HomeMy WebLinkAboutRegions/Carmel Theater Development Co. - Loose Seating - $174,437O
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INSTALLMENT PURCHASE CONTRACT
(PAC Loose Seating)
This Installment Purchase Contract (PAC Loose Seating) (the "Contract"), by and between
Carmel Theater Development Company, AC (the "Developer") , and The City of Carmel Redevelopment
Commission ( "CRC "), is executed thiS2ro day of August, 2010.
1. Definitions. Capitalized terms used in this Contract shall have the meanings ascribed to such terms
in this Section.
Agency shall mean any applicable: (a) governmental agency, board, commission, or department; or (b) other
judicial, administrative, or regulatory body.
Aggregate Applied Amounts shall mean, at any given time, the aggregate amount of that portion of the
Installment Payments that, by the terms of this Contract and the Loan Documents, is required to be applied to
amortize the Loose Seating Disbursement Balance or the Replacement Loan Balance, as applicable, over the
Amortization Period (or the remainder thereof, in the case of the exercise of the Extension Option).
Aggregate Loose Seating Costs shall mean the sum of: (a) the Loose Seating Costs; (b) the Lender Fees
in connection with the Loose Seating Disbursement; and (c) the Loan Costs for the Loose Seating
Disbursement.
Amortization Period shall mean a period of 20 years, commencing on the first day of Payment Period 2.
Books and Records shall mean all of the books and records pertaining to the acquisition and installation of
the Loose Seating in accordance with this Contract and the Loose Seating Acquisition Agreement.
Change Order shall mean a change order executed by the Executive Director (or by another designee of CRC
if the Executive Director is unable or unavailable to execute such change order) and Developer finalizing the
inclusion into the Loose Seating Specifications of a change that has been: (a) proposed in a Change Order
Request; and (b) deemed to have been approved (or actually approved) by Developer.
Change Order Request shall mean a written request by CRC for a change to the Loose Seating Specifications.
City shall mean the City of Carmel, Indiana.
City Agency shall mean an agency, board, commission, department, or instrumentality of the City.
Claims shall mean claims, judgments, liabilities, losses, costs, and expenses (including, without limitation,
reasonable attorneys' fees).
Closing Payment shall mean an amount equal to: (a) the Loose Seating Disbursement Balance or the
Replacement Loan Balance, as applicable, as of the expiration of Payment Period 2; plus (b) interest thereon
that has: (1) accrued at the Loan Rate; and (ii) not been paid prior to the expiration of Payment Period 2 (stated
alternatively, interest that has accrued, but not been paid, as part of the Installment Payments).
Cure Period shall mean a period of 30 days after a party failing to perform or observe any term or condition
of this Contract to be performed or observed by it receives notice specifying the nature of the failure; provided
that, if the failure is of such a nature that it cannot be remedied within 30 days, despite reasonably diligent
efforts, then the 30 day period shall be extended as reasonably may be necessary for the defaulting party to
remedy the failure, so long as the defaulting party: (a) commences to remedy the failure within the 30 day
period; and (b) diligently pursues such remedy to completion.'
Default Rate shall mean the default rate of interest under the Loan Documents.
Event of Default shall have the meaning set forth in Section 16.
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Executive Director shall mean the Executive Director of CRC (currently Les Olds).
Extension Option shall mean the option to extend the term of the Regions Loan for a period of five years,
which option may be exercised on the terms and conditions set forth in Exhibit E.
Fixed Rate Fees shall mean, if Developer exercises the Fixed Rate Option at the request of CRC: (a) the
regular (non - default) fees and costs actually paid by Developer to Regions in connection with such exercise;
and (b) the Interest Rate Agreement Obligations.
Fixed Rate Option shall mean the option to "fix ", "cap ", or "collar" the effective Loan Rate through a "swap"
or other mechanism in accordance with the terms and conditions of Exhibit D.
Full Prepayment Closing Date shall mean, in the case of the exercise by CRC of the Full Prepayment Option
(or the acceleration by Developer of the Full Prepayment Price pursuant to Subsection 17(a)), the: (a) date on
which the Full Prepayment Price is to be paid; and (b) Loose Seating Closing Date.
Full Prepayment Notice shall mean a written notice pursuant to which CRC notifies Developer that it is
exercising the Full Prepayment Option.
Full Prepayment Option shall mean the option (but not the obligation) of CRC to: (a) satisfy its obligation in
full with respect to the payment of the Purchase Price; and (b) acquire title to the Loose Seating; in advance
of the expiration of Payment Period 2 by paying the Full Prepayment Price.
Full Prepayment Price shall mean the sum of: (a) the Loose Seating Disbursement Balance or the
Replacement Loan Balance, as applicable, on the Full Prepayment Closing Date; plus (b) interest thereon that
has: (1) accrued at the Loan Rate; and (ii) not been paid prior to the Full 'Prepayment Closing Date (stated
alternatively, interest that has accrued, but not been paid, as part of the Installment Payments); plus (c) if the
Full Prepayment Price is being paid more than 90 days before the maturity date of the Loan, any applicable
prepayment premiums or similar payments due under the Loan Documents with respect to a prepayment of
the Loose Seating Disbursement Balance or the Replacement Loan Balance, as applicable.
Installment Payments shall mean the Payment Period 1 Installments or the Payment Period 2 Installments,
as applicable.
Interest Rate Ag reement shall mean any interest rate swap, basis swap, index swap or option, exchange, cap,
collar, option, floor, forward, futures contract, or other hedging agreement, arrangement or security, or
combination of the foregoing, however denominated (including any option to enter into the foregoing), entered
into in connection with the exercise of the Fixed Rate Option at the request of CRC, including, without limitation,
any: (a) ISDA Master Agreement; and (b) schedules, confirmations, and documents, and other confirming
evidence between the parties confirming transactions thereunder; all whether now existing or hereafter arising,
and in each case as amended, modified, or supplemented from time to time. Any of the foregoing may be
treated as an "Interest Rate Agreement", without regard to whether such arrangement qualifies for hedge
accounting treatment under generally accepted accounting principles.
Interest Rate Agreement Obligations shall mean any and all obligations; (a) whether absolute, contingent,
or otherwise; and (b) howsoever and whensoever (whether now or hereafter) created; arising, evidenced, or
acquired (including all renewals, extensions, and modifications thereof and substitutions therefore), under, or
in connection with, any and all: (a) Interest Rate Agreements; and (b) cancellations, buy- backs, reversals,
terminations, or assignments of any Interest Rate Agreement.
Law shall mean any applicable federal, state, or local law, statute, ordinance, rule, or regulation, or any order
of decree of any Agency (including, without limitation, the Federal Reserve System and its Board of Governors).
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Lender shall mean, as applicable, Regions or the Replacement Lender.
Lender Fees shall mean regular (non - default) lender fees, costs, and expenses actually incurred and paid by
Developer under the Loan Documents, including, without limitation and if applicable: (a) the fees incurred in
connection with the exercise of the Extension Option; and (b) the Fixed Rate Fees. To the extent that fees,
costs, and expenses are included in Lender Fees, such fees, costs, and expenses shall not be included in Loan
Costs.
