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9853-08 Approving the second addendum to lease for certain additional public improvements between SB Redev Authority and SB Redev Comm
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9853-08 Approving the second addendum to lease for certain additional public improvements between SB Redev Authority and SB Redev Comm
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Last modified
9/24/2009 3:34:02 PM
Creation date
7/8/2008 4:32:05 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
6/23/2008
Ord-Res Number
9853-08
Bill Number
37-08
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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 2008 Project, (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 Three Hundred Thousand and 00/100 Dollars ($300,000.00) shall be <br />due on the day that the 2008 Project is completed and ready for use or April 15, 2009, whichever <br />is later. If completion is later than April 15, 2009, the first installment shall be in an amount <br />which provides for rental at the rate of $300,000.00 for the semiannual period in which the 2008 <br />Project is completed and ready for use, prorated from the date of completion until the first <br />April 15 or October 15 following such date of completion. Thereafter such rentals shall be <br />BDDBOI 5233044v3 - 2 - <br />
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