Approving lease for public improvements between Redevelopment Authority and Redevelopment Commission

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LEASE This Lease entered into as of the 1St day of March, 1999, 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 I.C. 36-7-14.5, as the same from time to time maybe amended or supplemented. "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. "Constructive Total Taking" means a taking of such scope that the Project cannot be used by the lessee in the manner contemplated. "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. "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. "Lease Resolution" means the resolution of the Commission passed on , 1999, establishing funds for the payment of lease rentals. "Main and Jefferson Portion" means real estate to be acquired (including all right-of--way easements contained therein) in St. Joseph County, Indiana, and improvements thereon to be demolished, generally located at the southwest corner of Main and Jefferson streets in South Bend, more particularly described at Exhibit A. "Notes" means the South Bend Redevelopment Authority Section 108 Loan Notes (Downtown Property Acquisition Project) issued to secure payment of the Department of Housing and Urban Development ("HUD") Section 108 Loan.