Loan shall mean the Regions Loan or the Replacement Loan, as applicable.
Loan Costs shall mean the actual, out -of- pocket costs incurred by Developer: (a) in connection with the Loose
Seating Disbursement; and /or (b) to close Replacement Loan. To the extent that costs are included in Loan
Costs, such costs shall not be included in Lender Fees.
Loan Documents shall mean, as applicable, the Regions Loan Documents or the Replacement Loan
Documents.
Loan Rate shall mean the per annum regular (non - default) rate of interest accruing on the Loose Seating
Disbursement Balance or the Replacement Loan Balance, as applicable, under the Loan Documents.
Loose Seating shall mean $174,437.00 of loose seating for use in the PAC. The Loose Seating is described
in the Loose Seating Specifications.
Loose Seating Acquisition Agreement shall mean an agreement entered into by Developer and the Supplier,
which agreement shall: (a) be consistent with the Loose Seating Schedule and the Loose Seating
Specifications (reflecting any Change Orders); (b) reflect the obligation of Developer to obtain the Warranties;
and (c) be subject to the reasonable approval of CRC.
Loose Seating Closing Date shall mean the date of the closing with respect to the transfer of the Loose
Seating. If such closing has not occurred at such time as Payment Period 2 expires, then the Loose Seating
Closing Date shall be the date on which Payment Period 2 expires.
Loose Seating Costs shall mean the actual, out -of- pocket costs incurred by Developer to acquire and install
(or cause the installation of) the Loose Seating in accordance with this Contract and the Loose Seating
Acquisition Agreement.
Loose Seating Disbursement shall mean a disbursement by Regions of proceeds of the Regions Loan for
the purposes of funding the Aggregate Loose Seating Costs,
Loose Seating Disbursement Balance shall mean that portion of the principal balance of the Regions Loan
disbursed to pay the Aggregate Loose Seating Costs, which portion remains outstanding. The Loose Seating
Disbursement Balance shall be reduced by: (a) any Partial Prepayments that have been made by CRC to
Developer, even if the Lender has not yet applied any such Partial Prepayments to reduce the outstanding
principal balance of the Loose Seating Disbursement; and (b) the Aggregate Applied Amounts.
Loose Seating Disbursement Date shall mean the date of the Loose Seating Disbursement.
Loose Seating Schedule shall mean the schedule for the acquisition and installation of the Loose Seating,
which schedule is attached hereto as Exhibit B.
Loose Seating Specifications shall mean the specifications for: (a) the Loose Seating, including specific
identification and /or descriptions of the Loose Seating; and (b) the warranties from manufacturers. fabricators,
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and suppliers to be obtained in connection with the acquisition and installation of the Loose Seating, which
warranties shall: (1) run in favor of CRC; and (ii) constitute the Warranties. The Loose Seating Specifications
are attached hereto as Exhibit C.
Offset/Addition Amount shall mean the amount by which a projected Installment Payment set forth in a
Projection Notice either exceeded or fell short of the amount of the Installment Payment to which Developer
actually was entitled for the quarter with respect to.which such Projection Notice applied.
Offset/Addition Notice shall mean a written notice: (a) stating that the projected amount of an Installment
Payment set forth in a specified Projection Notice either exceeded or fell short of the amount of the Installment
Payment to which Developer actually was entitled for the quarter with respect to which such Projection Notice
applied; and (b) setting forth the Offset/Addition Amount.
PAC shall mean a world -class concert hall located on that certain real estate depicted on Exhibit A.
Partial Prepayment shall mean a payment of a portion of the outstanding principal balance of the Loose
Seating Disbursement or the Replacement Loan, as applicable, which payment is made by CRC in addition to
an Installment Payment.
Payment Due Date shall mean each April 7, July 7, October 7, and January 7 during Payment Period 1 and
Payment Period 2.
Payment Period 1 shall mean the period: (a) beginning on the Loose Seating Disbursement Date; and
(b) ending on April 7, 2012.
Payment Period 1 Installments shall mean quarterly installment payments for the purchase of the Loose
Seating, the amount of which shall be equal to: (a) the Loan Rate; multiplied by (b) the Loose Seating
Disbursement Balance; and multiplied by (c) 1/4.
Payment Period 2 shall mean the period: (a) beginning on April 8, 2012; and (b) ending on the maturity date
of the Regions Loan. If the Replacement Loan is obtained, then Payment Period 2 shall end on the maturity
date of the final Replacement Loan.
Payment Period 2 Installments shall mean quarterly installment payments for the purchase of the Loose
Seating, the amount of which shall be equal to an amount that will amortize the Loose Seating Disbursement
Balance or the Replacement Loan Balance, as applicable, over the Amortization Period (or the remainder
thereof, in the case of the exercise of the Extension Option) at the Loan Rate.
Projection Notice shall mean a written notice setting forth Developer's reasonable projection of the amount
of the next due Installment Payment.
Purchase Price shall mean the sum of all Installment Payments plus the Closing Payment.
Regions shall mean Regions Bank.
Regions Collateral Assignment shall mean that certain Collateral Assignment, Lock Box, and Security
Agreement executed by and among Developer, CRC, and Regions, and dated July 22, 2010.
Regions Loan shall mean the loan made by Regions to Developer in the original principal amount of
$10,000,000.00.
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Regions Loan Agreement shall mean that certain Loan Agreement (Equipment and Improvements) executed
by and between Developer and Regions, and dated July 22, 2010.
Regions Loan Documents shall mean the documents evidencing and securing the Regions Loan, including,
without limitation, the Regions Loan Agreement, the Regions Note, and the Regions Collateral Assignment.
Regions Note shall mean that certain Promissory Note executed by Developer in favor of Regions, and dated
July 22, 2010.
Regions Tri -Party Agreement shall mean that certain Tri -Party Agreement executed by and among
Developer, CRC, and Regions, and dated July 22, 2010.
Replacement Lender shall mean the financial institution making the Replacement Loan.
Replacement Loan shall mean a financing (or a series of financings) comprised of a loan (or a series of loans)
to Developer, the proceeds of which shall be used to refinance the Unamortized Balance, which loan (or series
of loans) shall provide for: (a) a term that does not extend beyond the expiration of the Amortization Period;
(b) interest at a rate accepted by CRC; (c) amortization of the Unamortized Balance over the remainder of the
Amortization Period at the Loan Rate; and (d) quarterly payments that change if and when the Loan Rate
changes, subject to the exercise of the Fixed Rate Option.
Replacement Loan Balance shall mean that portion of the outstanding principal balance of the Replacement
Loan disbursed to pay: (a) the Unamortized Balance; (b) Lender Fees with respect to the Replacement Loan;
and (c) Loan Costs with respect to the Replacement Loan. The Replacement Loan Balance shall be reduced
by: (a) any Partial Prepayments that have been made by CRC to Developer, even if the Lender has not yet
applied any such Partial Prepayments to reduce the outstanding principal balance of the Replacement Loan;
and (b) the Aggregate Applied Amounts.
