6A(6) Stephenson Mill Apartments Lease Extension

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APR -05- 2011 14:59 From :REAL ESTATE 770 587 8496 To :15742359892 FIRST AIVIENDMENI TO PARKING LLASE This first Amendment to Parking Lease ( 'First Amendment') is Lnteretl into as of this clay of , 201I by and b0twtmli the C;1'I'Y OF SOUTH BEND, INDIANA, DEPARTMENT OF REDEVELOPMENT, Doting by and through the SOUTH BEND REDEVELOPMENT- COMMISSION (`'Landlord "), and STEPHENSON MiLL ASSOCiATES, LLC, a Wisconsin limited liability company ( "Tenant "). WiTNESSETH: WTIF,1117AS, Landlord and Tenant entered into that certain Agreement to Lease (as ,amended, the "Lease ") dated effective Septernher 2, '1994 pertaining to the lease by Tenant of s certain parcel on which Landlord subsequently cornpleted improvements (the "Lease Parcel "), such Lc;aw Parcct providing paved parkit3g for 'Ibnant'S multi - faintly Housing project adjoining the Lease Parcel (tile "Stephenson Mill Pmjt ct Site "); and WHEREAS, Tenant has applied for a HUD refinancing of the Stephenson Mill Projecst Site (the "Refinancing ") and in connection therewith, the Icnder providing the Refinancing, St, James Capital ( "Lender "), has conditioned the Refinancing upon an extension of the term of the Lease •for 35 years, thereby making the termination date of the Lease cotcrininous with the maturity date of the Refin +incing and WH13REnS, in order to satisfy the Lender's above - described requirement in connection with the Refinance, Tenant has requested and Under has agreed to extend the i.ease can and subjoct to thc. tools contained in this First Amendment; NOW, THFAFFORP, 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: .t. C'apit"7. Terms. Capitalized terms used and not otherwise defined herein shall have the meanings Ascribed to such terms in the Lease. All references to "Heartland" or "Heartland Fund Management, Inc." in the Lease shall be removed and replaced with "Housia g I lorizons, LL(: ", the new managing rnurriWr of the Tenant. 2. Extension of Lease Terul. The Lease is curwntly due to expire on September 1, 2024. The parties agree that the Terris of the Lease is hereby extended to the date that is thirty - live (35) years following the effective date. of the RQfinancin,g. Upon tile closing and funding of the Rufinutrcing, the parties hereto shall enter into a Memorandum to First Lease Amendment confirming the termination elate. of the a-ase. Notwitllstanding anything to the contrary herein, the effectiveness; of this First Amendment is conditioned upon the closing and funding of the Refinancing no later than December 31, 2011. If such closing and funding has not occurred on or before such date, the terms and condition~ of this First Amendment. ~hall be null and void. 3. Option to Pumbase, Section 21.01 of the Leasc is hereby amended to provide that 't'enant's option to purchase may be exercised, at Tenant's option, upon the :new expiration date of the Lease (as arxtuttdcd above; io Section 2),