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HomeMy WebLinkAboutNo. 0969 approving an amended and restated lease between the SBRA and the RC for the AEDA public improvement projectRESOLUTION NO. 969 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING AN AMENDED AND RESTATED LEASE BETWEEN THE SOUTH BEND REDEVELOPMENT AUTHORITY AND THE REDEVELOPMENT COMMISSION FOR THE AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT WHEREAS, the South Bend Redevelopment Authority (the "Authority ") on November 8, 1990 adopted its Resolution No. 25 which, among other things, authorized the Authority to enter into a Lease between the Authority and the South Bend Redevelopment Commission (the "Commission ") dated August 1, 1990 (the "Lease ") for the Airport Economic Development Area Public Improvement Project (the "Project "); and WHEREAS, the Commission on November 9, 1990 adopted its Resolution No. 964 which, among other things, authorized the Commission to execute the Lease; and WHEREAS, the Authority on December 17, 1990 adopted its Resolutions Nos. 26 and 27, which authorized the issuance of the "South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project)" (the "Taxable Bonds ") and the "South Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project)" (the "Tax Exempt Bonds "), respectively (collectively the "Bond Resolutions "); and WHEREAS, the adoption of the Bond Resolutions requires certain amendments to the Lease to, among other things, provide for separate lease rental payments for the portions of the Project to be financed separately by the Taxable Bonds and the Tax Exempt Bonds; and WHEREAS, a proposed Amended and Restated Lease between the Authority and the Commission (the "Amended and Restated Lease ") has been presented to the Commission, a copy of which is attached hereto as Exhibit A; and WHEREAS, the Commission now desires to approve said Amended and Restated Lease. NOW, THEREFORE, BE IT RESOLVED, by the South Bend Redevelopment Commission as follows: Section 1. The Amended and Restated Lease is hereby adopted and approved by the Commission as attached hereto at Exhibit A. Section 2. The President and Secretary of the Commission are hereby authorized to execute and attest, respectively, the Amended and Restated Lease. Section 3. This Resolution shall be in full force and effect upon its adoption by the Commission. -2- \rlhill \sthbnd\ airport\ resoluti \rc- apprv.als;tsg;12- 20 -90• .% • . ADOPTED at a meeting of the Commission held on December 21, ` 1990 in the offices of the Authority, 1200 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. CITY OF SOUTH BEND REDEVELOPMENT COMMISSION C7 ) BY: � 'JGC,. //( Paula Auburn, President ATTEST: 7� n 11'� 'V_%X n L Roman Piasecki, Secretary -3- \rlhill \sthbnd\ airport\ resoluti \rc- apprv.als;tmg;12- 20 -90; AMENDED AND RESTATED LEASE Between SOUTH BEND REDEVELOPMENT AUTHORITY and SOUTH BEND REDEVELOPMENT COMMISSION DATED AS OF AUGUST 1, 1990 (AIRPORT ECONOMIC DEVELOPMENT AREA PUBLIC IMPROVEMENT PROJECT) G Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Section 11. Section 12. Section 13. Section 14. Section 15. Section 16. Section 17. Section 18. Exhibit A Exhibit B Exhibit C Exhibit D Exhibit E INDEX Definitions Lease of Project Rental Payments Rental Payment Dates Abatement of Rent Net Lease Nonliability of Authority Alterations Insurance Use of Insurance and Condemnation Proceeds Liability Insurance General Insurance Provisions General Covenants Option to Purchase Defaults Notices Construction of Covenants Successors or Assigns Permitted Encumbrances Taxable Project Description Tax - Exempt Project Description Lease Payment Schedule (Tax- Exempt Project) Lease Payment Schedule (Taxable Project) 1 3 4 4 6 6 7 7 7 8 8 8 8 9 10 10 10 10 LEASE This Lease entered into as of the 1st day of August, 1990 between the SOUTH BEND REDEVELOPMENT AUTHORITY, a body corporate and politic organized and existing under Indiana Code 36 -7 -14.5 (the "Authority) and the SOUTH BEND REDEVELOPMENT COMMISSION, the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana (the "Lessee "), acting for and on behalf of the City of South Bend, Indiana. WITNESSETH: Section 1. Definitions. The terms defined in this Section 1 shall for all purposes of this Lease have the meanings herein specified unless the context otherwise requires. "Act" means Indiana Code 36 -7 -14.5, as the same from time to time may be amended or supplemented. "Airport Economic Development Area Public Improvement Project Principal and Interest Account" means the account by that name created in the Redevelopment District Bond Fund by the Lease Resolution. "Airport Economic Development Area Taxable Public Improvement Project Principal and Interest Account" means the account by that name created in the Redevelopment District Bond Fund by the Taxable Lease Resolution. "Authority" means the South Bend Redevelopment Authority, a body corporate and politic organized and existing under the Act, or if said Authority shall be abolished, the authority, board, body, instrumentality or agency succeeding to the principal functions thereof. "Bonds" means, collectively, the Tax - Exempt Bonds and the Taxable Bonds as defined herein. "Lease" means this Lease as the same may be amended, modified or supplemented by any amendments or modifications hereof or supplements hereto entered into in accordance with the provisions hereof. "Lease Resolution" means the resolution of the Commission passed on December 21, 1990, establishing funds for the payment of lease rentals for the Tax - Exempt Project, as defined herein. "Lessee" means the South Bend Redevelopment Commission, the governing body of the South Bend Department of Redevelopment and the Redevelopment District of the City of South Bend, Indiana, or if said Commission shall be abolished, the commission, board, body or agency succeeding to the principal functions thereof. "Permitted Encumbrances" means those items listed in Exhibit hereto and any future (a) liens for taxes not then delinquent, (b) this Lease and the Trust Agreement, leases, subleases and other agreements permitted pursuant to Section 13 hereof, (c) utility, access and other easements and rights -of -way, restrictions and exceptions that Lessee certifies will not interfere with or impair the Projects, (d) any mechanics', laborers', materialmen's, suppliers' or vendors' lien or right in respect thereof if payment is not yet due and payable and (e) such minor defects, irregularities, encumbrances, easements, rights -of -way and clouds on title as do not, in the opinion of the Trustee, materially impair the Authority's title or Lessee's use of the Projects. "Projects" or "Project" mean, collectively, the Tax- Exempt Project and the Taxable Project as defined herein. "Redevelopment District Bond Fund" means the Redevelopment District Bond Fund of Lessee authorized by Indiana Code 36- 7 -14 -27 and the Lease Resolution. "Taxable Bonds" means the South Bend Redevelopment Authority Taxable Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project). "Taxable Project" means the real estate (including all IC right -of -way easements contained therein) in St Joseph County, Indiana, and improvements to be made thereon by the Authority or its agent according to plans and specifications prepared by Cole Associates, Inc. and Clyde E. Williams and Associates, Inc., project engineers, all as described in Exhibit B hereto. The above mentioned plans and specifications may be changed and additional construction work may be performed and improvements may be purchased by the Authority, but only with the approval of the Lessee, and only if such changes or modifications or additional construction work or improvements do not alter the character of the Project or reduce the value thereof. Any such additional construction work or additional improvements shall be part of the property covered by this Lease. The above - mentioned plans and specifications have been filed with and approved by the Lessee. "Taxable Lease Resolution" means the resolution of the Commission passed on December 21, 1990, establishing