Replacement Loan Documents shall mean the documents evidencing and securing the Replacement Loan.
Replacement Tri -Party Agreement shall mean an agreement by and among CRC, Developer, and the
Replacement Lender replacing the Regions Tri -Party Agreement, to the extent that the Regions Tri -Party
Agreement applies to the Loose Seating Disbursement, which agreement shall contain terms and conditions
substantially similar to the Regions Tri -Party Agreement, modified as necessary to reflect the Replacement
Loan.
Supplier shall mean the entity from which Developer will acquire the Loose Seating.
Surviving Supplier Obligations shall mean obligations of the Supplier under the Loose Seating Acquisition
Agreement (other than the obligations specified in the Warranties) that survive the acquisition and installation
by Developer of the Loose Seating.
Transfer shall mean: (a) any sale, transfer, conveyance, assignment, pledge, or other disposition of, or any
encumbrance upon, the Loose Seating or any interest therein; or (b) any granting of a security interest in the
Loose Seating.
Unamortized Balance shall mean the amount of the Loose Seating Disbursement Balance on the maturity
date of the Regions Loan, as the same may be extended by the exercise of the Extension Option; provided that,
in the case of a Replacement Loan obtained after the maturity of a prior Replacement Loan, the Unamortized
Balance shall ,be mean the amount of the Loan Balance on the maturity of such prior Replacement Loan.
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Warranties shall mean the warranties specified in the Loose Seating Specifications to be obtained in
connection with the acquisition and installation of the Loose Seating, which warranties shall run in favor of CRC.
2. General Obligations.
(a) Regions Loan Disbursement and Acquisition. Subject to the terms and conditions of
this Contract:
(i) Developer shall: (A) obtain an acknowledgment from Regions that
Regions will make the Loose Seating Disbursement; (B) after the Loose
Seating Disbursement: (1) acquire the Loose Seating and the Warranties in
accordance with the Loose Seating Acquisition Agreement; and (2) install (or
cause the installation of) the Loose Seating; (C) if applicable, close the
Replacement Loan, including executing and delivering the Replacement Loan
Documents; and (D) satisfy its obligations under the Loan Documents; and
(ii) the Loose Seating Disbursement shall be used only to finance the
Aggregate Loose Seating Costs. If Developer obtains the Replacement
Loan, then the proceeds of the Replacement Loan may be used to refinance
the Unamortized Balance.
(b) Fixed Rate Option. Upon receipt of written request by CRC, Developer shall exercise
the Fixed Rate Option; provided that, Developer shall not exercise the Fixed Rate Option
unless requested by CRC.
(c) Loose Seating Transfer. Subject to the terms and conditions of this Contract:
(i) Developer shall transfer to CRC; and (11) CRC shall purchase from Developer; title to the
Loose Seating for the Purchase Price; provided that, if CRC exercises the Full Prepayment
Option, then, in lieu of the Purchase Price, CRC shall pay the Full Prepayment Price.
3. Loose Seating Disbursement.
(a) Date. The Loose Seating Disbursement Date shall be established mutually by CRC
and Developer.
(b) Documents. In connection with the Loose Seating Disbursement, CRC and /or
Developer, as applicable, shall execute and deliver:
(1) copies of such resolutions, consents, authorizations, and other
evidence as CRC or Developer, as applicable, or Regions reasonably may
request to establish that: (A) the persons executing and delivering this
Contract are empowered and authorized by all necessary action of CRC or
Developer, as applicable; and (B) the: (1) execution and delivery of this
Contract; and (2) performance by CRC or Developer, as applicable,
hereunder; have been authorized by CRC or Developer, as applicable; and
(ii) such other customary documents and instruments as CRC or
Developer, as applicable, or Regions reasonably may request.
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4. Conditions of Performance.
(a) Developer Conditions. The obligations of Developer with respect to the Loose
Seating Disbursement shall be subject to the satisfaction, or waiver in writing, of the following:
(i) Developer, exercising commercially reasonable discretion, shall have
approved the terms and conditions of the Loose Seating Disbursement;
(ii) there shall be no breach of this Contract by CRC that CRC has failed
to cure within the Cure Period; and
all of the representations and warranties set forth in Subsection 5(a)
shall be true and accurate in all respects.
(b) CRC Conditions. The obligations of CRC with respect to the Loose Seating
Disbursement and the payment of the Purchase Price shall be subject to satisfaction, or waiver
in writing, of the following:
(1) CRC, exercising commercially reasonable discretion, shall have
approved the terms and conditions of the Loose Seating Disbursement;
(ii) there shall be no breach of this Contract by Developer that Developer
has failed to cure within the Cure Period; and
(iii) all of the representations and warranties set forth in Subsection 5(b)
shall be true and accurate in all respects.
5. Representations.
(a) CRC. CRC represents and warrants to Developer that: (1) CRC shall not enter into any
contracts or undertakings that would limit, conflict with, or constitute a breach of this Contract,
the Regions Tri -Party Agreement, or the Regions Collateral Assignment; (ii) CRC is a public
body organized and existing under the laws of the State of Indiana; (iii) CRC has the power to:
(A) enter into this Contract; and (B) perform its obligations hereunder; (iv) CRC has been
authorized by proper action to: (A) execute and deliver this Contract; and (B) perform its
obligations hereunder; and (v) this Contract, the Regions Tri -Party Agreement, and the
Regions Collateral Assignment are the legal, valid, and binding obligations of CRC.
(b) Developer. Developer represents and warrants to CRC that: (1) Developer shall not
enter into any contracts or undertakings that would limit, conflict with, or constitute a breach
of this Contract, the Regions Tri -Party Agreement, or the Loan Documents; (ii) Developer is
a limited liability company organized and existing under the laws of the State of Indiana;
(iii) Developer has the power to: (A) enter into this Contract; and (B) perform its obligations
hereunder; (iv) Developer has been authorized by proper action to: (A) execute and deliver this
Contract; and (B) perform its obligations hereunder; (v) this Contract, the Regions Tri -Party
Agreement, and the Loan Documents are the legal, valid, and binding obligations of
Developer; and (vi) upon acquisition thereof pursuant to the Loose Seating Acquisition
Agreement: (A) Developer shall have good and marketable title to the Loose Seating, free and
clear of all liens, claims, security interests, encumbrances, and restrictions, except for this
Contract; and (B) no financing statement covering all or any portion of the Loose Seating shall
be on file in any public office.
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6. Change Orders. If CRC desires to make a change to the Loose Seating Specifications, then CRC
shall submit a Change Order Request to Developer, which Change Order Request shall state: (a) whether
implementing the Change Order Request would increase, decrease, or have no effect on the Loose Seating
Costs; and (b) that, if implementing the Change Order Request would increase the Loose Seating Costs, then
CRC shall pay the amount of such increase. So long as CRC agrees to pay any increase in the Loose Seating
Costs that results from the proposed change, the Change Order Request shall be deemed to be approved by
Developer. If a Change Order Request is deemed to be approved by Developer, then a Change Order shall
be executed. Notwithstanding the foregoing, Change Orders may be made only: (a) to the extent permitted by,
and in accordance with, the Loose Seating Acquisition Agreement; and (b) with respect to items of the Loose
Seating, title to which has not been transferred to Developer.
