1999-07-12 Resolution 133 - Laserfiche WebLink

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ESCROW AGREEMENT This Escrow Agreement,. is dated as of May 1,1999, by and between the South Bend Redevelopment Authority (the "Authority"), and Norwest Bank Indiana, N.A., Fort Wayne, Indiana, a national banking association organized under the laws of the United States of America, as escrow trustee (the "Escrow Trustee"). RECITALS Section 1. The Authority adopted Resolution No.132 on March 1,1999, wherein it authorized the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Note (Downtown Property Acquisition Project) in the principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000) (the "Note") through the Department of Housing and Urban Development's Section 108 Loan Guarantee Program and approved a form of Lease between the South Bend Redevelopment Commission (the "Commission) and the Authority for certain land and improvements to be acquired with the proceeds thereof. Section 2. Pursuant to Resolution No. 1671 adopted by the Commission on February 19,1999, Resolution 1673 adopted by the Commission on March 19,1999 and Resolution No. 1674 adopted by the Commission on March 1999,1999 (collectively, the "Lease Resolution"), the Commission approved and authorized the execution of the Lease and established certain funds and accounts and pledged certain revenues toward the payment of Lease rentals. Section 3. The Lease and the Lease Resolution provide that the Lease rentals will r~ L.J be delivered to the Fiscal. Agent, as hereinafter defined, or, alternatively, to an escrow agent and ::ODMA\PCDOCS\SBDOCS 1\37351\ 1 -2-