1994-05-17 Resolution 91 - Laserfiche WebLink

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