rental Payments. (a) During the term of this Lease, the Lessee agrees to pay rental for said premises at the rate of One Million Dollars ($1,000,000) per year. Such Rental shall be paid from the Stadium Principal and Interest Account of the Redevelopment District Bond Fund. All rentals payable under the terms of this Lease shall be paid to the Trustee or to such other bank or trust company as may from time to time succeed the Trustee under the Trust Agreement. All payments so made shall be considered as payments to the Authority of the rentals payable -2-