7. Acquisition of Loose Seating.
(a) Acquisition Agreement. Developer shall: (1) enter into the Loose Seating Acquisition
Agreement; (ii) comply with all of its obligations under the Loose Seating Acquisition
Agreement; (iii) keep the Loose Seating Acquisition Agreement in full force and effect, without
any default by Developer thereunder; (iv) not amend or modify the Loose Seating Acquisition
Agreement, except with the prior consent of CRC; provided that, without the prior consent of
CRC, Developer may make minor, non - substantive amendments or modifications of or to the
Loose Seating Acquisition Agreement; and (v) enforce the terms and conditions of the Loose
Seating Acquisition Agreement against the Supplier (including that, to the extentthat there are
Surviving Supplier Obligations, Developer shall enforce the terms and conditions of the Loose
Seating Acquisition Agreement with respect thereto); provided that, if Developer incurs actual,
reasonable, out -of- pocket expenses in connection with such enforcement, then, upon receipt
of reasonable documentation evidencing such expenses, and in the ordinary course of CRC's
business, CRC shall reimburse Developer for such expenses. If there are Surviving Supplier
Obligations, then, at such time as Developer has acquired the title to all of the Loose Seating,
Developer shall collaterally assign the Loose Seating Acquisition Agreement to CRC.
(b) Acquisition. Developer shall: (i) acquire title to, and install (or cause the installation
of), all of the Loose Seating in accordance with the Loose Seating Acquisition Agreement, the
Loose Seating Schedule, and the Loose Seating Specifications (reflecting any Change
Orders); and (ii) obtain (and deliver to CRC) all of the Warranties; provided that, if, for any
reason, the Warranties by their terms do not run in favor of CRC, then, in addition to delivering
the Warranties to CRC, Developer shall assign the Warranties to CRC. If the Aggregate
Loose Seating Costs exceed the proceeds of the Loose Seating Disbursement, then, upon
receipt of reasonable documentation evidencing such excess, and in the ordinary course of
CRC's business, CRC shall pay to Developer the amount of such excess.
(c) Inspection. At such time as Developer has acquired and installed (or caused the
installation of) the Loose Seating and obtained (and delivered to CRC) the Warranties,
CRC shall check the Loose Seating and the Warranties against the Loose Seating
Specifications. If CRC determines that the Loose Seating and /or the Warranties do not
conform to the Loose Seating Specifications (reflecting any Change Orders), then: (1) CRC
shall provide to Developer written notice thereof; and (ii) Developer shall address the
non - conformity directly with the manufacturer, fabricator, and /or supplier, as applicable;
provided that, if Developer incurs actual, reasonable, out -of- pocket expenses in connection
with addressing the non - conformity, then, upon receipt of reasonable documentation
evidencing such expenses, and in the ordinary course of CRC's business, CRC shall
reimburse Developer for such expenses.
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(d) Statement. At such time that CRC confirms that the Loose Seating and the
Warranties conform to the Loose Seating Specifications (reflecting any Change Orders), CRC
shall execute a statement in favor of Developer stating that Developer has: (1) acquired and
installed (orcaused the installation of) the Loose Seating, and obtained (and delivered to CRC)
the Warranties, in accordance with the Loose Seating Specifications (reflecting any Change
Orders); and (ii) no further obligations with respect to the Loose Seating and the Warranties
(including that CRC shall be responsible for pursuing any claims under the Warranties).
(e) Sole Warranties. CRC acknowledges that: (i) Developer is not making any
independent warranties with respect to the manufacture, fabrication, and/or supply of the
Loose Seating; and (ii) although Developer is responsible for obtaining the Warranties,
Developer is not responsible or liable for: (A) enforcing the Warranties; or (S) a failure by any
manufacturer, fabricator, and /or supplier, as applicable, to honor the Warranties.
8. Acquisition - Payment.
(a)
Payment Period 1.
(i) During Payment Period 1, CRC shall pay the
Payment Period 1 Installments to Developer. Upon receipt thereof,
Developer timely shall make the next payment due to the Lender pursuant to
the Loan Documents; provided that, if a Payment Period 1 Installment
Payment is delayed, then Developer shall make the payment due to the
Lender promptly upon receipt of payment by CRC.
(ii) The Payment Period 1 Installments shall be: (A) in the amount
determined pursuant to Subsection 8(a)(iii); (B) paid in arrears, on or before
each Payment Due Date; and (C) subject to adjustment pursuant to
Subsection 8(c).
(iii) Because the amount of the Payment Period 1 Installments to which
Developer is entitled may fluctuate, on the Loose Seating Disbursement Date,
and thereafter within the period between the first and fifth business days of
each March, June, September, and December during Payment Period 1,
Developer shall deliver to CRC a Projection Notice. The amount set forth in
the Projection Notice shall be: (A) based on Developer's reasonable
projection of the interest payment on the Loose Seating Disbursement or the
Replacement Loan, as applicable (using the same method of calculation as
the Lender) for the next quarter; and (B) the amount of the Payment
Period 1 Installment due and payable by CRC on or before the next occurring
Payment Due Date.
(b) Payment Period 2.
(i) During Payment Period 2, CRC shall pay the Payment
Period 2 installments to Developer. Upon receipt thereof, Developer timely
shall make the next payment due to the Lender pursuant to the Loan
Documents; provided that, if a Payment Period 2 Installment is delayed, then
Developer shall make the payment due to the Lender promptly upon receipt
of payment by CRC .
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The Payment Period 2 Installments shall be: (A) in the amount
determined pursuant to Subsection 8(b)(iii); (B) paid in arrears, on or before
each Payment Due Date; and (C) subject to adjustment pursuant to
Subsection 8(c).
(iii) Because the Payment Period 2 Installments to which Developer is
entitled may fluctuate, on the first day of Payment Period 2, and thereafter
within the period between the first and fifth business days of each March,
June, September, and December during Payment Period 2, Developer shall
deliver to CRC a Projection Notice. The amount set forth in the Projection
Notice shall be: (A) based on Developer's reasonable projection of the
principal and interest payment on the Loose Seating Disbursement or the
Replacement Loan, as applicable (using the same method of calculation as
the Lender) for the next quarter; and (B) the amount of the Payment Period 2
Installment due and payable by CRC on or before the next occurring Payment
Due Date.
(c) Adjustment. If the projected amount set forth in a Projection Notice was more or less
than the actual amount to which Developer was entitled on the Payment Due Date with respect
to which such Projection Notice applied, then, with the next Projection Notice, Developer shall
deliver to CRC an Offset/Addition Notice_ Notwithstanding the terms and conditions of
Subsection 8(a)(iii) or 8(b)(iii), as applicable, on or before the next occurring Payment Due
Date, CRC shall pay to Developer the amount set forth in the current Projection Notice,
adjusted by the amount of the Offset/Addition Amount, as set forth in the Offset/Addition
Notice.
