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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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No. 2387 approving a proposed Lease between the Redevelopment Authority, as Lessor, and the Recevelopment Commission, as Lessee, for certain land and public improvements, approving preliminary plans, specificatiosn and cost estimates, setting a public he
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Section 3. Rental Payments. <br />(a) During the term of this Lease, the Lessee agrees to pay rental for <br />said premises as set forth in Section 4 hereof. Such rental shall be paid from the Eddy <br />Street Commons Principal and Interest Account of the Redevelopment District Bond <br />Fund. All rentals payable under the terms of this Lease shall be paid to the Trustee or to <br />such other bank or trust company as may from time to time succeed the Trustee under the <br />Trust Agreement. All payments so made shall be considered as payments to the <br />Authority of the rentals payable hereunder. The Lessee shall receive credit for any Bond <br />maturing within seven (7) days of the date of the lease rental payment, at the face value <br />thereof, which the Lessee acquires and delivers to the Trustee as a part of its lease rental <br />payment; and <br />(b) As additional rental the Lessee agrees to pay all fees, charges and <br />reimbursement of expenses of the Trustee under the Trust Agreement and all prudent <br />charges and expenses of the Authority incurred in the performance of its obligations <br />hereunder. <br />Section 4. Rental Payment Dates and Amounts. The first semiannual rental <br />installment in the amount of One Million Eight Hundred Fifty-eight Thousand Five Hundred and <br />00/100 Dollars ($1,858,500.00) shall be due on the day that the Project is complete and ready for <br />use or February 1, 2011, whichever is later. If completion is later than February 1, 2011, the <br />first installment shall be in an amount which provides for rental at the rate of $1,858,500.00 for <br />. the semiannual period in which the Project is complete and ready for use, prorated from the date <br />of completion until the first February 1 or August 1 following such date of completion. <br />Thereafter such rentals shall be payable in advance in semiannual installments of $1,858,500.00 <br />on February 1 and August 1 of each year until the rental is increased as set forth herein. <br />The last semiannual rental payment due before the expiration of this Lease shall <br />be adjusted to provide for rental at the amount specified above for the applicable semiannual <br />period prorated from the date such installment is due to the date of the expiration of this Lease <br />(without taking into account any subsequent early termination of this Lease pursuant to Section 2 <br />hereof). <br />After the sale of the Bonds issued by the Authority to pay the cost of the Project <br />and other expenses incidental thereto, the sum of the first and second semiannual rental <br />installments and the sum of the third and fourth semiannual rental installments, and so on, shall <br />be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000.00) next highest <br />to the highest sum of principal and interest due in any year ending on a Bond maturity date on <br />such Bonds plus Three Thousand Dollars ($3,000), payable in equal semiannual installments, <br />assuming for such purposes that the semiannual rental installment payable following acquisition <br />of the Project is due on February 1, 2011. Such amount of reduced annual rental shall be <br />endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done <br />after the sale of said Bonds, and such endorsement shall be recorded as an addendum to this <br />Lease. <br />~J <br />BDDBOI 4905105v1 - 3 - <br />
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