1993-11-04 Resolution 85 - Laserfiche WebLink

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Hundred Ninety-Seven Thousand Nine Hundred Fifty and 00/100 Dollars • ($397,950.00) shall be due on the day that the Century Center Portion is completed and ready for use or January 28, 1996, whichever is later. If completion is later than January 28, 1996, the first installment shall be in an amount which provides for rental at the rate specified in Exhibit C for the semiannual period in which the Century Center Portion is completed and ready for use, prorated .from the. date of completion until the first January 28 or July 28 following such date of completion. Thereafter such rentals for the Century Center Portion shall be payable in advance in semiannual installments on January 28 and July 28 of each year as provided for in the lease payment schedule attached hereto as Exhibit C. (b) Halal of Fame Portion. The first semiannual rental installment for the Hall of Fame Portion in the amount of Five Hundred Ninety-Two Thousand Fifty and 00/100 Dollars ($592,050.00) shall be due on the day that the Hall of Fame Portion is completed and ready for use or January 28, 1996, whichever is later. If completion is later than January 28, 1996, the first installment shall be in an amount which provides for rental at the rate specified in Exhibit C for the semiannual period in which the Hall of Fame Portion is completed and ready for use, prorated from the date of completion until the first January 28 or July 28 following such date of completion. Thereafter such rentals for the Hall of Fame Portion shall be payable in advance in semiannual installments on January 28 and July 28 of each year as provided for in the lease payment schedule attached hereto as Exhibit C. The rental to be paid in semiannual installments by the Lessee for the Century Center Portion and the Hall of Fame Portion and the combined rental to be paid in semiannual installments for the Project are set forth on Exhibit C attached hereto. The last semiannual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the amount specified for the Project set forth on Exhibit C for the applicable semiannual period prorated from the date such installment is due to the date of the expiration of this Lease (without taking into account any subsequent early termination of this Lease pursuant to Section 2 hereof). After the sale of the Bonds issued by the Authority to pay the cost of the completion of the Project -and other expenses incidental thereto, the first semiannual lease payment and the sum of the second and third semiannual rental installments and the sum of the fourth and fifth semiannual rental installments, and so on, for the Project shall be reduced to an amount equal to the multiple of One Thousand and 00/100 Dollars ($1,000.00) next highest to the highest sum of principal and interest due in any year ending on a Bond maturity date on such Bonds plus Three Thousand and 00/100 Dollars ($3,000.00), payable in equal semiannual installments. Such amount of reduced annual rental shall be endorsed on this -4-