(d) Partial Prepayment. CRC may make a Partial Prepayment at any time; provided that,
if a Partial Prepayment is made more than 90 days before the maturity date of the Loan, then,
in connection with such Partial Prepayment, CRC shall be obligated to pay any prepayment
premium or penalty required by the Loan Documents. If CRC makes a Partial Prepayment,
then Developer promptly shall pay the amount of such Partial Prepayment to the Lender for
application against the Loose Seating Disbursement Balance or the Replacement Loan
Balance, as applicable.
(e) Closing Payment. Subject to the exercise by CRC of the Full Prepayment Option, on
the date on which Payment Period 2 expires, CRC shall pay the Closing Payment to
Developer, thereby paying off the Purchase Price in full. Promptly thereafter, Developer shall
pay the Closing Payment to the Lender, thereby paying off the Loose Seating Disbursement
or the Replacement Loan, as applicable, in full.
9. Acquisition -Full Prepayment.
(a) Payment Period 1. CRC may exercise the Full Prepayment Option, to be effective at
any time during Payment Period 1, by delivery of the Full Prepayment Notice. Within ten days
after receipt by Developer of the Full Prepayment Notice, CRC and Developer, each acting
reasonably and in accordance with the Loan Documents, shall agree on the Full Prepayment
Closing Date.
(b) Payment Period 2. CRC may exercise the Full Prepayment Option, to be effective at
any time during Payment Period 2, by delivery of the Full Prepayment Notice. Notwithstanding
the foregoing, if there is a Replacement Loan, then, to the extent that the Replacement Loan
Documents prohibit the exercise of the Full Prepayment Option, CRC shall not have the right
001010;1101;L2;pAC Loose Seating - Regions end CT.wpd
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to exercise the Full Prepayment Option so long as such prohibition is in effect; provided that,
regardless of any such prohibition in the Replacement Loan Documents, CRC shall have the
right to exercise the Full Prepayment Option during the 90 days immediately preceding the
expiration of Payment Period 2. Within ten days after receipt by Developer of the Full
Prepayment Notice, CRC and Developer, each acting reasonably, shall agree on the Full
Prepayment Closing Date; provided that, if the Full Prepayment Notice is delivered more than
90 days prior to the expiration of Payment Period 2, then the Full Prepayment Closing Date
shall not occur for at least 30 days after delivery of the Full Prepayment Notice.
(c) Full Prepayment Price. If CRC properly exercises the Full Prepayment Option, then,
in lieu of the remainder of the Purchase Price, CRC shall pay the Full Prepayment Price.
Promptly thereafter, Developer shall pay the Full Prepayment Price to the Lender, thereby
paying off the Loose Seating Disbursement or the Replacement Loan, as applicable, in full.
10. Loose Seating Closing. On the Loose Seating Closing Date, Developer shall transfer to CRC title
to the Loose Seating. In connection with such transfer: (a) CRC shall pay either the Closing Payment or the
Full Prepayment Price, as applicable; and (b) Developer shall deliver to CRC a fully executed bill of sale with
full warranties of title transferring the Loose Seating to CRC free of all liens, security interests, and equipment
leaseholds, which bill of sale shall be in a form agreed to by the parties in the exercise of their reasonable
discretion.
11. Options.
(a) Fixed Rate. So long as: (1) there is no continuing Event of Default by CRC hereunder;
(ii) CRC has not: (A) defaulted under the Regions Tri -Party Agreement or the Regions
Collateral Assignment beyond applicable cure periods; or (B) taken any other action; the result
of which is that Developer no longer has the right to exercise the Fixed Rate Option; and
(iii) the Fixed Rate Option remains available under the Loan Documents; Developer, upon
receipt of written request and otherwise in accordance with the Loan Documents, shall
exercise the Fixed Rate Option.
(b) Extension. So long as: (i) there is no continuing Event of Default by CRC hereunder;
(ii) CRC has not: (A) defaulted under the Regions Tri -Party Agreement or the Regions
Collateral Assignment beyond applicable cure periods; or (B) taken any other action; the result
of which is that Developer no longer has the right to exercise the Extension Option; and (iii) the
Extension Option remains available under the Loan Documents; Developer, upon receipt of
written request and otherwise in accordance with the Loan Documents, shall exercise the
Extension Option.
(c) Replacement Loan. So long as there is no continuing Event of Default by CRC
hereunder, at the request of CRC, Developer shall exercise 'commercially reasonable, good
faith efforts to obtain the Replacement Loan. Developer shall be deemed to have satisfied
its obligation to exercise commercially reasonable, good faith efforts to obtain the
Replacement Loan if Developer: (i) retains a qualified finance professional to aid Developer
in obtaining the Replacement Loan; (ii) cooperates in good faith with the efforts of such finance
professional; (iii) cooperates in good faith with the efforts of CRC in connection with obtaining
the Replacement Loan; and (iv) provides to CRC monthly reports with respect to the progress
made in obtaining the Replacement Loan; provided that, if it appears that the Replacement
Loan cannot be obtained, then such reports shall set forth any alternate re- financings that
Developer or its finance professional has identified as possible substitutions for the
Replacement Loan. If Developer obtains the Replacement Loan, then: (i) at the closing with
respect thereto: (A) Developer and the Replacement Lender shall execute the Replacement
081810;1 1Ot;LZPAC loose Seating- Regions and CT.wpd
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Loan Documents; and (B) CRC, Developer, and the Replacement Lender shall execute the
Replacement Tri -Party Agreement; and (ii) if Developer (as opposed to CRC) obtained the
Replacement Loan, CRC shall pay to Developer a fee in the amount of 1`)/0 of the Unamortized
Balance.
12. Affirmative Obligations. Developer acknowledges and agrees that, at all times, Developer shall
comply with the covenants and agreements set forth in this Section,
(a) Developer shall comply with all Laws in: (i) the conduct of its business and other
operations; and (ii) the performance of its obligations under the Loose Seating Acquisition
Agreement, this Contract, and the Loan Documents.
(b) Developer shall keep in full force and effect, without any violations by Developer, any
and all filings or registrations with any Agency necessary in connection with: (i) the
performance by Developer of its obligations under the Loan Documents; (ii) the acquisition of
the Loose Seating in accordance with this Contract and the Loose Seating Acquisition
Agreement; or (iii) the sale of the Loose Seating to CRC in accordance with this Contract.
(c) If any proceeding, inquiry, or investigation is pending or threatened against Developer
or any property of Developer, an adverse decision with respect to which would materially and
adversely affect: (i) the business, operations, or financial condition of Developer; (ii) the
acquisition of the Loose Seating in accordance with this Contract and the Loose Seating
Acquisition Agreement; and /or (iii) the sale of the Loose Seating to CRC in accordance with
this Contract; then Developer shall: (1) notify CRC immediately in writing; (ii) prepare and
submit to CRC for its reasonable approval a written plan for addressing and /or responding to
such proceeding, inquiry, or investigation; and (iii) address and/or respond to such proceeding,
inquiry, or investigation in accordance with the plan approved by CRC.