funds for the payment of lease rentals for the Taxable Project, as defined herein. "Tax- Exempt Bonds" means the South Bend Redevelopment Authority Lease Rental Revenue Bonds (Airport Economic Development Area Public Improvement Project). "Tax- Exempt Project" means the real estate (including all right -of -way easements contained therein) in St. Joseph County, -2- \rlhill \sthbnd\ airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. Indiana, and improvements to be made thereon by the Authority or its agent according to plans and specifications prepared by Cole Associates, Inc. and Clyde E. Williams and Associates, Inc., project engineers, all as described in Exhibit C hereto. The above mentioned plans and specifications may be changed and additional construction work may be performed and improvements may be purchased by the Authority, but only with the approval of the Lessee, and only if such changes or modifications or additional construction work or improvements do not alter the character of the Project or reduce the value thereof. Any such additional construction work or additional improvements shall be part of the property covered by this Lease. The above - mentioned plans and specifications have been filed with and approved by the Lessee. "Trust Agreements" means, collectively, the Trust Agreement (Tax - Exempt Improvements) and the Trust Agreement (Taxable Improvements) as defined herein. "Trust Agreement (Taxable Improvements)" means the Trust Agreement dated as of December 1, 1990, between the Authority and the Trustee, securing the Taxable Bonds, as defined herein. "Trust Agreement (Tax- Exempt Improvements)" means the Trust Agreement dated as of December 1, 1990, between the Authority and the Trustee, securing the Tax - Exempt Bonds, as defined herein. "Trustee" means Society Bank, 202 South Michigan Street, South Bend, Indiana 46601, as Trustee pursuant to the Trust Agreement, and any successor trustee. Any term not defined herein, which is defined in the Lease Resolution or in the Trust Agreement, shall have the meaning as defined in such resolution or agreement. Section 2. Lease of Project. In consideration of the rentals and other terms and conditions herein specified the Authority does hereby lease, demise and let to the Lessee the Projects: TO HAVE AND TO HOLD the same with all rights, privileges, easements and appurtenances thereunto belonging, unto the Lessee for a term of twenty -two (22) years, each beginning on the dates the Tax - Exempt Project or the Taxable Project are complete and ready for use, and ending on the day prior to such dates twenty -two (22) years thereafter. However, the term of this Lease shall terminate as to either or both of the Projects at the earlier of (a) the exercise of the option to purchase by Lessee and payment of the option price, or (b) the payment or defeasance of all obligations of Lessor incurred (i) to finance the cost of the leased property, (ii) to refund such obligations, (iii) to refund such refunding obligations, or (iv) to improve the leased property. The dates the Tax - Exempt Project and the Taxable Project are complete and ready for use shall be endorsed on this Lease at the -3- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. end hereof by the parties hereto as soon as the same can be done after such completion dates and such endorsement shall be recorded as an addendum to this Lease. The Authority hereby represents that it is possessed of, or will acquire, a good and indefeasible estate in fee simple or an insurable right -of -way easement subject only to Permitted Encumbrances, to the above - described real estate, and the Authority warrants and will defend the same against all claims whatsoever not suffered or caused by the acts or omissions of the Lessee. Section 3. Rental Payments. (a) During the term of this Lease, the Lessee agrees to pay rental for said premises as set forth in Section 4 hereof. Such rental shall be paid from the Airport Economic Development Area Public Improvement Project Principal and Interest Account (in the case of the Tax - Exempt Project) and the Airport Economic Development Area Taxable Public Improvement Project Principal and Interest Account (in the case of the Taxable Project) of the Redevelopment District Bond Fund. All rentals payable under the terms of this Lease shall be paid to the Trustee or to such other bank or trust company as may from time to time succeed the Trustee under the Trust Agreements. All payments so made shall be considered as payments to the Authority of the rentals payable hereunder. In the event rentals payable under the terms of this Lease shall discontinue for any reason in relation to either the Tax - Exempt Project or the Taxable Project, such discontinuation of rental payments shall not affect the obligation of the Lessee to continue to pay rentals on the individual Project not affected by such discontinuation. The Lessee shall receive credit for any Bonds maturing within seven (7) days of the date of the lease rental payment, at the face value thereof, which the Lessee acquires and delivers to the Trustee as a part of its lease rental payment; (b) as additional rental the Lessee agrees to pay all fees, charges and reimbursement of expenses of the Trustee under the Trust Agreements and all prudent charges and expenses of the Authority incurred in the performance of its obligations hereunder. Section 4. Rental Payment Dates and Amounts. (a) Tax - Exempt Project. The first semiannual rental installment in the amount of Ninety -Five Thousand Five Hundred Dollars ($95,500) shall be due on the day that the Tax - Exempt Project is completed and ready for use, or January 28, 1994, whichever is later. If completion is later than January 28, 1994, the first installment shall be in an amount which provides for rental at the rate specified in Exhibit D for the semiannual period in which the Tax - Exempt Project is completed and ready for use, prorated from the date of completion until the first July 28 or January 28 following such date of completion. Thereafter such rentals shall be payable in advance in semiannual installments on July 28 and January 28 of each year as provided for in the lease payment schedule attached hereto as Exhibit D. -4- \rlhill \sthbnd \airport\ general \lease.amd;tmg;12 -21- 90;9:00a.m. After the sale of the Tax - Exempt Bonds issued by the Authority to pay the cost of the Tax - Exempt Project, including the acquisition of the property therefor and other expenses incidental thereto, the sum of the first and second semiannual rental installments and the sum of the third and fourth semiannual rental installments, and so on, shall be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal and interest due in any year ending on a Tax - Exempt Bond maturity date (Tax - Exempt Bond Year) on such Tax - Exempt Bonds plus Two Thousand Dollars ($2,000), payable in equal semiannual installments. Such amount of reduced annual rental shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after the sale of said Tax - Exempt Bonds, and such endorsement shall be recorded as an addendum to this Lease. (b) Taxable Project. The first semiannual rental installment in the amount of Two Hundred Thirty -Two Thousand Dollars ($232,000) shall be due on the day that the Taxable Project is completed and ready for use, or July 28, 1993, whichever is later. If completion is later than July 28, 1993, the first installment shall be in an amount which provides for rental at the rate specified in Exhibit E for the semiannual period in which the Taxable Project is completed and ready for use, prorated from the date of completion until the first January 28 or July 28 following such date of completion. Thereafter such rentals shall be payable in advance in semiannual installments on January 28 and July 28 of each year as provided for in the lease payment schedule attached hereto as Exhibit E. After the sale of the Taxable Bonds issued by the Authority to pay the cost of the Taxable Project, including the acquisition of the property therefor and other expenses incidental thereto, the sum of the first and second semiannual rental installment and the sum of the third and fourth semiannual rental installments, and so on, shall be reduced to an amount equal to the multiple of One Thousand Dollars ($1,000) next highest to the highest sum of principal and interest due in any year ending on a Taxable bond maturity date (Taxable Bond Year) on such Taxable Bonds plus Two Thousand Dollars ($2,000), payable in equal semiannual installments. Such amount of reduced annual rental shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after the sale of said Taxable Bonds, and such endorsement shall be recorded as an addendum to this Lease. In the case of the Tax - Exempt Project, the Lessee will not �r take any action or fail to take any action that would result in the loss of the exclusion from gross income for federal tax purposes of interest on the Bonds pursuant to Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code ") , as in effect on the -5- \rlhill \sthbnd\ airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. date of delivery of the Bonds, nor will the Lessee act in any manner which would adversely affect such exclusion. The Lessee further covenants that it will not make any investment or do any other act or thing during the period that any Bond is outstanding hereunder which would cause any Bond to be an "arbitrage bond" within the meaning of Section 148 of the Code and the regulations thereunder as in effect on the date of delivery of the Bonds. All officers, members, employees and agents of the Lessee are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the Lessee as of the date the Bonds are issued and to enter into covenants on behalf of the Lessee evidencing the Lessee's commitments made herein. Section 5. Abatement of Rent. In the event that all or a portion of either of the Projects shall be damaged or destroyed so as to render the damaged or destroyed portion of the Projects unfit for its intended use, it shall then be the obligation of the Authority to restore and reconstruct the damaged or destroyed portion of the Projects as promptly as may be done, unavoidable strikes and other causes beyond the control of the Authority excepted, if, in the opinion of an independent registered architect, registered engineer, construction manager or contractor selected by the Lessee and acceptable to the Trustee, (i) the cost of such restoration or reconstruction does not exceed the amount of the proceeds received by the Authority from the insurance provided for in Section 9 hereof plus other moneys available therefor and (ii) such restoration or reconstruction can be completed within the period of time covered by the rental value insurance provided for in Section 9 hereof. If either or both conditions shall not exist, the proceeds received from the insurance provided for in Section 9 hereof shall be applied to the option to purchase price provided for in Section 14 hereof. The rental shall be abated pro rata for the period during which the damaged or destroyed portion of the Projects is unfit for its intended use. Section 6. Net Lease. It is expressly understood and agreed that this Lease shall be what is known as a net lease (i.e., the rent being absolutely net to the Authority and that all other expenses in connection with the Projects of any nature whatsoever shall be those of the Lessee) and that during the lease term the Lessee shall be obligated to pay as its expenses without reimbursement from the Authority all costs of taxes and assessments, if any, and maintenance, operation and use in connection with or relating to the Projects, including but not limited to all costs and expenses of all services, repair or replacement of all parts of the Projects or improvements of the Projects. -6- \rlhill \sthbnd\ airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. Section 7. Nonliability of Authority. The Authority shall not be liable for damage caused by hidden defects or failure to keep the Projects in repair and shall not be liable for any damage done or occasioned by or from plumbing, gas, water, or other pipes or the bursting or leaking of plumbing or heating fixtures in connection with said premises, nor for damage occasioned by water, snow or ice. The Authority shall not be liable for any injury to the Lessee or any sublessee of the Lessee or any other person which injury occurs on, in or about the Projects howsoever arising. The Authority shall not be liable for damage to the Lessee's property or to the property of any sublessee of the Lessee or of any other person which may be located in, upon or about the Projects. Section 8. Alterations. Lessee shall have the right, without the consent of the Authority, to make all alterations, modifications and additions and to do all improvements it deems necessary or desirable to the Projects, which do not reduce the rental value of the Projects. Section 9. Insurance. The Lessee, at its own expense, will, during the full term of the Lease, keep the Projects insured against physical loss or damage, however caused, with such exceptions as are ordinarily required by insurers of properties of a similar type, in good and responsible insurance companies acceptable to the Authority. Such insurance shall be in an amount at least equal to the greater of (i) the option to purchase price or (ii) one hundred percent (100 %) of the full replacement cost of such Projects as certified by a registered architect, a registered engineer, or professional appraisal engineer, selected by the Authority with the approval of the Trustee, on the effective date of this Lease and on or before the first day of April of each year thereafter; provided that such certification shall not be required so long as the amount of such insurance shall be in an amount at least equal to the option to purchase price. Such appraisal may be based upon a recognized index of conversion factors. In no event shall the insurance be in an amount which causes the Lessee to be a co- insurer for the Projects. Such insurance may contain a provision for a deductible in an amount not exceeding $25,000. Lessee agrees to pay the deductible amount of any loss to the Authority. A blanket public institutional property insurance form may be used if: (a) the insurance on the Projects is not less than the amount required by this Section, (b) the Lessee subordinates its claim for damage or destruction to other buildings or improvements to claims for damage or destruction of the Projects, and -7- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. (c) the insurance proceeds related to damage to or destruction of the Projects are payable to the Trustee. During the full term of this Lease, the Lessee will also, at its own expense, maintain rental or rental value insurance in an amount at least equal to the full rental for the Projects specified in Section 4 for a period of two (2) years against physical loss or damage of the type insured against pursuant to the preceding requirements of this Section. Such policies shall be for the benefit of and shall be made payable to the Trustee. Section 10. Use of Insurance and Condemnation Proceeds. Proceeds of insurance against damage to or destruction of the Projects or proceeds of any condemnation of the Projects shall be paid to and held by the Trustee and used to pay for reconstruction or replacement of the Projects in accordance with plans approved by the Authority and the Lessee, unless the Lessee elects to exercise its option to purchase. Section 11. Liability Insurance. The Lessee shall, at all times during the full term of this Lease, keep in effect, public liability and property damage insurance, insuring the Lessee, the Authority and the Trustee in amounts customarily carried for similar properties. Such insurance may be provided under the public liability self insurance program of the City of South Bend. Section 12. General Insurance Provisions. All insurance policies required by Sections 9 and 11, other than insurance provided under the public liability self insurance program of the City of South Bend, shall be with insurance companies rated B+ or better by A.M. Best Company (or a comparable rating service if A.M. Best company ceases to exist or rate insurance companies) , and shall be countersigned by an agent of the insurer who is a resident of the State of Indiana, and such policies, or copies thereof, and the certificate of the architect or engineer referred to in Section 9 shall be deposited with the Authority and the Trustee. If, at any time, the Lessee fails to maintain insurance in accordance with Sections 9 and 11, such insurance may be obtained by the Authority, or may be obtained by the Trustee, and the amount paid for such insurance shall be added to the amount of rental payable by the Lessee under this Lease; provided, however, that neither the Authority nor the Trustee shall be under any obligation to obtain such insurance, and any action or non - action of the Authority or Trustee in this regard shall not relieve the Lessee of any consequences of a default in failing to obtain such insurance. Section 13. General Covenants. The Lessee shall not assign this Lease or sublet any part of the Projects herein described without the prior written consent of the Authority; provided, however, that the Lessee shall in no event assign this Lease or -8- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. sublet any part of the Projects if such assignment or sublease will result in the loss of the exclusion from gross income for federal tax purposes of interest on any obligation issued by the Authority to finance the Projects which is at the date of its issuance subject to such exclusion. The Lessee covenants that, except for Permitted Encumbrances, it will not encumber the Projects, or permit any encumbrance to exist thereon, and that it shall use and maintain the Projects in accordance with the laws and ordinances of the United States of America, the State of Indiana, and all other proper governmental authorities. The Authority agrees that it will, at the request of the Lessee, execute and deliver to or upon the order of the Lessee such instrument or instruments as may be reasonably required by the Lessee in order to subject the Projects, or the Authority's interest therein, to such encumbrances as shall be specified in such request and as shall be permitted by the provisions of this Section 13 or otherwise by the definition of "Permitted Encumbrances ". Section 14. Option to Purchase. The Authority hereby grants Lessee the right and option, on any rental payment date, upon thirty days' written notice to the Authority, to purchase either or both of the Projects at a price equal to the amount required to enable the Authority to provide for the redemption of all outstanding Tax - Exempt Bonds, in the case of the Tax - Exempt Project, and of the Taxable Bonds, in the case of the Taxable Project, all premiums payable on the redemption thereof, and accrued and unpaid interest, and to pay the cost of redeeming the Bonds and liquidating the Authority if it is to be liquidated. Upon request of the Lessee, the Authority agrees to furnish an itemized statement setting forth the amounts required to be paid by the Lessee on the next rental payment date in order to purchase the Projects in accordance with the preceding paragraph. If the Lessee exercises its option to purchase, the Lessee shall pay to the Trustee that portion of the purchase price which is required to provide for the payment of all the Bonds, including all premiums payable on the redemption thereof, accrued and unpaid interest thereon and the costs of redemption thereof. Such payment shall not be made until the Trustee gives to the Lessee a written statement that such amount will be sufficient to retire all Bonds including all premiums payable on the redemption thereof and accrued and unpaid interest. The remainder of such purchase price, if any, shall be paid by the Lessee to the Authority. Nothing herein contained shall be construed to provide that the Lessee shall be under any obligation to purchase the Projects, or under any obligation in respect to any creditors or bondholders of the Authority. -9- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. If the Lessee has not exercised its option to purchase the Projects at the expiration of the term of the Lease and upon the full discharge and performance by the Lessee of its obligations CW under this Lease, the Authority shall execute a deed of the Projects to the Lessee conveying good and merchantable title thereto, subject only to Permitted Encumbrances. Section 15. Defaults. If the Lessee shall (a) default in the payment of any rentals or other sums payable to the Authority hereunder, or in the payment of any other sum herein required to be paid for the Authority, (b) fail to comply with the terms set forth in the Lease Resolution, or (c) default in the observance of any other covenant, agreement or condition hereof, and such default under (c) shall continue for ninety (90) days after written notice to correct the same, then, in any of such events, the Authority may proceed to protect and enforce its rights, either at law or in equity, by suit, action, mandamus or other proceedings, whether for specific performance of any covenant or agreement contained herein or for the enforcement of any other appropriate legal or equitable remedy. Section 16. Notices. Whenever either party shall be required to give notice to the other under this Lease, it shall be sufficient service of such notice to deposit the same in the United States mail, in an envelope duly stamped, registered and addressed to the other party at its last known place of business. A copy of any notice shall be mailed by first -class mail to the Trustee at its last known place of business. Section 17. Construction of Covenants. All provisions contained herein shall be construed in accordance with the provisions of the Act and to the extent of inconsistencies, if any, between the covenants and agreements in this Lease and the provisions of the Act, the provisions of said Act shall be deemed to be controlling and binding upon the parties. Section 18. Successors or Assigns. All covenants of this Lease, whether by the Authority or the Lessee, shall be binding upon the successors and assigns of the respective parties hereto. -10- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. Lqpj IN WITNESS WHEREOF, the parties hereto have caused this Lease to be executed for and on their behalf as of the day and year first hereinabove written. SOUTH BEND REDEVELOPMENT AUTHORITY By: tsepj W. Wroblewski, President ATT ST: Donald K. Fewell, Vice President SOUTH BEND REDEVELOPMENT COMMISSION By: t, /v Paula N. Auburn, Vice President ATTEST: Roman J. Piasec i, Secretary -11- \rlhill \sthbnd\ airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for said State, personally appeared Joseph W. Wroblewski and Donald K. Fewell, personally known by me to be the President and Vice President, respectively, of the South Bend Redevelopment Authority, and acknowledged the execution of the foregoing Lease for and on behalf of said Authority. WITNESS my hand and Notarial Seal this 9 6 day of 1990. (Written Si ature) (Printed Signature) ( SEAL) My commission expires: 5p!y I am a resident of St. Joseph County, Indiana -12- \rlhill \sthbnd\ airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. STATE OF INDIANA ) ) SS: COUNTY OF ST. JOSEPH ) Before me, the undersigned, a Notary Public in and for said State, personally appeared Paula N. Auburn and Roman J. Piasecki, personally known by me to be the Vice President and Secretary, respectively, of the South Bend Redevelopment Commission, and acknowledged the execution of the foregoing Lease for and on behalf of said Commission. WITNESS my hand and Notarial Seal this ` day of P, E rrn 6ee _, 1990. 0'. � z � �" �-. " -, - (Written Si nature) (Printed Signature) (SEAL) commission expires: I am a resident of St. Joseph County, Indiana. This instrument was prepared by Richard L. Hill, BAKER & DANIELS, 205 West Jefferson Boulevard, South Bend, Indiana 46601. -13- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:OOa.m. EXHIBIT D Maximum Lease Payment Schedule for Tax - Exempt Project Payment Date Amount Payment Date Amount 1 -28 -94 $ 95,500 1 -28 -03 $ 139,000 7 -28 -94 95,500 7 -28 -03 139,000 1 -28 -95 95,500 1 -28 -04 136,000 7 -28 -95 95,500 7 -28 -04 136,000 1 -28 -96 95,500 1 -28 -05 138,000 7 -28 -96 95,500 7 -28 -05 138,000 1 -28 -97 120,500 1 -28 -06 137,000 7 -28 -97 120,500 7 -28 -06 137,000 1 -28 -98 128,500 1 -28 -07 136,000 7 -28 -98 128,500 7 -28 -07 136,000 1 -28 -99 135,500 1 -28 -08 136,500 7 -28 -99 135,500 7 -28 -08 136,500 1 -28 -00 137,000 1 -28 -09 136,500 7 -28 -00 137,000 7 -28 -09 136,500 1 -28 -01 138,000 1 -28 -10 133,500 7 -28 -01 138,000 7 -28 -10 133,500 1 -28 -02 138,500 1 -28 -11 135,000 7 -28 -02 138,500 7 -28 -11 135,000 1 -28 -12 133,500 7 -28 -12 133,500 -14- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. EXHIBIT E -15- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. Maximum Lease Payment Schedule for Taxable Project Payment Date unt Payment yment Date mount 7-28-93 $232,000 1 -28 -04 $ 291,500 1 -28 -94 232,000 7 -28 -04 291,500 7 -28 -94 232,000 1 -28 -05 291,500 1 -28 -95 232,000 7 -28 -05 291,500 7 -28 -95 232,000 1 -28 -06 289,500 1 -28 -96 252,000 7 -28 -06 289,500 7 -28 -96 252,000 1 -28 -07 289,500 1 -28 -97 255,000 7 -28 -07 289,500 7-28-97 255,000 1 -28 -08 287,500 1 -28 -98 272,500 7 -28 -08 287,500 7 -28 -98 272,500 1 -28 -09 288,500 1 -28 -99 285,000 7 -28 -09 288,500 7-28-99 285,000 1 -28 -10 287,500 1 -28 -00 288,000 7 -28 -10 287,500 7 -28 -00 288,000 1 -28 -11 284,500 1 -28 -01 290,000 7 -28 -11 284,500 7 -28 -01 290,000 1 -28 -12 284,500 1 -28 -02 293,500 7 -28 -12 284,500 7 -28 -02 293,500 1 -28 -03 293,000 7 -28 -03 293,000 -15- \rlhill \sthbnd \airport\ general\ lease.amd;tmg;12- 21- 90;9:00a.m. EXHIBIT "A" Permitted Encumbrances EXHIBIT B TAXABLE PROJECT DESCRIPTION The project consists of the following: (1) The construction of Northwest Loop Improvements in the City of South Bend consisting of the construction of approximately 1,100 linear feet of U- shaped roadway separated by a 120 foot grassed median located along the new alignment of Old Cleveland Road,(the overall section width is 40' - 0" from back of curb to back of curb and the proposed curb and gutter section is 2' - 0" with a curb height of 6 inches), lighting, extension of water and sewer lines and appurtenant work, all of such construction and related improvements to be made on the following described real estate acquired or to be acquired by the Authority: NORTHWEST LOOP DESCRIPTION A parcel of land located in the Southwest Quarter (SW1 /4) of Section Twenty (20), Township Thirty -Eight (38) North, Range Two (2) East and all being in German Township, St. Joseph County and being more particularly described as follows: Commencing at the southeast corner of the Southwest Quarter (SW1 /4) of said Section Twenty (20) ; thence north, along the north /south centerline of said Section Twenty (20) and also being along the centerline of a public road now known as Mayflower Road, a distance of 2160.0 feet; thence west, parallel with the south line of the Southwest Quarter (SW1 /4) of said Section Twenty (20), a distance of 1135.0 feet to a point of curvature of a tangent curve;* thence southwesterly, along a curve to the left, said curve having a radius of 800.00 feet and being subtended by a central angle of 43° 18' 35" and also being subtended by a long chord having a deflection angle of 21° 39' 16.5" to the left from the preceding described course and having a length of 590.42 feet, an arc distance of 604.71 feet to a point of curvature of a non - tangent curve; thence northwesterly, along a line having a deflection angle of 62° 52' 23" to the right from the preceding described course, a distance of 30.13 feet to a point on the northwesterly right of way line of a proposed street and also being the Point of Beginning of this description, said description being a strip of land 110.00 feet wide and being 30.0 feet on the right and 80.0 feet left of the following described line; thence northwesterly, along a line having a deflection angle of 00° 15' 25" to the left from the preceding described course, a distance of 370.00 feet to a point of curvature of a tangent curve; thence west and southwesterly, along a curve to the left, said curve having a radius of 80.00 feet and being subtended by a central angle of 180° 00' 0011, an arc length of 251.33 feet and also being subtended by a long chord having a deflection angle of 90° 00' 00" from the preceding described course and a length of 160.00 feet, to a point of tangency of a tangent curve; thence southeasterly, along a line having a deflection angle of 90' 00' 00" to the left from the preceding described long chord, a distance of 370.00 feet to a point on the northwesterly right of way line of a proposed street, said point being the Point of Terminus of this description, the sidelines of said 110.0 feet wide strip being extended or shortened to intersect the right of way line of said proposed street and containing 2.298 acres, more or less. (2) The acquisition by purchase or condemnation of parcels of real estate and any improvements thereon in St. Joseph County, Indiana needed in connection with local public improvements to be constructed in the Airport Economic Development Area, the payment of expenses that the Redevelopment Commission is required or permitted to pay under IC 8 -13 -18.5 and the clearance of said parcels of real estate, the location and legal descriptions of said parcels being as follows: (a) Twenty (20) acres taken off of and from the entire West end of the North One Hundred Nineteen (119) acres taken off of and from the entire North side of the following tracts: The Northwest Quarter (1/4) and the Northwest Quarter (1/4) of the Northeast Quarter (1/4) of Section Twenty -nine (29), Township Thirty -eight (38) North, Range (2) East. (b) All that portion of the North 119 acres of the Northwest quarter, and the Northwest quarter of the Northeast quarter of Section 29, which lies West of the West line of the Northeast quarter of Section 29, Township 38 North, Range 2 East which is located on the West side of Butternut Road; excepting the following parcels: 1) Twenty acres taken off of the West end of said 119 acres. 2) A part of the North 119 acre tract taken off of and from the entire North side of the Northwest quarter and the West half of the Northeast quarter of Section 29, Township 38 North, Range 2 East, which tract is bounded by a line running as follows, to -wit: Beginning in the center of what is known as Butternut Road at a point, which point is 165 feet North and twenty feet West of the Southeast corner of the Northwest quarter of the Northwest quarter of said Section 29 and running thence West a distance of 264 feet; thence South 165 feet; thence East a distance of 264 feet to the center of said Butternut Road, which point is 20 feet West of the Southeast corner of the Northwest quarter of the -2- \rlhill \sthbnd \airport\ general \tazable.b;tmg;12 -13 -90; Northwest quarter of said Section 29 and thence running North along the centerline of said Butternut Road 165 feet to the place of beginning. As recorded in Deed Record 385 Page 129. 