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1988- 06-14 Minutes
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1988- 06-14 Minutes
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• - <br />in the opinion of counsel satisfactory to Trustee, materially <br />impair the Authority's title or Lessee's use of the Facility. <br />"Redevelopment District Bond Fund" means the Redevelopment <br />District Bond Fund of Lessee. <br />"Stadium Principal and. Interest Account" means the account by <br />• that name created in the Redevelopment District Bond Fund by the <br />Lease Resolution. <br />"Trust Agreement" means the Trust Agreement dated as of <br />June 1, 1988 between the Authority and the Trustee, securing the <br />Bonds. <br />"Trustee" means First Interstate Bank of Northern Indiana, <br />N.A., South Bend, Indiana, as Trustee pursuant to the Trust <br />Agreement, and any successor trustee. <br />Any term not defined herein, which is defined in the. Lease <br />Resolution or in the Trust Agreement, shall have the meaning as <br />defined in such resolution or agreement. <br />Section 2. Lease of Facility. In consideration of the <br />rentals and other terms and conditions herein specified the <br />Authority does hereby lease, demise and let to the Lessee the <br />Facility: TO HAVE AND TO HOLD the same with all rights, <br />privileges, easements and appurtenances thereunto belonging unto <br />the Lessee for a term of nine and one-half (9-1/2) years <br />beginning on September 1, 1988, being the date of the acquisition <br />of the Facility by the Authority, and ending on March 1, 1998 <br />However,. the term of this Lease shall terminate at the earlier of <br />(a) the exercise of the option to purchase by Lessee and payment <br />of the option price, or (b) the payment or defeasance of all <br />obligations of Lessor incurred (i) to finance the cost of the <br />leased property, (ii) to refund such obligations, (iii) to refund <br />such refunding obligations, or (iv) to improve the leased <br />property. The Authority hereby represents that it is possessed <br />of, or will acquire, ~a good and indefeasible estate in fee simple <br />subject only to Permitted Encumbrances, to the above-described <br />real estate, and the Authority warrants and will defend the same <br />against all claims whatsoever not suffered or caused by the acts <br />or omissions of the Lessee. <br />Section 3. Rental Payments. (a) During the term of this <br />Lease, the Lessee agrees to pay rental for said premises at the <br />rate of One Million Dollars ($1,000,000) per year. Such Rental <br />shall be paid from the Stadium Principal and Interest Account of <br />the Redevelopment District Bond Fund. All rentals payable under <br />the terms of this Lease shall be paid to the Trustee or to such <br />other bank or trust company as may from time to time. succeed the <br />Trustee under the Trust Agreement. All payments so made shall be <br />considered as payments to the Authority of the rentals payable <br />-2- <br />
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