(d) At all times, Developer shall: (i) keep the Loose Seating free from any and all liens,
claims, security interests, encumbrances, and restrictions, except for this Contract; and
(ii) defend the Loose Seating against the claims and demands of others.
(e) Developer shall keep and maintain true, correct, accurate, and complete Books and
Records. All Books and Records shall be kept and maintained in accordance with generally
accepted accounting principles consistently applied.
(f) CRC and its attorneys, accountants, representatives, architects, engineers, and
consultants at all reasonable times shall have: (i) free access to, and rights of inspection of,
the Books and Records; and (ii) the right to audit, make extracts from, and receive from
Developer originals or accurate copies of, the Books and Records.
13. Negative Covenants. Developer acknowledges and agrees that, at all times, Developer shall comply
with the covenants and agreements set forth in this Section.
(a) Except as approved by CRC: (i) there shall be no Transfer by Developer; and
(ii) Developer shall not cause or permit any Transfer. The execution by CRC of the Regions
Collateral Assignment shall not be deemed to be a consent by CRC to any Transfer.
(b) Developer shall not: (i) file any financing statement covering all or any portion of the
Loose Seating in any public office, except financing statements in favor of the Lender; or
(ii) cause or permit any such financing statement to be filed.
081810;1101;L2 ;PAC Loose Seeting- Regions end CT.wpd
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(c) Developer shall not: (i) change its name; (ii) merge into, or consolidate with, any other
entity, or otherwise reorganize; (iii) permit any change in the members of Developer or the
percentage of ownership in Developer, if the effect of such change is that Developer no longer
is controlled by, or under common control with, REi Real Estate Services, LLC; or (iv) fail to
promptly notify CRC in writing of any change in the members of Developer or the percentage
of ownership in Developer.
(d) Developer shall not: (1) amend, modify, or restate the articles of organization or
operating agreement of Developer; (ii) cause or permit any such amendment, modification,
or restatement; or (iii) be dissolved, wound up, or converted to another type of entity, or have
its existence as a limited liability company terminated.
(e) Developer shall not: (1) sell, convey, or transfer to any person any interest in
Developer; (ii) otherwise encumber, pledge, or assign any interest in Developer; (iii) grant any
security interest in any interest in Developer; or (iv) cause or permit any such sale,
conveyance, transfer, encumbrance, pledge, assignment, or grant of security interest.
(f) Developer shall not make or permit to be made any material change in the character
of its business as currently conducted.
14. Liens /Encumbrances. Neither Developer nor CRC shall suffer or cause the filing of any mechanic's,
supplier's, or similar lien against the Loose Seating, or any part thereof. If any mechanic's, supplier's, or similar
lien is filed against the Loose Seating, or any part thereof, for work claimed to have been done for, or materials
claimed to have been furnished to, either Developer or CRC, then Developer or CRC, respectively, shall cause
such mechanic's, supplier's, or similar lien to be discharged of record within 30 days after notice of the filing
by bonding, or as provided or required by law. Nothing in this Contract shall be deemed or construed to:
(a) constitute consent to, or request of, the performance of any work for, or the furnishing of any materials to,
either party; or (b) give either party the right or authority to contract for, authorize, or permit the performance
of any work, or the furnishing of any materials; to the extent that the foregoing would permit the attachment
of a mechanic's, supplier's, or similar lien to the other party's interest in the Loose Seating.
15. Preservation. If Developer fails to: (a) make any payment under the Loan Documents or the Regions
Tri -Party Agreement when due; or (b) timely observe or perform any obligation to be observed or performed
by it pursuant to the Loan Documents or the Regions Tri -Party Agreement; then: (a) CRC, at its option, but
without: (1) any duty or obligation to do so; or (ii) any waiver or release of any default by Developer; may make
any such payment or observe or perform any such obligation as necessary or appropriate to protect or defend:
(i) the Loose Seating Acquisition Agreement and /or the rights of Developer thereunder; and /or (ii) the Loose
Seating and /or the interest of Developer therein; and (b) Developer shall pay, upon receipt of written demand,
all reasonable costs and expenses incurred by CRC in connection with making any such payment or observing
or performing any such obligation (including, without limitation, reasonable attorneys' fees).
16. Events of Default. Each of the following shall be deemed to be an "Event of Default" by Developer
or CRC, as applicable:
(a) CRC's failure to pay any Installment Payment when due; provided that, in the case of
the first two such failures in any given 12 month period, such failure shall not constitute an
Event of Default unless such failure continues for five business days after Developer delivers
written notice thereof to CRC.
(b) Developer's failure to comply with the terms and conditions of the Loan Documents;
provided that, if such failure is due to CRC's failure to pay any: (i) Installment Payment or the
Closing Payment; or (ii) other amount payable by CRC to Developer in connection with the
081e10:1 101;12 :PAC Loose Seating- Regions and CT.wpd
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Regions Loan; when due, then such failure shall not be an Event of Default unless and until
the failure by Developer continues for a period of five business days after CRC pays to
Developer the delinquent Installment Payment, Closing Payment, or other amount, together
with any late fees for which the Loan Documents provide. If Developer's failure to comply with
the terms and conditions of the Loan Documents is due to CRC's failure to satisfy its
obligations under the Regions Tri -Party Agreement or the Replacement Tri -Party Agreement,
then such failure by Developer shall not be an Event of Default.
(c) Developer's failure to comply with the terms and conditions of the Loose Seating
Acquisition Agreement, and the continuance of such failure beyond any applicable cure period
specified therein; provided that, if no cure period is specified, then such failure shall not
constitute an Event of Default unless such failure continues for 15 days.
(d) the failure of Developer or CRC to observe or perform any term or condition of this
Contract to be observed or performed by Developer or CRC, respectively: (i) with respect to
the obligation to pay money (other than payment by CRC of an Installment Payment), if such
failure is not cured within ten days after such payment is due; and (ii) with respect to any other
obligation, if such failure is not cured within the Cure Period.
(e) Any: (i) Transfer by Developer, except as expressly permitted in this Contract or any
of the Loan Documents; or (ii) breach or violation of any covenant or agreement set forth in
Subsection 9(b), 9(c), 9(d), or 9(f) of the Regions Loan Agreement.
(f) An assignment or delegation by either party of any of its rights or obligations
hereunder, except as permitted by Section 19.
(g) The liquidation or the sale, transfer, conveyance, assignment, pledge, or other
disposition of substantially all of the assets of CRC or Developer.
(h) CRC or Developer: (i) institutes or consents to any proceedings: (A) in insolvency or
bankruptcy; (B) for the adjustment, liquidation, extension or composition, or arrangement of
debts; or (C) for any other relief; under any Law with respect to the relief or reorganization of
debtors; (ii) is adjudicated a bankrupt, files an answer admitting bankruptcy or insolvency, or
in any manner is adjudged insolvent; (iii) makes an assignment for the benefit of creditors; or
(iv) admits in writing an inability to pay debts as they become due.
