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No. 0846 approving modifications to and execution of a lease between the SBRA and the SBRC for the St. Joseph/Wayne parking facility and other related matters
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No. 0846 approving modifications to and execution of a lease between the SBRA and the SBRC for the St. Joseph/Wayne parking facility and other related matters
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10/18/2012 3:22:35 PM
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"Parking Garage Principal and Interest Account" means the <br />account by that name created in the Redevelopment District Bond <br />' Fund by the Lease Resolution. <br />fir+ "Permitted Encumbrances" means those items listed in <br />Exhibit B hereto and any future (a) liens for taxes not then <br />delinquent, (b) this Lease and the Trust Agreement, leases, <br />subleases and other agreements permitted pursuant to Section 13 <br />hereof, (c) utility, access and other easements and rights -of- <br />way, restrictions and exceptions that Lessee certifies will not <br />interfere with or impair the Facility, (d) any mechanics', <br />laborers', materialmen's, suppliers' or vendors' lien or right in <br />respect thereof if payment is not yet due and payable and (e) <br />such minor defects, irregularities, encumbrances, easements, <br />rights -of -way and clouds on title as normally exist with respect <br />to property similar in character to the Facility and as do not, <br />in the opinion of counsel satisfactory to Trustee, materially <br />impair the Authority's title or Lessee's use of the Facility. <br />"Redevelopment District Bond Fund" means the Redevelopment <br />District Bond Fund of Lessee authorized by Indiana <br />Code 36- 7 -14 -27 and the Lease Resolution. <br />"Trust Agreement" means the Trust Agreement dated as of <br />June 1, 1988 between the Authority and the Trustee, securing the <br />Bonds. <br />"Trustee" means First Interstate Bank of Northern Indiana, <br />N.A., South Bend, Indiana, as Trustee pursuant to the Trust <br />Agreement, and any successor trustee. <br />Any term not defined herein, which is defined in the Lease <br />Resolution or in the Trust Agreement, shall have the meaning as <br />defined in such resolution or agreement. <br />Section 2. Lease of Facility. In consideration of the <br />rentals and other terms and conditions herein specified the <br />Authority does hereby lease, demise and let to the Lessee the <br />Facility: TO HAVE AND TO HOLD the same with all rights, <br />privileges, easements and appurtenances thereunto belonging, unto <br />the Lessee for a term of twenty and one -half (20 -1 /2) years, <br />beginning on the date the Garage is completed and ready for <br />occupancy, and ending on the day prior to such date twenty and <br />one -half (20 -1/2) years thereafter. However, the term of this <br />Lease shall terminate at the earlier of (a) the exercise of the <br />option to purchase by Lessee and payment of the option price, or <br />(b) the payment or defeasance of all obligations of Lessor <br />incurred (i) to finance the cost of the leased property, (ii) to <br />refund such obligations, (iii) to refund such refunding <br />obligations, or (iv) to improve the leased property. The date <br />the Garage is completed and ready for occupancy shall be endorsed <br />on this Lease at the end hereof by the parties hereto as soon as <br />the same can be done after such completion and such endorsement <br />-2- <br />
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