1988-06-17 Resolution 7 - Laserfiche WebLink

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hereunder. The Lessee shall receive a credit on such rental payment in an amount equal to the amount then in the South Bend Redevelopment Authority Stadium. Facility Sinking Fund created by Section 3.01 of the Trust Agreement. The Lessee shall also receive credit-for .any Bond maturing within seven (7) 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 ail prudent charges and expenses of the Authority incurred in the performance of its.. obligations hereunder. Section 4. Rental Payment Dates. The first rental installment in the amount of Five Hundred Thousand Dollars ($500,000) sha l be due on February 28, 1989. Thereafter such rentals shall be payable in advance in semiannual installments of Five Hundred Thousand Dollars ($500,000) on February 28 and August 28 of each year. After the sale of the Bonds issued by the Authority to pay the cost of the Facility, including the acquisition of the site thereof and other expenses incidental thereto, the annual rental shall be reduced to an amount equal to-two times the sum of the. multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal and interest due on such Bonds on any bond payment date plus $1,000, payable in equal. semiannual installments. Such amount of reduced annual rental shall be endorsed on this Lease_at the .end hereof by the parties hereto as soon as the same can be done. after the sale of said Bonds, and such endorsement shall be recorded as an addendum to this Lease. Section '5. Abatement of Rent. In the event the Facility shall be damaged or destroyed so as to render .the same unfit for use as a stadium, it shall then be the obligation of the Authority to restore and rebuild the Facility as promptly as may be done., unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and acceptable to the. Trustee, (i) the cost of such restoration or rebuilding does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such restoration or rebuilding can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental shall be abated for the period during which the Facility is unfit for use as a stadium facility. -3-