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PROMISSORY NOTE FOR VALUE RECEIVED, the undersigned South Bend Redevelopment Commission (the "Borrower"), the governing body of the City of South Bend Department of Redevelopment under the provisions of Ind. Code § 36-7-14, hereby promises to pay to the order of the City of South Bend through the Board of Public Works (the "City''), in immediately available funds, the principal sum of $500,000, with interest at the rate of 0%, during the term of the Brownfields Cleanup Revolving Loan Fund Agreement (the "Loan Agreement") dated as of August 9, 2010. All of the terms and conditions of the Loan Agreement are by reference thereto, incorporated herein as part of this Note. The term of the loan shall be for a period often years between the City and the Borrower commencing on August 9, 2010 and to be paid in full no later than August 9, 2020, according to the schedule of payments attached hereto and incorporated herein as Exhibit A. This Note is issued pursuant to and secured by the Loan Agreement, and is entitled to the benefits, and is subject to the conditions thereof. The obligations of the Borrower to make the payments required hereunder shall be absolute and unconditional without any defense or right of set-off, counterclaim or recoupment by reason of any default by the City under the Loan Agreement or under any other agreement between the Borrower and the City or out of any indebtedness or liability at any time owing to the Borrower by the City or for any other reason. Reference is hereby made to the Loan Agreement for a description of the property thereby secured, the nature and extent of the security for this Note and the right of the holder thereof, the Borrower and the City in respect thereof, and the provisions for amending the Loan Agreement, to all of which the holder hereof, by its acceptance hereof, assents. The principal of this Note is subject to prepayment prior to maturity in the manner stated in the Loan Agreement. No recourse shall be had for the payment of the principal or prepayment price of, or interest on this Note, or for any claim based hereon or on the Loan Agreement, against any officer, director or member past, present or future, of the Borrower as such, either directly or through the Borrower, under any constitutional provision, statute or rule of law, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. The Borrower hereby unconditionally waives diligence, presentment, protest, notice of dishonor and notice of default of the payment of any amount at any time payable to the City under or in connection with this Note. All amounts payable hereunder are payable with reasonable attorneys fees and costs of collection and without relief from valuation and appraisal laws. In any case where the date of payment hereunder shall be a Saturday, Sunday or legal holiday or a day on which banking institutions are authorized by law to close, then