676 - Laserfiche WebLink

Home Browse Search

Page 4 understood that the City, pursuant to the terms pertaining thereto in the Lease Agreement, will proceed with the construction of the build- ing and manufacturing facilities on said land and the purchase and installation of certain machinery and equipment therein, all of which is defined in the Lease Agreement as "leased premises" and that term will be so used here. It is understood that, with respect to the City and the County, the City in so proceeding, shall be acting as Trustee for the City and the County in accordance with their respect- ive interests in the leased premises, which interests are hereby de- clared to be as follows: The County shall own an undivided sixty per cent (60%) interest in the leased premises and the City shall own an undivided forty per cent (40%) in the leased premises. It is also understood and agreed that all rights and interests declared in this Agreement to exist in the County shall be subject and subordinate to the rights and interests of Batesville Rubber and Seiberling in and to the leased premises under and by virtue of the Lease Agreement and the Renewal Lease Agreement, including, without limitation, the Lessee's option to purchase. The City shall continue to hold the legal title to the leased premises in the City's name as long as the Lease Agreement and the Renewal Lease Agreement are in force and in effect, but immediately upon their termination, by virtue of the expiration of their term or otherwise, unless the Lessee shall have purchased the leased premises by the exercise of its option pertain- ing thereto set forth in the Lease Agreement and in the Renewal Lease Agreement, the City shall convey to the County by appropriate con- veyance instrument or instruments an undivided 9J_xty per cent (60%) interest in the leased premises and the City and the County will thereafter own the leased premises as tenants in common with the County owning an undivided sixty per cent (60%) interest and the City owning an undivided forty per cent (40%) interest.