HomeMy WebLinkAboutVillage Financial - PAC Fixed Seating - Amendment/2011D
AMENDMENT TO PAC FIXED SEATING
INSTALLMENT PURCHASE CONTRACT
Tt Amendment to PAC Fixed Seating Installment Purchase Contract (the "Amendment ")
is executed this day of May, 2011, by and between Village Financial, LLC (the "Developer "), and The City
of Carmel Redevelopment Commission ( "CRC ").
Recitals
WHEREAS, Developer and CRC have entered into that certain PAC Fixed Seating Installment
Purchase Contract dated August 31, 2009 (the "Installment Contract ");
WHEREAS, the parties seek to amend the definition of Fixed Seating; and
WHEREAS, the parties desire to enter into this Amendment:
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are acknowledged hereby, Developer and CRC agree as follows:
1. Amendment. The definition of Fixed Seating, as set forth in Section 1 of the Installment Contract,
is amended and restated in its entirety as follows:
"Fixed Seating shall mean an estimated $795,958.35 of fixed audience seating for use in
the operation of the PAC. The Fixed Seating is described in the Fixed Seating
Specifications."
0 2. Payments. Notwithstanding anything to the contrary set forth in this Amendment or the Installment
Contract, the principal portion of Payment Period 2 Installments is specified in the amortization schedule
attached hereto as Schedule 1. Each of Developer and CRC acknowledges that the interest portion of the
Payment Period 2 Installments shall continue to fluctuate based on any changes in the Applicable Libor
Interest Rate, If the Extension Option is exercised, then a new principal amortization table shall be prepared
and agreed to by the parties.
3. Authority. Each undersigned persons executing this Amendment on behalf of Developer and CRC
represents and certifies that: (a) he or she is fully empowered and authorized by all necessary action of
Developer and CRC, respectively, to execute and deliver this Amendment; (b) he or she has full capacity.
power, and authority to enter into and carry out this Amendment; (c) the execution, delivery, and performance
of this Amendment have been authorized by Developer and CRC, respectively; and (d) this Amendment is
the legal, valid and binding obligation of Developer and CRC, respectively.
4. Miscellaneous. This Amendment shall be governed by, and construed in accordance with, the laws
of the State of Indiana. All capitalized terms used in this Amendment and not defined herein shall have the
meanings ascribed to such words in the Installment Contract. In the event of any conflict between the
Installment Contract and this Amendment, the terms and conditions of this Amendment shall control. Except
as expressly provided in this Amendment, all of the terms and conditions of the Installment Contract shall
remain in full force and effect, and Developer and CRC reaffirm the validity and binding effect of the Contract,
as amended by this Amendment.
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IN WITNESS WHEREOF, Developer and CRC have executed this Amendment as of the date
set forth above.
Z \Documents \Snoop Jenny \City of Carmel \Parcel 7\PAC Fzed Audience
Seating- Mercantile and VF \Installment Contract\Amendment to PAC Freed
Seating v2 wpd
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VILLAGE FINANCIAL, LLC
By /04-e -o 2 7'
Dolores M. Krohne, Senior Vice-President
THE CITY OF CARMEL
REDEVELOPMENT COMMISSION
By:
William Hammer, President
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IN WITNESS WHEREOF, Developer and CRC have executed this Amendment as of the date
set forth above.
Z \Documents \Shoup, Jenny \City of Carmet\Parcel 7 \PAC Fixed Audience
Seating- Mercantile and VF1Installment Contract\Amendment to PAC Fixed
Seating v2 wpd
-2-
VILLAGE FINANCIAL, LLC
By:
Dolores M. Krohne, SeniorVice- President
THE
REDEVE '►PMENT •OMISSION
By: .A1, y�.r�� ::'/ ./IiI
William Hammer, President
CITY OF CARMEL
m
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$795,958.35
Loan Principal Amortization Schedule
PAC Fixed Seating
Payment
No. Payment Date
1. 9/1/11
2. 12/1/2011
3. 3/1/2012
4. 6/1/2012
5. 9/1/2012
6. 12/1/2012
7. 3/1/2013
8. 6/1/2013
9. 9/1/2013
10. 12/1/2013
11. 3/1/2014
12. 6/1/2014
13. 9/1/2014
14. 12/1/2014
15. 3/1/2015
16. 6/1/2015
17. 9/1/2015
18. 12/1/2015
19. 3/1/2016
20. 6/1/2016
Principal
$ 6,015.48
6,086.92
6,159.20
6,232.34
6,306.35
6,381.24
6,457.01
6,533.69
6,611.28
6,689.79
6,769.23
6,849.61
6,930.95
7,013.26
7,096.54
7,180.81
7,266.08
7,352.37
7,439.68
668,586.52