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payment at that time, and shall no longer be protected by the Indenture and shall not be deemed
<br /> to be outstanding under the provisions of the Indenture.
<br /> This Series 2017 Bond is transferable by the Registered Owner hereof at the principal
<br /> corporate trust office of the Trustee upon surrender and cancellation of this Series 2017 Bond
<br /> and on presentation of a duly executed written instrument of transfer and thereupon a new Series
<br /> 2017 Bond or Series 2017 Bonds of the same aggregate principal amount and maturity and in
<br /> authorized denominations will be issued to the transferee or transferees in exchange therefor,
<br /> subject to all of the terms herein.
<br /> The Series 2017 Bonds, and the interest payable thereon, do not and shall not represent or
<br /> constitute a debt of the Issuer within the meaning of the provisions of the constitution or statutes
<br /> of the State of Indiana or a pledge of the faith and credit of the Issuer. The Series 2017 Bonds,
<br /> as to both principal and interest, are not an obligation or liability of the State of Indiana, or of
<br /> any political subdivision or taxing authority thereof, but are a special limited obligation of the
<br /> Issuer and payable solely and only from the trust estate consisting of funds and accounts held
<br /> under the Indenture, TIF Revenues with respect to the payment of the principal thereof, pledged
<br /> and assigned for their payment in accordance with the Indenture ("Trust Estate"). Neither the
<br /> faith and credit nor the taxing power of the Issuer, the State of Indiana or any political
<br /> subdivision or taxing authority thereof is pledged to the payment of the principal of, or premium,
<br /> if any, on this Series 2017 Bond. The Series 2017 Bonds do not grant the owners or holders
<br /> thereof any right to have the Issuer, the State of Indiana or its General Assembly, or any political
<br /> subdivision or taxing authority of the State of Indiana, levy any taxes or appropriate any funds
<br /> for the payment of the principal of, or premium, if any, or the interest on this Series 2017 Bonds.
<br /> The Series 2017 Bonds do not grant the owners or holders thereof any right to have the Issuer,
<br /> the State of Indiana or its General Assembly, or any political subdivision or taxing authority of
<br /> the State of Indiana, levy any taxes or appropriate any funds for the payment of the principal of,
<br /> or premium, if any, or interest on the Series 2017 Bonds. No covenant or agreement contained in
<br /> the Series 2017 Bonds or the Indenture shall be deemed to be a covenant or agreement of the
<br /> Redevelopment Commission, the South Bend Economic Development Commission
<br /> ("Commission"), the Issuer or of any member, director, officer, agent, attorney or employee of
<br /> the Redevelopment Commission, the Commission or the Issuer in his or her individual capacity,
<br /> and neither the Redevelopment Commission, the Commission, the Issuer nor any member,
<br /> director, officer, agent, attorney or employee of the Redevelopment Commission, the
<br /> Commission or the Issuer executing the Series 2017 Bonds shall be liable personally on the
<br /> Series 2017 Bonds or be subject to any personal liability or accountability by reason of the
<br /> issuance of the Series 2017 Bonds.
<br /> The holder of this Series 2017 Bond shall have no right to enforce the provisions of the
<br /> Indenture or to institute action to enforce the covenants therein, or to take any action with respect
<br /> to any event of default under the Indenture, or to institute, appear in or defend any suit or other
<br /> proceedings with respect thereto, except as provided in the Indenture. In certain events, on the
<br /> conditions, in the manner and with the effect set forth in the Indenture, the principal of all the
<br /> Bonds issued under the Indenture and then outstanding may become or may be declared due and
<br /> payable before the stated maturity thereof, together with interest accrued thereon. Modifications
<br /> or alterations of the Indenture, or of any supplements thereto, may be made to the extent and in
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