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No. 2251 accepting transfer of real property from the South Bend Redevelopment Authority
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No. 2251 accepting transfer of real property from the South Bend Redevelopment Authority
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8/14/2009 9:19:44 AM
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<br />• <br />liquida::~ r~q the Authority if it is to to <br />lrquidate~'. The Lessee sha3.1 pay tc the Trustee <br />that portion of the purchase price ~,tich is <br />required ,a provide for the payment of all <br />flax-Exernpr Sonds, including all premiums payable <br />on the redemption thereof, accrued and unpaid <br />interest thereon and costs of redemption ti~ere ~f . <br />Such payment shall not be made until the Trustee <br />gives the Lessee a written statement that such <br />amount will be stiff iciest to retire all Tax~Exempt <br />Bonds including all. pYemillTns payable on the <br />redemption theraaf and accrued and unpaid <br />interest. The remainder of such purchase pr~.ce, <br />if any, shall be paid by the Lessee to the <br />Authority. If the ~,essee determines t4 purchase a <br />part of the Taxable Project, the gurc~tase price <br />shall be equal to the amount determined by the <br />Authority to be required to redeem a corresponding <br />amount of the outstanding Taxable Bands, including <br />all premiums payable op the redemption thereof, <br />accrued and unpaid interest thereon and the casts <br />of redemption thereof. The Lessee shall pay to <br />the Trustee that parti.on of the purchase price <br />which is required to provide far the payment of <br />the amount of the Taxable Sonds identifying by the <br />Authority including all premiums payable on the <br />• redemption thereof, accrued and unpaid interest <br />thereon and the casts of redemption thereof. Such <br />payment shz~ll not he made until the Trustee gives <br />to the Lessee a written staterr~ent that such amount <br />shall be sufficient to retire the amount of <br />Taxable Sonds identif#.ed by the ?authority <br />including all premiarns on the redemption thereof <br />ind accrued and unpaid interest. The remainder of <br />r_he purchase pried, if any, shall be paid by the <br />Lessee to the Authority. <br />Upon request to the Lessee, the Authority <br />agrees to furnish an itemized statement setting <br />forth the mounts required to be paid by the <br />Lessee on the next rental payment date in order to <br />purchase the Tax-Exempt Project and~or all or a <br />part of the Taxable Project in accordance with the <br />preceding paragr¢phs. Nothing herein contained <br />shall #~e construed to provide that the Lessee <br />shall be under any obligation to purchase the <br />Projects, or under any obligation in resgect to <br />any creditors or bondholders of the Authority. <br />if the LesseC has not exercised its op*.lan to <br />purchase the 'Pa:~-Exempt Project 4r has not <br />exercised ,its option to purchase all or part of <br />the Taxable Project, at the expiration of the term <br />of the Lease and upon the full. discharge and <br />perf4rrnance by the Lessee of its obYigations under <br />• <br />
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