HomeMy WebLinkAboutagenda item 2015 1210 rdc 05a2Department of
Community Investment
Memorandum
Tuesda~December08,2015
TO: RDC members
FROM: Chris Fielding
SUBJECT: Main and Western Lot
In September of 2014, staff presented the negotiated terms of an arrangement to dedicate the
vacant lot at Main and Western to the potential new ownership of the One Michiana Square
Building. The building has/had fallen into disrepair and the brokerage of the building was
challenging without additional parking. As a result of recent efforts the building is now under
new local ownership and the new entity is seeking to close on the lease option.
The terms of the agreement are as follows;
Land lease: 15 year initial term for $1/year, with three (3) five (5) year options to renew
Improvements: OMS will take lot in as-is condition and make all improvements at its own
expense (estimated $60 -$80,000)
Option: OMS will have option to purchase the lot at any time after Year 15 for $25,000
"We expect overall private investment and recapitalization efforts to exceed $7 million on this
project, and for most tenants a parking requirement is a prerequisite to their commitment to the
building. The subject lot would provide a much-needed solution to this challenge, and we hope
will enable OMS to keep rental rates competitive enough to retain current tenants and solicit
other tenants. "
Staff is requesting approval of the Lease Option and execution of the enclosed agreement.
227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV
ITEM: 5.A.(2)
PARKING LOT LEASE AND OPTION TO PURCHASE
THIS PARKING LOT LEASE AND OPTION TO PURCHASE (this "Lease'') is made the
I 0th day of December, 2015 (the "Commencement Date"), by and between the South Bend
Redevelopment Commission, governing body of the Department of Redevelopment of the City of
South Bend, Indiana (''Lessot'), and Wayne Street Assocfates, LLC, an Indiana limited liability
company with its registered office at 4100 Edison Lakes Parkway, Suite 350, Mishawaka, Indiana
46545 ("Lessee") (collectively the ''Parties," a11d each a ''Party'').
RECITALS
A. Lessor exists and operates pursuant to the Redevelopment of Cities and Towns Act
of 1953, as amended, being LC. 36-7-14 (the "Act"). ·
B. In furtherance of its purposes under the Act, Lessor owns the real property situated
in South Bend, Indiana, and described in Exhibit A attached hereto and made a part hereof (the
"Premises").
C. Pursuant to the Act, Lessor adopted its Resolution No. 2797 on November 2, 2010,
whereby Lessor established tpe disposition value of the Premises. ·
D. Purs.uant to the Act, Lessor authorized the publication on November 5, 2010, and
November 12; 2010; respectively, of a notice of its intentto dispose of the Premises and its desire
to receive bids for the Premises on or before December 3, 2010.
E. As of December 3, 2010, Lessor received no bids for the Premises; and, therefore,
having satisfied the conditions stated in Section 22 of the Act, desires to lease the Premises to
Lessee and grant Lessee an option to purchase the Premises 011 the terms stated in this Lease.
F. Lessee recentlyacquired the real property situated at 100 East Wayne Street, South
Bend, Indiana 46601, commonly known as One Michiana Square (the "OMS Building"} and
desires to lease the Premises for vehicular parking by Lessee and the tenants of the OMS Building.
NOW, THEREFORE, in consideration ofthe mutual obligations and covenants stated in
this Lease and other good and valuable consideration, the receipt and legal sufficiency of which
are hereby acknowledged, Lessor artd Lessee agree as follows:
Section I. Lease and Use •. Lessor hereby leases the Premises to Lessee and Lessee's
successors and assigns. Lessee will use the. Premises .ex:Clusively for the parking of properly
licensed p4sse11ger motor vehicles, i11cluding motorcycles, by Lessee and the tenants and invitees
of the OMSBuilding,
Section 2. Term. The initial term of this Lease will commence on the Commencement
Date of this Lease and will terininate fifteen ( 15) years thereafter. At Lessee's option, Lessee may
·extend thetenn bf this.Lease for no more than three \3)consecutiverenewal tenns of five (5) ye.cirs
each, siibject t9 any rights of termin<ltion herein,. provided that Lessee notifies Les$or of its intent
to renew within ninety (90) days of the end of the initial term or the end of a renewal tenn, as the
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case may be. As used in thi~ Lease, "Term" mearts, collectively, the initial term and any renewal
terms.
