Laserfiche WebLink
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 <br /> 2 <br />