Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.

Home Browse Search

• • 900 u 299 r. zio this Lease, together with all additions thereto and substitu- tions therefor less such real estate, interests in real estate and other rights as may be released from this Lease pursuant to Sections 8.5 and 11.3 hereof, or taken by the exercise of the power of eminent domain, as provided in Section 7.2 of this Lease. "Lessee" means W McCormick & Company, Incorporated, and ® its successors and assigns, and (ii) any surviving, resulting or transferee entity as provided in Section 8.3. "Lessor" means the City of South Bend, and its auc- %cessors and assigns. The Lessor is referred to in the Indenture as the "Issuer". v "Net Proceeds", when used with respect to any insurance or condemnation award, means the gross proceeds from the insurance or condemnation award with respect to which that termgZ,,used remaining after payment of all expenses (including attorney,"s fees and any extraordinary expenses of the Trustee), incurredAn the collection of such gross proceeds. "Ordinance" means the Ordinance adopted by the Lessor which authorizes the issuance of the Bonds, and the execu- tion and delivery of the Indenture and this Lease. "Permitted Encumbrances" means, as of any particular time, W liens for ad valorem taxes and special assessments not then delinquent, (ii) this Lease, those encumbrances permitted to exist under Section 6.2 of this Lease, and the Indenture, (iii) utility, access and other easements and rights -of -way, mineral rights, restrictions and exceptions that will not materially interfere with or impair the opera- tions being conducted in the Building (or, if no operations are being conducted therein, the operations for which the Building was designed or last modified by the Lessee) or elsewhere on the Leased Land, and (iv) such minor defects, irregularities, encumbrances, easements, rights -of -way and clouds on title as normally exist with respect, -to properties similar in character to the Project and as do not in the aggregate materially impair the property affected thereby for the purpose for which it was acquired or is held by the Lessor, (v) mechanics' and materialmen's liens which are not filed or perfected in the manner prescribed by' .law, as in effect on the date hereof or otherwise and (vi) mechanics' and materialmen's liens filed or perfected in the manner prescribed by law which liens are presently the subject of good faith challenge by the Lessee, except as provided in Section 6.1 hereof. "Project" means the Leased Land, Building and Leased Equipment as they may at any time exist. I-3 "Project Fund" means the Project Fund created by Section 602 of the Indenture. "Series 1976 Bonds" means the Lessor's Series 1976 Bonds identified in Sections 201 and 202 of the Indenture. "Trustee" means the trustee and/or the co -trustee at the time serving as such under the Indenture. - (End of Article T) I-4