Section 3. Rent. During the Term of this Lease, Lessee wiUpayto Lessor One Dolfa.r
($1. 00) per year as rent for the Premises. Such annual rent will be due on the Commencement
Date and on or before each anniversary thereof during the Term. Lessee may pre-pay the rent for
the entire Tem1 at any time, without penalty.
Section 4. Acceptance of Premises As-Is. Lessee agrees to accept the Prem,ises "as-is,
where-is'' and without any representations or warranties by Lessor as to the condition of the
Premises or its fitness for any particular use or purpose. Lessor makes no such representation or
warranty as to the condition or fitness of the Premises, and nothing in this Lease will be construed
to constitute such a representation or warranty.
Section 5. Title. Lessor hereby covenants that it is the sole owner in fee simple of the
Premises, is lawfully seized thereof and has a good right to lease it under the terms and conditions
contained herein, that the Premises are free from any and all liens and encumbrances, except for
any
oth~r matters of record, and that Lessor guarantees the quiet possessiop_ thereof by Lessee, its
successors and assigns and will warrant· and defend Lessee's rights hereunder against an claims.
Section 6. Lessee's Improvements. Lessee will expend no less than Sixty Thousand
Dollars ($60,000.00) during the Term to pay for the costs of improving the Premises to suit
Lessee's use of the Premises (the "Lessee's Work"). All of Lessee;s Work, including Lessee's
cdnstruction of any permanertt or habitable structure, will comply with the then-applicable
Development Plan and design standards for the River West Development Area and all applicable
land use and zoning laws, and Lessee will not proceed with Lessee's Work before obtaining written
approval of all plans and specifications for Lessee's Work from the head of the City's planning
department (the "City Planner"), with such approval not to be unreasonably withheld by the City
.Planner. To the extent any permits or authorizations are necessary to allow Lessee to undertake
any work on the Premises, including without linlitation Lessee's Work, Lessee will obtain the
same at Lessee's sole cost and expense. Promptly following the completion of Lessee's work,
Lessee
will submit to Lessor records proving Lessee's expenditures on Lessee's Work. Any
improvement, including any element of Lessee's Work, affixed to the Premises during the Term
will become the property of L~ssot at the end of the Term, unless Lessee exercises its option and
acquires title to
th~ Premises in accorda11ce with the tetll1S of this Lease.
Section 7. Option to Purchase; Subject to the .limitations contained in this Lease,
Lessor hereby grants to Lessee a one-time right and option to purchase the whole of the Premises
(the "Option"). Provided that no Event of Default exists on account of Lessee an.d Lessee is in
substantial compliance with the terms of this Lease, Lessee m.ay exercise the Option at any time
during the Term of this Lease. If Lessee fails to exercise its Option within such time, the Option
will expire a11d Lessee's right to ex~rcis.e the Option will be forever extinguished. Lessee will be
deemed to have exercised the Option when Lessee delivers to Lessor written notice, given in
accordance with Section 17 of this Lease, of Lessee's intent to purchase the Premises fromLessor
(the.''Option Notice"), Notwithstanding Lessee's exereise of the Option, Lessor;s obligation to
sell the Ptemises to Lessee is conditioned upon Lessor determining, in its sole b11t reasonable
discretion, that no Event of Default exists on acco1mt of Lessee and Le$see is in substa,ntial
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compliance with the terms ofthis Lease. Within thirty (30) days after receiving Lessee's Option
Notice, Lessor will deliver to Lesseewritten notice of Lessor's determination under the foregoing
sentence (the date of which delivery is referred to as the ''Determination Date"). After the
Determination
Dat~\ if Lessor's determination is favorable, the Parties Will enter into a separate
written agreement for the purchase and sale of the Premises, which shall incorporate the following
essential terms: (1) the purchase price to be paid byLessee for the Premises Will be Twenty-Five
