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To: Redevelopment Commission
From: Debrah Jennings, Property Manager
Subject: Early Lease Termination of Spark Design Studios, LLC
Date: July 26, 2011
Spark Design Studios entered into a three -year lease with the Redevelopment Commission in 2009.
In April of 2011, Spark Design concluded they were no longer able to operate their business. Therefore, they
are request an early lease termination from the Redevelopment Commission.
Pursuant to the Redevelopment Commission's new Policy on Early Lease Termination, Spark Design meets all
of the requirements. The owner has also agreed they do not intend to relocate their business in another space
in the South Bend Central Development Area for one year after the execution of this agreement.
Staff recommends approval
H: \WPDATA \correct memo.doc
EARLY TERMINATION OF LEASE
SPARK DESIGN STUDIOS, LLC
This Early Termination of Lease is made and entered into this day of
, 2011, by and between the South Bend Redevelopment Commission (the
"Commission ") and Spark Design Studio, LLC (the "Tenant ").
WHEREAS, the Commission and the Tenant entered into a lease on or about the 1 st day
of September, 2009 (the "Lease "); and
WHEREAS, the Tenant is current on all payments due the Commission, including all
rent and common area maintenance fees; and
WHEREAS, the rent paid by the Tenant is sufficient to cover the cost of tenant
improvements and any leasing commissions paid by the Commission; and
WHEREAS, the conditions of the premises leased by the Tenant conform to the
requirements of the Lease and are acceptable to the Commission; and
WHEREAS, as a condition of the termination of the Lease the Tenant and any
Guarantors of the Tenant will agree not to relocate to another space within the South Bend
Central Development Area for a period of not less than one year.
NOW, THEREFORE, it is agreed between the parties as follows:
1. Pursuant to the Lease entered into by and between The South Bend
Redevelopment Commission and Spark Design Studio, LLC, and further pursuant to the South
Bend Redevelopment Commission Policy for Early Lease Termination, as amended, the Lease is
hereby terminated as of July , 2011.
2. The Tenant and all Guarantors of the Tenant agree not to relocate to another space
within the South Bend Central Development Area for a period of not less than one year.
3. In the event that the Tenant or a Guarantor of the Tenant relocates to another
space within the South Bend Central Development Area during the one year period following
execution of this agreement, then this Early Termination of Lease shall be null and void and the
Tenant and all Guarantors will be held to the original terms of the Lease.
(Signature Page Follows)
Dated this day of July, 2011.
"COMMISSION"
CITY OF SOUTH BEND, INDIANA,
DEPARTMENT OF REDEVELOPMENT
by and through the South Bend Redevelopment
Commission
Signature
Printed Name and Tit e
ATTEST:
Signature
Printed Name and Titte
STATE OF INDIANA )
SS:
ST. JOSEPH COUNTY )
Before me, the undersigned, a Notary Public for and in said County and State this day of
2011, personally appeared and , known to be to be
the and , respectively, of the South Bend Redevelopment
Commission and acknowledged execution of the foregoing Early Termination of Lease on behalf of said
Commission.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal.
My commission expires:
, Notary Public
Resident of St. Joseph County, Indiana
"TENANT"
SPARK DESIGN STUDIO, LLC
Signature
Printed ame a it e
STATE OF INDIANA )
SS:
ST. JOSEPH COUNTY )
Before me, the undersigned, a Notary Public for and in said County and State this day of
2011, personally appeared Joya B. Helmuth, known to be the Managing Member of Sparks Design
Studio, LLC, and acknowledged execution of the foregoing Early Termination of Lease on behalf of said Company.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal.
Notary Public
Resident of St. Joseph County, Indiana
My commission expires:
"GUARANTOR"
Signature
PrinfedName
STATE OF INDIANA )
SS:
ST. JOSEPH COUNTY )
Before me, the undersigned, a Notary Public for and in said County and State this day of
2011, personally appeared Joya B. Helmuth, known to be the individual who acknowledged
execution of the foregoing Early Termination of Lease.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal.
Notary Public
Resident of St. Joseph County, Indiana
My commission expires: