NOTICE OF HEARING ON PROPOSED SECOND AMENDMENT TO LEASE WAWASEE COMMUNITY SCHOOL CORPORATION You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") of Wawasee Community School Corporation (the "School Corporation") on June 14, 2016 at the hour of 5:30 p.m. (Local Time) at Wawasee High School, Syracuse, Indiana, upon a proposed Second Amendment to Lease (the "Second Amendment") to be entered into between Wawasee Community School Corporation New Elementary & Remodeling Bldg. Corp. (the "Building Corporation"), as lessor, and the School Corporation, as lessee. The proposed Second Amendment upon which the hearing will be held amends the existing Contract of Lease originally dated March 7, 2000, as amended by an Amendment to Lease dated as of September 1, 2005. The Second Amendment extends the term of the Lease Agreement and increases the rent payable thereunder in exchange for the renovation of and improvements to the Leased Premises. The Lease Agreement term shall be extended to December 31, 2028, and the annual lease rental will be increased by the maximum amount of $850,000 payable on June 30 and December 31 beginning with the completion of the renovation of and improvements to the Leased Premises or December 31, 2018. As additional rental, the lessee shall maintain insurance on the building as required in the Lease Agreement, shall pay all taxes and assessments against such property, as well as the cost of alterations and repairs, and shall pay rebate amounts to the United States Treasury, if so required. After the sale by the Corporation of its First Mortgage Bonds to pay for the cost of said renovation and improvements, including any other expenses incidental thereto, the additional annual rental stated above shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve-month period ending on January 15 plus $1,500, payable in equal semiannual installments. The Second Amendment gives an option to the lessee to purchase the property on any rental payment date. The building to be renovated and improved will be North Webster Elementary School located at 5745 North 750 East, North Webster, Indiana in said school corporation. The plans and specifications, including the estimates for the cost of said renovation and improvement, as well as a copy of the proposed Second Amendment, are available for inspection by the public on all business days, during business hours, at the Administration Building of the School Corporation, 1 Warrior Path, Building #2, Syracuse, Indiana. At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of such Second Amendment, and upon whether the lease rental provided for therein to be paid to the Building Corporation is a fair and reasonable rental for the proposed building. Such hearing may be adjourned to a later date or dates, and following such hearing the Board may either authorize the execution of such Second Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation. Dated this 11th day of May, 2016. /s/ Secretary, Board of School Trustees Wawasee Community School Corporation 5-11 hspaxlp