Thousand Dollars ($25,000.00); (2) the closing of the purchase and sale Will occur within ninety
(90) days after the Determination Date, which closing date may be acc-elerated or ex,tended upon
the written agreement of the Parties; (3) at closing, Lessor will deliv~r to Lessee a limited warranty
deed conveying the Premises to Lessee free and clear of all encumbrances, excepting and subject
to all real estate taxes and assessments, legal highways, applicable zoning ordinances and land use
laws, easements, and any other testrictions of record; ( 4) except for the cost of an owner's policy
of title insurance inthe amount of Twenty-Five Thousand Dollars ($25,000), which Lessor will
pay at closing, Lessee will be responsible for paying its own costs and expenses related to its
purchase of the Pre!Tiises from Lessor, including, without limitation, (i) closing costs, (ii) ,
recordation costs, and (iii) costs of obtaining a survey of the Premises and any other reports or
investigations; and (5) all Taxes will be paid in accordance with Section 8 of this Lease. Except
for any provisions expressly intended to survive, this Lease will terminate upon Lessor's
conveyance of the Premises to Lessee at closing. Furtherrr.tore, although the Parties intend to enter
into a separate purchase and sale agreement memorializing the transaction contemplated in this
Section 7, a separate agreement is not required. Rather, the Parties agree that this Section 7 contains
all necessary terms for the purchase and sale ofteal estate, an.d that, by validly exerchdng its Option
as set forth in this Section 7, Lessee is obligated td purchase, and Lessor is obligated to sell, the
Premises pursuant to the terms set forth in this Section 7, regardless of whether a separate purchase
agreement is entered into by the Parties.
Section 8. Real Estate Taxes. Lessee will be responsible for the payment of all real
property taxes and ,assessments, of any nature whatsoever (the "Taxes"), which are levied against
the Premises , for all periods during the Term bf this Lease. In the event Lessee purchases the
Premises: from Lessor in accordance with Section 7 of this Lease, Lessee, and Lessee's successors
and assigns, Will be Hable for any and all real property taxes assessed and levied against t]1e
Premises with respectto the year in which the closing takes place and for aII subsequent years.
Lessor will have no liability for any Taxes associated with the Premises, whether accruing during
the Tenn ofthis Lease or after the Term of this Lease, and nothing inthis Lease will be construed
to require theproration or other apportionment of Taxes resulting in Lessor's liability therefor.
Section 9. Maintenance; Lessee wiII, at Lessee's sole cost and ex:pense, ke~p the
Premises ana any improvements thereon (irtcludirig any improvements plac~d upon the Premises
after the Commencement Date of this Lease, whether arising out of Lessee's Workor otherwise)
in a clean, neat, and safe condition; including ke~ping the Premises free and clear of all snow and
ice. Upon expiration oYtermination ofthis Lease, Lessee Will restore the Premises to the condition
that existed o!l the Cortimencement Date, including, if Lessor so Instructs, the removal of any
fixtures,improvetn,ents, or striping from the Premises.
Section 10. Insurance. Lessee agrees to m)l,intain, at Lessee's sole expense, a policy (or
policies) of fosurance insuring against any and all claims for bodily fajury; death, or property
damage arising out of the use of the Premises by Lessee and Lessee's invitees or licensees, in an
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amount not le'ss than Five Million Dollars ($5,000,000.00) per occurrence. The Company agrees
to include Lessor as an additional insured on any such policy and produce to Lessor a certificate
of insurance evidencing the·same. To the extent that Lessor is harmed as a result of Lessee's use
ofthe Premises, Lessee hereby grants Lessor first priority on any proceeds received from Lessee's
insurance. Notwithstanding anything in this Lease to the contrary, Lessor does not waive any
governmental i:rnnmnity or liability limitations available to it under Indiana law.
