HomeMy WebLinkAbout2B Assignment & Assumption Agreement w-ExhibitASSIGNMENT AND ASSUMPTION OF AGREEMENT THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment"), dated
as of _____ , 2024 ("Effective Date"), is made by and among Board of Park Commissioners of the City of South Bend, Indiana, hereinafter referred to as the "Park Board," the governing body
of the Venues Parks & Arts Department of the City of South Bend, ("Assignor") and the South Bend Redevelopment Authority ("Assignee").
WITNESSETH:
WHEREAS, Assignor, Parks Board, and Swing Batter Swing, LLC ("Tenant") are parties
to a certain Amended and Restated Stadium Use, Management and Operations Agreement dated
January 19, 2021 ("Lease Agreement");
WHEREAS, pursuant to the Lease Agreement, Assignor has the complete authority to
assign its obligations under the Lease Agreement to any other Agency, Department, Authority, or Commission of the City of South Bend.
WHEREAS, Assignee has been created pursuant to Indiana Code 36-7-14.5 as a separate body, corporate and politic, and as an instrumentality of the City of South Bend, Indiana (the "City"), is authorized to hold and dispose of real property pursuant to Indiana Code Section 36-7-14.5-12(a)(4) and (5), and is authorized to receive such property from another governmental entity pursuant to Indiana Code Section 36-1- 11-8;
WHEREAS, the City has determined to undertake a local improvement project at Four Winds Field necessitating the transfer of ownership of Four Winds Field and the surrounding park
from the Park Board to the South Bend Redevelopment Authority.
WHEREAS, Assignor on behalf of Assignee will continue to fulfill the current obligations of the Assignor under the Lease Agreement.
NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt, adequacy and legal sufficiency of which are hereby acknowledged, Assignee and Assignor hereby
agree as follows:
1. Recitals; Capitalized Tenns. The recitals to this Assignment are fully incorporated by this reference as if set forth herein. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Lease Agreement.
2.Assignment and Assumption.
(a)Effective as of the Effective Date, Assignor hereby transfers, assigns,
conveys and delegates to Assignee all of Assignor's right, title, and interest in, to and under the Lease Agreement.
(b)Effective as of the Effective Date, Assignee hereby accepts such assignmentand assumes from Assignor all liabilities and obligations under the Lease Agreement arising on
IN WI1NESS WHEREOF, the parties hereto have cause d this Assignment and
Assumption Agreement to be executed as of the date first above written.
ASSIGNOR:
CITY OF SOUTH BEND,
BOARD OF PARK COMMISSIONERS
�_f? .--ifark Neal, President
ASSIGNEE:
SOUTH BEND REDEVELOPMENT AUTHORITY
Erin Hanig, President ATTEST:
Richard Klee, Secretary
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EXHIBIT A Lease Agreement