1988- 06-14 Minutes - Laserfiche WebLink

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