HomeMy WebLinkAbout6A(6) Stephenson Mill Apartments Lease ExtensionAPR -05- 2011 14:59 From :REAL ESTATE 770 587 8496 To :15742359892
FIRST AIVIENDMENI TO PARKING LLASE
This first Amendment to Parking Lease ( 'First Amendment') is Lnteretl into as of this
clay of , 201I by and b0twtmli the C;1'I'Y OF SOUTH BEND, INDIANA,
DEPARTMENT OF REDEVELOPMENT, Doting by and through the SOUTH BEND
REDEVELOPMENT- COMMISSION (`'Landlord "), and STEPHENSON MiLL
ASSOCiATES, LLC, a Wisconsin limited liability company ( "Tenant ").
WiTNESSETH:
WTIF,1117AS, Landlord and Tenant entered into that certain Agreement to Lease (as
,amended, the "Lease ") dated effective Septernher 2, '1994 pertaining to the lease by Tenant of s
certain parcel on which Landlord subsequently cornpleted improvements (the "Lease Parcel "),
such Lc;aw Parcct providing paved parkit3g for 'Ibnant'S multi - faintly Housing project adjoining
the Lease Parcel (tile "Stephenson Mill Pmjt ct Site "); and
WHEREAS, Tenant has applied for a HUD refinancing of the Stephenson Mill Projecst
Site (the "Refinancing ") and in connection therewith, the Icnder providing the Refinancing, St,
James Capital ( "Lender "), has conditioned the Refinancing upon an extension of the term of the
Lease •for 35 years, thereby making the termination date of the Lease cotcrininous with the
maturity date of the Refin +incing and
WH13REnS, in order to satisfy the Lender's above - described requirement in connection
with the Refinance, Tenant has requested and Under has agreed to extend the i.ease can and
subjoct to thc. tools contained in this First Amendment;
NOW, THFAFFORP, in consideration of the foregoing and for other consideration, the
receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the
Lease is hereby amended as follows:
.t. C'apit"7. Terms. Capitalized terms used and not otherwise defined herein
shall have the meanings Ascribed to such terms in the Lease. All references to "Heartland" or
"Heartland Fund Management, Inc." in the Lease shall be removed and replaced with "Housia g
I lorizons, LL(: ", the new managing rnurriWr of the Tenant.
2. Extension of Lease Terul. The Lease is curwntly due to expire on September 1,
2024. The parties agree that the Terris of the Lease is hereby extended to the date that is thirty -
live (35) years following the effective date. of the RQfinancin,g. Upon tile closing and funding of
the Rufinutrcing, the parties hereto shall enter into a Memorandum to First Lease Amendment
confirming the termination elate. of the a-ase. Notwitllstanding anything to the contrary herein,
the effectiveness; of this First Amendment is conditioned upon the closing and funding of the
Refinancing no later than December 31, 2011. If such closing and funding has not occurred on
or before such date, the terms and condition~ of this First Amendment. ~hall be null and void.
3. Option to Pumbase, Section 21.01 of the Leasc is hereby amended to provide
that 't'enant's option to purchase may be exercised, at Tenant's option, upon the :new expiration
date of the Lease (as arxtuttdcd above; io Section 2),
APE~ -05 -2011 15:00 From:REAL. ESTATE 770 587 5496 To:15742359892 P.7/8
4_ Nn Defaults. Landlord and Tenant each represent and warrant that there are no
uncured defaults under the Tease and that to the extent cdthur party previously failed to perform
an obligation under the Lease, the performance Of such obligation is hereby waived.
5. Commissions. Landlord and 'T "cnant represent to each other that they have net
Gruthori ,cd any broker to act on such party's behalf if] court"tiou with this First Amendment.
6, Continued-Validity. Except as ex meekly mt)difird hereby, the remaining; terms
and conditions of the Lease.shall remain in full force and effect.
7. Representations and Warranties,
(a) Tenant hereby represents and warrants that (i) Tenant is duly organized, validly
existing and in good standing (if applicable) in accordance with the laws of the Mate under
which it was organized; (ii) Tcnarlt is authorized to do business in the State where, the Premises
is located; and (iii) the individual cxecutiog and delivering this !First Amendment on behalf of
'1 °errant has been property authorized to do so, and such execution and delivery shall bind Tenant
to its terms.
(b) Landlord hereby represents and warrants that (i) Landlord is duly organized,
validly existing and in good standing (if applicable) in ac;c: miance with the laws of the State
under which it was organized; (ii) Landlord is authorized to do business in the State where the,
P'ren)ises is located; find (iii) the individual executing and delivering this First A nundment on
behalf of Landlord has been properly authorized to do so, and such execution and- dolivcry shall
bind Landlord to its terins
8. Coanteroarts: Conflicts. This First Amandmcut may be executed in multiple
counterparts, cacti of which shall be deemed an original and together will constitute; one and the
saine document. To the extent of a conflict or inconsistency between the terms of this Second
A e,ridnttsat and the terms contained in the Lease, the ternis of this First Amendment shall
prevail.
9. GOyer-nine Law. This First Amendment %hall be governed by the laws of the
State of Indiana.
.2.
APR-05-2011 15:00 From:REAL ESTATE 770 587 8496 To:15742359e92 P.e/e
IN WITNESS WHEREOF, the parties; hereunto have executed this Firkt Amendment as
of the date first written above.
TANDLORD:
CITY OF SOUTH BEND, INDIANA,
DEPARTMENT OF REY)EVELOPMENT, acting
by and through the SOUTH BEND
RE-DEVELOPMENT COMMISSION
BY:
Name:
Title.,
TENANT:
STEPHENSON MILL ASSOCIATES, LIX,
Wisconsin limited liability company
By.- HOUSING HORIZONS, I J.C, a Texas limited
partnership, its manager
By:
Name: Leonard J. Anderson
"fift: Vico President and Chief Operating Officer
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Lot 2 Opelika Minor Subdivision