2008-11-05 Resolution 172 - Laserfiche WebLink

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• • ADDENDUM TO LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY, AS LESSOR, AND THE SOUTH BEND REDEVELOPMENT COMMISSION, AS LESSEE (CENTURY CENTER PROJECT) THIS ADDENDUM, made and entered into as of this 12th day of November, 2008, by and between the South Bend Redevelopment Authority, a body corporate and politic organized and existing under Indiana Code 36-7-14.5 (hereinafter with its successors and assigns referred to as the "Authority"), and the South Bend Redevelopment Commission, the governing body of the City of South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana. (hereinafter called the "Lessee"), WITNESSETH: In consideration of the mutual covenants herein contained, it is agreed that the Second Addendum to the Lease dated as of November 1, 1993 previously entered into between said parties as of June 1, 2008 (the "Second Addendum to Lease"), shall be amended as follows: 1. The following definitions in Section 1 of the Second Addendum to Lease are amended to read as follows: "2008 Lease Resolution" means Resolution No. 2525 of the Lessee passed on November 7, 2008, establishing funds for the payment of lease rentals. "2008 Trust Agreement" means the Trust Agreement dated as of November 1, 2008, between the Authority and the Trustee, securing the bonds. 2. Section 4 of the Second Addendum to Lease is amended to read as follows: Section 4. Rental Payment Dates and Amounts. The first semiannual rental installment in the amount of One Hundred Ninety-eight .Five Hundred Thousand and 00/100 Dollars ($198,500.00) shall be due on the day that the 2008 Project is complete and ready for use or October 15, 2009, whichever is later. If completion is later than October 15, 2009, the first installment shall be in an amount which provides .for rental at the rate of $198,500.00 for the semiannual period in which the Project is complete and ready for use, prorated from the date BDDBOI 5453648v1