(1) Any proceeding: (i) in insolvency or bankruptcy; (ii) for the adjustment, liquidation,
extension or composition, or arrangement of debts; or (iii) for any other relief; under any Law
with respect to the relief or reorganization of debtors is instituted against CRC or Developer,
and such proceeding is not discharged or dismissed within 60 days.
(j) Any portion of the Loose Seating, or any substantial portion of the other property -or
assets of CRC or Developer, is placed in the hands of any receiver, trustee, or other officer
or representative of any court, and such receiver, trustee, or other officer or representative is
not discharged or dismissed within 60 days, or CRC or Developer consents, agrees, or
acquiesces to the appointment of any such receiver, trustee, or other officer or representative.
(k) Any lienholder or creditor shall initiate an action to enforce or foreclose a lien or
security interest on all or any portion of the Loose Seating, whether such security interest or
lien is superior, equal, or junior to the security interest or lien held therein by the Lender.
081810 ;1101;L2;PAC Loose Seating - Regions and CT.wpd
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(I) The making or filing of any levy or execution on, or any seizure, attachment, or
garnishment of, any portion of the Loose Seating or the interest of Developer therein.
17. Remedies.
(a) Remedies. If there is an Event of Default, then the non - defaulting party, without
further notice or demand, shall have the right to exercise any rights and remedies available to
it at law or in equity. The rights and remedies available to the non - defaulting party shall
include, without limitation, the following:
(i) if the defaulting party has failed to perform any of its obligations under
this Contract, enjoining the failure or specifically enforcing the performance
of such obligation;
(ii) if the defaulting party has failed to perform any of its obligations under
this Contract (other than the obligation to pay any amounts due to the
non - defaulting party), performing the obligation that the defaulting party has
failed to perform; provided that the performance by the non - defaulting party
of such obligation shall not be construed to be a waiver of the Event of
Default; and
(iii) if CRC is the defaulting party, then Developer may accelerate
payment of the Full Prepayment Price, which would have the same effect as
if CRC had exercised the Full Prepayment Option; provided that the Full
Prepayment Closing Date shall occur on a date designated by Developer.
(b) No Waiver. Neither: (i) a waiver by either party of an Event of Default; nor (ii) an
exercise by either party of any right or remedy with respect to an Event of Default; shall be
deemed either to: (i) constitute a waiver of any subsequent Event of Default; (ii) release or
relieve the other party from performing any of its obligations under this Contract; or
(iii) constitute an amendment or modification of this Contract. If Developer accepts any
Installment Payments during the continuance of an Event of Default by CRC, then such
acceptance shall not be construed as a waiver of: (1) such Event of Default; or (ii) any right or
remedy of Developer with respect to such Event of Default. The rights and remedies
hereunder are cumulative, and no: (i) right or remedy shall be deemed to be, or construed as,
exclusive of any other right or remedy hereunder, at law, or in equity; or (ii) failure to exercise
any right or remedy shall operate to prevent the subsequent exercise of such right or remedy.
(c) Damages. The non - defaulting party may recover from the defaulting party all
damages that the non - defaulting party incurs: (1) by reason of any Event of Default by the
defaulting party; and/or (ii) in connection with exercising its rights and remedies with respect
to any Event of Default; together with interest thereon at the Default Rate. All such amounts
shall be due and payable by the defaulting party immediately upon receipt of written demand
from the other party, and the obligation of the defaulting party to pay such amounts shall
survive the acquisition by CRC of the Loose Seating.
18. Notice. Any notice required or permitted to be given by either party to this Contract shall be in writing,
and shall be deemed to have been given when: (a) delivered in person to the other party; (b) sent by facsimile,
with electronic confirmation of receipt; or (c) sent by national overnight delivery service, with confirmation of
receipt, addressed as follows: to Developer at 11711 North Pennsylvania Street, Suite 200, Carmel, Indiana
46032, Attn: Jeffrey Sporleder, Facsimile: 317 - 573 -6055; and to CRC at 30 West Main Street, Suite 220,
Carmel, Indiana 46032, Facsimile: 317 - 844 -3498, Attn: Les Olds, with a copy to: Karl P. Haas, Esq., Wallack
081B10;1101;L2:PAC Loose Seating- Regions and CT.wpd
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Somers & Haas, PC, One Indiana Square, Suite 1500, Indianapolis, Indiana 46204, Facsimile: 317 -231 -9900.
Either party may change its address for notice from time to time by delivering notice to the other party as
provided above. All Installment Payments shall be delivered to Developer at the address set forth in, or
specified in accordance with, this Section.
19. Assignment. CRC shall not: (a) assign this Contract or any interest herein; or (b) delegate any duty
or obligation hereunder; except as permitted by the Regions Tri -Party Agreement or the Replacement Tri -Party
Agreement, as applicable. Notwithstanding any assignment as permitted by the Regions Tri -Party Agreement
or the Replacement Tri -Party Agreement, as applicable: (a) CRC shall remain fully liable to perform all of its
obligations under this Contract; and (b) a consent by Developer to any assignment shall not release CRC from
such performance; provided that, if, in the case of an assignment to a City Agency as permitted by the Regions
Tri -Party Agreementor the Replacement Tri -Party Agreement, as applicable, the obligations of CRC hereunder
become general obligations of the City, then CRC shall be released from performance of any obligations that
first arise after the date of such assignment. Any transfer of this Contract by operation of law (including, without
limitation, a transfer as a result of merger, consolidation, or liquidation of CRC) shall constitute an assignment
for purposes of this Contract. Developer shall not: (a) assign this Contract or any interest herein; or
(b) delegate any duty or obligation hereunder; except as permitted by the Regions Tri -Party Agreement or the
Replacement Tri-Party Agreement, as applicable; provided that, notwithstanding any assignment: (a) Developer
shall remain fully liable to perform all of its obligations under this Contract; and (b) a consent by CRC to any
assignment shall not release Developer from such performance.
20. Mutual Indemnification. Each of CRC and Developer shall indemnify and hold harmless Developer
and CRC, respectively, from and against any and all Claims arising from, or connected with: (a) the negligence
or wilful misconduct of: (i) CRC or Developer, respectively; or (ii) any party acting by, under, through, or on
behalf of CRC or Developer, respectively; and /or (b) the: (i) breach by CRC or Developer, respectively, of any
term or condition of this Contract, the Regions Tri -Party Agreement, or the Replacement Tri -Party Agreement;
and (ii) the resulting exercise by Developer or CRC, respectively, of its rights and remedies with respect to such
default.