3) A lot or parcel of land in the Northwest quarter of Section No. 29, Township No. 38 North, Range No. 2 East, described as follows: vis: Beginning on the centerline of the Butternut Road at a point 165 feet due North of the South line of a 119 acre tract of land taken off of and from the entire length of the North side of the West three - fourths of the North half of the North half of said Section No. 29; thence West parallel with the South line of said 119 acre tract a distance of 264 feet; thence Northerly parallel with the centerline of said Butternut Road a distance of 140 feet; thence Easterly 263.55 feet to a point in the centerline of said Butternut Road 145 feet Northerly from the place of beginning; thence Southerly along the centerline of said Butternut Road, 145 feet to the place of beginning; together with the right to use a road 30 feet in width, North and South, lying North of and adjoining the above described tract for ingress and egress. Containing 57.47 acres more or less, subject to all legal highways. All subject to easements and rights of way, and current real estate taxes. (c) Part of the Northwest Quarter (1/4) of Section Twenty -nine (29), Township Thirty -eight (38) North, Range Two (2) East, described as follows, to wit: Beginning at a point in the center of the public road running Northerly and Southerly across said Quarter Section, Six Hundred Sixty (660) feet South of the North boundary line of the land formerly owned by William C. Jackson, which point, measured along the center line of said public road, is Six Hundred Seventy -two (672) feet South of said North boundary line, thence West Seven Hundred (700) feet; thence North Two Hundred Eighty and Five Tenths (280.5) feet; thence East Three Hundred Thirty -five (335) feet to the West boundary line of the land now owned by Charles Barwig; thence Southeasterly, parallel with said public road, One Hundred Thirty -Two (132) feet to the Southwest corner of the land of said Charles Barwig; thence East Three Hundred Thirty (330) feet to the center of said public road; thence Southerly along the center line of said road, One Hundred Forty -four (144) feet to the place of beginning, in St. Joseph County, Indiana. -3- \rlhill \sthbnd \airport\ general \taxable.b;tmg ;12- 13 -90; (d) A lot or parcel of land in the Northwest Quarter of Section Twenty -nine (29) in Township Thirty -eight (38) North of Range Two (2) East, Beginning at a point in the center of the public road running North and South through said Quarter Section, Sixteen (16) rods, South of the North Boundary line of the land owned by W.C. Jackson, thence South along the center of said road, Sixteen (16) rods; thence East Twenty (20) rods; thence Northerly parallel with said road, Sixteen (16) rods; thence West Twenty (20) rods to the place of beginning, known as Lots Twenty -seven (27) and Twenty -eight (28) in W.C. Jackson's proposed Sub- division. (e) A lot or parcel of land containing Three (3) acres taken off of and from the entire length of the West side of the West Half (1/2) of the Southeast Quarter (1/4) of the Southeast Quarter (1/4) of Section Number Nineteen (19), Township Number Thirty -eight (38) North, Range Two (2) East, excepting therefrom that portion of said premises conveyed to the State of Indiana by a Warranty Deed dated January 11, 1980 and recorded March 20, 1980 as Instrument No. 8004813. That portion of the West Half (1/2) of the Southeast Quarter of Section Nineteen (19), Township Thirty -eight (38) North, Range Two (2) East, lying East of the South Bend Bypass and lying South of the lands conveyed to the State of Indiana by a Warranty Deed dated January 11, 1980 and recorded March , 1980 as Instrument No. 8004813 and lying North of Cleveland Road. (f) The West half (1/2) of the South East Quarter (1/4) of the South East Quarter -(1/4) of Section Number Nineteen (19), Township Number Thirty -eight (38) North, Range Number Two (2) East, excepting therefrom the West Three (3) acres thereof. (g) The East one -half of the North East quarter of Section No. 30, Township No. 38, North, Range No. 2 East. The East one -half of the South East quarter of the South East quarter of Section No. 19, Township No. 38 North, Range No. 2 East. The West one -half of the South West quarter of the North West Quarter of Section No. 29, Township No. 38 North, Range No. 2 East. Also a parcel of land containing 1/6 of an acre in the East one -half of the North West quarter of the North West quarter of Section No. 29, Township No. 38 North, Range No.2 East described as follows: Beginning at the North West corner of the West one -half of the South West quarter of the North West quarter of Said Section No. 29; running thence East 40 rods to the Northeast corner of said West one -half of -4- \rlhill \sthbnd \airport\ general \tazable.b;tmg;12- 13 -90; the South West quarter of the North West quarter of said Section No. 29; thence North 11 feet; thence West 40 rods to the West line of the North West quarter of said Section No. 29; thence South 11 feet to the place of beginning, excepting, however, 5.533 acres, more or less, sold to the State of Indiana for road purposes. (h) The West Half (1/2) of the Southwest Quarter (1/4) of Section Twenty (20), Township Thirty -eight (38) North, Range Two (2) East, excepting therefrom eight (8) acres, more or less, in the Southeast corner thereof, the same being more fully described by metes and bounds as follows: Beginning at the Southeast corner of the West Half (1/2) of the Southwest Quarter (1/4) of said Section, thence running West Thirty (30) rods; thence North Forty -two (42) rods and Thirteen and one -half (13 1/2) links; thence East Thirty (30) rods; thence South Forty -two (42) rods and Thirteen and one -half (13 1/2) links to the place of beginning, containing after said exception Seventy -two (72) acres, more or less and, A part of the Northeast Quarter of the Southeast Quarter of Section 19, Township 38 North, Range 2 East, in St. Joseph County, Indiana, described as follows: Commencing at the Northeast corner of the Southeast Quarter of said Section; thence South 000 14' 14" East 170.00 feet along the East line of the Southeast Quarter of said Section to the True Point of Beginning; thence continuing South 000 14' 14" East 1126.02 feet along said Southeast Quarter's East line to a point on the South line of the Northeast Quarter of said Southeast Quarter; thence South 890 46' 45" West 100.12 feet; thence North 000 14' 14" West 1009.74 feet; thence North 400 29' 55" East 153.42 feet to the Point of Beginning. (i) The East One -half (1/2) of the Southwest Quarter (1/4); and A tract out of the Southeast corner of the West Half (1/2) of the Southwest Quarter (1/4) described as Thirty -four (34) rods North and South by Fourteen (14) rods East and West; and South Thirty (30) acres off of and from the East One Hundred Twenty (120) acres of the Northwest Quarter (1/4); and A part of the Southwest Quarter (1/4) of the Southwest Quarter (1/4) described as commencing at a point on the South section line Fourteen (14) rods West of the Southeast corner of the Southwest Quarter (1/4) of the Southwest Quarter (1/4), thence West Sixteen (16) rods; thence North Forty -two (42) rods Thirteen and One -Third -5- \rlhill \sthbnd\ airport\ general \tazable.b;tmg;12- 13 -90; , (13 1/3) links; thence East Thirty (30) rods; thence South Eight (8) rods Thirteen and One -third (13 1/3) links; thence West Fourteen (14) rods; thence South Thirty -four (34) rods to the place of beginning; all of which described lands are located in Section Twenty (20) Township Thirty -eight (38) North, Range Two (2) East. Excepting therefrom 35.4 acres described as follows: A part of Section 20, Township 38 North, Range 2 East, bounded and described as follows: Tract No. 1: Beginning at the center point of said section, the same being the center of the Mayflower Road; thence Southerly along the East line of the Southwest Quarter of said Section 427 feet, to a point 650 feet Southerly measured at right angles from the Center line of the Indiana East -West Toll Road (A Centerline Survey Map of which is on file in the office of the Recorder of St. Joseph County, Indiana); thence North 89 degrees 52 minutes 23.3 seconds West distant 605.99 feet to a point 650 feet southerly measured at right angles from Centerline Station 4049 +62 of said Toll Road; thence North 0 degrees 07 minutes 36.7 seconds East distant 428.80 feet to the North line of the Southwest Quarter of said section; thence Easterly along the North line of the Southwest Quarter of said section to the place of beginning. Tract No 2: The South 30 acres of the East 120 acres of the Northwest Quarter of said section Leaving a balance of 82.6 acres. (Parcel No. A -6 (XL) A part of the Southwest Quarter of the Northwest Quarter of Section 20, Township 38 North, Range 2 East, in St. Joseph County, Indiana, described as follows: Commencing at the Southwest corner of the Northwest Quarter of said