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1988-07-08 Resolution 10
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1988-07-08 Resolution 10
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<br />TRUST AGREEMENT <br />THIS AGREEMENT (the "Agreement"), executed and dated as <br />of the 1st day of June, 1988, made and entered into between SOUTH <br />BEND REDEVELOPMENT AUTHORITY, a public body corporate and <br />politic,. organized and existing under Indiana Code 36-7-14.5, as <br />amended (hereinafter called the "Authority"), and First <br />Interstate .Bank of Northern Indiana, N.A., a national banking <br />association having its principal office in the City of South <br />Bend, Indiana (hereinafter called the "Trustee"), <br />W I T N E S S E T H: <br />WHEREAS, the Authority was created under and pursuant to <br />the provisions of Indiana Code 36-7-14.5 (hereinafter referred to <br />as the "Act"), for the purpose of financing local public <br />improvements for lease to the South Bend Redevelopment Commission <br />(hereinafter referred to as the "Commission"); and <br />WHEREAS, Security Pacific National Bank has, pursuant to <br />an Agreement for Lease with Purchase Option dated December 9, <br />1985 (the "Prior Lease"), leased to the Board of Park <br />Commissioners of the Park District of the City of South Bend, <br />Indiana (the "Park Board"), certain real property described in <br />Exhibit A hereto, including improvements thereon and <br />appurtenances thereto, which real property, improvements and <br />appurtenances are commonly referred to an the Stanley Coveleski <br />Regional Stadium (the "Facility");.and <br />WHEREAS, the Prior Lease has been heretofore amended by <br />a First Amendment to Agreement for Lease with Purchase Option <br />Between Security Pacific National Bank and the Board of Park <br />Commissioners of the Park District of the City of South Bend, <br />Indiana, dated as of September 15, 1986 (the "First Amendment"),. <br />to modify certain provisions of the Prior Lease pertaining to <br />non-rent items; and <br />WIiEREAS, the Prior Lease as amended by the First <br />Amendment has heretofore been further amended by a Second <br />Amendment to Agreement for Lease with Purchase Option between <br />Security Pacific National Bank and the Board of Park <br />Commissioners of the Park District of the City of South Bend, <br />Indiana, dated March 7,.1988 (the "Second Amendment"), to permit <br />the Board of Park Commissioners of the Park District of the City <br />of South Bend, Indiana, to convey its interest in the Prior <br />Lease, as amended, to any board, agency or commission of the City <br />of South Bend for the purpose of exercising the option to <br />purchase provided in Section 8.01 of the Prior Lease; and <br />WHEREAS, the Park Board has assigned its option to <br />purchase pursuant to the Prior Lease, as amended, to the <br />Authority and the Authority has accepted the assignment of said <br />option to purchase; and <br />W~iEREAS, the Authority has determined to borrow the sum <br />of Five Million Six Hundred Eighty-five Thousand Dollars <br />
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