Section 11. Indemnification. Lessee agrees to indemnify, defend, and hold Lessor
harmless from and against any and all liability, loss, claims, damages, penalties, fines, costs and
expenses, including, without limitation, reasonable attorneys' fees, and for any and all injury to
persons or damage to property, that arise from or out ofa breach of its covenants and obligations
hereunder and/or its negligence or willful acts or omissions, except to the extent caused by the
negligent or willful acts or omissions of Lessor or its licensees, suppliers, agents, customers or
invitees. Lessor agrees to indemnify, defend, and hold Lessee harmless from and against any and
all liability, loss, claims, damages, penalties, fines, costs and expenses, 'including, without
limitation, reasonable attorneys' fees, CU1d for any and all injury to persons or damage to property,
that arise from or out of the presence of any hazardous material present on the Premises, unless
introduced or released byLessee or its agents, tenants or invitees, and that arise from or out of a
breach ofits covenants mid obligations hereundera:nd/or its negligence or willful acts or omissions.
The rights and obligatio11s set forth in this Section 11 shall survive the termination of this Lease.
Section 12. Default.
If a Party defaults in or otherwise fails to perform any of its
obligations set forth in this Lease, and fails to cure any such default or failure within thirty (30)
days after receipt of written notice from the other Party, then the non-defaulting Party may; at its
option, cure such default at its expense and collect from Lessor the reasonable costs incurred in
curing s_uch default including reasonable attorney; s fees, ter111inate the Lease, ot pursue any other
available re111edies at law or in equity: Any reimbursement for curing a default of the other party
will be due and payable thirty (30) days after the written demand of the curing party, which demand
will include paid invoices or other evidence of payment or expense; Notwithstanding the
foregoing, if th¢ default is of such a nature that it ·canl1ot reasonably be cured within thirty (30)
days, then, so long as the defaulting party commences the cure within said thirty (30) day periQd,
and thereafter diligently pursm~s the cure to completion, the cure periodwill be extended for such
periods as may be reasonable under the circumstances, not to exceed ninety (90) days. Any default
not cured within the time periods set forth above will be referred to herein as an "Event of Default."
Section 13. Eminent Domain
Section 13 .1. Termination of Lease, Lessor and Lessee agree that, in the event of
a Taking (as defined below) such that Lessee reasonably determines. that the Premises
cannot continue to be operated, ·at reasonable cost, for its then-current use, then this Lease
will, atLessee'$ sole option, terminate as ofthe-Taking D;;ite (as defined below). ''Taking"
as defined herein, means a taking during the Term hereof of all or any part of the Premjses,
or any interest therein or right accruing thereto, as a result of the exercise by any
governmental unit of the government of the United States of America or of the State of
Indiana, or any oth~r corporation, agency, or authority (hut excluding Lessor) having the
right of condemnation or emine:nt domciip_ affecting thePremise~ or any part thereof, Any
such Taking will be deemed to have occurred 'Upon the date (the ''Taking Date") thatis the
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earlier to occur of (a) the date on which the property, right or interest so taken must be
surrendered to the condemning authority, or (b) the date title vested in a condemning
authority or other party pursuant to any Taking. Lessor and Lessee agree that, in the event
of a Taking that results in the termination of the Lease pursuant to this Section 13.1, the
Net Condemnation Award (as defined below) will be disbursed as follows: (a) first, to
Les~ee to reimburse Lessee fot any improvements made by Lessee to the Premises; artd
then (b) the remainder to Lessor.
