1988-06-17 Resolution 5 - Laserfiche WebLink

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• L~ "Parking Garage Principal and Interest Account" means the account by that name created in the Redevelopment District Bond Fund by the Lease Resolution.. "Permitted Encumbrances"`means those items listed in Exhibit B hereto and any future (a) liens for taxes not then delinquent, (b) this Lease and the Trust Agreement, leases, subleases and other agreements permitted pursuant to Section 13 hereof, (c) utility., .access and other easements and rights-of- way, restrictions and exceptions that Lessee certifies will not interfere with or impair the Facility, (d) any mechanics', laborers', materialmen's, suppliers' or vendors' lien or right in respect thereof if payment is not yet due and payable and (e) such minor defects, irregularities, encumbrances, easements, rights-of-way and clouds on title as normally exist with respect to property similar in character to the Facility and as do not, in the opinion of counsel satisfactory to Trustee, materially impair the Authority's title or Lessee's use of the Facility. "Redevelopment District Bond Fund .Code 36-7-14-27 and District Bond Fund" means the Redevelopment of Lessee authorized by Indiana the Lease Resolution. "Trust Agreement" means the Trust Agreement dated as of June 1, 1988 between the Authority and the Trustee, securing the Bonds. "Trustee" means First Interstate Bank of Northern Indiana, N.A., South Bend, Indiana, as Trustee pursuant to the Trust Agreement, and any successor trustee:. .Any term not defined herein, which is defined in the Lease Resolution or in the Trust Agreement, shall have the meaning as defined in such resolution or agreement. Section 2. Lease of Facility. In consideration of the rentals and other terms and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the Facility: TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging, unto the Lessee for a term of twenty and one-half (24-1/2) years, beginning on the date the Garage is completed and ready for occupancy, and ending on the day prior to such date twenty and one-half (20-1/2) years thereafter. However, the term of this Lease shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The date the Garage is completed and ready for occupancy shall be endorsed on this. Lease at the end hereof by the .parties-hereto as soon as the same can be done after such completion and such endorsement -2-