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EASEMENT AGREEMENT
<br />THIS EASEMENT AGREEMENT (this "Agreement ") is entered into as of the day
<br />of , 2011, by and between the CITY OF SOUTH BEND, INDIANA,
<br />DEPARTMENT OF DEVELOPMENT, acting by and through the SOUTH BEND
<br />REDEVELOPMENT COMMISSION (the "Commission "), and STEPHENSON MILL
<br />ASSOCIATES, LLC, a Wisconsin limited liability company ( "SMA ").
<br />Recitals:
<br />WHEREAS, SMA is the owner in fee simple of that certain real property described in
<br />Exhibit A attached hereto and made a part hereof (the "SMA Properly').
<br />WHEREAS, the Commission is the owner in fee simple of that certain real property
<br />described in Exhibit B attached hereto and made a part hereof (the "Commission Property" or the
<br />"Easement Area ").
<br />WHEREAS, the Commission and SMA entered into that certain Agreement to Lease (as
<br />amended, the "Parking Lease ") dated to be effective September 2, 1994 whereby SMA leases
<br />from the Commission the Commission Property and improvements thereon for use as parking
<br />facilities for the multifamily housing project located on the SMA Property.
<br />WHEREAS, pursuant to the First Amendment to the Parking Lease, SMA desires to
<br />obtain from the Commission, and the Commission desires to grant to SMA an exclusive and
<br />perpetual easement (the "Easement ") for ingress, egress and parking purposes over and across
<br />the Commission Property for the benefit of the SMA Property subject to and in accordance with
<br />this Agreement.
<br />Statement of Agreement:
<br />NOW THEREFORE, in consideration of the terms and conditions contained herein and
<br />other good and valuable consideration, the receipt and sufficiency of which are hereby
<br />acknowledged, SMA and the Commission agree as follows:
<br />1. Grant by the Commission. Subject to the terms of this Agreement, the
<br />Commission hereby grants and conveys to SMA, its successors and assigns, and its tenants,
<br />employees, agents, guests and invitees of each (collectively, "Permittees "), a perpetual, exclusive
<br />easement (the "Easement ") to use the Commission Property, all improvements thereon and all
<br />appurtenances, rights, privileges, interests, tenements, hereditament and easements in any way
<br />now or hereafter belonging or appertaining thereto, including any right, title or interest of the
<br />Commission in and to any property as a result of the vacation or abandonment of all or any part
<br />of any alley, street, road or highway adjacent to, or any public rights of way in, the Commission
<br />Property, together with any interest that the Commission may now or hereafter have in any and
<br />all buildings, structures and improvements that may now or hereafter be erected thereon for any
<br />and all lawful purposes, including, but not limited to, (i) parking, (ii) vehicular and pedestrian
<br />ingress and egress, (iii) installation, use, maintenance repair and replacement of utility facilities
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