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1999-07-12 Resolution 133
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1999-07-12 Resolution 133
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7/16/2008 2:36:45 PM
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7/16/2008 2:28:12 PM
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<br />is complete and ready for use, or July 25, 1999, whichever is later. Thereafter such rental for the <br />• Studebaker Lot Portion shall be payable in advance in equal installments on January 25 and July 25 <br />of each year until such rental is increased as provided hereinbelow. <br />On the date the Main and Jefferson Portion is complete and ready for use or July 25, 2003, <br />whichever is later, the rental for the Project shall increase to a rate payable at such time and in such <br />amount as set out at Exhibit C, or such lesser amount as may be permitted pursuant to the terms of <br />the Escrow Agreement as a result of funds remaining on deposit in said account. If completion of <br />the Main and Jefferson Portion is later than July 25, 2003, the first increased rental installment <br />following such completion of the Main and Jefferson Portion shall be in an amount which provides <br />for rental at the actual annual rate prorated from the date of completion of the Main and Jefferson <br />Portion until the first January 25 or July 25 following such date of completion. Thereafter, such <br />rental for the Project shall be payable in advance in equal semi-annual installments on January 25 <br />and July 25 of each year. The last semiannual rental installment due before the expiration of this <br />Lease shall be adjusted to provide for rental at the rate for the Project set forth at Exhibit C for the <br />applicable semiannual period, prorated from the date such installment is due to the date of the <br />expiration of this Lease. Such rental shall be paid by the Commission pursuant to the Pledge <br />Resolution. All rentals payable under the terms of this Lease shall be paid to Chase Manhattan Bank <br />as fiscal agent for the Secretary of Housing and Urban Development, or any successor fiscal agent, <br />or, during the period the Escrow Agreement remains effective, to the Escrow Agent. All payments <br />so made shall be considered as payments to the Authority of the rentals payable hereunder. <br />During the period the Escrow Agreement is effective, the Lessee shall receive a credit <br />for interest earned on rental payments made on each January 25 during the term of this Lease, which <br />• <br />::ODMA\PCDOCS\SBDOCSI\38682\l - 2 - <br />
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