Section 20; thence South 89 °- 51' -58" East 1305.71 feet along the South line of the Northwest Quarter of said section to the true point of beginning; thence continuing South 89 °- 51' -58" East 671.7 feet, more or less along said Northwest Quarter south line to a point on the west property line of Service Area #4 South which point is 220 feet south of and at right angles to Station 4049 +62 of the Indiana East -West Toll Road (a Centerline Survey Map of which is on file in the office of the Recorder of St. Joseph County, Indiana); thence North 0° -07' - 36.7" East a distance of 40 feet to the south right -of -way line of the Indiana East -West Toll -6- \rlhill \sthbnd\ airport\ general \tazable.b;tmg;12- 13 -90; Road; thence North 89' - 52' -23" West 412 feet along said south right -of -way line said point being 180 feet south of and at right angles to Station 4045 +50 on the Indiana East -West Toll Road centerline; thence North 0' -07' -36.7" East a distance of 30 feet to a point which said point is 150 feet south of said Station 4045 +50; thence North 89' - 52' -23" West along said south right -of -way line a distance of 259.7 feet, more or less to a point; thence South 0' -07' - 36.7" West a distance of 70.16 feet to point of beginning, containing 0.8 acres, more or less, and which is a part of Parcel 62 -A -3 (XL). This tract is subject to a pipeline easement in favor of the Standard Oil Division of Amoco Oil Company; said pipeline was to be built within 50 feet of the south line of the Northwest Quarter of said Section 20. (j) Part of the South East quarter of the South East quarter of Section No. 28, Township No. 38 North, Range No. 2 East, bounded by a line running as follows, viz: Beginning at a point on the East line of said Section, which point is 895 feet North of the Southeast corner thereof; running thence North on said East line 16 rods (264 feet); thence West parallel with the North line of said Section 10 rods (165 feet) ; thence South parallel with said East line 16 rods (264 feet); thence East 10 rods (165 feet), to the place of beginning, containing one acre, more or less. -7- \rlhill \sthbnd\ airport\ general \tazable.b;tmg;12- 13 -90; EXHIBIT C TAX EXEMPT'PROJECT DESCRIPTION The project consists of the following: (1) The construction of Mayflower Road Improvements in the City Of South Bend consisting of the widening and resurfacing of the roadway and appurtenant work, all of such construction and related improvements to be made on the following described real estate acquired or to be acquired by the Authority: MAYFLOWER ROAD NORTH OF OLD CLEVELAND ROAD DESCRIPTION A part of Section Twenty (20), Township Thirty Eight (38) North, Range Two (2) East and situated in the County of St. Joseph and State of Indiana, more particularly described as follows: Commencing at the Northwest Corner of the Southeast One - Quarter (1/4) of Section Twenty (20) Township Thirty -Eight (T 38 N) North Range Two (R 2 E) East, and running in a southerly direction along the North -South centerline of Section Twenty (20) a distance of four hundred twenty -seven (427) feet to the Point of Beginning; thence in a southerly direction along the North -South centerline of Section Twenty (20), a distance of two thousand two hundred nineteen (2219) feet, thence running in an easterly direction, along the South Line of said One Quarter (1/4) Section a distance of thirty (30) feet, thence running in a northerly direction on a line thirty (30) feet East of and parallel to the North -South centerline of Section twenty (20) a distance of one thousand eight hundred sixty nine (1869) feet, thence running North four degrees twenty -nine minutes fifty -three and seven - tenths seconds (N 04' 29' 53.7" E) East a distance of three hundred fifty one and twenty -eight hundredths (351.28) feet, thence running North eighty -nine degrees fifty -two minutes twenty -three and three - tenths seconds (N 89° 52' 23.3" W) West a distance of sixty (60) feet to the Point of Beginning, excepting therefrom that portion thereof lying within the bounds of Mayflower Road as now established. The above description referenced to Book 538, Page 317 of the St. Joseph County Recorder; and MAYFLOWER ROAD NORTH OF OLD CLEVELAND ROAD DESCRIPTION A part of Section Twenty (20) , Township Thirty Eight (38) North, Range Two (2) East and situated in the County of St. Joseph and State of Indiana, more particularly described as follows: Beginning at the intersection of the centerline of Mayflower Road and a line drawn parallel to and distant 650 feet Southerly of measured on a line normal to the centerline of the Indiana East -West Toll Road as shown by plat recorded in the St. Joseph County Map Records; thence Southerly along said centerline to the intersection of the Northerly right of way line of Cleveland Road; thence Westerly along said Northerly right of way line, distant 30 feet; thence Northerly in a straight line to a point distant 30 feet Westerly measured at right angles to said centerline from a point thereon, distant 1000 feet Southerly, measured along said centerline from its intersection with the aforesaid Toll Road centerline; thence Northwesterly in a straight line to the intersection of the aforesaid parallel line, said point of intersection 60 feet Westerly, measured at right angles to said centerline of Mayflower Road; thence Easterly along said parallel line to the Place of Beginning. The above description referenced to Book 538, Page 504 of the St. Joseph County Recorder. (2) The construction of Brick /New Cleveland Road Improvements in the City of South Bend consisting of extension of water and sewer lines, installation of a sanitary sewer lift station, widening and repaving of Brick Road from New Cleveland Road east for approximately 900 feet and appurtenant work, all of such construction and related improvements to be made on the following described real estate acquired or to be acquired by the Authority: BRICK /NEW CLEVELAND DESCRIPTION That part of the Southwest quarter of Section 17 and the Northwest quarter of Section 20, T. 38 N. R. 2 E. German Township, St. Joseph County, Indiana which is described as: Beginning at the Southwest corner of said Section 17; thence North 00 deg. 04 min. 03 sec. East along said line, 20.00 ft.; thence South 89 deg. 39 min. 06 sec. East, 329.03 ft.; thence North 00 deg. 22 min. 38 sec. East, 20.00 ft.; thence South 89 deg. 39 min. 06 sec. East, 60.00 ft.; thence South 00 deg. 22 min. 38 sec. West 20.00 ft.; thence South 89 deg. 39 min. 06 sec. East, 138.00 ft.; thence North 00 deg. 22 min. 38 sec. East, 20.00 ft; thence South 89 deg. 39 min. 06 sec. East, 375.53 ft.; thence South 00 deg. 09 min. 31 sec. West, 60.00 ft.; thence North 89 deg. 39 min. 06 sec. West, 542.40 ft.; thence South 00 deg. 35 min. 00 sec. East, 158.02 ft. ; thence North 89 deg. 39 min. 06 sec. West, 361.78 ft.; thence North 00 deg. 00 min. 30 sec. East along the West line of Section 20, 178.00 ft. to the Point of Beginning. (3) The construction of Point Viridian Improvements in the City of South Bend consisting of the extension of the existing Viridian Drive for approximately 550 linear feet including curbs, lighting, \rlhill \sthbnd \airport\ general \tazezemp.b;tmg;12- 13 -90; signage, landscaping, drainage, striping; all of such construction and related improvements to be made on the following described real estate acquired or to be acquired by the Authority: VIRIDIAN DRIVE A part of the Southeast Quarter of Section 28, Township 38 North, Range 2 East, St. Joseph County, Indiana, described as follows: Commencing at the southeast corner of said quarter section; thence West 40.00 feet to the west boundary of Bendix Drive; thence North 00 degrees 02 minutes 06 seconds West and parallel with the east line of said quarter section 588.12 feet; thence northwesterly 90.13 feet along an arc to the left and having a radius of 65.00 feet and subtended by a long chord having a bearing of North 39 degrees 45 minutes 35 seconds West and a length of 83.08 feet; thence northwesterly 123.15 feet along an arc to the right and having a