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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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if payment is not yet due and payable and (e) such minor defects, irregularities, <br />encumbrances, easements, rights-of--way and clouds on title as do not, in the opinion of <br />the Trustee, materially impair the Authority's title or Lessee's use of the Project. <br />"Project" means the real estate (including all right-of--way easements <br />contained therein) in St. Joseph County, Indiana, and the local public improvements to be <br />completed thereon by the Authority or its agent according to the plans and specifications <br />prepared by its consultants, all as described in Exhibit B hereto. The above mentioned <br />plans and specifications may be changed and additional construction work may be <br />performed and improvements may be purchased by the Authority, but only with the <br />approval of the Lessee, and only if such changes or modifications or additional <br />construction work or improvements do not alter the character of the Project or reduce the <br />value thereof. Any such additional construction work or additional improvements shall <br />be part of the property covered by this Lease. The above-mentioned plans and <br />specifications have been filed with and approved by the Lessee. <br />"Redevelopment District Bond Fund" means the Redevelopment District <br />Bond Fund of Lessee authorized by Indiana Code 36-7-14-27 and the Lease Resolution. <br />"Trust Agreement" means the Trust Agreement dated as of , <br />2007, between the Authority and the Trustee, securing the Bonds. <br />"Trustee" means the financial institution selected to serve as trustee <br />• pursuant to the Trust Agreement, and any successor trustee. <br />Any term not defined herein, which is defined in the Lease Resolution or in the <br />Trust Agreement, shall have the meaning as defined in such resolution or agreement. <br />Section 2. Lease of Project. In consideration of the rentals and other terms and <br />conditions herein specified the Authority does hereby lease, demise and let to the Lessee the <br />Project: TO HAVE AND TO HOLD the same with all rights, privileges, easements and <br />appurtenances thereunto belonging, unto the Lessee for a term not to exceed Twenty-five (25) <br />years, beginning on the date the Project is complete and ready for use and ending on the day <br />prior to such date at most Twenty-five (25) years thereafter. However, the term of this Lease <br />shall terminate at the earlier of (a) the exercise of the option to purchase by Lessee and payment <br />of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to <br />finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such <br />refunding obligations. The date the Project is complete and ready for use shall be endorsed on <br />this Lease at the end hereof by the parties hereto as soon as the same can be done after such <br />completion date and such endorsement shall be recorded as an addendum to this Lease. The <br />Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate <br />in fee simple or an insurable right-of-way easement subject only to Permitted Encumbrances, to <br />the above-described real estate, and the Authority warrants and will defend the same against all <br />claims whatsoever not suffered or caused by the acts or omissions of the Lessee. <br /> <br />BDDBOI 4905105v1 - 2 - <br />
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