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Approving a Lease for the St Joseph/Wayne Parking Facility
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Approving a Lease for the St Joseph/Wayne Parking Facility
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Last modified
11/28/2012 1:52:19 PM
Creation date
11/28/2012 1:52:12 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/23/1988
Ord-Res Number
7875-88
Bill Number
28-88
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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 /> "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 Indiana National Bank, <br /> as Trustee, securing the Bonds. <br /> "Trustee" means , as Trustee <br /> pursuant to the Trust 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. The date the Garage is <br /> completed and ready for occupancy shall be endorsed on this Lease <br /> at the end hereof by the parties hereto as soon as the same can <br /> be done after such completion and such endorsement shall be <br /> recorded as an addendum to this Lease. The Authority hereby <br /> represents that it is possessed of, or will acquire, a good and <br /> indefeasible estate in fee simple subject only to Permitted <br /> Encumbrances, to the above-described real estate, and the <br /> Authority warrants and will defend the same against all claims <br /> whatsoever not suffered or caused by the acts or omissions of the <br /> Lessee. <br /> -2' <br />
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