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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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APPENDIX C <br />• SUMMARY OF CERTAIN LEGAL DOCUMENTS <br />LEASE <br />THE FOLLOWING IS A BRIEF SUMMARY OF CERTAIN PROVISIONS CONTAINED IN THE <br />LEASE. THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE DESCRIPTION AND IS <br />QUALIFIED IN ITS ENTIRETY BY REFERENCE TO THE LEASE. <br />General <br />In the Lease, the Authority leases to the Commission, as lessee (the 'Lessee ") two different facilities, an <br />existing civic, convention and exhibition center known as the Century Center Complex (the "Century Center <br />Portion "), and a facility to be constructed for use as a college football hall of fame. Only the lease rentals payable <br />with respect to the Century Center Portion of the facilities (such real property and improvements are referred to <br />herein as the "Leased Premises ") constitute Pledged Funds under the Trust Agreement. The description of the Lease <br />herein refers only to such Leased Premises. <br />Term <br />The term of the Lease is twenty-four (24) years, beginning on the day the Leased Premises are complete <br />and ready for use. <br />Rent <br />The first semiannual rental installment is in the amount of $397,950. Thereafter, the Lessee agrees to pay <br />• rental for the Leased Premises in equal semiannual installments of $300,000. The first semiannual rental installment <br />will be due on the later of (i) the day that the Leased Premises are complete and ready for use, or (ii) January 28, <br />1996. Thereafter, rental will be payable in advance in semiannual installments for the following six -month period <br />on each July 28 and January 28. The last semi - annual rental payment due before the expiration of the Lease will <br />be adjusted to provide for rental at the rate specified above from the date such installment is due to the date of <br />expiration of the Lease. All rentals payable under the terms of the Lease will be paid by the Lessee to the Trustee. <br />After the sale of the Bonds, the first semiannual rental installment and the rentals payable for each twelve <br />month period beginning on July 28, respectively, will be reduced to an amount equal to the principal and interest <br />due on the Bonds and payable from such rentals in each twelve -month period ending on February 1 plus $3,000 <br />(rounded up to the nearest $1,000), payable in equal semi - annual -installments. <br />The Lease provides that the Lessee also will pay any taxes and assessments in connection with the Leased <br />Premises, and all costs of maintenance, operation and use thereof, so that all rent paid will be net to the Authority <br />and all other expenses in connection with the Leased Premises will be the responsibility of the Lessee. <br />• <br />Insurance <br />The Lessee, at its own expense, will keep the Leased Premises insured against physical loss or damage in <br />an amount at least equal to the greater of the full replacement cost of the Leased Premises and the option to <br />purchase price (see "Option to Purchase "), with such exceptions as are ordinarily required by insurers of similar <br />properties. Blanket property insurance may be used if certain conditions in the Lease are satisfied. The Lessee will <br />also, at its own expense, maintain rent or rental value insurance in an amount equal to the full rental value of the <br />Leased Premises for a period of two years against physical loss or damage. <br />C -1 <br />
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