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9597-05 Approving and Authorizing the execution of a lease Addendum for the construction of an addition to O'Brien Recreation Center
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9597-05 Approving and Authorizing the execution of a lease Addendum for the construction of an addition to O'Brien Recreation Center
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Last modified
12/13/2010 10:29:48 AM
Creation date
2/20/2008 8:59:54 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/13/2005
Ord-Res Number
9597-05
Bill Number
31-05
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of an addition to the Building on the Land (as defined in the Lease) to be used as a fitness center <br />(the "2005 Project"); and <br />WHEREAS, the Building Corporation and the Lessee desire to enter into this <br />Second Addendum for the purpose of providing for the 2005 Project with a term related to the <br />2005 Project of not to exceed six (6) years and with a maximum semi-annual lease rental rate for <br />the 2005 Project of $105,000 payable semiannually on May 28 and November 28; <br />NOW, THEREFORE, IT IS HEREBY AGREED, CERTIFIED, AND <br />STIPULATED by the undersigned that: <br />1. The project description as contained at Exhibit A to the Lease is hereby <br />amended and restated in its entirety as follows: <br />The Project consists of (a)(i) the replacement of its windows and doors, <br />(ii) the installation and replacement of its heating and cooling system, and (iii) the <br />installation and replacement of its electrical mainpower feed and telephone and <br />computer wiring, all in the building located on the aforementioned real estate and <br />knows as the O'Brien Recreation Center (the "Building") (the "1999 Project") and <br />(b) certain other improvements to the Building, including but not limited to, the <br />construction of an addition to the Building on a portion of the aforementioned real <br />estate to be used as a fitness center (the "2005 Project"). <br />2. Section 2 of the Lease is hereby amended and restated in its entirety as <br />follows: <br />Semiannual Rental Payment for the Project. (a) The first semiannual <br />rental installment for the 1999 Project (as defined herein) in the amount of <br />Forty-nine Thousand Six Hundred fifty-five and 14/100 Dollars ($49,655.14), or <br />such lesser amount as shall be permitted by Section 3.03 of the Mortgage and <br />Trust Indenture dated November 1, 1999 (the "Trust Indenture"), by and between <br />the City of South Bend Building Corporation and WeIIs Fargo Bank, N.A., <br />successor in interest to Norwest Bank Indiana, N.A. (the "Trustee") as a result of <br />funds remaining on deposit, shall be due on the day that the 1999 Project is <br />complete and ready for use and occupancy or May 28, 2000, whichever is later. If <br />completion is later than May 28, 2000, the first installment shall be in an amount <br />which provides for rental at the rate specified in Exhibit B hereto for the <br />semiannual period in which the 1999 Project is completed and ready for use, <br />-2- <br />BDDBOI 4069489v1 <br />
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