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06-23-08 Council Meeting Agenda & Packet
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06-23-08 Council Meeting Agenda & Packet
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9/12/2012 10:52:02 AM
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6/19/2008 3:11:40 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
6/23/2008
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Any term not defined herein, which is defined in the 2008 Lease Resolution, the <br />Lease or in the 2008 Trust Agreement, shall have the meaning as defined in such resolution, <br />lease or agreement. <br />Section 2. Lease of 2008 Project. In consideration of the rentals and other terms <br />and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the <br />2008 Project: TO HAVE AND TO HOLD the same with all rights, privileges, easements and <br />appurtenances thereunto belonging, unto the Lessee for a term not to exceed twenty (20) years, <br />beginning on the date the 2008 Project is complete and ready for use and ending on the day prior <br />to such date at most twenty (20) years thereafter (the "2008 Term "). However, the term set forth <br />in this Second Addendum to Lease with respect to the 2008 Project shall terminate at the earlier <br />of (a) the exercise of the option to purchase the 2008 Project by Lessee and payment of the <br />option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance <br />the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding <br />obligations. The date the 2008 Project is complete and ready for use shall be endorsed on this <br />Second Addendum to Lease at the end hereof by the parties hereto as soon as the same can be <br />done after such completion date and such endorsement shall be recorded as an addendum to the <br />Lease. The Authority hereby represents that it is possessed of a good and indefeasible estate in <br />fee simple subject only to Permitted Encumbrances, to the real estate described as the Century <br />Center portion in Exhibit A of the Lease, and the Authority warrants and will defend the same <br />against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. <br />Section 3. Rental Payments. <br />(a) During the term of this Second Addendum to Lease, the Lessee <br />agrees to pay rental for said premises as set forth in Section 4 hereof. Such rental shall be <br />paid from the 2008 Century Center Principal and Interest Account of the Redevelopment <br />District Bond Fund. All rentals payable under the terms of this Second Addendum to <br />Lease shall be paid to the Trustee or to such other bank or trust company as may from <br />time to time succeed the Trustee under the 2008 Trust Agreement. All payments so made <br />shall be considered as payments to the Authority of the rentals payable hereunder. The <br />Lessee shall receive credit for any Bond maturing within seven (7) days of the date of the <br />lease rental payment, at the face value thereof, which the Lessee acquires and delivers to <br />the Trustee as a part of its lease rental payment; and <br />(b) As additional rental the Lessee agrees to pay all fees, charges and <br />reimbursement of expenses of the Trustee under the 2008 Trust Agreement and all <br />prudent charges and expenses of the Authority incurred in the performance of its <br />obligations hereunder. <br />Section 4. Rental Payment Dates and Amounts. The first semiannual rental <br />installment in the amount of Five Hundred Fifty -four Thousand Five Hundred and 00 /100 <br />Dollars ($554,500.00) shall be due on the day that the 2008 Project is completed and ready for <br />use or April 15, 2009, whichever is later. If completion is later than April 15, 2009, the first <br />installment shall be in an amount which provides for rental at the rate of $554,500.00 for the <br />semiannual period in which the 2008 Project is completed and ready for use, prorated from the <br />date of completion until the first April 15 or October 15 following such date of completion. <br />BDDBOI 5233044v2 - 2 - <br />
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