radius of 290.00 feet and subtended by a long chord having a bearing of North 67 degrees 19 minutes 08 seconds West and a length of 122.23 feet; thence northwesterly 308.34 feet along an arc to the left and having a radius of 506.97 feet and subtended by a long chord having a bearing of North 72 degrees 34 minutes 35 seconds West and a length of 303.61 feet; thence West 457.01 feet to the point of beginning; thence northwesterly 376.93 feet along an arc to the right and having a radius of 480.00 feet and subtended by a long chord having a bearing of North 67 degrees 32 minutes 20 seconds West and a length of 367.32 feet; thence North 45 degrees 02 minutes 33 seconds West 65.14 feet; thence North 00 degrees 21 minutes 33 seconds East 226.80 feet; thence South 51 degrees 11 seconds 07 minutes East 51.08 feet; thence South 00 degrees 21 minutes 33 seconds West 34.28 feet; thence Southeasterly 166.44 feet along an arc to the left and having a radius of 210.00 feet and subtended by a long chord having a bearing of South 22 degrees 20 minutes 47 seconds East and a length of 162.12 feet; thence southeasterly 314.04 feet along an arc to the left and having a radius of 400.00 feet and subtended by a long chord having a bearing South 67 degrees 32 minutes 42 seconds East and a length of 306.11 feet; thence South 80 feet to the point of beginning, containing 0.951 acres more or less. Said tract of land is subject to sanitary sewer and storm drainage easements of record. (4) The engineering design work for Realigned Old Cleveland Road, Phase I (Section 3) consisting of preliminary engineering design, IL final construction drawings, preparation of specifications and bid packets and appurtenant work, all of such engineering work for public improvements to be made on the following described real estate acquired or to be acquired by the Authority: \rlhill \sthbnd\ airport\ general \tasezemp.b;tmg;12- 13 -90; REALIGNED OLD CLEVELAND ROAD, PHASE I (SECTION 3) DESCRIPTION An 80 foot wide parcel of land located in the Southeast Quarter (SE1 /4) of Section Nineteen (19), the Southwest Quarter (SW1 /4) of Section Twenty (20), the Northwest Quarter (NW1 /4) of Section Twenty Nine (29), and the Northeast Quarter (NE1 /4) of Section Thirty (30) all in Township Thirty Eight (38) North, Range Two (2) East and all being in German Township, St. Joseph County, the centerline of which is described as follows: Commencing at the southeast corner of the Southwest Quarter (SW1 /4 ) of said Section Twenty (20); thence West, along the south line of said Southwest Quarter (SW1 /4), also being the approximate centerline of a public road, known as Old Cleveland Road, a distance of 3000.00 feet to the Point of Beginning of the centerline of this description; thence East, along said south line of the Southwest Quarter (SW1 /4) , also known as the approximate centerline of Old Cleveland Road, a distance of 270.00 feet to the point of curvature of a tangent curve to the left, said curve having a radius of 800.00 feet and an internal angle of go* 00' 00 "; thence along said curve, Easterly, Northeasterly and Northerly an arc length of 1256.64 feet to the point of tangency of said curve; thence North, parallel with the east line of said Southwest Quarter (SW1 /4) a distance of 560.00 feet to the point of curvature of a tangent curve to the right, said curve having a radius of 800.00 feet and an internal angle of 90° 00' 00 "; thence along said curve, Northerly, Northeasterly and Easterly an arc length of 1256.64 feet to the point of tangency of said curve, thence East, parallel with the south line of said Southwest Quarter (SW1 /4) a distance of 1130.00 feet to the intersection with the centerline of a public road, known as Mayflower Road, said intersection being the Point of Terminus of the centerline of said 80 foot wide parcel. Said parcel description excepting out any existing public rights of way and being subject to all existing easements and leases of public record. (5) The engineering design work for Realigned Old Cleveland Road, Phase II (Section 4) consisting of preliminary engineering design, final construction drawings, preparation of specifications and bid packets and appurtenant work, all of such engineering work for public improvements to be made on the following described real estate acquired or to be acquired by the Authority: \r1hi11 \athbnd \airport\ general \taxexemp.b;tmg;12 -13 -90; REALIGNED OLD CLEVELAND ROAD, PHASE II (SECTION 4) DESCRIPTION An 80 -foot wide parcel of land located in the Southeast Quarter (SE1 /4) of Section Twenty (20), the Southwest Quarter (SW1 /4) of Section Twenty One (21), and the Northwest Quarter (NW1 /4) of Section Twenty Eight (28) all in Township Thirty Eight (38) North, Range Two (2) East and all being in German Township, St. Joseph County, the centerline of which is described as follows: Commencing at the Southwest corner of the Southeast Quarter (SE1 /4) of said Section Twenty (20); thence North, along the east line of said Southwest Quarter (SW1 /4), also being the approximate centerline of a public road, known as Mayflower Road, a distance of 2160.00 feet to the Point of Beginning of the centerline of this description; thence East, parallel with the south line of said Southeast Quarter (SE1 /4), a distance of 1580.47 feet to the point of curvature of a tangent curve to the right, said curve having a radius of 800.00 feet and an internal angle of 66° 00' 00 "; thence Easterly and Southeasterly along a curve an arc length of 921.53 feet to the point of tangency of said curve; thence Southeasterly along the projected forward tangent of the previously described curve a distance of 1325.35 feet to the point of curvature of a tangent curve to the left, said curve having a radius of 800.00 feet and an internal angle of 66° 00' 00 "; thence along said curve Southeasterly and Easterly an arc length of 921.53 feet to the ' point of tangency of said curve also being the Point of Terminus of the centerline of said 80 -foot wide parcel. Said parcel description excepting out any existing public rights of way and being subject to all existing easements and leases of public record. (6) The engineering design work for Old Cleveland Road From Mayflower Road To The Industrial Park (Section 5) consisting of preliminary engineering design, final construction drawings, preparation of specifications and bid packets and appurtenant work, all of such engineering work for public improvements to be made on the following described real estate acquired or to be acquired by the Authority: OLD CLEVELAND ROAD FROM MAYFLOWER ROAD TO THE INDUSTRIAL PARK (SECTION 5) " Sri DESCRIPTION An 80 -foot wide parcel of land located in the South Half (S1 /2) of -5- \rlhill \sthbnd \airport\ general \taxezemp.b;tmg•12- 13 -90; Section Twenty One (21) and the North Half (N1 /2) of Section Twenty Eight (28) all in Township Thirty -Eight (38) North, Range Two (2) East and all being in German Township, St. Joseph County, the centerline of which is described as follows: Commencing at the southwest corner of the Southeast Quarter (SE1 /4) of Section Twenty (20), Township Thirty Eight (38) North, Range Two (2) East, also being the approximate intersection of a north -south public road, known as Mayflower Road and an east -west public road known as Old Cleveland Road; thence East along the south line of said South Half (S1 /2) of Section Twenty (20) and the south line of said South Half (S1 /2) of Section Twenty One (21), also being the approximate centerline of said Old Cleveland Road a distance of 3681.22 feet to the Point of Beginning of the centerline of this description; thence continuing along said approximate centerline of Old Cleveland Road, also being the south line of said South Half (Sl /2) of Section Twenty One (21), a distance of 2130.00 feet to the Point of Terminus of the centerline of said 80 -foot wide parcel. Said parcel description excepting out any existing public rights of way and being subject to all existing easements and leases of public record. -6- \rlhill \sthbnd\ airport \general \tazezemp.b;taig ;l2 - 13-90;