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No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters
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No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters
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8/12/2009 12:20:46 PM
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8/12/2009 12:17:43 PM
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• <br />LEASE <br />SOUTH BEND REDEVELOPMENT COMMISSION <br />TO <br />KEY S.B., L.L.C. <br />L~ <br />THIS CONTRACT OF LEASE, made and entered into as of this 17th day of August, 2007 (the <br />"Lease"), by and between the SOUTH BEND REDEVELOPMENT COMMISSION (the <br />"Commission"), the governing body of the Department of Redevelopment of the City of South <br />Bend, Indiana, existing and operating under the provisions of Indiana Code § 36-7-14, as <br />amended (hereinafter with its successors and assigns as provided by this Lease called "Lessor") <br />and KEY S.B., L.L.C., a Michigan limited liability company (hereinafter with its successors and <br />assigns as provided by this Lease called "Lessee"), with its principal office located at 750 Trade <br />Centre Way, Suite 100, 1200 City-County Building, Portage, Michigan 49002. <br />WITNESSETH: <br />In consideration of the mutual covenants herein contained, it is agreed that: <br />1. Premises, Term and Warranty. The Lessor does hereby lease, demise <br />and let to Lessee the real estate in the City of South Bend, Indiana, more particularly described in <br />Exhibit A attached hereto and made a part hereof and the improvements thereon (the "Real <br />Estate") to which the Lessee shall undertake, at its sole cost and expense, certain renovations and <br />Improvement, in accordance with and as defined in the Contract of Purchase and Sale dated <br />August 17, 2007 between the Lessor and the Lessee (the "Contract"). (The Improvements shall <br />herein be referred to as the "Plaza Improvements" or the "Project.") <br />TO HAVE AND TO HOLD the same with all rights, privileges, easements and <br />appurtenances thereunto belonging, unto Lessee, for a term of twenty-five (25) years, beginning <br />on the date the Lessor obtains fee simple ownership (excepting only the restriction set forth in <br />Paragraph 3 of the Contract and other restrictions of record) of the Real Estate and the Project <br />(the "Commencement Date"), and ending on the day prior to such beginning date twenty-five <br />(25) years thereafter and for a term of twenty-five (25) years. However, the term of this Lease <br />shall terminate upon the exercise of the option to purchase by Lessee and payment of the option <br />• <br />
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