1998-01-21 Resolution 118 - Laserfiche WebLink

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40; e • ADDENDUM TO LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY, AS LESSOR, AND THE SOUTH BEND REDEVELOPMENT COMMISSION, AS LESSEE (PALMS ROYALE/MORRIS CIVIC CENTER PROJECT) THIS ADDENDUM, made and entered into as of this 15`" day of January, 1998, by and between the South Bend Redevelopment Authority, a body corporate and politic organized and existing under Indiana Code 36-7-14.5 (hereinafter with its successors and assigns referred to as the "Authority"), and the South Bend Redevelopment Commission, the governing body of the South Bend Department of Redevelopment and the Redevelopment District of South Bend, Indiana (hereinafter called the "Lessee"), WITNESSETH: In consideration of the mutual covenants herein contained, it is agreed that the Amended and Restated Lease (Palais Royale/Morris Civic Center Project) previously entered into • between said parties as of the first day of May, 1997 (the "Lease"), shall be amended as follows: The following shall be added as a definition in Section 1 of the Amended and Restated Lease: "Operation and Reserve Fund" means the Operation and Reserve Fund created and established pursuant to the Additional Trust Agreement." "Reserve Fund" means the Reserve Fund created and established pursuant to the Additional Trust Agreement." "Three Payment Amount" means the amount of funds necessary as of each August 1 to make all lease rental payments payable in the 12-month period beginning on July 1 of the following calendar year." 2. Section 4(b) of the Lease is amended to read as follows: (b) The first semi-annual rental installment for the Additional/Combined Project in the amount of Six Hundred Ninety-three Thousand Five Hundred and 00/100 Dollars ($693,500.00), or such lesser amount as a result of the Lessee receiving a credit as expressly permitted pursuant to the applicable section of the Additional