1988-06-17 Resolution 5 - Laserfiche WebLink

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V t I • • shall be recorded as an addendum to this Lease. The Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate in fee simple subject only to Permitted Encumbrances,. to the above-described real estate, and the Authority warrants and will defend the same against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. Section 3. Rental Payments. (a) During the term of this Lease, the Lessee agrees to pay rental for said premises at the rate of Five Hundred Twenty Thousand Dollars ($520,000) per year. Such Rental shall be paid from the Parking Garage Principal and Interest Account of the Redevelopment District Bond Fund. All rentals payable under the .terms of this Lease shall be paid to Trustee or to such other bank or trust company as may from time to time succeed the Trustee under the Trust. Agreement. All payments so made shall be considered as payments to the Authority of the rentals payable hereunder. Lessee shall receive a credit on such rental payment in an amount equal to the amount then in the South Bend Redevelopment Authority Parking Garage Facility Sinking Fund created by Section 3.02 of the Trust Agreement. .The Lessee shall also receive credit for any Bond maturing within forty-five (45) .days of the date of the .lease rental payment, at the face value thereof, which. the Lessee acquires and delivers to the Trustee as a part of its lease rental payment; (b) As additional rental the Lessee agrees to pay all fees, charges and reimbursement of expenses of~the Trustee under the Trust Agreement and all prudent charges and expenses of the Authority incurred in the performance of its obligations hereunder. Section 4.' Rental Payment Dates. The first semiannual rental installment in the amount of Two Hundred Sixty Thousand Dollars ($260,000) shall be due on the day that the Garage to be erected and/or improved on the premises is completed and ready for occupancy, or December 28, 1989,.whichever is later. If completion is later than December 28, 1989, the first installment shall be in an amount which provides for rental at the yearly rate specified in Section 3 from. the date of comp~.etion until .the first June 28 or December 28 following such date of completion. Thereafter such rentals shall be payable in advance in semiannual installments of .Two Hundred Sixty Thousand Dollars ($260,000) on June 28 and December 28 of each year. The last semiannual rental payment due before the. expiration of this Lease shall be adjusted to provide for rental at the yearly rate specified above from the date such installment is due to the date of the expiration of this Lease. • After the sale of the Bonds issue the cost of the Garage, including the thereof and other expenses incidental shall be reduced to an amount equal to Thousand Dollars ($1,000) next-highest principal and interest due in any yea d by the Authority to pay acquisition of the site thereto, the annual rental the multiple of One to the highest sum of r ending on a bond maturity _3'_