Section 13.2. Continuation of Lease and Presumption of Restoration. Lessor and
Lessee agree that, in the event of a Taking that does not result in the termination of this
Lease pursuant to Section 13 .1 above, this Lease will continue in effect as to the remainder
of the Premises, and the Net Condemnation Award (as defined below) will be disbursed in
accordance with Sections 13.3 and 13.5 below, as applicable. The Net Condemnation
Aw'l.fd will be used so as to make the Premise~ as nearly as reasonably possible to the
condition existing prior to the Taking, to the reasonable satisfaction of the Lessee, subject
to applicable requirements of any Leasehold Mortgages (as defined below). During the
Tenn a decision as to whether or not to restore or rebuild will be made in the sole judgment
of Lessee, subject to any applicable requirements of any Leasehold Mortgages. "Net
Condemnation Award'' as defined herein, means the net amounts owed or paid to the
Parties or to which either of the Parties may be or become entitled by reason of any Taking
or pirrsuant to any agreement with any condemning authority which has been made in
settlement of any proceeding relating to a Taking, less any reasonable costs and expenses
incurred by the Parties in collecting such award or payment. "Leasehold Mortgage" as
used herein, means any mortgage, security agreement or collateral assignhlent
encumbering Lessee's interest created hereunder. "Leasehold Mortgagee'' as use~ herein,
means the holder, mortgagee, grantee or secured party under any Leasehold Mortgage.
Section 1313. Temporary Taking. If there will be a temporary Taking with respect
to all or any part of the Premises or of Lessee's interc:st in this Lease, then the Term will
not be reduced and Lessee will continue to pay in full all rents and other charges required
herein, without reduction or abatement thereof at the times herein specified; provided,
however, that Lessee will not be required to perform such obligations that Lessee is
prevented from performing
by reason of such temporary Taldng and that the entire Net
Condemnation Award resulting from such Taking will be distributed to Lessee.
Section 13.4. Joinder. IfaLeasehold Mortgage or Leasehold Mortgages exist, the
Leasehold Mortgagees,, tb the extent permitted by law, will be made a party to any Taking
proceeding. · ·
Section 13.5 Right to Net Condemnation Award. Notwithstanding anythingto
the contrary hereunder, if, prior to any Taking, Lessee has duly notified Lessor ofLessee's
intent to exercise its rights to acquire the Premises pursuant to the terms of this Lease, then
a proportionate share of the Net Condemnation Award resulting from such Taking,
computed as a function of Lessee's proportional ownership of the Premises (by square
footage or an equivalent measl.lre ), will belong to Lessee unless Lessee ultimately elects
not to acquire the Premises, in whi9h case,the Net Condemnatio!l Award will be distributed
pursuantto Sections 13.1 or.13.3, whicheveris applicable.
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Section 14. Assigmnent or Sublet. Unless otherwise provided for herein; Lessee may
not assign, transfer, or encumber this Lease in whole or in part without the prior written consent
of Lessor. Notwithstanding the restriction stated in the foregoing sentence, Lessee may assign its
rights under this Lease, with notice to Landlord but without the requirement to obtain Landlord's
p.rior consent, to a purchaser of all of Lessee's owne:rship interest in the OMS Building. In the
ev~nt of any assignment of this Lea,se by Lessee to a permitted assignee, the assigning Lessee will
have no further liability for the performance thereafter of the obligations of Lessee hereunder other
than those that accrued while it leased and occupied the Premises. In the event Lessor sells or
assigns its entire interest or estate in the Premises, Lessor will have no further liability for the
performance thereafter of the obligations of Lessor ,hereundeJ other than those that accrued while
it owned the Premises, provided, however, that this Lease will remain in full force and effect and
binding upon the new owner of the Premises.
Section 15. Permitted'Mortgages.
Section 15.1. Right to Encumber. Lessee will, upon obtaining Lessor's prior
written consent, have the right during the Term to encumber, through a Leasehold
Mortgage, all of Lessee's right, title and interest in the Premises subject to the provisions
ofthis Lease.
Section 15 .2. Notice to Leasehold Mortgagee. During any period in which a
Leasehold Mortgage is in place, Lessor will give any such Leasehold Mortgagee ofwhich
Lessor has received notice from Lessee a duplicate copy of all notices of default and other
notices that Lessor may give to or serve in writing upon Lessee pursuant to the terms of
this Lease. No notice by Lessor to Lessee under· this Lease will be effective ·unless and
until a copy of such notice has been provided to each Leasehold Mortgagee of which Lessor
has. receiveci notice
from Less_ee. Lessor is deemed to have notice of the Leasehold
Mortgagee set forth in Section 17 below.
