6A(5) Central High Apartments Lease Extension

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APR-85 -2011 14:59 From :REAL ESTATE 770 587 8496 To :15742359892 P.2/8 FIRS1 AMENDMENT NT 1 V I A- -RKJi�1: -G LEASE This First Amendment to Parking Lease ("First Amendnicut ") is entered into as of this day of , 2,011 by and betwacn the CITY OF SOUTH BEND, .INDIANA, D,Er:PAR MEN 1' OF REDEVELOPMENT, acting by and through the SOUTH BEND REDEVELOPMENT COMMISSION ( "Landlord "), and CENTRAL HI+GI:I ASSOCIATES, LLC:, ai Wisc onsiti limited liability c onipwiy ("Tenant'). WITNESSETH: WHEREAS, Landlord acid Tenant, entered into that c ertai i Agreement to Ixase (as amended, the "Lease") dated effective December 29, 1995 pertaining to the lease by Tenant of a certain parcel on which, Landlord subsequently completed improvements (the "Lease Parcel "), Such Lease Parcel providing paved parking for Tenant's multi - family housing pn1ject adjoining the U,ase Parcel (the "Central High School Project Sfite "); and WHERE-AS, Tenant his applied for a HLJrj refinancing of the Central High School Project Site (the "Refinancing ") and in connection therewith, the lender providing the Rofinaiwing, St. Janes Capital e' Leader"), has Conditioned the Refinancing, upon an extension of the term of the Leaso, thCrcby itnaking the termination elate of the Uase the last day of the yoar that the Refinancing nniatures; and W F ERFAS, in order to satisfy the Lender's above-described requirement in connection with the Refinance, Tenant has requested and Lender has agreed to extend the Lease on and subji:ct to the terms contained in this First Amendment; NOW, THEREFORE -,, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows: L Capitalized Terms_ Capitalized terms used and not otherwise defined herein shall have the meaning's ascribed to such terms in the Lease. All references, to "Alexander" or "The Alexander Company, Inc." in the Lease shall be removed and replaced with "Housing Horizons, LLC ", the new managing member of the Tenant. 2. Extension of Lease T erin. The Lease is currently due to expire on December 28, 2015, The parties hereby agree that in consideration of the payment by Tenant (if certain amortizing lease payments (as described below in Section 3), the Term of the Lease shall be extended to December 31, 2046. Upon the closing and funding of the Refinancing, the parties licreto shall enter into a Menihrandurn to First l.eme Amendment confirming the termination date of the Lease. Notwithstanding anything to the contrary herein, the ef'f'ectiveness of this First Amendment. is Conditioned upon the closing and funding of the Refinaincing no latter than December 31, 2011. If such closing and funding has not occurred on or before such date, the terms and conditions of this First Amendment shall be null and void. 3. Amortizing Rent EgXmen"y TenaYrt, In consideration of Landlord agreement to extend the Tornn of the I..easc, Tenant will make; the following paymenL% to