East Porter County School Corporation Awards Facilities Contract to East Porter County School Building Corporation (November 2022)

Up to $1,860,000 per semiannual payment during renovation; $3,720,000 per year thereafter, payable in semiannual installments of $1,860,000

FACILITIES

Nine (9) years beginning on the date on which the Lessor acquires fee simple title to the real estate and ending the day prior to such date nine (9) years thereafter, subject to early termination upon purchase option or bond payoff

Lessee has an option to renew the lease for a further like or lesser term upon the same or like conditions, exercisable by written notice to Lessor given on any rental payment date prior to lease expiration. Lessee also has an option on any rental payment date, with sixty days’ notice, to purchase the premises at a price sufficient to pay all Lessor indebtedness, premiums, interest, and liquidation expenses, not exceeding capital actually invested plus transfer and liquidation costs. If neither renewal nor purchase options are exercised and all obligations are performed, title to the Leased Premises transfers to Lessee at the end of the term.

Contract