Section l 5 .3. Right of Leasehold Mortgagee to Cure. Any Lecisehold Mortgagee,
at its option at any time within thirty (3 0) days following the later of (i) the expiration of
the right of Lessee to cure any default under this Lease or (ii) such Leasehold Mortgagee's
receipt of notice of such default, may pay any am01mt or do any .act or thing required of
Lessee by the terms· of tMs Lease. All payments :made and all acts performed by a
Leasehold Mortgagee during such time will be effective to prevent a termination of the
rights of Lessee hereunder to the same extent as if they had been timely performed by
Lessee.
Section 15 A. Estobpel Certificates. Lessor and Lessee agree that at any time and
fro:tn time to time upo!l not less than fifteen (15) days' prior written notice by the other
Party, Qr upon request from auy Lea,sehold Mort.gagye or ~permitted assignee or other
interested party, Lessor or Lessee will execute, acknowledge and deliver to the other Party
or to sl1ch Leasehold Mortgagee a statement in writing certifying (a.) that this Lease is
tinmodified ai1d tn full force and effect; (b) the date through which the rent has been paid;
and ( c) that, to the kriowledge of the certifier (if such be the case), there is no default, set-
off, defense or other claim against Lesso:r; or Le$see, as applicable, other than those, if any,
so specified under the provisions ofthis Lease. !tis intended that at1y such statement may
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be relied upon by any persons proposing to acquire the interest of Lessor, Lessee or any
Leasehold Mortgagee, as the case may be, in this Lease or by any prospective Leasehold
Mortgagee or assignee of any Leasehold Mortgage.
Section
16. Termination. ThisLease may be terminated (a) by mutual agreement of the
Parties, ot (b) as otherwise provided inthls Lease. All of the Parties' rights and obligations under
this Lease will cease upon termination of this Lease, except for those rights and obligations that
survive termination by operatio11 of the express terms of this Lease.
Section 17. Notices. Any notices or other communication given under this Lease will
be in writing and will be deemed to have been duly and properly given on the date of service if
delivered via hand delivery, or on the first business day following deposit with a nationally
recognized overnight courier service (e.g., FedEx), postage prepaid, in any event addressed
appropriately as follows:
Lessor:
with a copy to:
Lessee:
with copies to:
Leasehold Mortg~gee:
South Bend Redevelopment Commission
County~City Building, Suite 1400 S.
227 W ~ Jefferson Boulevard
South Bend, IN 46601
Attn: Chris Fielding
South Bend Department of Law
County-City Building, Suite 1200 s.
227 W. Jefferson Boulevard
South Bend, IN 46601
Attn: Corporation Counsel
Wayne StreetAssodates, LLC
4100 Edison Lakes Parkway, Suite 350
Mishawaka, Indiana 46545
Attn:
-~-~--~~~--
Attn: ------
and
Attn:
-"-----'----
and
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Counsel for Leasehold
Mortgagee:
Attn: ------
Any Party or Leasehold Mortgagee may change its address for purposes of this Paragraph
by giving the other parties written notice of the new address in the manner set forth above.
Section 18. Right of Inspection. Lessor will have the right to enter upon the Premises
at any reasonable time to inspect the Premises.
Section 19. No Waiver. No waiver of any default of any obligation by any Party Will
be implied from the failure of the other Party to take any action with respect to a default.
Section 20. No Agency. Nothing in this Lease will be deemed or cort~trued by either
Party or by any third person to create the relationship of principal and agent or of limited or general
partners or of joint ventures or of any other association between the Parties.
Section 21. Recitals and Exhibits. The recitals set forth above and the exhibits attached
hereto are hereby incorporated herein.
