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Document Preview Lease Agreement |
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Title: |
Lease Agreement |
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Entities: |
Commerce Bank, NA; GE Capital Public Finance, Inc.; Unified Government of Wyandotte County/Kansas City, Kansas; Midwest Grain Products, Inc.; MGP Ingredients Inc. |
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Date: |
2003 |
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Size: |
Preview shows 7KB of 151KB total |
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Price: |
$51 |
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ID: |
#167346 |
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| Bondholder: | GE Capital Public Finance, Inc. Suite 470 8400 Normandale Lake Boulevard Minneapolis, MN 55437 Telephone: (800) 346-3164 Telecopier: (952) 897-5601 |
| Lessor: | The Unified Government of Wyandotte County/Kansas City, Kansas 701 N. 7th Street, 9th Floor Kansas City, KS 66101 Telephone: (913) 573-5076 Telecopier: (913) 573-5243 |
| Lessee: | Midwest Grain Products, Inc. 1300 Main Street Atchinson, KS 66002 Telephone: (913) 367-1480 Telecopier: (913) 367-0192 |
THIS LEASE AGREEMENT dated as of August 1, 2001 (this Agreement) among GE Capital Public Finance, Inc., a Delaware corporation, as bondholder (with its successors and assigns, Bondholder), The Unified Government of Wyandotte County/Kansas City, Kansas, a municipal corporation duly organized and validly existing under the laws of the State of Kansas (the State), as lessor (Lessor), and Midwest Grain Products, Inc., a Kansas corporation, as lessee (Lessee).
WHEREAS, Lessor is authorized and empowered under the laws of the State, including KSA 12-1740 et. seq., as now in effect and as may from time to time hereafter be amended and supplemented (the Act), to issue industrial development revenue bonds and to enter into lease agreements, contracts and other instruments and documents necessary or convenient to obtain Leases for the purpose of facilitating the financing of certain projects as described in the Act; and
WHEREAS, in furtherance of the purposes of the Act, Lessor proposes to finance all or a portion of the acquisition and rehabilitation of the Project (as hereinafter defined) by Lessee pursuant to this Agreement by issuing the Bond (as hereinafter defined); and
WHEREAS, Lessee has obtained or will obtain title to the Project and will sell the Project to Lessor in exchange for Lessors agreeing to obtain the financing from Bondholder and to make certain payments in accordance with this Agreement; and
1
Exhibit 10.10(q)(1)
WHEREAS, in order to obtain funds to make such payments, Lessor proposes to lease the Project to Lessee in exchange for Lessees agreeing to make Lease Payments (as hereinafter defined) in accordance with this Agreement; and
WHEREAS, Lessee shall make Lease Payments directly to Bondholder as assignee of Lessor and holder of the Bond pursuant to the terms set forth in this Agreement; and
WHEREAS, this Agreement and the Bond shall not be deemed to constitute a debt or liability or moral obligation of the State or any political subdivision thereof, or a pledge of the faith and credit or taxing power of the State or any political subdivision thereof, but shall be a special obligation payable solely from the Lease Payments payable hereunder by Lessee to Bondholder as assignee of Lessor;
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and in consideration of the premises contained in this Agreement, Bondholder, Lessor and Lessee agree as follows:
Section 1.01. Definitions. The following terms used herein will have the meanings indicated below unless the context clearly requires otherwise:
Acquisition Costs means the contract price paid or to be paid to the Vendors or reimbursed to Lessee for any portion of the Project upon Lessees acceptance thereof, including administrative, engineering, legal, financial and other costs incurred by Bondholder, Lessor, Lessee, Escrow Agent and Vendors in connection with the acquisition and rehabilitation and financing by Bondholder of such Project.
Agreement means this Agreement, including all exhibits hereto, as any of the same may be supplemented or amended from time to time in accordance with the terms hereof.
Assignment means the Assignment of Rents and Leases dated as of August 1, 2001 executed by Lessee in favor of Bondholder.
Bond means Lessors $6,500,000 Industrial Development Revenue Bond (Midwest Grain Products, Inc. Project) Series 2001 in the form attached hereto as Exhibit F.
Bondholder means (i) GE Capital Public Finance, Inc., acting as bondholder under this Agreement, (ii) any surviving, resulting or transferee corporation of GE Capital Public Finance, Inc., and (iii) except where the context requires otherwise, any assignee(s) of Bondholder.
Business Day means a day other than a Saturday or Sunday on which banks are generally open for business in New York, New York.
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