21. Miscellaneous.
(a) Prior Agreements, Except in the case of the Regions Tri -Party Agreement, all prior
representations and agreements by or between Developer and CRC with respect to the
obligations set forth in this Contract are merged into, and expressed in, this Contract. This
Contract shall not be amended, modified, or supplemented, except: (i) by a written agreement
executed by both Developer and CRC; and (ii) as permitted by the Regions Tri -Party
Agreement or the Replacement Tri -Party Agreement, as applicable. This Contract may be
executed in separate counterparts, each of which shall be an original, but all of which together
shall constitute a single instrument.
(b) Construction. This Contract shall be construed in accordance with the laws of the
State of Indiana • The captions of this Contract are for convenience only and do not in any way
limit or alter the terms and conditions of this Contract. The invalidity or unenforceability of any
term or condition of this Contract shall not affect the other terms and conditions, and this
Contract shall be construed in all respects as if such invalid or unenforceable term or condition
had not been contained herein. All exhibits referenced herein are attached hereto and
incorporated herein by reference.
(c) Successors. Subject to the terms and conditions of Section 19, this Contract, and all
of the terms and conditions hereof, shall: (i) inure to the benefit of; and (ii) be binding upon;
the respective heirs, executors, administrators, successors, and assigns of Developer and
081810,1101;L2:PAC Loose Seating- Regions and CT.wpd
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CRC. All indemnities set forth in this Contract shall survive the acquisition by CRC of the
Loose Seating.
(d) Authority. Each person executing this Contract represents and warrants that: (i) he
or she has been authorized to execute and deliver this Contract by the entity for which he or
she is signing; and (ii) this Contract is the valid and binding agreement of such entity,
enforceable in accordance with its terms.
(e) Suits. All proceedings arising in connection with this Contract shall be tried and
litigated only in the state courts in Hamilton County, Indiana, or the federal courts with venue
that includes Hamilton County, Indiana. Developer waives, to the extent permitted under
applicable law: (1) the right to a trial by jury; and (ii) any right Developer may have to: (A) assert
the doctrine of "forum non conveniens "; or (8) object to venue.
(f) Time Periods. All references in this Contract to periods of days shall be construed to
refer to calendar, not business, days, unless business days are specified. Notwithstanding
anything to the contrary set forth herein, if either party is delayed in, or prevented from
observing or performing any of its obligations hereunder, or satisfying any term or condition
hereunder, in any case as the result of: (1) an act or omission of the other party; or (ii) any other
cause that is not within the reasonable control of such party (including, without limitation,
inclement weather, the unavailability of materials, equipment, services or labor, and utility or
energy shortages or acts or omissions of public utility providers); then: (1) observation,
performance, or satisfaction shall be excused for the period of such delay or prevention; and
(ii) the dates, and other deadlines for observation, performance, and satisfaction shall be
extended for the same period.
IN WITNESS WHEREOF, Developer and CRC have executed this Contract on the date set
forth above.
081810,1101;L2;PAC Loose Seauno- Keg+ons and CT.wpd
CARMEL THEATER DEVELOPMENT
COMPANY, LLC
By: RE! Real Estate Services, LLC, sole
member
By:
THE CITY OF CARMEL
REDEVELOPMENT COMMISSION
By:
Ronald E. Carter, President
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CRC. All indemnities set forth in this Contract shall survive the acquisition by CRC of the
Loose Seating.
(d) Authority. Each person executing this Contract represents and warrants that: (i) he
or she has been authorized to execute and deliver this Contract by the entity for which he or
she is signing; and (ii) this Contract is the valid and binding agreement of such entity,
enforceable in accordance with its terms.
(e) Suits. All proceedings arising in connection with this Contract shall be tried and
litigated only in the state courts in Hamilton County, Indiana, or the federal courts with venue
that includes Hamilton County, Indiana. Developer waives, to the extent permitted under
applicable law: (i) the right to a trial by jury; and (ii) any right Developer may have to: (A) assert
the doctrine of "forum non conveniens "; or (B) object to venue.
(f) Time Periods. All references in this Contract to periods of days shall be construed to
refer to calendar, not business, days, unless business days are specified. Notwithstanding
anything to the contrary set forth herein, if either party is delayed in, or prevented from
observing or performing any of its obligations hereunder, or satisfying any term or condition
hereunder, in any case as the result of: (i) an act or omission of the other party; or (ii) any other
cause that is not within the reasonable control of such party (including, without limitation,
inclement weather, the unavailability of materials, equipment, services or labor, and utility or
energy shortages or acts or omissions of public utility providers); then: (i) observation,
performance, or satisfaction shall be excused for the period of such delay or prevention; and
(ii) the dates, and other deadlines for observation, performance, and satisfaction shall be
extended for the same period.
IN WITNESS WHEREOF, Developer and CRC have executed this Contract on the date set
forth above.
081810;1 101;L2,PAC Loose Seating- Regions and C l.wpd
CARMEL THEATER DEVELOPMENT
COMPANY, LLC
By: REI Real Estate Services, LLC, sole
member
THE
By:
Jeffrey S. Sporleder, CFO
CITY OF CARMEL
R DEVE . ` v .NT COMM ISSSQN
By. AO
,,rte /2
Ronald E. Carter, President
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Index to Exhibits
Exhibit A Depiction of PAC Site
Exhibit B Loose Seating Schedule
Exhibit C Loose Seating Specifications
Exhibit D Terms and conditions for Fixed Rate Option
Exhibit E Terms and conditions for Extension Option
!;yY
SR
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▪ Parking
• Garage
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Site Plan
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EXHIBIT i3
PARCEL 7
Regional Performing Arts Center
Installment Purchase Contract No.
Alexis Manufacturing
Loose Seating
Description of Materials
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Loose seats to be located within the auditorium as described in quote from
Alexis Manufacturing dated 08/02/10.
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Exhibit D
Terms and conditions of Fixed Rate Option
All capitalized terms used but not defined in this Exhibitor the Agreement shall have the meanings
ascribed to such terms in the Regions Loan Documents.
CRC may exercise the Fixed Rate Option by: (a) delivery of written notice to Lender prior to the
deposit of the Advance Amount into the Loan Program Account; and (b) execution of an Interest
Rate Agreement.
The parties acknowledge that the Fixed Rate has been exercised.
0
Exhibit E
Terms and conditions of Extension Option
All capitalized terms used but not defined in this Exhibit or the Agreement shall have the meanings
ascribed to such terms in the Regions Loan Documents.
Not later than 120 days prior to the Maturity Date, CRC and Developer may request an extension
of the term of the Regions Loan. Lender shall review and consider such request for an extension
in accordance with Lender's then - applicable underwriting standards, and will notify the CRC and
Borrower as to whether such extension is granted not later than 60 days prior to the Maturity Date.
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PURCHASE ORDER
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IMPORTANT
PLEASE SEND
ORIGINAL BILL
COPIES
OF YOUR INVOICE WITH
PURCHASE ORDER NUMBER MUST APPEAR ON ALL
VOICES - PACKAGING, ETC.
EASE NOTIFY US IMMEDIATELY IF YOU-ARE UNABLE
TO COMPLETE ORDER BY DATE SPECIFIED.
OF LADING.
PURCHASING AGENT
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