Section 22. Entire Agreement. This Lease constitutes the entire agreement between the
Parties. Any prior understanding or representation of any kind preceding the date of this Lease
will not be binding up611 either Party except to the extent the same is incorporated into and set
forth by this Lease.
Section 23. Construction. The Section headings in this Lease are included only for
convenience, and will not be construed to modify or affect the covenants, terms, or provisions of
any Section.
Section 24. Amendment. No amendments, modifications, or revisions will be made to
this Lease except in a written instrument signed by. authorized representatives of both Lessor and
Lessee.
Section 25. Severability. Theinva.lidity orunenforceability ofany covenant, condition,
term orprovisfon in this Lease will not affectthe validity and enforceability of any other covenant,
condition, term or provision;
Section 26. Governing Law. The conditions, terms and provisions of this-Lease will be
governed by and construed in accordance with the laws of the State of Indiana.
Section 27. Venue. In the event an.y litigation arises out of or is based upon this Lease
or the relationship between the Parties created by it, jurisdiction for such litigation will lie so1dy
:with :the courts of St. Joseph County, Indiana.
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Section 28. Counterparts. This Lease may be signed in counterparts, each of Which will
be deemed an original, but all of which when taken together will constitute one and the same
instrument.
Section 29. Authority to Execute Lease. Each person executing this Lease on behalf of
Lessor or Lessee represents and warrants that:
(a) he or she has been authorized to execute and deliver this Lease by the entity
for which he or she is signing; and
(b) this Lease is valid and binding upon such entity, enforceable in accordance
with its terms.
Section 30. Men1orandum of Lease. The Parties will not record this Lease. The Parties
will execute and record irtthe Office o:fthe Recorder of St. Joseph County, Indiana, a memorandum
of this Lease in the form, attached hereto as Exhibit B (the "Memorandum").
[Signature page follows.]
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IN WITNESS WHEREOF, the Urtdersigned have executed this Lease to be effectiv~ as of
the Conunenceinent Date.
4000.0000075 40914682.004
LESSOR:
SOUTH BEND REDEVELOPMENT
COMMISSION, governing body of the Department
of Redevelopment of the City of South Bend~ Indiana
By: _____________ _
Marcia
I. Jones, President
ATTEST:
By: _____________ _
Donald K Inks, Secretary
LESSEE:
WAYNE STREET ASSOCIATES, LLC,
an Indiana limited liability company"
By;~~~
Printed: ~J .l:. -~k
Titie: ~;,_, AMwtkJ
. 4 j
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'·
EXHIBIT A
Description of Premi~es
Lot Lettered "B" as shown on the recorded Plat of Martins Addition to the City of South Bend
First Replat recorded February 19, 2009 as Document Number 0904995 in the Office of the
Recorder of St. Joseph County, Indiana.
Commonly known as 410 South Main Street
Parcel Key No. 018-3016-058601
EXHIBITB
Form ofMemorandum
[See attached.]
MEMORANDUM OF PARKING LOT LEASE AND OPTION TO PURCHASE
This Memorandum of Parking Lot Lease and Option to Purchase (this ''Memorandum'') is
dated as of December 10, 2015, by and between the South Bend Redevelopment Commission,
governing body of the Department of Redevelopment of the City of South Bend,' Indiana
(''Lessor''), and Wayne Street Associates, LLC, an Indiana limited liability company ("Lessee").
Lessor and Lessee are each referred to herein as a "party" and collectively as the "parties."
WITNESS ETH:
WHEREAS, as of the date hereof, Lessor and Lessee entered into a Parking Lot Lease and
Option to Purchase (the "Lease") for the following real estate situated in the City of South Bend,
County of St. Joseph and State ofindiana (the "Premises"):
Lot Lettered ''B" as shown on the recorded Plat of
Martins Addition to the City of South Bend First
Replat recorded February 19, 2009 as Document
Number 0904995 in the Office of the Recorder of St.
Joseph County, Indiana.
