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Approving and Authorizing lease for renovation and equipping of the former O'Brien School
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Approving and Authorizing lease for renovation and equipping of the former O'Brien School
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Last modified
5/19/2009 3:44:00 PM
Creation date
4/28/2009 8:50:32 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
8/9/1999
Ord-Res Number
9023-99
Bill Number
58-99
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maintain the demised premises in accordance with the laws and ordinances of the United States of <br />America, the State of Indiana, and all other proper governmental authorities. <br />Lessee has determined that a present need exists for the Project, which need is not <br />temporary or expected to diminish in the near future. The Project is essential to and will be used by <br />Lessee during the term thereof only for the purposes of performing one or more governmental <br />functions of Lessee consistent with the permissible scope of Lessee's authority and will not be used <br />in a trade or business of any person or entity. Lessee agrees to execute, if requested, a certificate <br />regarding such matters. <br />8. Option to Purchase. Lessor hereby grants to Lessee the right and option, on <br />any date prior to the expiration of this Lease, upon written notice to Lessor, to purchase the demised <br />premises at a price equal to the amount required to enable Lessor to pay all indebtedness, including <br />accrued and unpaid interest to the first date on which bonds may be redeemed and all premiums <br />payable on the redemption thereof. In no event, however, shall such purchase price exceed the <br />capital actually invested in such property by Lessor represented by outstanding securities or existing <br />indebtedness plus the cost of transferring the property. The phrase "capital actually invested" as used <br />herein shall be construed to include, but not by way of limitation, the following amounts expended <br />by the Lessor: organization and incorporation expenses, financing costs, carrying charges, legal fees, <br />architects' fees, contractors' fees and reasonable costs and expenses incidental thereto. <br />Upon request of the Lessee, the Lessor agrees to furnish an itemized statement setting <br />forth the amounts required to be paid by the Lessee on the next rental payment date in order to <br />purchase the demised premises in accordance with the preceding paragraph. The statement shall also <br />::ODMA\PCDOCS\SBDOCS 1\41920\1 -T <br />
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