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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 12. General Insurance Provisions. All insurance policies required by <br />Sections 9 and 11, shall be with insurance companies rated B+ or better by A.M. Best Company <br />(or a comparable rating service if A.M. Best company ceases to exist or rate insurance <br />companies), and shall be countersigned by an agent of the insurer who is a resident of the State <br />of Indiana, and such policies, or copies thereof, and the certificate of the architect or engineer <br />referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the <br />Lessee fails to maintain insurance in accordance with Sections 9 and 11, such insurance may be <br />obtained by the Authority, or may be obtained by the Trustee, and the amount paid for such <br />insurance shall be added to the amount of rental payable by the Lessee under this Lease; <br />provided, however, that neither the Authority nor the Trustee shall be under any obligation to <br />obtain such insurance, and any action or non-action of the Authority or Trustee in this regard <br />shall not relieve the Lessee of any consequences of a default in failing to obtain such insurance. <br />Section 13. General Covenants. The Lessee shall not assign this Lease. The <br />Lessee covenants that, except for Permitted Encumbrances, it will not encumber the Project, or <br />permit any encumbrance to exist thereon, and that it shall use and maintain the Project in <br />accordance with the laws and ordinances of the United States of America, the State of Indiana, <br />and all other proper governmental authorities. The Authority agrees that it will, at the request of <br />the Lessee, execute and deliver to or upon the order of the Lessee such instrument or instruments <br />as may be reasonably required by the Lessee in order to subject the Project, or the Authority's <br />interest therein, to such encumbrances as shall be specified in such request and as shall be <br />permitted by the provisions of this Section 13 or otherwise by the definition of "Permitted <br />Encumbrances". <br />Section 14. Option to Purchase. The Authority hereby grants Lessee the right <br />and option, on any rental payment date, upon thirty days' written notice to the Authority, to <br />purchase the Project at a price equal to the amount required to enable the Authority to provide <br />for the redemption of all outstanding Bonds, all premiums payable on the redemption thereof, <br />and accrued and unpaid interest, and to pay the cost of redeeming the Bonds and liquidating the <br />Authority if it is to be liquidated. <br />Upon request of the Lessee, the Authority agrees to furnish an itemized statement <br />setting forth the amounts required to be paid by the Lessee on the next rental payment date in <br />order to purchase the Project in accordance with the preceding paragraph. <br />If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee <br />that portion of the purchase price which is required to provide for the payment of all the Bonds, <br />including all premiums payable on the redemption thereof, accrued and unpaid interest thereon <br />and the costs of redemption thereof. Such payment shall not be made until the Trustee gives to <br />the Lessee a written statement that such amount will be sufficient to retire all Bonds including all <br />premiums payable on the redemption thereof and accrued and unpaid interest. <br />The remainder of such purchase price, if any, shall be paid by the Lessee to the <br />Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under <br />any obligation to purchase the Project, or under any obligation in respect to any creditors or <br />• bondholders of the Authority. <br />BDDBOI 4905105v1 - 6 <br />
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