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ARTICLE II TERM OF AGREEMENT Section 2.01 The initial term ( "Initial Term ") of this Stadium Agreement shall commence effective with the date hereof ( "Commencement Date ") and continue through December 31, 2016. In addition to the Initial Term, the Team shall have the option to three (3) additional terms of five years each (each an "Additional Term" and together the "Additional Terms "). Team may exercise its right to each Additional Term by notifying the Park Board in writing on or before August 1 of the last year of the then applicable Term of its intent to extend the Term (the Initial Term together with the Additional Term(s) are collectively the "Term "). In the event Team elects an Additional Term or Terms, all remaining terms and conditions of this Agreement will remain in full force and effect. ARTICLE III MODIFICATIONS TO STRUCTURE Section 3.01 STRUCTURAL MODIFICATIONS. Any structural modifications to the Stadium made by the Park Board during the Term of this Agreement shall be subject to the prior approval of the Team, which approval shall not be unreasonably withheld. Section 3.02 STADIUM IMPROVEMENTS. The City and /or the City of South Bend Redevelopment Commission (the "Commission ") shall use commercially reasonable efforts to cause the Stadium Improvements to be made and completed in accordance with Exhibit D utilizing such funds, including without limitation, tax increment finance funds, which may be legally available to them. The design, bidding and award of such improvements shall be in consultation with the Team. Payment by the City or the Commission for such improvements shall be in such amounts and at such times as agreed to by the parties and evidenced by a separate agreement by the parties hereto and the Commission. The Commission evidences its understanding of this paragraph by its endorsement set forth at the end of this Stadium Agreement. The Team and the Park Board will work together in good faith to adjust the content and detail of such Stadium Improvements if needed, provided the cost to the Park Board may not be increased without the express written authorization of the Park Board. In addition to the foregoing, the Team agrees to further invest its own funds in additional capital improvements to the Stadium, without reimbursement from the City of South Bend or the Commission, in amounts and in certain capital improvements as agreed to by the parties hereto and evidenced by a separate agreement by the parties hereto and the Commission.