No. 2369 approving a counter offer from and a contract of purchase and sale with Key S.B. LLC and other related matters

Home Browse Search

• LEASE SOUTH BEND REDEVELOPMENT COMMISSION TO KEY S.B., L.L.C. L~ THIS CONTRACT OF LEASE, made and entered into as of this 17th day of August, 2007 (the "Lease"), by and between the SOUTH BEND REDEVELOPMENT COMMISSION (the "Commission"), the governing body of the Department of Redevelopment of the City of South Bend, Indiana, existing and operating under the provisions of Indiana Code § 36-7-14, as amended (hereinafter with its successors and assigns as provided by this Lease called "Lessor") and KEY S.B., L.L.C., a Michigan limited liability company (hereinafter with its successors and assigns as provided by this Lease called "Lessee"), with its principal office located at 750 Trade Centre Way, Suite 100, 1200 City-County Building, Portage, Michigan 49002. WITNESSETH: In consideration of the mutual covenants herein contained, it is agreed that: 1. Premises, Term and Warranty. The Lessor does hereby lease, demise and let to Lessee the real estate in the City of South Bend, Indiana, more particularly described in Exhibit A attached hereto and made a part hereof and the improvements thereon (the "Real Estate") to which the Lessee shall undertake, at its sole cost and expense, certain renovations and Improvement, in accordance with and as defined in the Contract of Purchase and Sale dated August 17, 2007 between the Lessor and the Lessee (the "Contract"). (The Improvements shall herein be referred to as the "Plaza Improvements" or the "Project.") TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging, unto Lessee, for a term of twenty-five (25) years, beginning on the date the Lessor obtains fee simple ownership (excepting only the restriction set forth in Paragraph 3 of the Contract and other restrictions of record) of the Real Estate and the Project (the "Commencement Date"), and ending on the day prior to such beginning date twenty-five (25) years thereafter and for a term of twenty-five (25) years. However, the term of this Lease shall terminate upon the exercise of the option to purchase by Lessee and payment of the option •