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ESCROW AGREEMENT <br />This Escrow Agreement, is dated as of May 1, 1999, by and between the South Bend <br />Redevelopment Authority (the "Authority "), and Norwest Bank Indiana, N.A., Fort Wayne, Indiana, <br />a national banking association organized under the laws of the United States of America, as escrow <br />trustee (the "Escrow Trustee "). <br />RECITALS <br />Section 1. The Authority adopted Resolution No. 132 on March 1, 1999, wherein <br />it authorized the issuance of the South Bend Redevelopment Authority Lease Rental Revenue Note <br />JWAI <br />(Downtown Property Acquisition Project) in the principal amount of One Million Eight Hundred <br />Thousand Dollars ($1,800,000) (the "Note ") through the Department of Housing and Urban <br />Development's Section 108 Loan Guarantee Program and approved a form of Lease between the <br />South Bend Redevelopment Commission (the "Commission) and the Authority for certain land and <br />improvements to be acquired with the proceeds thereof. <br />Section 2. Pursuant to Resolution No. 1671 adopted by the Commission on <br />February 19,1999, Resolution 1673 adopted by the Commission on March 19,1999 and Resolution <br />No. 1674 adopted by the Commission on March 1999, 1999 (collectively, the "Lease Resolution "), <br />the Commission approved and authorized the execution of the Lease and established certain funds <br />and accounts and pledged certain revenues toward the payment of Lease rentals. <br />Section 3. The Lease and the Lease Resolution provide that the Lease rentals will <br />be delivered to the Fiscal Agent, as hereinafter defined, or, alternatively, to an escrow agent and <br />-2- <br />::ODMA \PCDOCS \SBDOCS 1 \3735I\ I <br />