Commonly known as 410 South Main Street
Parcel Key No. 018-3016-058601
WHEREAS, the parties are desirous of placing their interests in the Premises as a matter
of record.
NOW, THEREFORE, the parties state as follows:
1. The Lease was executed to be effective on and commence oh December 10, 2015
(the ''Conimencement Date?'), and the initial term of the Lease $hall end fifteen (15) years after the
Commenc.ement Daty. At Lessee's option; Lessee may extend the term of the Lease for no more
than three (3) consecutive renewalter111s of five (5) years each, subject to any rights oftermination
containe~ in the Lease.
2. Through the Lease, L~ssor granted to Lessee a one-time right and option to
purchase the whofo ofth(:!Premises, which option the Lessee may exercise ~t any time during the
Term ofthe Lease.
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3. This Memorandum may be executed in any number of counterparts, each of which
counterpart, when so executed and delivered, shall be an original, but all such counterparts when
taken together shall constitute but one and the same Memorandum.
4. The recitals set forth above are true and correct and are hereby incorporated herein
by reference.
[Signature pages follow.]
2
IN WITNESS WHEREOF, the parties have executed this Memorandum as of the day and
year first above written.
STATE OF INDIANA )
) SS:
COUNTY OF ST. JOSEPH )
LESSOR:
SOUTH BEND REDEVELOPMENT
COMMISSION, governing body of the South Bend
Department of Redevelopment of the City of South
Bend, Indiana
By:~-~-~~~~~~~
Marcia I. Jones, President
ATTEST:
By:_~~~~~~-~~~
Donald E. Inks, Secretary
Before me, the undersigned, a Notary .Pub+ic in and for said State, personally appeared
Marcia I. Jones and Donald E. Inks, known by me to be the President and Secretary, respectively,
of Lessor in the foregoing Memorandum of Parking Lot Lease and Option to Purchase, and who,
in such capacity, aclill.owledged the execution of the same as Lessor's free and voluntary act and
deed.
WITNESS my hand and Notarial Seal this ___ day of ___ __,__. , 2015.
________ ,,Notary Public
Residing in _____ County, IN
My Commission Expires: --------'----
3
STATE OF INDIANA )
)SS:
COUNTY OF IN l> cf\t0\L1 )
LESSEE:
WAYNE STREET ASSOCIATES, LLC, an Indiana
limited liability company
By: Q~~ _).
. . "" ::~~d: h:::~: ~Wt
. . .. Before me, the Undersigned, a Notary Public ill aJJ.~ for saic:L,$,tate, per~onally appea~ed 0~ !='."'. ~ . ., .to me known to be the ~~"lbw ~'bf Lessee m the foregmng
Memorand\lil1Ufaiking Lot Lease and Option to Purchase; an~ acknowledged the execution of
the same as the Lessee's free and voluntary act and deed.
WITNESS my hand and Notarial Seal this 6~ day of /'J ov~ 2015.
[)~MLLSl rJL~ . it~~VJ.~~~~ DIANNE M· KAZMIERCZAK!'"
~ ..... ~ .. o· .. rA11;· •• ·-sNola·r·y···. fl.u·b···.·.lic .• s ... 'a.t~o·.'·· ... l.nd.ia. no ~*:~:*·= St. Jo$eph County ::;. • llfAl • .. · 1;. ;• •• •··· ~~ My Commission Expires i',;,NOIA~'\'"' 0"'f'b ·24 2023
'''''"'''' .. ':' C>. er · .. , , ... , . ~
--,.-----------'· N:;p:Qc
Resid!n:g in ______ County, IN
My Commission Expires: '---------------0
This instrurnentwas·pfepared·by Be11jaminJ. bou~herty, Assistant Cit.YAttoniey, 1200 S. County-City Building, 227 W. kfforson Blvd., South
Bend; Indiana 46601. ,
l affirm, ll11der the penalties for perjury, that I have taken reasonabl¢.cafo to r~dact each Social Security number in. this dpcument, unless required
by fow. Benjamin J.Dqugherty.
4