1999-07-12 Resolution 133 - Laserfiche WebLink

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.~ Addendum to Lease Between . the South Bend Redevelopment Authority, as Lessor, and the South Bend Redevelopment Commission, as Lessee (Downtown Property Acquisition Project) THIS ADDENDUM, made and entered into as of this~~ aay of June,1999, 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 lease (Downtown Property Acquisition Proj ect) previously entered into between said parties as of the first day of March, 1999 (the "Lease"), shall be amended as follows: Section 3 of the Lease is amended to read as follows: Section 3. Rental Payments. During the term of this Lease, the Lessee agrees to pay rental for the Studebaker Lot Portion of the Project at the annual rate not to exceed One Hundred Four Thousand Five Hundred and eighty Dollars ($104,5 80.00) per year in equal semi-annual installments with increases in such annual rate as provided hereinbelow, or such lesser amount as may be permitted pursuant to the terms of that certain escrow agreement (the "Escrow Agreement") by and between Lessor and Norwest Bank N.A., as escrow agent, (the "Escrow Agent") as a result of funds remaining on deposit in said account. The first semi-annual rental installment for the Studebaker Lot Portion shall be due on the day that the Studebaker Lot Portion is acquired by the Authority and • ::ODMA\I'CDOCS\SBDOCS 1 \38682\ 1