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2 <br />WHEREAS, the City, the Lessor, and the Lessee seek to provide a means to finance all or <br />any portion of the costs of the Projects; and <br />WHEREAS, the Act authorizes the Lessor to issue bonds for the purpose of obtaining <br />money to pay the cost of acquiring property or constructing, improving, reconstructing or <br />renovating local public improvements; and <br />WHEREAS, the costs related to acquiring an interest in the property described on Exhibit <br />A hereto by the Lessor (the “Leased Premises”) and completing the Projects will be paid from <br />proceeds of bonds to be issued by the Lessor in one (1) or more series; and <br />WHEREAS, the annual rentals to be paid under this Lease by the Lessee will be pledged <br />by the Lessor to pay debt service on and other necessary incidental expenses of the Lessor relating <br />to the Bonds to be issued by the Lessor to finance the acquisition of the Leased Premises and pay <br />a portion of the costs of the Projects; and <br />WHEREAS, the Lessor has acquired or will acquire an interest in the Leased Premises <br />described on Exhibit A hereto and such interest shall be for a term no less than the term of this <br />Lease; and <br />WHEREAS, the Lessee has determined, after a public hearing held pursuant to the Act <br />after notice given pursuant to I.C. § 5-3-1, that the lease rentals provided for in this Lease are fair <br />and reasonable, that the execution of this Lease is necessary and that completion of the Projects <br />will serve the public purpose of the City and are in the best interests of its residents, and the <br />Common Council of the City (the “Common Council”) has, by resolution, approved this Lease in <br />accordance with the provisions of Section 25.2 of the Act, and the resolution has been entered in <br />the official records of the Common Council; and <br />WHEREAS, the Lessor has determined that the lease rentals provided for in this Lease are <br />fair and reasonable, that the execution of this Lease is necessary, that the Projects will serve the <br />public purpose of the City and are in the best interests of its residents, and the Lessor has duly <br />authorized the execution of this Lease by resolution, and the resolution has been entered in the <br />official records of the Lessor. <br />THIS AGREEMENT WITNESSETH THAT: <br />1. Premises, Term and Warranty. The Lessor does hereby lease, demise and let to <br />Lessee all of the Lessor’s right, title and interests in and to the Leased Premises. <br />TO HAVE AND TO HOLD the Leased Premises with all rights, privileges, easements and <br />appurtenances thereunto belonging, unto the Lessee, beginning on the date the Lessor acquires an <br />interest in any of the Leased Premises and ending on the day prior to a date not later than nineteen <br />(19) years after such date of acquisition by the Lessor. Notwithstanding the foregoing, the term <br />of this Lease will terminate at the earlier of (a) the exercise by the Lessee of the option to purchase <br />all of the Leased Premises pursuant to Section 11 hereof and the payment of the option price, or <br />(b) the payment or defeasance of all obligations issued by the Lessor and secured by this Lease or <br />any portion thereof; provided that no bonds or other obligations of the Lessor issued to finance the <br />Leased Premises remain outstanding at the time of such payment or defeasance. The Lessor hereby <br />represents that it is possessed of, or will acquire, the Leased Premises and the Lessor warrants and